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WarGamer

(12,436 posts)
Tue Sep 6, 2022, 12:33 AM Sep 2022

And 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.

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And just like that... OPEC agrees to lower production to offset dropping oil prices. (Original Post) WarGamer Sep 2022 OP
Just label Russia and Saudi Arabia state sponsors of terrorism already JT45242 Sep 2022 #1
mmhmmm... WarGamer Sep 2022 #2
Why do we still use fossil fuel anyway? Meadowoak Sep 2022 #3
Cuz it's the engine of the economy? WarGamer Sep 2022 #4
And the blame will fall on Democrats, instead of the actual reasons. sakabatou Sep 2022 #5
Does this really have any impact though? GregariousGroundhog Sep 2022 #6
IMHO... it's a ploy to increase oil futures... WarGamer Sep 2022 #7
+1 uponit7771 Sep 2022 #15
This message was self-deleted by its author Mosby Sep 2022 #8
2020 and 2021, yes... WarGamer Sep 2022 #9
imho, opec was formed in the 1st place to get rid of the guy w the solar panels. mopinko Sep 2022 #10
OPEC was founded in 1960. Just A Box Of Rain Sep 2022 #11
ty for that note, but mopinko Sep 2022 #12
Photo electric what discovered in 1800s, practical cells invented in 1954 (link) uponit7771 Sep 2022 #17
Clever NewsCenter28 Sep 2022 #13
Dow futures up 215 at last check NewsCenter28 Sep 2022 #14
More seriously, most analysts agree that this is a largely symbolic move with no real effect - n/t NewsCenter28 Sep 2022 #16
Gluts Always Follow Squeezes modrepub Sep 2022 #18
100k cut is miniscule, symbolic, for the 23 OPEC states, UAE and Saudis alone still pump 13M a day Shanti Shanti Shanti Sep 2022 #19

JT45242

(2,262 posts)
1. Just label Russia and Saudi Arabia state sponsors of terrorism already
Tue Sep 6, 2022, 12:36 AM
Sep 2022

No more mr. Nice guy with bone saw and pooty.

Destroy both countries economically. Force american companies to produce more.

GregariousGroundhog

(7,518 posts)
6. Does this really have any impact though?
Tue Sep 6, 2022, 12:59 AM
Sep 2022

OPEC cannot maintain its current quotas; in July they averaged 2.8 million barrels a day under their official quota.

Response to WarGamer (Original post)

mopinko

(70,078 posts)
10. imho, opec was formed in the 1st place to get rid of the guy w the solar panels.
Tue Sep 6, 2022, 03:21 AM
Sep 2022

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.

mopinko

(70,078 posts)
12. ty for that note, but
Tue Sep 6, 2022, 03:39 AM
Sep 2022

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.

NewsCenter28

(1,835 posts)
13. Clever
Tue Sep 6, 2022, 04:26 AM
Sep 2022

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)
14. Dow futures up 215 at last check
Tue Sep 6, 2022, 04:36 AM
Sep 2022


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!!

modrepub

(3,494 posts)
18. Gluts Always Follow Squeezes
Tue Sep 6, 2022, 06:19 AM
Sep 2022

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).

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