as it will tend to paint Biden as a hero, our savior.
They’re just agreeing to put out a BS story. The production capacity of KSA and the Emiratis is known. They are at or very near it, and every oil industry newsletter or source I have read says so. You will of course hear this story many, many times as it will tend to paint Biden as a hero, our savior. What you will NOT hear is HOW MUCH more the Saudis will pump. 5-25K barrels a day is yes, MORE. And let’s be clear, there may indeed be an effect on the market price of /CL. But they have zero ability to pump meaningfully more oil than they do right now today.
I read they are buying Russian oil so they can export theirs. Buy cheap and sell to us at a large profit.
Saudi has a hell of a lot of reserves that have not been drilled yet. They can not just open a spigot and get extra millions of barrels of oil. You have to drill it and produce it. This takes a lot of time. Saudi is operating at near capacity today as to take advantage of the high price of oil.
Oddly Saudi could flow their wells wide open and increase production greatly for a limited period of time. This will damage the production formation and ultimately limit the life and total production of a well. They will not do this.
We have a lot of reserves that have not been drilled as the Biden administration blocks such at every opportunity. Canada has a lot of reserves but Biden killed the Keystone pipeline on day 1 of his administration.
Biden is mentally incompetent. His advisors run the country and they hate this country in its present form. They are all hard core socialists quasi Marxists. They are hell bent on destroying us so they can build their socialist paradise. This always ends in despair, economic ruin, tyranny and death to those that oppose it.
IIRC, I’d just read somewhere that the Saudis said increasing production wouldn’t do the US any good because the problem is in its refining capacity.