Author Topic: OPEC Production Suffers Biggest Drop in 16 Years  (Read 320 times)

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Offline IsailedawayfromFR

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OPEC Production Suffers Biggest Drop in 16 Years
« on: October 09, 2019, 10:01:23 PM »
OPEC’s oil production tumbled the most in 16 years last month after an attack on Saudi Arabia’s energy facilities temporarily halved output in the world’s biggest crude exporter.

Supplies from the cartel’s 14 members plunged by 1.59 million barrels a day to 28.32 million a day, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS, JBC Energy GmbH and Energy Aspects Ltd. It’s the biggest monthly drop since labor strikes briefly paralyzed Venezuela’s oil industry in 2002.

Plunging Production
Nonetheless, the survey shows that Saudi production on average last month was the lowest since 2010. Production for the Organization of Petroleum Exporting Countries as a whole was the lowest since 2009, when it was slashing output amid the financial crisis, though its membership has changed since then.
I wonder how many Americans would not agree this is a good thing?
“no punishment, in my opinion, is too great, for the man who can build his greatness upon his country's ruin” ~  George Washington

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