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 ...
Joe’s response to Drill baby drill:
C’mon Man! it’ll take ten years before we see a drop of that oil hit the market
What also will happen is that oil company execs will be getting phone calls from the White House DEMANDING that they not pass along the price increases for the next month...or else. After all, any increase in price helps the Fascists (Republicans).
But how will they respond???
Don’t forget switching to the winter blend excuse as well.
:: OPEC countries are notorious for cheating on any pre-set “production quotas” ::
It doesn’t matter.
Thye narrative is set.
When all the paper-shuffling is done, there will be a drop in OPEC production.
Again, “on paper” there will be a reduction.
It will be reflected at the pump but not likely ‘reality’ at the refinery level.
Pedo Joe should get a Nobel prize for persuasion and diplomacy.
Really…you need a /sarc tag?
This is actually a 3 million barrel per day cut.
2 million cut by OPEC+
1 million cut by halting the draining of the Strategic Petroleum Reserve
:: ragging MBS for years over that journalist who got chopped up ::
He was no journalist.
In any way, shape of form.
Who was his Daddy?
He continued in the family business.
Yes, Russia is part of this OPEC+, so this applies to them as well.
Also, this is payback for the attacks on hydrocarbon energy producers and the push for the BEVs and the Green New Deal.
good thing the USA in energy independddd”OH!
Russia’s oil just became more valuable.
Russia wants US out of the war and the Saudis want Trump back.
So of course they simply shut gas down right before the election.
Gas in Western Lower Michigan had been as high as $5.25 and had dropped to $3.26 with the selloff of the strategic reserve oil. Now back to $4.50 in the last month. Going to squeeze a lot of people. Still see a lot of newish pick up trucks driving around. Wonder how they are going to pay to fuel them up? And who they will blame come the election date?
...and if you look at the flip side - what if the caps work, or are at least perceived to work? Then why not extend them to ALL of OPEC? And if that happens, the countries that rely on oil exports (Arab countries far more than Russia) will have to decide whether to become economic colonies to the West, or try to hold out until the West comes to their senses.
Yeah, like stolen freedoms!
“ Worst presidency ever.”
And the worst national leadership in the entire world.
:: ragging MBS for years over that journalist who got chopped up ::
He was no journalist.
In any way, shape of form.
Who was his Daddy?
He continued in the family business.
xxxxxxxxxxxxxxxxx
journalist was just his cover
DOW doesn’t Luke it -300
Damn I hate autocorrect.
“ragging MBS for years over that journalist who got chopped up ::
He was no journalist.”
You are correct. He supported the Arabian fundamentalists that MBS was pushing to the side. Hooray!!!! He was a major pest, so of course the libs and Dems loved him, who was prolly getting paid by some of the billionaires that MBS locked up in a luxury hotel for 2-3 months, until they gave up some of their billions.
Mr. Chopped had a sordid history. He was a Washington Post “journalist” so our US presstitutes raised hell about his demise
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