Posted on 03/03/2022 8:01:38 AM PST by Oldeconomybuyer
Dubai (AFP) – Russia's invasion of Ukraine has sent energy prices surging, but the oil-rich Gulf monarchies have so far resisted Western pressure to raise output, prioritising their own strategic and economic interests.
The Organisation of Petroleum Exporting Countries and its allies (OPEC+), led by Riyadh and Moscow, failed Wednesday to respond to a call to produce more and faster, despite pressure on the Gulf states in particular.
The group argued that the "current volatility is not caused by changes in market fundamentals but by current geopolitical developments," according to a press release.
"Gulf countries are testing their ability to have a strategic autonomy, to defend their own national interests," Hasan Alhasan, a Middle East specialist at the International Institute for Strategic Studies, told AFP.
(Excerpt) Read more at france24.com ...
LOL, next time they are threatened F-em.
These Ay-rabs are unpatriotic!
At current prices you would think a few more yachts or lear jets would be tempting. Maybe biDUHn could pony up some goats.
If Trump asked them ...they would.
“Drill Baby, Drill”
Sarah Palin
Not your war, not our allies! Thanks for making MORE of a case for energy independence, if that needed further evidence!
Gas jumped 30 cents in 2 days we are now close to,the high that we experienced under Obama, and all within a year of the faux ‘president’ being given the election through fraud
Idiot Biden terminates AK drilling and exploring for oil on federally owned land. The Dems want $15/gallon gasoline because they want to eliminate private vehicles. Too much freedom for the serfs.
Frackers are NOT boosting production, they're using their revenues to clean up their balance sheets and boost cash reserves.
At some point, they'll boost production, but there's no need for them to do that, thanks to Biden.
It is passive aggressive behavior by the majority of nations who wish to be free and independent.
Besides which the price of Chinese drill pipe has gone up.
“Prices have gone up, not seeing a problem.”
Perhaps they came to the realization that America under the Biden Regime is a paper tiger because it is to busy attacking Americans trying to keep in power and after its coup?
We've lost our moral compass as evidenced by a corrupt Resident, corrupt media, corrupt deep state...
Exactly-— Energy Independence!!
What happened to our puppets in the Mideast? They see the US occupied elsewhere and feel free to go their own way as they benefit from the increased price of energy. Using Ukraine as our proxy to poke the Russian bear will result in gas prices going through the roof, all part of the Left’s plan. And all of the inflation their policies have caused will just be blamed on the Russians.
F-em.
The Saudis and the Gulf states buy domestic tranquility and arm themselves to deter from Iran from targeting them through oil profits.
Oil prices vary widely and when it is below $30-40 per barrel they bleed cash. There is no way they deliberately cut prices during unstable times. They never know when prices will colllapse, and they want that money as long as they can get it.
Mr. Trump would have tried to work a deal, using our considerable production ability to make a mutually beneficial arrangement with these countries. Mr. Biden has ruled that out, and offers nothing in exchange. Demonstrating, yet again, how little the Democrat Party understands either economic reality or human nature.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.