Posted on 09/05/2022 6:11:46 AM PDT by Oldeconomybuyer
FRANKFURT, Germany (AP) — OPEC and allied oil-producing countries, including Russia, cut their supplies to the global economy by 100,000 barrels per day, underlining their unhappiness with crude prices that have sagged because of recession fears.
The decision Monday by energy ministers means the cut for October rolls back the mostly symbolic increase of the same amount in September. The move follows a statement last month from Saudi Arabia’s energy minister that the group could reduce output at any time.
Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers.
But worries about slumping future demand have helped send prices down from June peaks of over $120 per barrel, cutting into the windfall for the government budgets of OPEC+ countries but proving a blessing for drivers in the U.S. as pump prices have eased.
(Excerpt) Read more at apnews.com ...
And to release our strategic reserves. LOL
Oh, is this one of the group of branDUHn’s pals? Folks he can count on? As mentioned previous, if things go to 💩 (when?!) there won’t be any inbound choppers or cargo ships headed to our rescue.
I’ve seen what appears to be informed speculation that Saudi Arabia has significantly less reserves than they say they do. If so they can’t afford to lower prices. Even if this isn’t true there is no incentive to lower prices as it would be political suicide not to keep up their expected lifestyles.
This isn’t going to play well in November if gas prices are rising the entire month of October, with no end in site.
At $6/gallon gas, the Democrat base will only be white, educated, baby killers and that is about it.
“OPEC+ cuts oil supplies to the world”
Oh, that sucks. On to cutting off Russian oil sales!
The worldwide energy botchfest, spurred by the Suicide Sanctions and by the failure of countries to achieve energy independence, is going to make this Winter cold and dark inside the homes of many people in Europe and America.
Nothing like a recession/depression to lower inflation. Democrats will print more money, send it to their political base and hope that the muddled middle voters will focus on the “decrease” in inflation and ignore or not recognizethe economic rot beneath them.
If OPEC actually cuts their production by 100,000 barrels per day, that will more than offset the 33,000 barrels per day (1 million barrels per month) that Biden is dumping on the market from the Strategic Petroleum Reserve.
Though I have to add that what OPEC says is not always what OPEC does.
The United States can frack their way out of this in no time if we had the will. We have enough reserves under our feet to last a hundred years or more without needing a drop of OPEC or Russian oil.
Saudi Arabia has not yet had to resort to fracking to restore their reserves of recoverable crude oil (and natural gas), but like so many other oil-producing regions of the world, there is WAY more down there than shall ever be pumped out owing to the feeble efforts of humanity.
At the floor of the oceans, there are HUGE deposits of some rather odd substances, clathrate hydrates, or gas hydrates, clathrates, hydrates, etc., which are crystalline water-based solids physically resembling ice. The most common form is Methane Hydrate. More dense than sea water, these deposits remain stable at depths where the temperature of the water does not rise above 38 degrees Fahrenheit. When for some reason a gush of warmer water does hit one of these deposits, it immediately goes through a phase change, turning back into methane gas and water, and a huge burst of methane erupts to the surface, forming a “white squall”, and the sea is suddenly much less buoyant. Any vessel unfortunate enough to be passing through one of these “white squalls” when the eruption breaks surface is doomed to sink immediately. This may be an explanation for why ships and even airplanes have disappeared over the “Bermuda Triangle’, because of an eruption of Methane Hydrate in the shallow sea of the area.
This Methane Hydrate is a huge storehouse of energy, and may contain some four to ten times the energy of all the known oil and natural gas reserves in the world. If it could be captured, what a boon to the energy supply in the world.
And it keeps on forming in the depths of the ocean all the time. Maybe you have wondered what becomes of whale poop.
He's not releasing a mil a month, but around 1 million a day.
Let’s flip it.
Time to turn on the oil and gas here. Lol..and add employment and wealth, the old fashioned way.
Then bring our corporations and technology home from china, cutting global demand,,,lol
Very interesting. Thx
Know what I say?
GOOD!
Let the pig faced son of a bitch Sloe Bidet explain to the WORLD why in the hell he destroyed the production of those natural resources for his whores, skanks, and queers in his crime syndicate.
Let em all suffer, starve and kill each other off in the cities.
They have known about that for years.
Now to be fair, the oil companies will oppose any attempt to go after it because it digs into the bottom dollar. That is..unless they get the sole rights to go after it.
Just like the big timber companies in the west. They have contributed to the eco nuts who oppose logging on ANY public lands (USFS, STATE) so their timber lands become more valuable.
Xi much happy sends Biden thank you card.
And cut off more federal lands for oil leasing.
Release every ounce of oil in the Strategic Oil Reserves on the open market. Drive the price through the floor than buy it all up at a heavy discount. If you are going to screw up the world, might as well do it with style.
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