Posted on 12/04/2022 8:56:15 PM PST by nickcarraway
OPEC+ agreed to stick to its oil output targets at a meeting on Sunday as the oil markets struggle to assess the impact of a slowing Chinese economy on demand and a G7 price cap on Russian oil on supply.
The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil.
OPEC+, which comprises the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, angered the United States and other Western nations in October when it agreed to cut output by 2 million barrels per day (bpd), about 2% of world demand, from November until the end of 2023.
(Excerpt) Read more at reuters.com ...
OPEC+ should further cut oil output just as a big ‘FU’ to the West and EU and to make them aware that it is not the West and/or the EU that sets the price on oil, it’s OPEC+!
Fascinating stuff. Even more than Saddam’s oil embargo -which the EU is trying to copy.
So Saudi, OPEC+ leader, is receiving and transshipping Rus oil and pocketing ~$25 profit per barrel on the spread. So obviously as long as Russia can supply them with oil they receive +$25 selling Russian oil. So of course OPEC+ will ‘help’ Russia.
Cutting official OPEC output increases oil prices and the spread on Rus oil.
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