Opec oil producers announce surprise cut in output

[libertybele]

No worries Brandon hasn't touched our reserves.   

Opec oil producers announce surprise cut in output

Several of the world's largest oil exporters have announced surprise cuts in production in a move which is expected to push up prices.

Saudi Arabia, Iraq and several Gulf states said they were cutting output to support market stability.

Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began.

However, the US has been calling for producers to increase output in order to push energy prices lower.

High energy and fuel prices last year helped to drive up inflation - the rate at which prices rise - putting pressure on many households' finances.

Responding to news of the latest cuts, a spokesperson for the US National Security Council said: "We don't think cuts are advisable at this moment given market uncertainty - and we've made that clear."

The reduction in output - which amounts to more than one million barrels per day - is being made by members of the Opec+ oil producers. The group accounts for about 40% of all the world's crude oil output.

Saudi Arabia is reducing output by 500,000 bpd and Iraq by 211,000. The UAE, Kuwait, Algeria and Oman are also making cuts.

A Saudi energy ministry official said the move was "a precautionary measure aimed at supporting the stability of the oil market", the official Saudi Press Agency said.

Analysts said they expected oil prices - which are currently at about $80 a barrel - to rise as a result. Oil broker PVM told Reuters that prices could rise by "as much as $3" a barrel, while the head of investment firm Pickering Energy Partners said prices could jump by $10.................

https://www.bbc.com/news/business-65157555

[Idiot]

No worries Brandon hasn't touched our reserves.   

Opec oil producers announce surprise cut in output

Several of the world's largest oil exporters have announced surprise cuts in production in a move which is expected to push up prices.

Saudi Arabia, Iraq and several Gulf states said they were cutting output to support market stability.

Oil prices soared when Russia invaded Ukraine, but are now back at levels seen before the conflict began.

However, the US has been calling for producers to increase output in order to push energy prices lower.

High energy and fuel prices last year helped to drive up inflation - the rate at which prices rise - putting pressure on many households' finances.

Responding to news of the latest cuts, a spokesperson for the US National Security Council said: "We don't think cuts are advisable at this moment given market uncertainty - and we've made that clear."

The reduction in output - which amounts to more than one million barrels per day - is being made by members of the Opec+ oil producers. The group accounts for about 40% of all the world's crude oil output.

Saudi Arabia is reducing output by 500,000 bpd and Iraq by 211,000. The UAE, Kuwait, Algeria and Oman are also making cuts.

A Saudi energy ministry official said the move was "a precautionary measure aimed at supporting the stability of the oil market", the official Saudi Press Agency said.

Analysts said they expected oil prices - which are currently at about $80 a barrel - to rise as a result. Oil broker PVM told Reuters that prices could rise by "as much as $3" a barrel, while the head of investment firm Pickering Energy Partners said prices could jump by $10.................

https://www.bbc.com/news/business-65157555

I didn't see this coming...

[libertybele]

Let's Go Brandon!!!

God Bless the U.S.A.      

[catfish1957]

All to script.

Chicoms are running the show now.  Get used to it.

[catfish1957]

I didn't see this coming...

I did.  We will be seeing many other moves that are going to hurt western economies. Brazil agreed last week not to deal oil to the Chicoms in $USD.  Watch this process accelerate, and watch what happens when sovereign foreign interests start dumping our treasuries.

SHTF moment will be when the world comes to realization that the $USD is no longer the reserve currency.  Our buying power on the world stage will shrink to a number I haven't gotten my arms around yet.  My first inclination will be it will be 25-50%.

[libertybele]

I did.  We will be seeing many other moves that are going to hurt western economies. Brazil agreed last week not to deal oil to the Chicoms in $USD.  Watch this process accelerate, and watch what happens when sovereign foreign interests start dumping our treasuries.

SHTF moment will be when the world comes to realization that the $USD is no longer the reserve currency.  Our buying power on the world stage will shrink to a number I haven't gotten my arms around yet.  My first inclination will be it will be 25-50%.

I thought that they already had.  You are right the ultimate goal is to ensure the the $USD is no longer the reserve currency.  I still think that COVID was inflicted upon us as a means to accomplish that goal.

[catfish1957]

I thought that they already had.  You are right the ultimate goal is to ensure the the $USD is no longer the reserve currency.  I still think that COVID was inflicted upon us as a means to accomplish that goal.

