Posted on 06/05/2023 4:15:07 AM PDT by FarCenter
In a dramatic decision, Saudi Arabia announced Sunday that it will take a unilateral step to slash its oil output by 1 billion barrels per day in order to boost global oil prices.
...
Saudi Energy Minister Prince Abdulaziz bin Salman, who reportedly made the call, said the cut would be for the month of July but could be extended, describing the measure as a “Saudi lollipop” for the oil-producing cartel. (The subtext: What’s good for us is good for you!)
The US and EU, for their part, have accused the Saudis of manipulating oil prices and causing global economic havoc since Russia’s invasion of Ukraine in Feb. 2022. Surely, this will only further infuriate the Biden administration, which wants to keep gas prices down from record highs seen last year as the 2024 presidential race gets underway.
The Saudis are sending a clear message that they are willing to set a floor price for their most valuable export. And while they won’t care much about angering the Americans, they will care about the Chinese response, considering that Beijing is the kingdom’s largest market.
(Excerpt) Read more at gzeromedia.com ...
Pretty certain it should be 1 Million bpd, per WSJ.
A boost for the Trump campaign....intentional or not.
Beat me to it. Total oil production/demand is about a 100 million barrels a day.
It may be an unintentional boost for the Trump campaign, which he doesn’t need, but it’s a bigger boost for Putin and his war on Ukraine.
One billion is correct using Biden math.
The saudi’s are not our friend.
They are Garbage and are responsible for 9-11.
Helping out the Russians, undoubtedly.
“The saudi’s are not our friend.”
Winston Churchill said, “Countries don’t have friends. Countries have common interests.” Having said that, all we have to do is look at the past to see how this plays out. Saudi Arabia announces a cut in production. This drives up the contract price for crude that will be delivered in the future. Then, they produce as much as they can at the new price thus boosting their quarterly income. They apparently needed a couple of extra hundred million dollars this quarter. Have you seen the operating costs on their fleet of private 747’s?
One thing no OPEC country has been able to do is stick to its quota. They cheat. They all cheat.
Good post. Thanks.
I read that they said that the west was printing money and devaluing their chief export and that’s why they cut production.
No, US, it is not the Saudis that are manipulating the world oil economy, it is you, Biden, and your policies. Wouldn’t it be great if this country was oil independent like we were when President was in office? And guess what? We could be selling our excess to other countries and make a profit!
Lucky for us we have plenty of stuff available. Un-lucky for us, we ain’t allowed to go get it. BranDUHn and pals can puh cough. Although they will tell us that all sorts of leases have been taken. Permits to proceed? Not so much. 🤡🐂💨💩
FJB....the Saudis have.
Dittos
I am pretty sure the intent is to return to the "gas lines" of the 70's again, that's why we initiated the National Oil Reserve.
But don't worry, we still have our National Oil Reserves still in the ground .., or do we ?
Oh yeah, I forgot that they were depleted to a new all time low
when the administration tried to lower the world-wide price for a gallon of gas,
and the Biden administration announced that it would replace in July,what they had squandered.
Coincidence ? I think not !
Brandon & family are a bunch of treasonous bass turds.
>>Therefore I say that it is a narrow policy to suppose that this country or that is to be marked out as the eternal ally or the perpetual enemy of England. We have no eternal allies, and we have no perpetual enemies. Our interests are eternal and perpetual, and those interests it is our duty to follow.[85]
https://en.wikipedia.org/wiki/Henry_John_Temple,_3rd_Viscount_Palmerston
The Saudis joined the Just Stop Oil movement!
True warriors for social and climate justice!
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