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 ...
They are also probably not happy about the way that the PGA Tour has been attacking Saudi for almost a year. I do not understand why the Saudis like professional golf so much but someone there surely does.
The Saudis are the sponsors of a new golf league called LIV Golf. They have poured so much money into it that many of the most popular and/or best PGA Tour golfers have switched to LIV GOlf. Despite the fact that the PGA Tour used to allow its players to go to Saudi Arabia to play in a non-league tournament there (most recently in Feb. 2022) and that the LPGA's biggest sponsor is Araamco (Saudi Oil), the PGA Tour commentators and officials have repeatedly castigated these players, accusing them of having no sense of values ... Kasshogi killing mentioned again and again.
So…. How much is left in our “strategic reserve”?
The idiot will drain the SPR, and then there will be a war.
That is a big production cut.
One theory is that they are seeking to defend a $90 price range, in the face of weakening demand.
Joe needs to consult an energy expert, maybe call Hunter.
Not enough to call it “strategic” any more.
Interesting...it was supposed to only be 1 million. They double downed.
But we were still paying the global price for oil.
Drillers don’t give the home country a discount.
I think OPEC is sending a message they want Trump back.
Kashoggi (I think name of chopped up “journalist”) was a spy, can’t remember for who... maybe the bad Saudis spying on MbS?
Wish I could remember. He was a pet of US commies. Don’t know who his father was. Kashoggi Sr?
Already is, saw 7.29 for 87 in san fransicko sunday.
(Critical Drinker mode: on) Nah, it'll be fine. (Critical Drinker mode: off)
OPEC only cut output to OFFSET the daily sales Benedict Biden is making from our Strategic Petroleum Reserve to manipulate crude oil prices!
The get-rid-of-biden democrats prevailed with the saudis? He’s gone if dems get shellacked in the midterms.
Their next step is harris. How do they get rid of her. Willy Brown?
Please excuse my ignorance but...
MBS? MMS?
Don’t know who these are. Thanks for any assistance/clarification. Have a great day.
That gets what, 70 mpg?…
Messing with my coffee and bacon is the last straw.
There go hundreds of small businesses, too. But at least it’s squarely on the Dems, and hopefully two legislative bodies will be able to combat further damage from the White House, comes January, and maybe fix some of it.
Current OPEC members are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela. (wiki)
When energy prices skyrocket, thank a democrat.
MBS
Mohammed bin Salman, Crown Prince and Prime Minister of Saudi Arabia.
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