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| Saudi Arabia, Russia to extend cut in oil production of one million barrels a day |
| 2023-07-04 |
| [AFRICANEWS] Soddy Arabia ...a kingdom taking up the bulk of the Arabian peninsula. Its primary economic activity involves exporting oil and soaking Islamic rubes on the annual hajj pilgrimage. The country supports a large number of princes in whatcha might call princely splendor. When the oil runs out the rest of the world is going to kick sand in the Soddy national face... announced on Monday that it was extending its oil production cut by one million barrels a day to boost flagging prices, while Russia announced that it would cut its exports by 500,000 bpd in August. These measures are the latest to be taken by major producers to stabilize prices in the face of high market volatility, lingering fallout from Russia's invasion of Ukraine and China's faltering economic recovery. Saudi Arabia, the heavyweight of the Organization of the Petroleum Exporting Countries (OPEC), decided in early June to make a further production cut in the hope of boosting prices. This voluntary reduction, which took effect this weekend, will continue into August and "may be extended" beyond that period, the kingdom's official news agency reported, citing a source in the Energy Ministry. "The source confirmed that this additional voluntary reduction reinforces the precautionary measures taken by OPEC+ countries with the aim of supporting the stability and balance of oil markets," the agency added. This decision maintains production in the oil-rich kingdom at around nine million barrels per day. Announcing the cut last month following a meeting of oil producers, Saudi Energy Minister Prince Abdelaziz bin Salmane said it was potentially "extendable". In April, several Opec+ members had decided to voluntarily cut their production by more than a million barrels a day, a surprise decision that briefly supported prices but did not lead to a sustained rise. |
| Posted by:Fred |
| #5 Don't forget that Biden's 'emissaries' then started dictating to the Saudi's. I don't know the term for 'FU' or 'FOAD' in Arabic, but please insert that here. |
| Posted by: Mullah Richard 2023-07-04 08:32 |
| #4 If the Biden Administration wasn't doing everything it can to crush US domestic oil exploration, drilling, and refining, the US wouldn't have to rely on "goons". One of the first things Biden did after getting sworn in was scrap the Keystone XL project with Canada. Besides, the US is getting a dose of its own medicine, and I'd bet not many tears are being shed around the world. |
| Posted by: DooDahMan 2023-07-04 08:21 |
| #3 ...When the goons at OPEC made their last price hike, it jumped to about $3.19/gal before fading back to $2.83 this morning. Mike Mike |
| Posted by: Mike Kozlowski 2023-07-04 06:24 |
| #2 /\ Yes, demand is receding. |
| Posted by: Besoeker 2023-07-04 04:54 |
| #1 Well, they (OPEC+) did this some months ago, West Texas crude went to over $80, then pulled back to below $70/bbl. And some people don't think we are in a recession. |
| Posted by: DooDahMan 2023-07-04 04:34 |