Saudi Arabia is the largest oil-producing member of OPEC, and as such they regularly reduce their oil production to keep oil prices high.
So now they've lost 5.7 million barrels per day of production capacity? LOL. Big deal. I'm sure the other OPEC members can make up for that lost production.
It's the only opinion that counts.
That takes time. It’s surprising how many conservatives tout the liberal line about the evil oil industry when prices might go up.
“Saudi Arabia is the largest oil-producing member of OPEC, and as such they regularly reduce their oil production to keep oil prices high. So now they’ve lost 5.7 million barrels per day of production capacity? LOL. Big deal. I’m sure the other OPEC members can make up for that lost production.”
Congratulations. Someone that can see the forest for the trees. There is no problem, here.
“The International Energy Agency, or IEA, said on Saturday it was monitoring the situation in Saudi Arabia. “We are in contact with Saudi authorities as well as major producer and consumer nations. For now, markets are well supplied with ample commercial stocks,”.....
It’s just a burp in the system that is replaced easily.
The WSJ is playing dome and gloom games. But it does however make a point to grow in ANWR and take advantage of the vast oil reserves up there.
rwood
Cut production equals increasing barrel price. My guess in four weeks, it’ll be near $90 a barrel. Everyone else will be happy over hyped-up price. But I think the whole shutdown will last less than six weeks, and prices will return to a norm by the end of November. Meanwhile, your gas per gallon price probably will go up.
The real question to ask....is this the only attack, or will Saudi Arabia retaliate?
Most every other country is flowing at maximum capacity.