Posted on 07/03/2023 9:20:19 AM PDT by ChicagoConservative27
Major oil hubs Saudi Arabia and Russia announced new oil supply cuts, in what Saudi Arabia described as an attempt to “stabilize markets.”
Saudi Arabia’s move was announced in the state-run Saudi Press Agency, which said that the kingdom will extend July cuts of one million barrels per day into August. For that month, Saudi Arabia is expected to produce 9 million barrels.
The state news agency cited a source who described the cuts as having the goal of “supporting the stability and balance of oil markets.” The cuts could drive up oil prices, which is something oil producers like Saudi Arabia may benefit from.
Russia will also cut its exports of the fuel.
(Excerpt) Read more at thehill.com ...
Right in time for the Vacation season. Way to go, “Joe!”
Unless you're a Dim and want to enrich Big Oil all while saying you hate them.
Not to worry. We have the SPR.
Politics makes strange bedfellows.
Meh! We have plenty right here in the U.S.......oh, ‘forbiden’ to go get it. Look at the big brain on them guys!
The disaster of the Joe Biden administration continues
This is really bad news for the economies of Europe and much of Asia.
Should this harm the US and the economies of many of our trading partners, it will make the 2024 elections even more interesting. It will also put pressure on lots of European governments which are struggling politically (France, Germany, etc.)
The real wild card will be what will it do to the Chinese economy? China has lots of economic problems that they are trying to deal with and much higher fuel costs could just push them over the top into significant economic and political problems.
Please pass the popcorn. I wonder if Biden will encourage oil production and natural gas production in the US? Nah, that is not his thing......then again his handlers do want t stay in power and a recession would not be good for that.
Time to take ALL our troops out of Germany,
“The real wild card will be what will it do to the Chinese economy?”
I suspect since the Russians and Chinese are working together for their both best interests, it will assist the Chinese in their problems. If anything, it will make more oil available to the Chinese so they can use it for their exports to other countries. Russia and China have been working on this for months and have already started the process:
wy69
Can’t wait to hear the east and west coast libtards whine about gas prices again. You voted for it,enjoy the suck!
Time to go out and buy more Chevron, Exxon, Occidental, Marathon, all the oil companies. Prices going up profits will go up. Capitalism is great.
Tell walkaway Joe
electric vehicles will just cripple America. We’re never going to wean off of oil.
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