Market is waiting for oil at $100, but Biden is unhappy

Market is waiting for oil at $100, but Biden is unhappy US President condemns the short-sighted decision of the oil cartel and considers the situation dangerous for the market. To clarify: for the US oil market. But what is the reason for such panic?Recall: OPEC+ intends to reduce the volume of market supply by 2 mlln b/d, which supports the current quotes and creates prerequisites for solid growth. Supply could only fall by 0.8 mln b/d, which is not at all critical given the supply surplus of 1.2 mln b/d. But the ability of the Alliance to react decisively to the situation has caused the approval of market participants.However, the US is confident that there is no need for such a market correction.Cartel's decision became a catalyst for the imbalance in the American raw materials market. Remember, two years ago, Trump's proposal to buy American oil for domestic consumption at $24 was blocked by Democratic congressmen? Alas, all attempts by the current government to stabilize the rise in prices turned out to be ineffective and untimely before the upcoming elections.Biden's political emptying of the SPR has left it with a record low. It was not possible to reduce dependence on world prices.Biden is discussing with the US Department of Energy possible bans on the export of petroleum products. Consultations are also underway with Congress on additional tools and powers to weaken OPEC's control over energy prices, in particular, various options for antitrust law are being considered.Experts are sure that attempts to control exports will cause a rise in prices for gasoline, diesel fuel and jet fuel, as well as provoke panic in the energy markets of Europe. The export ban will result in a net loss to the US GDP of more than $44 billion in 2023, as well as the loss of 85,000 jobs this year. This will not only upset the market balance but will also harm the national security and geopolitical position of the United States. However, politicians of analysts, as a rule, do not hear.Profits to yall!