OPEC Cuts Oil Production - Right Before Midterms

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Drak
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OPEC Cuts Oil Production - Right Before Midterms

Post by Drak »

Yah, nothing super shady about that. Right before the midterms. These are conservative allies.

Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud and OPEC Secretary-General Haitham al-Ghais shake hands at the Organisation of the Petroleum Exporting Countries (OPEC) headquarters in Vienna, Austria October 5, 2022. REUTERS/Lisa Leutner


VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.

The cut 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.

The United States had pushed OPEC not to proceed with the cuts, arguing that fundamentals don't support them, a source familiar with the matter said.

Sources said it remained unclear if cuts could include additional voluntary reductions by members such as Saudi Arabia, or if they could include existing under-production by the group.

OPEC+ fell about 3.6 million barrels per day short of its output target in August.

"Higher oil prices, if driven by sizeable production cuts, would likely irritate the Biden Administration ahead of U.S. mid-term elections," Citi analysts said in a note.

"There could be further political reactions from the U.S., including additional releases of strategic stocks, along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a U.S. antitrust bill against OPEC.
https://www.reuters.com/business/energy ... 022-10-04/
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Drak
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Drak »

Oh and look, the Republicans are right in cue with the messaging
---------------------
Senate Republicans
@SenateGOP
Gas prices are up.

Our strategic oil reserves are at their lowest levels since the 80’s.

This is Biden’s war on American energy.
----------------------------------------


Cheering for America to fail. Party over country.
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Drak
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Smells like quid pro quo from the MAL documents and Saudis.
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Libertas
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Libertas »

It is obvious what is going on.

But most of the country has no clue, very VERY bad days ahead.
I sigh in your general direction.
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Does this ever work for them, though?
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Peter Baker @peterbakernyt - Verified

OPEC and Russia agree to slash daily oil production by 2 million barrels a day, a decision that will presumably be seen at the pump at home. ⁦⁦


https://twitter.com/peterbakernyt/statu ... 1150588928


https://www.nytimes.com/2022/10/05/busi ... ticleShare
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Image
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Drak »

carmenjonze wrote: Wed Oct 05, 2022 11:27 am Does this ever work for them, though?
It certainly works on the dumb clowns in these parts.
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Look at this little traitor

Sean Spicer @seanspicer
OPEC cutting back on oil - can't blame that on Putin

https://twitter.com/seanspicer/status/1 ... 1882172419
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Number6 »

Biden has asked the Energy Department to analysis the impact of imposing a ban on exporting gas, diesel, and other refined petroleum products.
White House officials have asked the US Energy Department to analyze the possible impacts of a ban on exports of gasoline, diesel and other refined petroleum products, an indication that the controversial idea is gaining traction in some parts of the Biden administration.

The request follows a tense meeting between top administration officials and oil industry executives and comes amid growing concern that high gasoline prices pose a political threat to Democrats in the November elections, according to people familiar with the discussions. The Energy Department is providing insights on the economics at play and evaluating all tools on the table, but not in response to a formal or informal request for a study, said a another person familiar with administration conversations on the matter. Both people asked not to be identified discussing private deliberations.

An export ban would mark the most radical step yet by the Biden administration to tackle gasoline prices that surged over the summer and have risen again recently, just four weeks before midterm elections that will decide whether Democrats maintain control of the House and Senate. Oil producers and energy analysts have criticized the idea, saying it could backfire by ultimately raising costs even more for US consumers, while disrupting markets and cutting off European allies in their time of need.

The move underscores increasing consideration within the Biden administration of potential export limits. Government officials had raised the prospect of curbing exports in Friday’s meeting with executives from some of the nation’s largest oil companies. The discussions come just four weeks before midterm elections that will decide whether Democrats maintain control of the House and Senate.
https://www.bloomberg.com/news/articles ... rice-fears
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by ZoWie »

Drak wrote: Wed Oct 05, 2022 11:46 am Look at this little traitor

Sean Spicer @seanspicer
OPEC cutting back on oil - can't blame that on Putin

https://twitter.com/seanspicer/status/1 ... 1882172419
Sure I can. The smell of a deal is too strong to ignore. Little help from drumpf too, methinks.

