Posted on 10/02/2022 5:18:50 PM PDT by EBH
DUBAI, Oct 2 (Reuters) - OPEC+ will consider an oil output cut of more than a million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move yet since the COVID-19 pandemic to address oil market weakness.
The meeting will take place on Oct. 5 against the backdrop of falling oil prices and months of severe market volatility which prompted top OPEC+ producer, Saudi Arabia, to say the group could cut production.
OPEC+, which combines OPEC countries and allies such as Russia, has refused to raise output to lower oil prices despite pressure from major consumers, including the United States, to help the global economy.
Prices have nevertheless fallen sharply in the last month due to fears about the global economy and a rally in the U.S. dollar after the Federal Reserves raised rates.
A significant production cut is poised to anger the United States, which has been putting pressure on Saudi Arabia to continue pumping more to help oil prices soften further and reduce revenues for Russia as the West seeks to punish Moscow for sending troops to Ukraine.
(Excerpt) Read more at reuters.com ...
Trying to prop up petroleum prices, but this only works for a while. The global recession is going to drop demand anyway, and this is not going to help.
Opec has been here over and over. This is a very temporary measure.
“Over than” 1 million?
The article confused me. Why are we asking another country to increase production of CO2 that is harming the planet? Biden should be thanking them for cutting production and saving the planet. As a side note, all democrats should go on record supporting the cut to global oil.
that’s the title as displayed on Reuters
We could really clean up if we had, like, an extra pipeline or something.
(No, I don’t actually sound like a valley girl. That was biting political sarcasm.)
Why do people see the demand drop as a positive? We know why demand is dropping and it’s not because of new technology.
.
Fer sure!
The Muslim countries of Northern Africa, the Middle East, Central, South and Southeast Asia are in control of about 41% of the world’s crude oil production.
>>Watch petroleum prices shoot up over the next few days.
Watch Biden continue to drain the Strategic Petroleum Reserve.
The demand drop is actually a marker for poverty. Not a good thing.
The silver lining is cheaper fuel, that will in time, stimulate demand and hence, in general, reduce poverty.
to be replaced by oil from the SPR... right???
Two years ago, we were Energy Independent.
So ... you’re saying it’s a good time to buy XOM?
That or xle if you can put with the drift.
meanwhile, gas prices are back up at $7.19
So how much profit is that PER GALLON?
Just to put things in perspective.
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