Posted on 10/05/2022 7:27:30 AM PDT by Erik Latranyi
The Organization of the Petroleum Exporting Countries (OPEC) and its oil-exporting allies announced a 2 million barrel per day cut in oil production Wednesday, bucking months of pressure from Washington to increase production and potentially spiking gas prices again.
The coalition, which includes the 13 OPEC nations and 11 non-members including Russia, made the announcement at its Vienna meeting, the first in-person summit since the beginning of the COVID-19 pandemic. The announced cut is roughly equivalent to 2 percent of global supplies.
In July, President Biden visited Saudi Arabia to directly appeal to its leaders to increase oil production, despite his administration’s frequent criticism of the kingdom’s human rights record. After the meeting, Saudi Arabia announced a production increase, but a significantly smaller one than the U.S. had requested.
The cut announced by OPEC+ is about twice the amount the U.S. has been releasing daily from the strategic petroleum reserve. White House press secretary Karine Jean-Pierre said Tuesday that future strategic petroleum reserve releases have not been discussed.
It’s unclear what direct impact the cut will have on domestic gas prices, but it could prompt an increase weeks before the midterms after the Biden administration has touted lower prices recently. Initial reports increased the price of oil by about $3 a barrel Wednesday morning. Prices have fallen from about $120 a barrel in June to around $80 a barrel amid concerns about a potential global recession.
(Excerpt) Read more at thehill.com ...
It’s what happens when no one respects your president.
Well Joe Biden, put THAT in your pipe and smoke it.
I thought Bidet went there a few weeks ago to ask for production increases. He must have misread his cue cards.
‘Well Joe Biden, put THAT in your pipe and smoke it.’
You have joe confused with hunter.
Let’s go Brandon!
Yep! CA is going to be back to 7+ in a couple months.
Really?
BidenIdiot fist bump incoming.....
I see what you did there.
word of cynicism here ... OPEC countries are notorious for cheating on any pre-set “production quotas”
aside from Saudi Arabia (the one country that usually obeys cutbacks) the others just can’t resist the money, so this might not mean anything down the road ...
Trump had us at energy independence where we were not only fracking/drilling all the oil/gas to meet our needs but to also be in a position to export some of it. Trump also had our emergency energy reserves at close to 100% while Biden drained most of it to artificially lower prices for election season.
Worst presidency ever.
Stolen elections have consequences.
Now that’s funny !
Saudi is not happy about Brandon trying to nuke up Iran. Here is the payback.
Just think, a couple years ago we wouldn’t have given a crap on this news............... Solution from branDUHn and friends? Buy an EV and you won’t need any oil. SMDH! Can they really be THAT stoopid? There is no shortage of stoopid!
Guess Shitshow Joe ran out of oil from the SPR to "lower prices" before the election, eh?
Reno is not far behind. $5.79 at a station near the house. $5.44 at Sams Club.
I'm sure Hunter left a few in the White House residence for Dad.
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