#opec + oil production

[hezigler]

How Joe Biden 'broke OPEC' and rewrote the rules for oil trading.

[izooks]

Saudi Arabia cutting from 13 million barrels a day to 8 million barrels a day. Why? So they can jack up the price up of oil.

This is Saudi Arabia and OPEC attempt to help Trump in this election.

[workersolidarity]

🏭 OPEC ANNOUNCES FURTHER OIL PRODUCTION CUTS OF 2.2 MILLION BARRELS PER DAY

The OPEC Secretariat, on Thursday November 30th, noted the announcement of several OPEC countries of additional voluntary cuts amounting to a total of 2.2 million barrels a day, aimed at "supporting the stability and balance of oil markets."

Production cuts were calculated from the 2024 required production level as set on June 4th, 2023, and are in addition to the voluntary cuts announced in April and extended through the end of 2024.

Production cuts are being announced by the following countries:

🇸🇦 Saudi Arabia: 1'000 thousand barrels per day

🇮🇶 Iraq: 223 thousand barrels per day

🇦🇪 United Arab Emirates: 163 thousand barrels per day

🇰🇼 Kuwait: 135 thousand barrels per day

🇰🇿 Kazakhstan: 82 thousand barrels per day

🇩🇿 Algeria: 51 thousand barrels per day

🇴🇲 Oman: 42 thousand barrels per day

Starting January 1st until the end of March 2024. Afterwards, these voluntary cuts will be returned gradually, subject to market conditions.

The above amounts will be in addition to those announced by the Russian Federation of 500 thousand barrels per day for the same period, which will be made from the average export levels of the months May and June of 2023, and will consist of 300 thousand barrels per day of crude oil and 200 thousand barrels per day of refined products.

#source

@WorkerSolidarityNews

[tomorrowusa]

The annual rate of inflation is down to 8.2% in September from 9.1% in June in the US.

After a slight decline for one month, the inflation rate is headed back up in the UK according to UK - Office for National Statistics.

Blame neo-Thatcherite policies of the Conservative Party and their counterproductive fixation on Brexit. Highly nationalistic policies are just not that great for the economy. Growth does not happen in a vacuum.

Russia is the second largest oil producer in the world after the US. Putin has been trying to help Trump Republicans by getting OPEC+ to reduce production in order to raise gas prices in the United States. Putin thinks that by having Trump vassal Kevin McCarthy as House speaker he can slow down US aide to Ukraine.

So don’t fall for Putin at the pump. Carbon-friendly alternatives will eventually undermine dictators like Putin and the Saudi theocracy who rely on income from fossil fuels to remain in power and oppress their populations. Reducing use of carbon-based fuels is good for the climate and good for democracy.

You want inflation to come down more? Elect a Congress which will end all the Trump tax breaks for the filthy rich and invest that money in climate-friendly technologies in the US.

[uboat53]

Well, the 2022 midterm elections are less than a month away (make sure you're registered to vote, there's still time in many states! https://www.vote.org) and I wanted to take a look at something that's sure to come up.

You see, OPEC, the internation oil cartel, just voted to reduce the amount of oil it produces. This has increased gas prices as you may or may not have noticed.

The major nations of OPEC are Saudi Arabia, Iran, and Venezuela, brutal dicatorships who align themselves against broader American values but there's a trick hidden in that statement.

You see, Republicans, particularly those in the MAGA side of the party, have drifted away from American values. The Trump Administration in particular sought close ties with authoritarian dictatorships such as Turkey, Russia, and, yes, Saudi Arabia while the Biden Administration has taken a more distant if not harder line with regard to those countries.

It's not entirely insane to think that this OPEC move was taken deliberately to damage Democrats and President Biden in the United States (and to help far-right parties and politicians in other countries that are having elections now) and to promote Republicans, particularly those Republicans who have scorned democracy and human rights as American values.

By presenting high gas prices, which, again, are the fault of authoritarian dictators around the world, as being the fault of President Biden, Republicans are, knowingly or not, aligning themselves with the interests of those same dictators.

I want you to realize what they're doing, not to buy it, and to realize what it means that so many candidates who want to run the American government are willing to so easily dismiss the values that we all supposedly believe in.

[sublimeobservationarcade]

If You Watch LIV Golf You Are Supporting Higher Petrol Prices

The Saudi’s are purposely reducing oil production to drive prices up at the bowser. Of course, the Saudi’s are the backers of LIV Golf and paying all those hundreds of millions of dollars to already highly paid golfers like Jon Rahm. If you watch LIV Golf you are supporting higher petrol prices. Nothing happens in a bubble; everything is linked somehow. The money has to come from somewhere and in…

[head-post]

Russia, Saudi Arabia and several OPEC+ producers extend crude supply cuts

OPEC+ has extended oil supply cuts until mid-year to prevent a global glut and support prices.

The new restrictions, which on paper amount to about 2 million barrels a day, will be in place until the end of June, according to statements from members such as Saudi Arabia, which accounts for half of the promised cuts. Russia has promised to step up its role by focusing on cutting production rather than exports.

