General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsAnd just like that... OPEC agrees to lower production to offset dropping oil prices.
Big drops in consumption and resulting dropping oil prices prompt to lower production numbers to bolster the price of oil.
Y'all didn't think OPEC would let low gas prices run into November, right??
https://www.cnn.com/2022/09/05/energy/opec-oil-gas-prices/index.html
OPEC said Monday it would reduce oil production next month, the cartel's first output cut since the depths of the pandemic, as it braces for a global economic slowdown to hit demand.
The Organization of the Petroleum Exporting Countries and allied oil producing nations, including Russia, agreed to shave 100,000 barrels per day off their production targets in October.
JT45242
(2,262 posts)No more mr. Nice guy with bone saw and pooty.
Destroy both countries economically. Force american companies to produce more.
Meadowoak
(5,545 posts)WarGamer
(12,436 posts)Other than that... I dunno.
sakabatou
(42,148 posts)GregariousGroundhog
(7,518 posts)OPEC cannot maintain its current quotas; in July they averaged 2.8 million barrels a day under their official quota.
WarGamer
(12,436 posts)Checks Yahoo Finance....
Yup, crude oil up 2.05%
Response to WarGamer (Original post)
Mosby This message was self-deleted by its author.
WarGamer
(12,436 posts)EIA expects US to be a net oil importer in 2022.
mopinko
(70,078 posts)i know some folks here are old enough to look at the political tactics of today, and realize that before it was ru, it was the was the saudi's.
and the 1st thing they did was launch an attack on america, and take down a president who saw alllll this coming. it's not about money, it's about power.
and all this time later, we still cant fight back.
Just A Box Of Rain
(5,104 posts)So they were either quite prescient, or the premise is incorrect.
mopinko
(70,078 posts)what else happened in the 60's? hmmm. the 1st time i recall hearing about it was under carter, but then i was 6 in 1906.
nonetheless, the saudis have been carrying on an asymmetrical war on us for a very long time.
uponit7771
(90,335 posts)NewsCenter28
(1,835 posts)Too bad so sad though that the Dems are still going to win the house and senate in November, and Donald Trump will NOT be Speaker of the House as some were predicting on here not several weeks ago.
538 Dems +0.9 on the generic national and 68% favourites to hold the senate!!
It's tough but the reaility is that Donald Trump will be facing multiple indictments from multipe jursidictions by this time in 2023.
Also, alas, the price of gas in the US, per a Google check I just made, fell again yesterday. That will make the domestic terrorist MAGA crowd SO SAD!: That whole MAGA crowd has a special place waiting from them in hell and God does NOT tolerate being mocked.
So many of the MAGA crowd are SO convinced that Hitler (cough, cough, Trump) will be reinstated or, for sure, re-elected in 2024. Man are those MAGA low-life, illiterate, low IQ, racist THUG assholes going to have a rude awakening!! The TEARS MAGA is going to have on November 9th will be so delicious. Hell, who I am kidding. If they lose, they'll probably drive their car to the capitol and set themselves on fire in a brave patriotic protest against the truly facist Joe Biden regime or something insane like that. Maybe some of them will start threatening their children with death again the way the January 6th rioter just convicted did.
How it must PAIN them and torment the MAGA crowd to know that Joe Biden beat their guy like a drum by 7 million and 4% in 2020!!
NewsCenter28
(1,835 posts)If OPEC wanted to tank the Dow, send oil up to $250 and give the GOQ a 15+ point generic national lead, they are having an inauspicious beginning!
My President will simply release more of the SPR and keep gas prices falling for the voters he both serves and loves, unlike Donald who only cared about enriching himself and his mafia buddies. God, what a disgusting FAT SLIMY TOAD Donald Trump was. WORST. PRESIDENT. IN. US. HISTORY. TWICE IMPEACHED L-O-S-E-R!!
NewsCenter28
(1,835 posts)modrepub
(3,494 posts)A lot of folks lost their shirts investing in oil shortly after the Gulf War started and oil prices shot through the roof. Long term there already are a lot of things going against putting too much investment money into oil production. The switch over to electric vehicles is probably going to happen in the next decade. Hell, even Saudi Arabia is looking to invest their oil money in something, anything, other than oil development.
Tell you're T-humpers to buy oil stocks and invest in (higher) oil futures. Their portfolios will reward their ignorance (and you may get a good laugh).