Marketwatch: Here’s what is really behind OPEC+ oil-production cuts, say energy analysts
An unexpected production cut announced on Sunday by OPEC+ oil producers complicates strained relations between the U.S. and Saudi Arabia, with investors seeing signs of geopolitical posturing in the decision.
However, some market analysts contend the cuts were less about sending a message to Washington and more about stabilizing oil prices amid fears of recession, as well as protecting the supply and demand balances.
Saudi Arabia and other members of the Organization of the Petroleum Exporting Countries on Sunday announced they would slash a further combined 1.16 million barrels per day of oil production from May until the end of 2023. Russia, stinging from price caps and embargoes on its energy products as a result of its invasion of Ukraine, said it would extend its 500,000 barrel-a-day production cut through year-end. Together OPEC and its allies, led by Russia, make up the group known as OPEC+.
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WNU Editor: The US was caught completely off-guard by this OPEC+ decision to cut oil production. This is a surprise because China, India, and a few other big oil consumers were given a heads-up that this was going to happen.
I see this as another indication on how strained U.S. - Saudi ties have become, and how furious the Saudis are with the Biden administration's determination to bring down the price of oil via through price caps and selling America's strategic oil reserve on the open markets.
Bottom line.
Expect $100/barrel in the coming months, and a return to higher gas prices by this summer .... Gas prices will surge in coming weeks after OPEC cuts production, analysts say (FOX News).
6 comments:
Not liking this at all.
The world currency is the US dollar, The petro dollar standard was developed by the Nixon administration back in the 70s. Key element to the continued success of this currency agreement was US/Saudi cooperation and having a "no separation Space" relationship with the United States about the buying and selling of oil in dollars.
The US and Saudi since that time have been very close politically and diplomatically. If the relationship is starting to fail. It could start affecting the petro dollar agreement.
It only means trouble.
Because the US economy is now dependent on the petro dollar for supporting its debt based economy.
MBS hates Brandon. It really is that personal.
Joe Biden Traveled to Ukraine to Push Petroleum Production Just 3 DAYS After Hunter Was Hired by Burisma After Being Discharged from Military for Smoking Crack –
So the worthless piece of sh@t that is Joe Biden pushes for oil producution Ukraine, but not in the United State.
Can you get more blatantly hypocritical?
Joe DF Biden in 2020
“We [are] going to, in fact, make them pay the price, and make them, in fact, the pariah that they are,”
Now:
"The US was caught completely off-guard by this OPEC+ decision to cut oil production. This is a surprise because China, India, and a few other big oil consumers were given a heads-up that this was going to happen. "
D stands for dumb.
Three days after Hunter Biden joined the Board of Directors at Burisma energy company in Ukraine, Joe Biden traveled to the country and pushed for fracking.
Joe Biden forbids gas and energy production, including fracking, in the US.
So the problem is that many just don't seem to wake up from the trance they're put in by the treasonous main stream media. Until that's fixed, you're living among zombies that cheer on the destruction of their own economy, culture and wider society.
But take this to the bank... these lying news anchors will be made to pay for all this once the population realises the extend and depth of this betrayal
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