Most recent I could find (Nov. '22)

https://www.thebalancemoney.com/who-owns-the-u-s-national-debt-3306124

Of the about $32T

Japan-  $1.08T
China- $870B
UK- $645B
Belgium- $333B
Luxemburg- $313B
Cayman Island- $283B
Switerland- $267B
Ireland- $250B
Canada- $229B
Brazil-  $226B

Foreign totals are $7.4T, and less than 25%, but enough to start a run on the dollar if panic selling ensued.

[mystery-ak]

Oil prices soar on producer output cuts; World shares higher

By ELAINE KURTENBACH today

BANGKOK (AP) — Oil prices soared nearly 6% on Monday after Saudi Arabia and other major oil producers said they will cut production by 1.15 million barrels per day from May until the end of the year. Shares in Asia were mixed.

U.S. benchmark crude oil rose $4.24 to $79.91 per barrel, or 5.6%, in electronic trading on the New York Mercantile Exchange. It rose $1.30 to $75.67 per barrel on Friday, ahead of the weekend meeting where members of the so-called OPEC+ group of oil exporting countries decided on the cuts, which are in addition to a reduction announced last October that infuriated the Biden administration.

Brent crude, the pricing basis for international oils, gained $4.35 to $84.24 per barrel, or 5.4%.

The cuts in oil output immediately pushed prices higher and were expected to boost gas prices, adding to strains in many countries where high fuel prices are a heavy burden. Higher oil prices also will complicate the efforts by central banks to rein in inflation.

more
https://apnews.com/article/stock-markets-banks-rates-oil-03d9d1bfb51e2ce4a42bf7744bf1bafa

[DefiantMassRINO]

 

... that Keystone XL Pipeline just keeps looking better and better.

[Free Vulcan]

All to script.

Chicoms are running the show now.  Get used to it.

And are tightening the noose.

[Kamaji]

So, once prices go a little higher, Brandon will start to refill the strategic petroleum reserve.

[DefiantMassRINO]

 

They have forgotten the lessons of 1970s petro-politics and petro-economics.

Jimmy Carter would have given his left gonad to have oil and gas fracking.

Obama and Biden want America to be OPEC's bitch again.

[catfish1957]

They have forgotten the lessons of 1970s petro-politics and petro-economics.

Jimmy Carter would have given his left gonad to have oil and gas fracking.

Obama and Biden want America to be OPEC's bitch again.

The geo-political dynmanics are quite different than in the 1970's, which were driven by Arab greed and power.   This time OPEC is a puppet of the Chicoms.  And the Chicoms will ebb and flow the tap in a manner where they have more authoritative control of the U.S. too, and in lieu of ditching engergy independence there is nothing we can do to stop it. In fact, so we do wake up, and restart, the Chicoms via their lackeys will flood the market, taking all the profit margins in spite.

Pedo Joe and his merry band of envirowhackos have painted us into quite a corner.

[libertybele]

The push for going green and electric vehicles is evident.  How are people going to get to and from work?? Perhaps sharing rides but even at that no gas, no work, equals no money to survive.

Let's Go Brandon!!!!

[LMAO]

The geo-political dynmanics are quite different than in the 1970's, which were driven by Arab greed and power.   This time OPEC is a puppet of the Chicoms.  And the Chicoms will ebb and flow the tap in a manner where they have more authoritative control of the U.S. too, and in lieu of ditching engergy independence there is nothing we can do to stop it. In fact, so we do wake up, and restart, the Chicoms via their lackeys will flood the market, taking all the profit margins in spite.

Pedo Joe and his merry band of envirowhackos have painted us into quite a corner.

Our only energy policy is pie in the sky, green energy and emptying out the SPR

[Smokin Joe]

I didn't see this coming...

Interesting. Usually US POTUS campaigns are associated with a drop in oil prices, one way the players in the global oil market can influence American politics, reinforcing the current administration's bid for reelection by making people happier.

Is Saudi/BRIC dissatisfaction with the current _resident that severe that actions to increase or stabilize the price of oil are being taken, or are they trying to inflate the price to shift oil purchase transactions from the dollar?

[Free Vulcan]

Is Saudi/BRIC dissatisfaction with the current _resident that severe that actions to increase or stabilize the price of oil are being taken, or are they trying to inflate the price to shift oil purchase transactions from the dollar?

Since they seem to be applying to BRICS, I'm guessing that and basically a show of solidarity by giving a boost to Russia.

The Saudis have all that oil and are some of the most skittish players I've ever seen. If they see hitching to China and India are the future, they'll drop us like a hot rock.

[Wingnut]

EV's will save us from the evils of OPEC.

[libertybele]

EV's will save us from the evils of OPEC.