Re: Saudi Arabia and OPEC Reveal Surprise Oil Production Cut

Quote from: zasad@ on Today at 04:23:13 PM

https://news.bitcoin.com/saudi-arabia-and-opec-reveal-surprise-oil-production-cut-white-house-insists-cuts-arent-advisable-right-now/

On Sunday, Saudi Arabia and several major oil producers announced their plan to cut oil production by 1.15 million barrels per day, starting in May and continuing until the end of 2023. According to the Saudi Energy Ministry, the move was coordinated with some members of the Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC members as a “precautionary measure” to stabilize the oil market.

White House response
https://www.bloomberg.com/news/articles/2023-04-02/opec-output-cuts-aren-t-advisable-right-now-white-house-says#xj4y7vzkg

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Are the US authorities no longer in control of the world situation?

Every country is using the resources at its disposal to protect its national interest. Joe Biden administration is not pleased with the human abuse that is spearheaded by the Saudi government headed by Mohammed bin Salman Al Saud. The crown Prince is gradually tilting toward Russia and China to seek partnerships. The cut in oil prices is spearheaded by Russia and other oil-producing nations because they want the price of oil to go high so that they can make more money. I am sure that the members of BRICS such as China and India will still enjoy discounted crude. But this influence will not last for too long because crude oil will soon become obsolete.