OPEC+ meets to debate production quotas, new cut: Sources

CNBC ^ | June 4, 2023 | Reuters staff

[ConservativeInPA]

KEY POINTS

• Four sources familiar with OPEC+ discussions told Reuters that additional production cuts were being discussed among options for Sunday’s session.
• Three out of four sources said cuts could amount to 1 million bpd on top of existing cuts of 2 million bpd and voluntary cuts of 1.6 million bpd, announced in a surprise move in April and which took effect in May.
• OPEC+ pumps around 40% of the world’s crude, meaning its policy decisions can have a major impact on oil prices.

[ConservativeInPA]

Just think, America could still be a net exporter of oil and petroleum products. Makes me so sick that I can’t wait to die in 12 years due to climate change./s

[rktman]

BranDUHn/democommie plan on schedule. 🖕

[FarCenter]

1 million bpd is about 1% of global crude oil production.

Not a big adjustment.

Besides, oil in the ground will be worth a lot more in the future.