Have a Merry Xmas, OPEC+ agrees deep oil production cuts, 2,000,000 barrels a day...Biden calls it shortsighted

[lightbright]

• OPEC+ to cut output by 2 mln bpd
• Real cuts estimated at 1 mln bpd due to under-production
• Biden criticises decision, calls it shortsighted
• Saudi says West's criticism driven by wealth arrogance
• Saudi says cuts necessary due to rising interest rates

VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ agreed steep oil production cuts on Wednesday, curbing supply in an already tight market, causing one of its biggest clashes with the West as the U.S. administration called the surprise decision shortsighted.

OPEC's de-facto leader Saudi Arabia said the cut of 2 million barrels per day (bpd) of output - equal to 2% of global supply - was necessary to respond to rising interest rates in the West and a weaker global economy.

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The kingdom rebuffed criticism it was colluding with Russia, which is included in the OPEC+ group, to drive prices higher and said the West was often driven by "wealth arrogance" when criticising the group.

The White House said President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices.

"The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine," the White House said.

Biden faces low approval ratings ahead of mid-term elections due to soaring inflation and has called on Saudi Arabia, a long-term U.S. ally, to help lower prices.

U.S. officials have said part of the reason Washington wants lower oil prices is to deprive Moscow of oil revenue. Biden travelled to Riyadh this year but failed to secure any firm cooperation commitments on energy. Relations have been further strained as Saudi Arabia has not condemned Moscow's actions in Ukraine.

The cut in oil supplies decided in Vienna on Wednesday could spur a recovery in oil prices that have dropped to about $90 from $120 three months ago on fears of a global economic recession, rising U.S. interest rates and a stronger dollar.

Saudi Energy Minister Abdulaziz bin Salman said OPEC+ had needed to be pro-active as central banks around the world moved to "belatedly" tackle soaring inflation with higher interest rates.

CONTINUED:
OPEC+ agrees deep oil production cuts, Biden calls it shortsighted | Reuters

 

[Big Tex]

Sooner or later we will go electric and tell them to drink their fucking oil.

 

[lightbright]

Sooner or later we will go electric and tell them to drink choke on their fucking oil.

fixed!!!



I just hope and pray that it's in my lifetime

.

 

[Flawless]

Sooner or later we will go electric and tell them to drink their fucking oil.

They dont care because China and India will buy their oil.

 

[easy_b]

Sooner or later we will go electric and tell them to drink their fucking oil.

We have to do this because very bad things is coming. If we don’t I know it’s going to hurt sometimes, but America can’t keep going down this road.

 

[mcguyver]

They dont care because China and India will buy their oil.

"China has the largest and fastest-growing EV market in the world: 2.4 million EVs were delivered to customers in mainland China in H1 2022, equating to 26% of all car sales in China."

 

[easy_b]

"China has the largest and fastest-growing EV market in the world: 2.4 million EVs were delivered to customers in mainland China in H1 2022, equating to 26% of all car sales in China."

Yep, the Saudi’s days are numbered with this OPEC bullshit.

 

[roblo]

We could always just use the oil we have here in the States. We have plenty.

 

[easy_b]

We could always just use the oil we have here in the States. We have plenty.

Thats true but some of the American oil companies are playing footsies with Saudi Arabia for instants one of the biggest oil wells in Texas was sold to Saudi Arabian company. This is the extremely dirty side of capitalism that Republicans don’t want to talk about.

 

[dasailr03]

Sooner or later we will go electric and tell them to drink their fucking oil.

not gonna happen. old white cacs that run this bitch are shortsighted ad don't give a fuck about the future of this country and perfectly ok with seeing it rot and fall apart because they won't be here when the real goes down. So they will kill any and all technology that makes this country oil independent to keep them themselves enriched from oil dependent companies.

 

[easy_b]

not gonna happen. old white cacs that run this bitch are shortsighted ad don't give a fuck about the future of this country and perfectly ok with seeing it rot and fall apart because they won't be here when the real goes down. So they will kill any and all technology that makes this country oil independent to keep them themselves enriched from oil dependent companies.

I disagree. It is starting to happen at a quicker rate right now, because the younger generation is beginning to see the light the older generation, especially older white people are going out of the door super quick right now. Also, the oil companies in OPEC is causing more of the younger generation to look at electric cars because of their games with the price of oil.

 

[dasailr03]

Thats true but some of the American oil companies are playing footsies with Saudi Arabia for instants one of the biggest oil wells in Texas was sold to Saudi Arabian company. This is the extremely dirty side of capitalism that Republicans don’t want to talk about.

there is a whole lot of shit that is wrong with capitalism that actually is harmful as fuck but american don't want to accept that our system of economy does not work for the majority. If this county was good with the slave trade, they will sell any fucking thing and property real, people or their mommas is fair game to them, no matter how fuck up it is. We will talk shit about the saudis and sell them the country just to get a $$.

 

[easy_b]

there is a whole lot of shit that is wrong with capitalism that actually is harmful as fuck but american don't want to accept that our system of economy does not work for the majority. If this county was good with the slave trade, they will sell any fucking thing and property real, people or their mommas is fair game to them, no matter how fuck up it is. We will talk shit about the saudis and sell them the country just to get a $$.

Basically, the United States offer them protection from Iran and other countries if you keep the oil prices of certain price, but now Saudi Arabia is like fuck that we want to raise the price and the United States is like OK you on your own then. Russia is not in a position to protect Saudi Arabia, especially with Iran sitting at the front door.