Posted on 04/02/2023 1:08:06 PM PDT by E. Pluribus Unum
Despite the fact the Western Alliance have created the policy that will deliver pain to their citizens, not a single government leader will look at this move as a bad thing.
The pain will not be felt by the elites, it will only hit the citizenry. Lowered oil production outputs that drive up gasoline prices and fuel inflationary drivers, expedite the Build Back Better narrative and objective.
However, that said, in context to this announcement, a pain that will hit the Western economies of the alliance represented in yellow, the last 18 months of moves by Mexico makes President Andres Manuel Lopez-Obrador look remarkably prescient. The new strategic relationships and trade partnerships between China, Russia, Iran, Saudi Arabia, India and beyond, take on an added geopolitical dimension.
DUBAI, April 2 (Reuters) – Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable.
The pledges bring the total volume of cuts by OPEC+, which groups the Organization of the Petroleum Exporting Countries with Russia and other allies, to 3.66 million bpd according to Reuters calculations, equal to 3.7% of global demand. ...
The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend.
“I expect the market to open several dollars higher … possibly as much as $3,” said PVM’s Tamas Varga. “The step is unreservedly bullish.” (read more)
(Excerpt) Read more at theconservativetreehouse.com ...
Opec members are well known to cheat on their allotments. The Saudis announce a cut, which raise prices, the other members increase pumping to take advantage. There’s really no way for the other members to know who is pumping what so they all cheat. There is no honor amongst Opec members.
Let me REMIND everyone, that Joe Biden swore that the economic sanctions he would place against Russia, would make them writhe, fall to their knees and end the war. Is anyone keeping score, did this happen?
Couldn't get much weaker than the ice cream man-child.
Gee, maybe bidumb needs to undo all the President Trump oil drilling kill offs he did his first days in office. Need to go back to where it was where opec was crying that the US was producing too much driving down prices.
If only North America had oil and gas resources we could use.....
The man who shakes hands with the thin air.
Over the last two decades, the United States dollar has lost 12 percentage points of market share falling from 71% to 59%, according to the International Monetary Fund.
The India-based Megh Updates platform, one of the world’s largest online informational platforms in terms of views, has stated that BRICS countries have officially overtaken G7 in share of world PPP GDP, and that this trend can be expected to continue.
The BRICS is also expanding – Bangladesh, Egypt and the UAE have all just joined the BRICS New Development Bank, with numerous other countries poised to do the same.
The current BRICS five now contribute 31.5% of global GDP, while the G7 share has fallen to 30%. The BRICS is expected to contribute over 50% of global GDP by 2030...
It’s about to accelerate.
Gold, silver, platinum, oil, lithium, rare-earth minerals- backed BRICS currency may weather the storm if anything can.
NasDaq, 4/2/23:
Petrodollar dusk, Petroyuan dawn AN
https://www.nasdaq.com/articles/petrodollar-dusk-petroyuan-dawn:-what-investors-need-to-know
Living on an ocean of oil and not a drop for America.
A year ago, WTI was over $100.00 a barrel and today it is $76.00. On top of that, the United States is producing a half million more barrels a day than it did a year ago.
Other OPEC members will make up the Saudi’s cut.
IF ER had a real leader he would open our floodgates
Libtards love this. More opportunities for “green” energy.
“Other OPEC members will make up the Saudi’s cut.”
_____
Here are the reductions per country:
*SAUDI ARABIA TO CUT OIL OUTPUT BY 500,000 BARRELS/DAY FROM MAY
*KUWAIT TO VOLUNTARY CUT OIL PRODUCTION BY 128,000 BARRELS/DAY
*UAE TO REDUCE OIL PRODUCTION BY 144,000 BARRELS/DAY FROM MAY
*KAZAKHSTAN TO CONTRIBUTE 78K B/D TO OPEC+ OUTPUT CUT: MINISTRY
*IRAQ TO CUT 211,000 B/D OF OIL OUTPUT FROM MAY: MINISTRY
*ALGERIA TO CUT 48K B/D OF OIL OUTPUT FROM MAY TO END 2023: APS
*OMAN TO CONTRIBUTE 40K B/D TO OPEC+ PRODUCTION CUT: DELEGATE
If history is an indicator, rouge OPEC members, and other oil producing states will increase production and many other OPEC states will cheat the production limits.
No problem, we always have the strategic petroleum reserve
oh wait!...
What ever happened to “drill, baby, drill?” I bet that would ease pain at the gas pump!
Our communist masters will respond with immediate cutbacks on domestic exploration & production...
Their long-sought goal of $10 per gallon of gasoline is now back in play...
I suspect we are in the midst of a worldwide recession and the demand for oil is dropping.
I noticed today that the price spread between regular gas and diesel in now $.50 per gallon. It was but a couple of months ago the spread was $2.00 per gallon.
Oil in the ground is appreciating faster than any investment they could make with the profits from pumping it now.
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