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OPEC+ makes small trim to world oil supplies as prices fall
Posted on 9/5/22 at 9:11 am
Posted on 9/5/22 at 9:11 am
quote:
FRANKFURT, Germany — (AP) — OPEC and allied oil-producing countries, including Russia, made a small trim in their supplies to the global economy Monday, underlining their unhappiness as recession fears help drive down crude prices — along with the cost of gasoline, to drivers' delight.
The decision for October rolls back a mostly symbolic increase of 100,000 barrels per day in September. It follows a statement last month from Saudi Arabia's energy minister that the OPEC+ coalition could reduce output at any time.
Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers. OPEC+ has stuck with only cautious increases to make up for deep cuts made during the COVID-19 pandemic, which were finally restored in August.
quote:
Oil prices have gyrated in recent months: Recession fears have pushed them down, while worries of a loss of Russian oil because of sanctions over its invasion of Ukraine pushed them up.
Recently, recession fears have taken the upper hand. Economists in Europe are penciling in a recession at the end of this year due to skyrocketing inflation fed by energy costs, while China's severe restrictions aimed at halting the spread of the coronavirus have sapped growth in that major world economy.
Those falling oil prices have been a boon to U.S. drivers, sending gasoline prices down to $3.82 per gallon from record highs of over $5 in June and offering a potential boost to Biden as his Democratic Party heads into midterm elections.
quote:
Other factors are lurking that could influence the price of oil. For one, the Group of Seven wealthy democracies plan to impose a price cap on Russian oil aimed at battling high energy prices and reducing oil profits that Russia can use for its war in Ukraine.
That’s if the cap works as intended. Russia could refuse to supply oil to countries and companies observing the cap, which would take barrels off the market. The price cap has not been set, and its influence on the global price remains unclear.
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Posted on 9/5/22 at 9:23 am to ragincajun03
Isn't this good for domestic oil production?
Posted on 9/5/22 at 9:24 am to ragincajun03
quote:
Oil producers such as Saudi Arabia have resisted calls from U.S. President Joe Biden to pump more oil to lower gasoline prices and the burden on consumers.
If only there was someplace closer to pump oil
Posted on 9/5/22 at 9:25 am to fightin tigers
Should be good for domestic, leaves more room for domestic production increases
Posted on 9/5/22 at 9:30 am to Upperdecker
It will keep the price up at levels where operators can turn a profit. At least as long as OPEC is willing to play the game. The price will fall evetually.
Posted on 9/5/22 at 9:34 am to ragincajun03
If you really want to see how crazy things will get in winter this year, look into how expensive energy is getting in England.
The electricity bills are capped for homes, but aren’t for businesses.
The cap is increasing for homes, but businesses are seeing an increases of as much as 400%.
It is wild.
It will be very interesting to see how Europe reacts to the cold this winter.
The electricity bills are capped for homes, but aren’t for businesses.
The cap is increasing for homes, but businesses are seeing an increases of as much as 400%.
It is wild.
It will be very interesting to see how Europe reacts to the cold this winter.
This post was edited on 9/5/22 at 9:36 am
Posted on 9/5/22 at 9:43 am to ragincajun03
Who the frick is still debating if we are in a recession or not? We are headed towards a depression, we are in a recession.
Posted on 9/5/22 at 10:47 am to Ron Cheramie
quote:
If only there was someplace closer to pump oil
And it’s being pumped almost as fast as E&Ps can get RESPONSIBLE funding lined up and infrastructure and experienced manpower in place.
The bigger problem is still lack of ability to increase refinig domestically.
However, with fears of a recession that COULD drop oil prices, companies in the industry are right now also being wary after the 2020 plummet.
This post was edited on 9/5/22 at 10:48 am
Posted on 9/5/22 at 11:53 am to ragincajun03
We should be incentivizing domestic production while we develop a truly renewable energy source with concurrent infrastructure.
Posted on 9/5/22 at 12:09 pm to Barbellthor
quote:
We should be incentivizing domestic production while we develop a truly renewable energy source with concurrent infrastructure.
That would take way too much common sense
Posted on 9/5/22 at 12:21 pm to Barbellthor
quote:
develop a truly renewable energy source
Say it with me.
Nu ku lur
Posted on 9/5/22 at 12:23 pm to ragincajun03
Look at the quotas - opec hasn’t hit them in a quite a while and probably doesn’t have the oil to give at the moment. This will allow them to save face on that and combat the spr dump and China lockdowns. October/November will be interesting when the moronic Us admin can’t dump a strategic oil reserve in order to win an election.
Posted on 9/5/22 at 12:59 pm to TigerDog83
Just something else that Biden has screwed up
Posted on 9/5/22 at 2:13 pm to HempHead
quote:
Nu ku lur
Yup
Posted on 9/5/22 at 4:36 pm to HempHead
quote:
Nu ku lur
Nuclear only works if you can keep the costs below 500 million a unit per Gigawatt hour, build time in less than 3 years, and develop a national plan to store nuclear waste. Otherwise nuclear dead on arrival.
There is a reason why there has been little activity and interest in building a new nuclear power plant since the 1970’s. There 2 in Georgia that are under construction but years behind schedule and billions of dollars over budget. Also, several have shut down since the 1970’s.
So until, we can manage nuclear’s cost and development it is a nonstarter and endless money pit.
Don’t get me wrong, I am a huge fan of nuclear power. Nuclear power reminds me of an electric car, you can have one, but are you ready to deal with the inconvenience of it. Like having to pay 3-5 times the cost of an ICE car and deal with other issues such as charging stations that take an hour, vs filling up with gas.
This post was edited on 9/5/22 at 4:51 pm
Posted on 9/5/22 at 4:36 pm to ragincajun03
They are trying like hell to create a world war. When folks cannot survive the winter or starve from lack of food shipments civil unrest will rise.
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