He also had to lift the restrictions that he put on defensive PATRIOT missile resupply to the Saudis (that he imposed over the killing of senior Muslim Brotherhood official Jamal Khashoggi).
This month's rise in production quota's is relatively modest. Last month's were more significant, when they pretty much reversed the COVID-era cutbacks, and producers were freed to start replacing Russian market share to some degree. Russia has been falling short of its production quotas since the invasion of the Ukraine, and some others are receiving more OPEC production quota, to help keep prices balanced.
Hell....Brandon takes more than that out of our reserves every day.
This is a bit like leaving a ten cent tip. It’s more insulting than leaving no tip at all. Looks like they are sending Biden a message.
Praise be! The US uses 20 million per day, 100 million world wide. That extra 100,000 will save us. Now Biden’s got Putin where he wants him. What a joke.
Gas prices will drop to 3.50.
In December, it’ll go back to 5.00
Gas prices will drop to 3.50.
In December, it’ll go back to 5.00
Drop in the ocean.....................
They are likely to gradually roll out changes in production quotas across future meetings, but they will basically reflect the new production deals that have been previously put in place, as they are becoming ready to produce.
There has been a wave of such new investment deals taking place, where European Governments and Oil Majors have been committing billions to increase production in areas outside of Russia.
Some of those deals might be increasing production in a matter of months, and others will take years, but as they come online, their increase in OPEC production quota has already pretty much been coordinated within OPEC/OPEC+. It will just be announced when it is about to go into effect.
It’s just like they left Biden a 10 cent tip.
If we could flood the market and lower the global price of oil, it would end the Ukraine war in short order. But lowering the price clashes with the politics of global warming. And when it comes down to it, which is more important? Right, global warming.
Probably a net decline in oil production worldwide.
OPEC currently produces about 30M barrels per day. 100K is an additional 0.3%. It’s a statistical rounding error.
Two things. You don’t have to ask producers to pump more oil. Hundred dollar oil does that. Second, a question, who is buying Russian oil at a discount and reselling it? And then showing that as an increase in production?
“100,000 bpd”
Hells bells, my 2019 Jeep Grand Cherokee’s 6.2L Supercharged HEMI V8, uses more than that. LOL.
Wow OPEC coughing up 100,000 barrels while Biden releases 1 million barrels a day from our reserves, mostly for China, to cover his personal debt. When will America wake up? Destruction from within!
The proverbial drop in the bucket.