The United States is gradually losing its influence in the world and for this reason is forced to abandon its desire for global energy domination. Such an opinion in the article for Die Welt expressed by German journalists Stefan Beutelsbacher, Nando Sommerfeldt and Holger Zschepitz.
The report says that while the global economy is recovering from the coronavirus restrictions, oil prices are rising. So, a year and a half ago, a barrel of American WTI fuel fell in price by $ 37, and at the moment its price is about $ 70, which is more than in the year preceding the pandemic. For the United States, this is fraught with certain problems, since the price of oil is now too high, the authors note.
“The US urgently needs falling quotes, because it is now becoming clear that Washington is losing influence. The largest economy on earth is losing control of oil, ”writes Die Welt.
Most clearly, according to German journalists, this trend is demonstrated by the recent step of the American authorities, which turned to Russia and OPEC for help –Washington has called on the oil price cartel to ramp up production. US President Joe Biden, in turn, fears that such a high price of black gold depresses the recovery of the US economy and leads to an increase in inflation.
“America, a country that recently dreamed of global energy domination, is losing influence on commodity markets. Because she herself can no longer intervene in a situation where supply is limited and prices are high. Until recently, things were different, ”the article says.
Thanks to the billion-dollar shale revolution, as well as the discovery of a large number of fields through measures introduced by former US President Donald Trump, the country has become a leader in the oil market in recent years, observers explain. Accordingly, the Americans could increase or decrease the daily volume of resource extraction, depending on the situation, and Washington did not really need OPEC.
“Trump has relied on coal, oil and gas, and Biden wants to generate electricity from water, wind and sun. As a result, it is becoming increasingly difficult for America to extract enough oil to meet demand, ”the German newspaper writes.
On August 17, it was reported that the dollar rose 12 kopecks against the background of oil below $ 70 per barrel.
In July, the OPEC + countries extended the agreement to limit oil production until the end of 2022. The alliance has agreed to increase production by 400 thousand bpd per month until the limits, which now amount to 5.8 million bpd, are exhausted.
As a result of the negotiations, the association supported the establishment of new basic cut-offs in the agreement for Russia and other countries. Thus, the new baseline production levels for the Russian Federation and Saudi Arabia will increase by 0.5 mln bpd to 11.5 mln bpd.
According to the OPEC report published on August 12, the demand for oil in the world this year will grow by 6 million barrels per day – up to 96.6 million. At the same time, the International Energy Agency has worsened its forecast, expecting an increase in demand by 5.3 million barrels per day. , although in July it estimated potential growth at 5.4 million barrels per day. The ratio of supply and demand in the market will remain the main factor affecting prices for this resource, said analysts interviewed by Izvestia. In case of successful vaccination in the world, the cost of the resource by the end of the year may rise above $ 80 per barrel, experts say.