Post
Topic
Board Economics
Re: Saudi Arabia and OPEC Reveal Surprise Oil Production Cut
by
Hamza2424
on 05/04/2023, 23:38:16 UTC
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?

Yes, Exactly I was looking into the geopolitical changes a few days back and how now the power is changing its directions, China is continuously pushing countries with natural resources and labor forces to boycott the USD and trying to implement the Local currency trades and in my observation, this is positive news for crypto look deep into indirect relation with the crypto market. Russia ain't the US supporting Crypto, China supporting crypto even aiming to lead with the Hong Kong crypto hub project, India Wolrds the biggest market supporting crypto on some level, Sudi Arabia holds huge stakes in the crypto market UAE we all know their contribution in the crypto. So all over it, a new block is being created by China that is somehow related to the crypto market and this is why many believe this bull run will be going to be supported by the Asian Market.