Traders and analysts had widely expected an extension of the agreement, believing it was needed to offset a seasonal lull in global fuel consumption and surging production from several OPEC+ rivals, most notably US shale drillers. The need for caution is reinforced by the uncertain economic outlook in China.

Ample supplies have kept global oil prices near the $80 a barrel mark this year, even as conflict in the Middle East weighs heavily on regional shipping. While that brings some relief to consumers after years of rampant inflation, prices may be too low for many members of the Organisation of Petroleum Exporting Countries and its partners.

Read more HERE

[nsebullcom]

Oil: Oil on track to snap losing streak on hopes of further OPEC+ cuts

SINGAPORE – Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand.Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. U.S. West Texas Intermediate…

[digitalguap]

Russia Resurfaces with Economic Turmoil: Brace Yourself

I, as a writer, find myself compelled to share my thoughts on the current state of Russia’s economy and the challenges it faces. Brace yourself, for Russia resurfaces with an unprecedented wave of economic turmoil. In this blog post, I aim to shed light on the factors behind this upheaval and explore the potential ramifications it may have on both Russia and the global stage. Join me as I delve…

[worldofwardcraft]

Games petrostates play.

November 3, 2022

Despite the Biden administration practically begging it not to, OPEC+, the oil cartel that includes Russia, announced its intention on October 5 to cut petroleum production by 2 million barrels per day. This reduction equals about 2% of the global supply of oil and, in an already tight market, would certainly drive the world price upwards from its current $80 a barrel. So is this production cut simply due to a desire to make more money? Or is something more nefarious afoot?

For years, the dominant member of the cartel has been Saudi Arabia. And the Saudis are not our friends. They are, in fact, openly allied with our avowed enemy, Vlad Putin's Russia. Together, they are the world's two largest exporters of petroleum, with each producing some 11 million bpd.

The Saudi government signed a military cooperation agreement with Russia last year and provides it with arms for carrying on the Ukraine war. So it's probably no coincidence that the announced cuts call for Russia to "reduce" its output to 0.6 million bpd more than it's currently producing! Here's Reuters quoting the Russia-based BCS Express brokerage: “Russia won't have to cut anything. It is positive news for Russian oil firms, which will benefit from higher prices while keeping output steady.”

The main reason Washington wants lower oil prices is to deprive Moscow of the revenue it uses to fight Putin's criminal war in Ukraine. But, also, the domestic prices of gasoline and heating oil could be an important factor in the upcoming midterm elections. And according to the Brookings Institution's Bruce Riedel, the Saudi government favors Republicans rather than Democrats being in control of the US federal government. As Riedel told The Intercept, “The Saudis are working to get Trump reelected and for the MAGA Republicans to win the midterms. Higher oil prices will undermine the Democrats.”

Meanwhile, Russia-loving Republican traitors are already threatening to withhold aid to Ukraine should they retake control of Congress by refusing to allow votes for such aid on the House floor. Observes Brian Beutler, senior editor at The New Republic,

They will hang Ukraine out to dry — a quo to Russia’s quid of making energy prices skyrocket and meddling in elections on the GOP’s behalf. And they’ll feel no compunction about turning around and blaming Biden for losing Ukraine.

But by releasing oil from our strategic stockpile, President Biden has already stabilized the price of gas. And only weeks ago he announced an additional $1.1 billion in security assistance for Ukraine. Clearly, Joe isn't about to get played.

[kotakblog]

Higher crude prices and interest rates may discourage consumer spending

Ravindra Rao, VP- Head Commodity Research, Kotak Securities

After surging to multi-year highs earlier this year during the Russia-Ukraine conflict, oil prices dipped in June amid fears of a global recession and interest rate hikes. September saw oil prices fall below $90 from the highs of over $130 per barrel in March.

Recently, OPEC+ announced it would dramatically reduce oil production. Furthermore, speculations indicate that demand will falter due to concerns about a recession. The recent conversation and rate hike environment have prompted several worrisome conversations. In this context, Ravindra Rao, VP and Head of Commodity Research at Kotak Securities, shares his expert insights.

Continue reading...

[redeyen-eon]

OPEC+ is doin NUFFN wrong_

westrn mfkas tied themselves

int2️⃣ a nice lil expensive ass knot

they call a bow.. ( prices are being paid..)

[thejewishlink]

OPEC+ Makes Big Oil Cut To Boost Prices; Pump Costs May Rise

OPEC+ Makes Big Oil Cut To Boost Prices; Pump Costs May Rise

The OPEC+ alliance of oil-exporting countries decided Wednesday to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections. Energy ministers cut production by a larger-than-expected 2 million barrels per day starting in November after…

[dcoglobalnews]

OPEC+ AGREES TO CUT OUTPUT BY 100,000 BPD IN OCTOBER

The Organization of the Petroleum Exporting Countries (OPEC) and its allies, collectively known as OPEC+, have agreed to cut their oil output target by 100,000 barrels per day (bpd) in October, Reuters reported.Brent crude futures for November deliveryrose $2.61 to $95.63 a barrel, a 2.8% gain, by 12:32 p.m. ET (16:32 GMT).Prices had climbed nearly $4 earlier in the session, but were tamed by…