Posted on 06/04/2023 2:51:55 PM PDT by Libloather
Member countries of OPEC and their allies are considering further cuts to oil production that could send oil prices soaring.
The group, known as OPEC+ to include allies such as Russia, will meet Sunday to discuss another round of cuts to production for member countries, this time as much as 1 million barrels per day, sources told Reuters.
The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April, three sources told the outlet.
"We are discussing the full package [of changes to the deal]," one of the sources said.
That April announcement contributed to a spike in oil prices of about $9 per barrel to more than $87, though those prices quickly fell to $76 amid growing concerns about the global economy.
Members of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions having a dramatic effect on global prices.
The cuts have drawn criticism from the Biden administration and Western countries, arguing that OPEC policies have sent energy prices soaring and that they have taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.
Many Western countries have responded to the invasion by sanctioning Russia and scaling back or stopping purchases of Russian oil. But some Asian countries, including China and India, have refused to join the sanctions and have been Russia's largest energy customers.
(Excerpt) Read more at foxbusiness.com ...
The price of oil goes up but we aren’t allowed to drill...
Joe, your plan is working.
Fixed it.
I thought that prices of Russian crude were restricted to a low level. Are they somehow “cheating”?
On Friday, WTI closed at $71.87.
70-80 dollars a barrel is not outrageous...Biden and our federal government are corrupted beyond our reach ....Trump is the only non politician under constant attack...HE needs to get elected...only chance left before lead starts flying.
While OPEC might announce production cuts, the reality is that not all member nations comply with the cuts.
In early April when oil was selling for ~75.00 OPEC announced a cut of a million barrels a day, and now oil is <72.00.
Putin’s such a JERK, now he’s going to make Europe get poorer, while he swims in revenue due to the higher prices of oil.
In breaking economic news;
Outside third parties and customers in general do not set “price caps”.
For example, if I decided to restrict the price of the 2023 F-150 King Ranch pickup to 20,000 dollars, Ford would laugh at me, refuse to sell me one, and sell them to people who were still willing to ignore my price cap.
Please...I want my mean tweets and energy dominance.
They also despise him and his handlers pushing their pedophile agenda. Biden expects India and China to destroy their economies like Europe did by boycotting Russian oil. They aren’t that stupid. We have a decrepit old fool leading our country and the world is laughing at us.
They need hundred dolled oil to meet there budgets
So does most of America
Whats in it for India and China to boycott Russian oil? It does not help that we were Imperialists. They remember.
From your mouth to God's ears. And amen.
The article has a false premise. Since 2021 Biden has consistently been the reason for high energy prices. His recent compromise with McCarthy protected the eco-looney policies and made cuts elswhere.
OPEC, others are just reacting to BIDEN policies in play.
What makes you think Russians would cheat? Lol
The Saudis did not make cuts in production after they announced they would. Typical.
Yea how dare Putin look out for his countrymen and not the cabal of globalists bringing misery to the US and Europe.
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