Posted on 04/02/2023 8:58:21 AM PDT by dynachrome
Ministry of Energy official stated that the Kingdom of Saudi Arabia will implement a voluntary cut of 500 thousand barrels per day from May till the end of 2023 in coordination with some other OPEC and non-OPEC Participating Countries in the Declaration of Cooperation. This voluntary cut is in addition to the reduction in production agreed at the 33rd OPEC and non-OPEC Ministerial Meeting on October 5, 2022. The Ministry of Energy official emphasized that this is a precautionary measure aimed at supporting the stability of the oil market. --SPA
The United States is producing between 12.2 and 12.3 million barrels of oil per day and if price dictates it, domestic production will increase.
That’s gonna leave a mark...
This is MBS giving a giant middle finger to the Biden Administration.
Talk To The EPA's Hand, oh optimistic one.
A friend just told me that he's paying $4.50 a gallon for regular in Arizona...
Chalk up another "giant foreign policy victory" for The JoeTatoe and his puppeteers...
This is what neocon/neoliberal administration’s has led to:
Fox News
Saudi Arabia grows closer to Beijing with step toward membership in China-led security bloc
3/29/23
And it can’t be said to be an aberration when Austria, Hungary, Bulgaria, Belarus won’t send weapons anymore to Ukraine, Germany says no more help to Ukraine, over 2/3 of the world is buying Russian oil, so many nations want into BRICS, and on and on.
A skid mark in Traitor Joe’s panty liners?
quick - build some more windmills!
Meh! We can make that up in................ Oh! I musta forgot the excellent bidenomics plan. Guess our “friends”, the Saudis, are helping wean us off fosdick fuels eh?
Of course he will, by selling what remains of the Strategic Petroleum Reserve to China.
A year ago, WTI was priced at around $103.00 now it is at $76.00. The Saudi’s can cut production, but in the past when Saudi Arabia cut production, other member states increased production. With that and the U.S. being the leading producer of oil, the impact on price will be minimal.
Not only is MBS giving Biden a giant middle finger, now Saudi Arabia and China will trade oil in Chinese Yuan, which is MBS twisting the middle finger and breaking it off in Biden’s rear end.
OPEC cartel members cheat on their production quotas ... all the time
who’s gonna catch them?
Meanwhile, the Saudis are being smart businessmen. And while they may deal with the USA in US dollars (for now), they are preparing for the post-America in dealing with others.
That’s always been the problem with OPEC’s ability to fulfill its purpose. There will always be a member state that is strapped for cash and they will ignore the Organization’s production cuts.
Vegehead should be running to the Arabs hat in hand any day now begging them for more of their oil we wouldn’t need if he hadn’t crippled America’s production. The next thing Mrs Hubbard will do is try again to tap what’s left of our strategic reserves only to find that the cupboard is bare.
Of course the dementia patient will then go straight to blaming greedy oil companies for high gas prices... because that is what sleezy incompetent democrats always do.
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