Episode 150 - OPEC increase output, but does the market care?

On this episode of the Energy Week Podcast Ryan Ray and Ellen Wald discuss the recent OPEC meeting, Iranian output, and Janet Yellen's global tax plan. Saudis Hike Oil Prices for Key Asia Market in Sign of Confidencehttps://finance.yahoo.com/news/saudis-hike-oil-prices-key-095420230.htmlSaudi Aramco raises all Asia-bound May OSPs, cuts most US and Europe OSPshttps://www.spglobal.com/platts/en/market-insights/latest-news/oil/040521-saudi-aramco-raises-all-asia-bound-may-osps-cuts-most-us-and-europe-osps- Saudis and OPEC+ saying demand is coming back, so prices rose after the meeting- Past few times Saudis cut and this was a signal demand was soft.Oil Declines After OPEC+ Wagers Market Can Absorb Extra Barrelshttps://finance.yahoo.com/news/oil-drops-opec-decides-gradual-232011239.htmlOil drops below $64 as rising OPEC+, Iranian output weighshttps://www.reuters.com/article/global-oil/update-5-oil-drops-below-64-as-rising-opec-iranian-output-weighs-idUSL1N2LY012- Are rising rig counts in the US enough for oil production in the US to increase? - Oil rigs are down everywhere year on year except for Canada, which is up.Iran to seek removal of sanctions during Vienna talkshttps://www.spglobal.com/platts/en/market-insights/latest-news/electric-power/040521-iran-to-seek-removal-of-sanctions-during-vienna-talks- Likely more Iranian oil than this is on the marketExclusive: Janet Yellen to call for global minimum tax ratehttps://www.axios.com/janet-yellen-global-minimum-tax-rate-51c7395b-e46a-4a5c-b18b-bdcf5d8bd352.html- Is this a PR stunt? How could this possibly be a serious idea?- Are they trying to protect the dollar as the reserve currency rate?- Creates a barrier of entry into the global space. Makes it harder to enter and will be cutting out bottom level competition.Fracking titan is bulking up with $6.4 billion acquisition as oil prices recoverhttps://www.cnn.com/2021/04/02/energy/pioneer-natural-resources-doublepoint-acquisition/index.html- recently bought Parsley Energy recently- Pioneer CEO is thinking/acting like a “big oil” company. - Acquisitions are to enlarge itself to get the political heft of big oil- What would we be saying about the Anadarko/Oxy acquisition if it had happened during Covid?Biden will push through infrastructure plan if no Republican support - energy secretary sayshttps://www.reuters.com/article/us-usa-biden-infrastructure-idUSKBN2BR0FVSatellite images show huge Russian military buildup in the Arctichttps://edition.cnn.com/2021/04/05/europe/russia-arctic-nato-military-intl-cmd/index.html- Apparently the “climate crisis” is causing the ice to recede and now Russia is building more military bases there. This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit energyweek.substack.com