Posted on 02/02/2022 12:24:18 PM PST by Oldeconomybuyer
OPEC+ agreed on Wednesday to stick to moderate rises in its oil output with the group already struggling to meet existing targets and wary of responding to calls on its strained capacity for more crude from top consumers to cap surging prices.
The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+ which produces more than 40% of global oil supply, has faced calls from the United States, India and others to pump more oil as economies recover from the pandemic.
But OPEC+ has stuck to its target of monthly increases of 400,000 barrels per day (bpd) and blamed surging prices on the failure of consuming nations to ensure adequate investment in fossil fuels as they shift to greener energy.
(Excerpt) Read more at france24.com ...
Save The Wells.
If somebody could figure out for us to be energy independent....... 😕
Why aren’t they cheating like usual?
The less talked about part is: Some OPEC countries were producing short of their quotas before this expected continuation of slow production rises was approved.
That’s not because they don’t want to, it’s because they can’t due to lack of prior investment. Tight supply is likely going forward.
Why aren’t they cheating like usual?
See my #5.
Which is worrisome in itself. Venezuela has had the largest proven oil reserves in the world. (Yes, more than Saudi Arabia or Canada) But their oil industry is crumbling from lack of investment and overall incompetence. And they could really use the money.
Brandon trying to drive hydrocarbon prices beyond our ability to pay.
Very true, and they were an early loser. The ME countries lack of ability to expand production is new.
Oil barely made a new 7 year high today, usually a temporary selloff would greet expected news unfolding as expected, but not today. Price held the prior futures gains that were speculative when placed.
This is how you really hurt the bottom half of America’s wage earners and business in general, other than energy related of course.
I hope someday Venezuela is a functioning country and their oil industry was working, but there doesn’t seem to be much movement in that direction.
The only time they do any good is when they let us run their fields. So of course they kicked us out. They have a lot of oil but it’s expensive to refine IIRC. Heavy Sulphur maybe.
We're nearly three years away from being able to do that.
Where do you live in Russia?
Where do you live in Russia?
But...but Pedo Joe’s poll numbers are at stake!
Unless Biden gets worried enough to change policy.
OPEC isn’t stupid. Less oil means a higher price. Everyone knows that except Brandon. So, stop Keystone and then beg OPEC to produce more oil. What could go wrong?
Kazan’s email to me:
“If you think out Alpha male me, retard, you’re mistaken.”
When the Russian gets angry, his English gets worse.
Let it go to 150 a barrel
Stolen elections have consequences
A teachable moment some would say
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