Biden is already taking measures. drumpf would tell us to put bleach in the gas tank instead.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

Number6 wrote: Wed Oct 05, 2022 12:01 pm Biden has asked the Energy Department to analysis the impact of imposing a ban on exporting gas, diesel, and other refined petroleum products.
That is exactly what we need. A shame that Obama ended the ban.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by gounion »

Glennfs wrote: Thu Oct 06, 2022 5:55 pm That is exactly what we need. A shame that Obama ended the ban.
The Saudis and Putin are in the bag with Putin to fix our elections. Aren’t you proud?
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

gounion wrote: Thu Oct 06, 2022 6:17 pm The Saudis and Putin are in the bag with Putin to fix our elections. Aren’t you proud?
If Biden was a competent president he would have dealt with this problem a year ago.
1] ban energy exports. Reversing what Obama did.
2] Encourage oil production in the USA
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Glennfs wrote: Thu Oct 06, 2022 6:20 pm If Biden was a competent president he would have dealt with this problem a year ago.
1] ban energy exports. Reversing what Obama did.
2] Encourage oil production in the USA
There are thousands of leases up for grabs to produce oil.

Biden isn’t responsible for what OPEC, Putin and the Trump GOP are doing right at midterms.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

Drak wrote: Thu Oct 06, 2022 6:27 pm There are thousands of leases up for grabs to produce oil.

Biden isn’t responsible for what OPEC, Putin and the Trump GOP are doing right at midterms.
It is a shame Biden didn't go to Saudi and ask them to increase production.
:oops:
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Glennfs wrote: Thu Oct 06, 2022 6:31 pm It is a shame Biden didn't go to Saudi and ask them to increase production.
:oops:
Huh?

The Saudi’s are in the pocket of Putin and the Trump GOP.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Libertas »

Drak wrote: Thu Oct 06, 2022 6:32 pm Huh?

The Saudi’s are in the pocket of Putin and the Trump GOP.
Perfect storm is coming, they will indict Hunter over what is nothing compared to the crimes of many GOP including trump etc, then gas will spike.

America will be over but we will have to do something about that. :twisted:
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by gounion »

I bet Glenn cheered when he heard what the Saudis did.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

gounion wrote: Thu Oct 06, 2022 6:53 pm I bet Glenn cheered when he heard what the Saudis did.
I bet you are wrong. Unlike you I want the best for our country. Had Biden been successful instead of a failure I would be a very happy camper
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

Libertas wrote: Thu Oct 06, 2022 6:40 pm Perfect storm is coming, they will indict Hunter over what is nothing compared to the crimes of many GOP including trump etc, then gas will spike.

America will be over but we will have to do something about that. :twisted:
You keep saying that are you aware of what charges they are looking at?
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Glennfs wrote: Thu Oct 06, 2022 6:56 pm I bet you are wrong. Unlike you I want the best for our country. Had Biden been successful instead of a failure I would be a very happy camper
No, he’s not wrong. You’ve been attacking Biden since before he stepped into office. You’re playing the blame game in here when it’s Putin and OPEC who cut oil production, right at midterms.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by Glennfs »

Drak wrote: Thu Oct 06, 2022 6:59 pm No, he’s not wrong. You’ve been attacking Biden since before he stepped into office. You’re playing the blame game in here when it’s Putin and OPEC who cut oil production, right at midterms.
It's the old I know what you are really thinking.
Step back and ponder that. You believe that all conservatives think alike.
Now how is that different from a person who believes that all liberals or all African Americans or any group of people all think alike
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Drak
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Re: OPEC Cuts Oil Production - Right Before Midterms

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Glennfs wrote: Thu Oct 06, 2022 7:07 pm It's the old I know what you are really thinking.
Step back and ponder that. You believe that all conservatives think alike.
Now how is that different from a person who believes that all liberals or all African Americans or any group of people all think alike
Wtf are you blabbering about?


I don’t care about your beliefs. They are not based on facts. I go with facts. You can’t deliver actual facts, and you’re in here blaming Biden for OPEC and Putin.

You’ve been cheering for Biden to fail before he even took office.
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Re: OPEC Cuts Oil Production - Right Before Midterms

Post by carmenjonze »

Glennfs wrote: Thu Oct 06, 2022 7:07 pm It's the old I know what you are really thinking.
Step back and ponder that. You believe that all conservatives think alike.
Do you all think alike?

Or is it just that all of you are braindead, xenophobic conformists who keep your own people in line with violence and threats of violence.
Now how is that different from a person who believes that all liberals or all African Americans or any group of people all think alike
Keep "African Americans" out of your filthy Confederate flag t-shirt mouth.
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