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Offline mystery-ak

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OPEC+ ministers agree to cut production by 2M barrels per day
« on: October 05, 2022, 03:16:39 pm »
 October 5, 2022 11:00am EDT
OPEC+ ministers agree to cut production by 2M barrels per day
OPEC+ nations like Saudi Arabia and Russia cut oil production
   
By Caitlin McFall FOXBusiness

Ministers from Organization of the Petroleum Exporting Countries (OPEC+) on Wednesday said they would cut oil production by 2 million barrels a day in a move that is expected to raise oil prices globally, Reuters reported.

The decision comes as the White House has pushed top oil producers like Saudi Arabia – which leads the international oil cartel – not to make drastic cuts to oil production as gas prices remain high.

While the cuts will likely negatively impact consumer wallets they are expected to spur a recovery in oil prices for producing nations like Russia, Kuwait and the UAE.

The move is the largest cut to production since the COVID-19 pandemic and comes after prices dropped from $120 per barrel three months ago to about $90 per barrel amid concerns over a global economic recession, rising U.S. interest rates and a stronger dollar, reported Reuters.

U.S. gasoline prices are expected to yet again rise after the Biden administration worked to lower prices at the pump after they set record highs earlier this year.

The OPEC+ decision could also spell trouble for the White House as midterm elections loom.

more
https://www.foxbusiness.com/markets/opec-ministers-agree-cut-production-2m-barrels-per-day
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Offline Wingnut

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #1 on: October 05, 2022, 03:26:25 pm »
Joe's solution will be to just empty what is left in the SPR.
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Offline Free Vulcan

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #2 on: October 05, 2022, 03:30:52 pm »
Quote from: Wingnut on October 05, 2022, 03:26:25 pm
Joe's solution will be to just empty what is left in the SPR.

He's like that bald, bug eyed, socially inept hermit uncle at the family reunion wearing the corduroy suit with elbow patches who walks around to every little kid and says 'pull my finger!' because that's all he's got.

One trick pony soldier Joe.

 
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Offline DefiantMassRINO

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #3 on: October 05, 2022, 03:32:18 pm »
Joe, where are your Saudi friends now?
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Offline Idiot

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #4 on: October 05, 2022, 03:36:06 pm »
OPEC hates Biden!  Can't really blame them as he's trying to destroy their business.
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Offline Idiot

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #5 on: October 05, 2022, 03:36:41 pm »
Quote from: Wingnut on October 05, 2022, 03:26:25 pm
Joe's solution will be to just empty what is left in the SPR.
  Sadly...that's exactly right.
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Offline Hoodat

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #6 on: October 05, 2022, 03:45:00 pm »
Such an exemplary illustration of Joe Biden's leadership ability and influence.
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Offline Kamaji

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #7 on: October 05, 2022, 03:58:43 pm »
Call it the Biden Cut.
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Offline mystery-ak

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #8 on: October 05, 2022, 04:10:32 pm »
The Department of Energy will release 10 million barrels from the Strategic Petroleum Reserve next month, the White House said, and Biden will direct releases of oil from the Strategic Petroleum Reserve “as appropriate to protect American consumers and promote energy security.”

“The President is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices — so that American consumers are paying less at the pump,” Sullivan and Deese said.

The White House also used the announcement to highlight the importance of transitioning away from a reliance on fossil fuels, which has been a key part of the Biden administration’s agenda.

https://thehill.com/homenews/administration/3674878-biden-disappointed-by-opec-decision-to-cut-oil-production/
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Offline Wingnut

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #9 on: October 05, 2022, 04:12:42 pm »
Quote from: mystery-ak on October 05, 2022, 04:10:32 pm
The Department of Energy will release 10 million barrels from the Strategic Petroleum Reserve next month, the White House said, and Biden will direct releases of oil from the Strategic Petroleum Reserve “as appropriate to protect American consumers and promote energy security.”



Did I call it or what.

Biden is Stuck on Stupid,
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Offline Kamaji

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #10 on: October 05, 2022, 04:13:49 pm »
Quote from: mystery-ak on October 05, 2022, 04:10:32 pm
The Department of Energy will release 10 million barrels from the Strategic Petroleum Reserve next month, the White House said, and Biden will direct releases of oil from the Strategic Petroleum Reserve “as appropriate to protect American consumers and promote energy security.”

“The President is also calling on U.S. energy companies to keep bringing pump prices down by closing the historically large gap between wholesale and retail gas prices — so that American consumers are paying less at the pump,” Sullivan and Deese said.

The White House also used the announcement to highlight the importance of transitioning away from a reliance on fossil fuels, which has been a key part of the Biden administration’s agenda.

https://thehill.com/homenews/administration/3674878-biden-disappointed-by-opec-decision-to-cut-oil-production/

So that'll make up for 5 days' worth of the cut.  Then what?
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Offline Idiot

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #11 on: October 05, 2022, 04:39:48 pm »
Quote from: Wingnut on October 05, 2022, 04:12:42 pm
Did I call it or what.

Biden is Stuck on Stupid,
you are the man!!!
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Offline Kamaji

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #12 on: October 05, 2022, 04:55:50 pm »
Quote from: Wingnut on October 05, 2022, 04:12:42 pm
Did I call it or what.

Biden is Stuck on Stupid,


You da man!
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Offline cato potatoe

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #13 on: October 06, 2022, 11:19:55 am »
By now it should be obvious that Biden’s team has decided to eliminate the SPR. 
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Offline mountaineer

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Re: OPEC+ ministers agree to cut production by 2M barrels per day
« Reply #14 on: October 06, 2022, 12:37:55 pm »
It's hard to believe there's anything left in the reserve.
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