The Briefing Room
General Category => Science, Technology and Knowledge => Energy => Topic started by: mystery-ak on June 04, 2023, 10:55:36 pm
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June 4, 2023 3:50pm EDT
Oil prices could soar higher as Russia, others shrug off criticism from Biden administration
Voluntary cuts made earlier this year sent prices $9 higher to $87 per barrel
By Michael Lee FOXBusiness
Member countries of OPEC and their allies are considering further cuts to oil production that could send oil prices soaring.
The group, known as OPEC+ to include allies such as Russia, will meet Sunday to discuss another round of cuts to production for member countries, this time as much as 1 million barrels per day, sources told Reuters.
The cuts would come on top of existing cuts of 2 million barrels per day and voluntary cuts of 1.6 million barrels per day that were announced in April, three sources told the outlet.
"We are discussing the full package [of changes to the deal]," one of the sources said.
That April announcement contributed to a spike in oil prices of about $9 per barrel to more than $87, though those prices quickly fell to $76 amid growing concerns about the global economy.
Members of OPEC+ and allies led by Russia are responsible for pumping about 40% of the world's crude oil, with their decisions having a dramatic effect on global prices.
The cuts have drawn criticism from the Biden administration and Western countries, arguing that OPEC policies have sent energy prices soaring and that they have taken the side of Russia amid its ongoing invasion of Ukraine. Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.
more
https://www.foxbusiness.com/energy/oil-prices-could-soar-higher-russia-others-shrug-off-criticism-from-biden-administration
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And Biden's response: :shrug:
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Like there is something new about soaring oil prices?
Seems like they moved in to live at roughly the same time Slow Joe moved into the WH.
Am I the only one that thinks this THE slowest 4 years in History? I could swear I have aged 10 years since that retard took office.
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From the article….
“Meanwhile, OPEC+ countries say Western money-printing over the last decade is driving inflation and forcing measures to protect their most valuable export.”
Now hopefully some will understand why many of us are “fiscal loons”
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And Biden's response: :shrug:
....but .... but .... he did make a good deal on the VA pipeline ..... *****rollingeyes*****
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And Biden's response: :shrug:
Response #1: It's Trumps Fault
Response #2: Beg OPEC For More Oil
Response #3: it's Trumps Fault
Response #4: You Should Have Learned To Code.
Response #5: Buy An EV
Response #6: All You Kids Under 12 Come See Me Later
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Like there is something new about soaring oil prices?
Seems like they moved in to live at roughly the same time Slow Joe moved into the WH.
Am I the only one that thinks this THE slowest 4 years in History? I could swear I have aged 10 years since that retard took office.
You owe retards ('developmentally disabled') an apology.
They work hard at doing better. Biden not so much.
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Pentagon Papers Show Saudi Arabia, U.S. Traded Threats Over Oil
By Julianne Geiger - Jun 09, 2023, 1:00 PM CDT
Newly leaked Pentagon papers showed that Saudi Arabia's Crown Prince Mohammed bin Salmon threatened the United States with economic calamity over oil production decisions, according to the Washington Post.
Relations between U.S. President Biden and Saudi Arabia's bin Salman have been sour since before President Biden took office, with the latter threatening to make bin Salman a pariah. But newly leaked Pentagon documents suggested that Saudi Arabia's decision to cut production last October started a whole level of chilly for the duo’s relationship.
Following Saudi Arabia's decision to cut oil production along with fellow OPEC+ members, President Biden—battling inflation at home and fearing production cuts would worsen the situation—had promised OPEC+ that there would be "consequences".
<..snip..>
https://oilprice.com/Latest-Energy-News/World-News/Pentagon-Papers-Show-Saudi-Arabia-US-Traded-Threats-Over-Oil.html (https://oilprice.com/Latest-Energy-News/World-News/Pentagon-Papers-Show-Saudi-Arabia-US-Traded-Threats-Over-Oil.html)