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OPEC+ announces 2 million-barrel production cut
The Hill ^ | 5 Oct 22 | Zack Budryk

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 ...


TOPICS: Breaking News; Business/Economy; Foreign Affairs; Russia
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To: Tolerance Sucks Rocks
That's just what I was thinking. Watch for the news to pull out all the stops covering for Brandon. Climate change,Trump policies,Cant compete with EVs,and on and on!
41 posted on 10/05/2022 7:45:30 AM PDT by 4yearlurker
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To: Erik Latranyi

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


42 posted on 10/05/2022 7:45:38 AM PDT by shotgun
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To: Erik Latranyi

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???


43 posted on 10/05/2022 7:45:46 AM PDT by BobL
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To: canuck_conservative

Don’t forget switching to the winter blend excuse as well.


44 posted on 10/05/2022 7:47:05 AM PDT by rktman (Destroy America from within? Check! WTH? Enlisted USN 1967 to end up with this? 😕)
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To: canuck_conservative

:: 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.


45 posted on 10/05/2022 7:48:47 AM PDT by Cletus.D.Yokel (Islam is NOT a religion of any sort. It is a violent and tyrannical system of ruling others.)
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To: Erik Latranyi

Pedo Joe should get a Nobel prize for persuasion and diplomacy.

Really…you need a /sarc tag?


46 posted on 10/05/2022 7:51:20 AM PDT by Scott from the Left Coast (Make Orwell Fiction Again)
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To: Erik Latranyi

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


47 posted on 10/05/2022 7:53:01 AM PDT by Erik Latranyi (We are being manipulated by forces that most do not see)
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To: dennisw; little jeremiah; thinden

:: 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.


48 posted on 10/05/2022 7:53:19 AM PDT by Cletus.D.Yokel (Islam is NOT a religion of any sort. It is a violent and tyrannical system of ruling others.)
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To: BobL
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.

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.

49 posted on 10/05/2022 7:55:48 AM PDT by Erik Latranyi (We are being manipulated by forces that most do not see)
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To: Erik Latranyi

good thing the USA in energy independddd”OH!


50 posted on 10/05/2022 7:55:52 AM PDT by teeman8r (Armageddon won't be pretty, but it's not like it's the end of the world or something )
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To: Erik Latranyi

Russia’s oil just became more valuable.


51 posted on 10/05/2022 7:55:56 AM PDT by JonPreston
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To: Erik Latranyi

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.


52 posted on 10/05/2022 7:58:51 AM PDT by struggle
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To: Zathras

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?


53 posted on 10/05/2022 8:02:10 AM PDT by desertsolitaire
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To: Erik Latranyi

...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.


54 posted on 10/05/2022 8:02:44 AM PDT by BobL
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To: SamAdams76

Yeah, like stolen freedoms!


55 posted on 10/05/2022 8:11:17 AM PDT by milagro (There is no peace in appeasement! There)
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To: SamAdams76

“ Worst presidency ever.”

And the worst national leadership in the entire world.


56 posted on 10/05/2022 8:18:43 AM PDT by Scott from the Left Coast (Make Orwell Fiction Again)
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To: Cletus.D.Yokel; dennisw; little jeremiah

:: 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


57 posted on 10/05/2022 8:21:27 AM PDT by thinden (buckle up....)
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To: Erik Latranyi

DOW doesn’t Luke it -300


58 posted on 10/05/2022 8:22:41 AM PDT by mware
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To: mware

Damn I hate autocorrect.


59 posted on 10/05/2022 8:23:15 AM PDT by mware
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To: Cletus.D.Yokel

“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


60 posted on 10/05/2022 8:26:00 AM PDT by dennisw
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