OPEC+ ANNOUNCES OIL CUTS
Written by Peter Boykin on April 6, 2023
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
OPEC+ ANNOUNCES OIL CUTS
OPEC+ made a surprise announcement – a plan to collectively cut 1.6 million barrels of oil production per day (bpd).
The announcement led to a sharp rise in the price of oil.
What is OPEC+? It’s effectively a cartel of oil-producing countries led by Saudi Arabia and Russia that aim to control global oil prices through coordinated production cuts.
Who’s doing the cutting?
The top cuts, not surprisingly, come from the biggest producers in the group:
🇷🇺 Russia: 500,000 bpd
🇸🇦 Saudi Arabia: 500,000 bpd
🇮🇶 Iraq: 211,000 bpd
🇦🇪 UAE: 144,000 bpd
🇰🇼 Kuwait: 128,000 bpd
This cut is on top of the 2 million barrel per day cut the cartel announced back in October 2022.
What has this done to oil prices? Oil prices surged as much as 8% when the futures markets opened. The leading global indicator for oil prices, Brent Crude, jumped 5.1% to $84.95 a barrel. For perspective, Brent was $71.03 on March 17.
When the price of a barrel of oil jumps, so does the price at the pump.
This was a smack at Biden: According to reports, Saudi Arabia was annoyed that the Biden regime announced last week that it could take “years” before they replenished the U.S. Strategic Petroleum Reserve [that Biden depleted last year]. OPEC was looking forward to reaping the benefit of refilling the 200 million barrels Joe Biden released.
Big picture: This sort of price control thuggery by OPEC is exactly what former President Trump positioned us to fight against, by unleashing U.S. energy dominance. Unfortunately, Since Joe Biden has taken office, he’s abandoned the Trump policies that gave us the power to confront the OPEC cartel.
[Source: CNBC, ZeroHedge, WSJ, MacroTrends]
https://www.zerohedge.com/commodities/saudi-arabia-makes-voluntary-cut-500000-barrels-day-may
https://www.wsj.com/articles/opec-members-set-to-cut-production-voluntarily-761602d1
https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart
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