Posted on 09/06/2022 7:15:14 AM PDT by bitt
OPEC announced that they were going to cut oil production by 100,000 barrels per day in October – this is the same amount they increased production by in September.
In a statement, the group said the increase was only meant for September and not something that was meant to continue.
CNN reported:
OPEC said Monday it would reduce oil production next month, the cartel’s first output cut since the depths of the pandemic, as it braces for a global economic slowdown to hit demand.
The Organization of the Petroleum Exporting Countries and allied oil producing nations, including Russia, agreed to shave 100,000 barrels per day off their production targets in October.
Just a month ago, the OPEC+ group agreed to increase production in September by the same small amount — equivalent to about 0.1% of global demand — after coming under intense pressure from the United States and other big oil consumers to do more to bring down energy prices and inflation.
Just a few weeks ago, Biden fist bumped Saudi Crown Prince Mohammed bin Salman ahead of the summit between the two leaders.
Saudi Arabia is a founding member of OPEC.
(Excerpt) Read more at thegatewaypundit.com ...
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Thanks Joe you worthless POS.
That was quick. LETS GO BRANDON!
Fist bumping, the sign of Presidential behavior.
Maybe Jill can twerk later on...perhaps smoke a Blunt and chug a 40...
Combine recessions in Europe and China, a weakening US economy , Russia under pricing its oil, the result is downward pressure on oil prices. OPEC can try limiting supply but the price of crude is most sensitive to actual demand. BTW recession is the best antidote for inflation. Politicians of course hope the vapid voters don’t notice their standard of living is lowering faster than Lake Mead.
Ahh yes, cutting production about the same time as the SPR oil sales are set to stop. Should calm the markets for sure.
An exciting time to be alive.
The left say that want energy independence but they never said we would be energy dependent for a good decade or more as the idiots ready greenie weenie energy.
It was retaliation for the stupid G-7 capping of Russian oil prices.
The west knuckleheads keep shooting themselves in the foot.
Gee, its almost as if OPEC hates them some Brandon or something.
I’m ready for WWIII.
I’ve been bored for a while….
Guessing we should see pump prices affected around November 10...
The Saudis break even on funding their welfare state at about $105 a barrel. Supporting their state below $105 means selling off reserves (selling their future). So of course they will try to keep prices close to this breakeven point.
I knew the falling gas prices were too good to be true.
Everyone buy extra blankets while they last Biden and crew are still on the job.
Maybe the prince was expecting a ‘chin bump’.
The Saudi’s will continue to buy Russian oil at a discount from the Brent Sea crude price. Then sell the oil the would have used domestically on the world market.
The House of Saud has zero respect for Biden...
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