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 ...
The Saudis indicated that they wanted to discuss the gas situation, and he apologized "Oh, sorry! Did I break wind?"
HUGE OPEC middle finger to Sleepy Joe. He is a joke on the world stage.
note that there was a sharp rise in prices last week (especially in Western N.A.), blaming a couple of refineries being down
at least that’s the current excuse
If only we could replace it somehow?
I know, what about electric cars powered by electric eels?
Hahahahaha, Eat S__t, Joe!
WTI price was recently lowest at $76 on 9-26. Today it is $86 (WTI=American crude price)
European oil is $92 — The Brent price
“Yep! CA is going to be back to 7+ in a couple months.”
More like days - price changes in oil (including gasoline), particularly increases, tend to respond to supply/demand very, very, fast and long before the actually affected product reaches the market.
Another Biden failure.
Or hovercrafts.
Related thread
CNN: Biden WH ‘Panicking’ and Making ‘Furious, Last-Ditch’ Effort to Convince OPEC Not to Cut Production
https://freerepublic.com/focus/f-news/4098290/posts
Even the mozzies don’t want President Ding Dong in office.
The Russians, desperate for hard currency, will pump all the oil it can and sell it for highly discounted prices. This will mitigate the price rises of crude from these “cutbacks”. Also India will continue to buy the discounted Russian oil. refine it into gasoline, jet fuel and diesel and then sell it to hypocritical Europeans at premium prices.
I don’t think you are reading that quite right.
I’m thinking that OPEC is SENDING A MESSAGE to the West about their insane idea of trying to cap the price paid for Russian oil.
The West was really hoping that the price of oil would continue to drop, as their ‘cap’ would have little or no meaning if oil was low enough...but they could still take credit for ‘punishing Putin’. Now the West is cornered...either back off from the caps, or watch the price go through the roof for non-Russian oil.
Nitwit Dems have been ragging MBS for years over that journalist who got chopped up. No wonder MBS is giving senile Joe the middle finger.
Part of the reason Putin invaded Ukraine, was Dems going on about RUSSIA and Trump collusion for years
Oh, the train 🚂🚃🚃🚃 station is thataway
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