Posted on 10/05/2022 2:35:10 AM PDT by RomanSoldier19
OPEC’s meeting this week takes place against a gloomy background: A global economic meltdown has caused oil prices to fall even as Russia’s war against Ukraine has made supplies more uncertain than ever. An expected production cut could combine with other factors to send prices sharply higher.
In fact, it isn’t hard to see how oil could climb back to $100 even as the economy weakens. Oil prices rose on Monday, with Brent crude BRN00 –0.47% climbing to nearly $89 per barrel. Shares of oil companies also rose, with the SPDR S&P Oil & Gas Exploration & Production XOP +5.24% exchange-traded fund (ticker: XOP) gaining 6.5%.
(Excerpt) Read more at barrons.com ...
Is this supposed to be good news?
⚡️⚡️⚡️CNN reports that the White House has announced plans by Russia and Saudi Arabia to cut oil production by 1 million barrels. per day “complete catastrophe” and “hostile act”.
How to profit off the illusionary stock market while your economy implodes. You can’t eat paper money, but you sure can burn it to stay warm, etc.
People with money get richer, people just getting by get screwed.
Gee, if we only knew where oil was, we could drill our own and, also, pipe it from a neighbors tar sands and buy it at a discount.
Aww, who am I kidding?/sarc
Some of us here are old enough to remember when the USA was a net exporter of oil.
This while we limit oil production here in the US. This while the clown in office depletes oil reserves. Sounds like we are prepared/sarc.
Well, Reuters disputes CNN’s report that the White House has announced plans by Russia and Saudi Arabia to cut oil production by 1 million barrels per day.
Reuters says, 🇷🇺🇸🇦⚡️OPEC+ monitoring committee agrees to cut production by 2 million barrels per day - Reuters
“⚡️⚡️⚡️CNN reports that the White House has announced plans by Russia and Saudi Arabia to cut oil production by 1 million barrels. per day “complete catastrophe” and “hostile act”.
They are now talking 2mm BPD.
Due to their massive welfare state Saudi Arabia is underwater unless the price of oil is about $105.
Two short years ago when the US was a net exporter of energy, we would have shrugged off a cut in production by OPEC. Now the oil sheiks, Putin and the tyrannical regimes in Venezuela and Iran are calling the shots thanks to Biden.
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.