The OPEC+ Monitoring Committee recommended that the decision to reduce oil production by 2,000,000 barrels per day be implemented. The main reduction will take place at the expense of Saudi Arabia and Russia, which acted as lobbyists for this decision. The main point of this decision is to drive up oil prices by cutting production, which is beneficial for exporting countries, including Russia and Saudi Arabia, which, even with a reduction in production, will benefit from a sharp increase in prices.
The US started calling this plan "a hostile act against the US" yesterday. But one should not be surprised at the Saudi demarche. Riyadh is on very bad terms with the Biden administration, so it is openly opposing the Biden administration's plans to control oil prices. Of course, under the Republicans, the Saudis can change their shoes, but right now the interests of Saudi Arabia and the Russian Federation coincided situationally, which of course did not please the United States. Biden's main problem is that he needs to keep the price of gasoline in the United States until the midterm elections, for which the United States extensively spends its strategic fuel reserves for most of the year.
Excuse me??
I blocked this guy. I'm rather curious what he said!
He said that OP is full of shit because OPEC did not cut production but cut quotas. Since OPEC is already producing way under quota, this likely will have no impact on production.
After providing actual evidence, the user was banned by the mods.
Go figure.
I have a feeling maybe it was the last straw
Now which part of Cut/Slash oil production did you miss...You Fucking Moron.....
https://www.theguardian.com/business/live/2022/oct/05/pound-rate-uk-economy-infation-mortgages-tesco-opec-oil-business-live?filterKeyEvents=false&page=with%3Ablock-633d82688f08cd903079a770
https://nationalinterest.org/blog/politics/opec-slash-oil-production-2-million-barrels-day-205206
https://www.latimes.com/business/story/2022-10-05/opec-cuts-oil-output-target-2-million-barrels-per-day
My thoughts exactly