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Wed Oct 5, 2022, 06:38 AM

OPEC+ weighs large oil cutback to boost sagging prices

Source: Associated Press

FRANKFURT, Germany (AP) — The OPEC+ alliance of oil-exporting countries on Wednesday will debate a potentially large cut in the amount of crude it ships to the global economy — a move that could help Russia weather a looming European ban on oil imports and raise gasoline prices for U.S. drivers just ahead of national midterm elections.

Energy ministers from the OPEC cartel, whose leading member is Saudi Arabia, and allied non-members including Russia are meeting in person at the group’s Vienna headquarters for the first time since early 2020 at the start of the COVID-19 pandemic.

A production cut could benefit Russia by establishing higher prices ahead of a European Union ban on most Russian oil imports, a sanction over the invasion of Ukraine that takes effect at the end of the year, analysts at Commerzbank say.

Russia “will need to find new buyers for its oil when the EU embargo comes into force in early December and will presumably have to make further price concessions to do so,” the analysts wrote in a note. “Higher prices beforehand — boosted by production cuts elsewhere — would therefore doubtless be very welcome.

Read more: https://apnews.com/article/russia-ukraine-inflation-health-germany-elections-d873521f8b165774de3902439dd5a6ee

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 06:46 AM

1. All things being equal, I can see American oil producers doing the same thing

to boost their profits.

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Response to no_hypocrisy (Reply #1)

Wed Oct 5, 2022, 11:19 AM

8. OPEC did it for them; US production is nearly back to pre-covid levels.

They don't need to cut if OPEC does & THEY cause prices to rise.
If the President wants to pressure anyone it should be US producers. they are slaves to wall st & need to wake up.

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 07:04 AM

2. Welp, that whole 'democracy' thing was good while we had it....

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Response to durablend (Reply #2)

Wed Oct 5, 2022, 09:04 AM

5. True

It seems many here are fine with all this.

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 08:29 AM

3. This, of course, follows record breaking profits. Guess they're not content with those...

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 08:52 AM

4. But keep exporting the hell out of our oil

What a SCAM............

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 10:14 AM

6. Just got a WPost

notice OPEC decided to cut it 2 million barrels a day.

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 11:16 AM

7. We need to remind them that Russias best friend is their worst enemy; Iran.

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Response to oldsoftie (Reply #7)

Wed Oct 5, 2022, 11:19 AM

9. They'll come back with

"No worse than DEMOCRATS"

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Response to durablend (Reply #9)

Wed Oct 5, 2022, 11:29 AM

11. I meant the Saudis. But yeah, I can hear it!

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 11:24 AM

10. October surprise

r's don't care what they do to tear up the country.

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 12:20 PM

12. And of course it's the fault of Biden and the Democrats...

The finger-pointing will commence very quickly...

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Response to discocrisco01 (Original post)

Wed Oct 5, 2022, 01:18 PM

13. This is why car-dependent infrastructure is a stupid idea.

And no, electric vehicles are not the answer.

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