Posted on 03/09/2022 12:15:04 PM PST by nickcarraway
he oil market has been stretched incredibly thin, with few producers willing — or able — to replace Russian barrels banned by the United States and shunned by others. Enter the United Arab Emirates, which suggested it may be coming to the rescue.
The UAE's ambassador to Washington, Yousef Al Otaiba, told CNN Wednesday that the country wants to increase oil production and will encourage the Organization of the Petroleum Exporting Countries (OPEC) cartel to ramp up supply.
Otaiba's comments sent oil prices dropping like a rock Wednesday. US oil fell 12% to $108 a barrel. Brent crude, the global benchmark, fell 13% to $112 a barrel.
(Excerpt) Read more at msn.com ...
I wonder how many terrorist concessions RATs have made to get arab oil?
So its like...if you increase supply...prices like.. go down and stuff.
hmmmm
Don’t get too excited....Biden policies will continue to make things worse.
Well, which is it? Crash or tumble? 😂
https://freerepublic.com/focus/f-news/4045228/posts
Regardless it would/will take weeks (if ever) to see it at the pumps.
Notice, the price of gas never goes down as fast as it goes up.
The UAE is home to the most tolerant brand of Islam on the planet. They are also one vote in OPEC.
Taiba is a Japanese family name, written 対馬, and putting an O 御 in front simply means "honorable", so maybe he's really an 御対馬 Japanese hiding behind all those oil wells...
“Otaiba’s comments sent oil prices dropping like a rock Wednesday. US oil fell 12% to $108 a barrel. Brent crude, the global benchmark, fell 13% to $112 a barrel.”
In other words, the whole thing is just speculation, price gouging, and profit taking. Get while the getting’s good.
no official policy change as of now.
Well, that would be better than buying Iran oil, you think?
The OPEC gang are really greedy. They probably could decrease oil prices back to $1 a barrel but there they sit and watch.
The UAE at least will buy our bombs instead of Iran arming Yemeni, Lebanese and Syrian cannon fodder with the money... Sheesh
Yeah, don’t try to tell that to pack-a-saki, she will start rambling on about 9,000 unused leases and prez potato head’s administration pumped more oil than Trump, CO2, Climate Whatever-This-Week, etc.
I really don’t know why any normal reporter would even bother to go to WH Propaganda Briefings.
.
Amazing, the price went from 3.86 to 4.39 in two days here, (probably with the same gas on the ground tank), but it will probably take a month to go down.
The UAE “wants” OPEC to increase production. But they’re just one member. And oil is still over $100/barrel.
Doesn’t sound like this is some kind of “breakthrough” to me.
The inventory they currently have has to be prices appropriately to cover the cost. The price will go down on susequent inventory to reflect the lower cost of the next delivery.
Well, OPEC members cheat a lot. If they think other members are going to cheat, they will also.
I said OPEC was waiting for the right time to stick it to Biden and the Democrats
You are correct. I worked several gas stations owned by one guy one summer. if the station has 4000 gallons in the ground @2.00 a gallon and another 4000 is added to that at 2.25/ gallon, the new price on the sign will be 2.25/ gal for the whole 8,000 gallons and if they sell 4,000 gallons at 2.25 and the next 4000 gallons load comes in at 2.00/ gallon. Guess what the price on the sign is... If you guessed 2.25, you’re right. And it will stay 2.25 until most of the gas stations in the area sell for a few days worth at 2.25.. until someone starts dropping the price to 2.20, it will take 4 or more deliveries to drop the price back to 2.00 a gallon and only when one of them ( local comptition) starts dropping the price.
So yesterday UAE’s Khalifa bin Zayed Al Nahyan and KSA’s Mohammed bin Salman were refusing Biden’s calls, but today the UAE ambassador says the UAE wants to increase oil production?
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