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 ...
“ OPEC countries are notorious for cheating “
True, but it won’t be before its over $100 a barrel.
It might be over $100 per barrel by the end of the day....
We will just open up the SPR for another couple million barrels a day.
Wait.
What?
Never mind.
Thanks Brandon
My money says he got caught trying to sniff the hair of some young Saudi female through her beekeeper outfit.
Months? The will be approaching $8 by Halloween if they don’t get the refineries open again.
Does anyone think he'll bring the Keystone Pipeline back into production, bring back drilling in places he himself outlawed? Nah, me neither!
He was also selling arms that he obtained from the CIA.
That was the family business and his daddy died because of it.
Journalist was just his cover, for the chopped up Jamal Khashoggi. But not just any kind of faker journalist. But a Washington Post fake journalist. One of the elite.
This is why the US media has been pimping Khashoggi for a few years, while denigrating MMS whenever they can. Libs and Dems hating on MBS, so he just said f-u to Biden The Pathetic (oil) Beggar, with OPEC production cuts.
too bad he got canned before the afghan withdrawal and the flare up in the Uke brought a lotta supply on the market.
he coulda made a killing.
oh well
The gang that can't shoot straight inside the White House are planning to limit refined product exports from the US as a way of bringing prices down.
I do not see where they have this authority, but I am sure they are going to try this now that the OPEC+ cuts are real
Oh, they’d love to cheat but UAE is probably the only one capable and rest of OPEC+ knows that. Lack of investment in future production is starting to bite. Lack of investment means lack of production ability. This lowering just recognizes that problem.
Biden will be begging OPEC for oil. Pathetic.
And when I say “CIA” I include the Department of State and their collection of Senior Executive Service agents.
$7 gas is already here in southern California.
Expecting $8 very soon. It’s crippling the finances of millions of people. There’s no move yet by the state government to decrease the heavy gasoline tax, but I could imagine it happening. Democrats are running this state into the ground. There might be a real backlash in November from voters. We shall see...
“The will be approaching $8 by Halloween if they don’t get the refineries open again.”
I don’t know about that but the price certainly isn’t going to sink until that issue is solved, unless people cut back on driving. Seems like Nevada is being affected by it also. I have seen no estimates on when any of the 6 refineries will be back.
“It might be over $100 per barrel by the end of the day....”
Most of this raise was expected and already priced in by everybody except Biden.
Man, if we only had our own oil reserves, we could pump it here and refine it all in house while reducing costs!
Oh, well.
Bingo. Also, Biden made some incendiary remarks about the Kingdom and MBS. Payback is a bitch.
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