Re: Saudi Arabia and OPEC Reveal Surprise Oil Production Cut

Quote from: zasad@ on April 05, 2023, 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?

Man, have you heard about the recent OPEC production cut announcement? It's totally whack, with some countries like Saudi Arabia reducing 1.15 million barrels per day until 2023. The Saudi Energy Ministry is like, "Nah, we're just being precautious," but it's gonna have a massive impact on the global oil market. I wonder how the White House is gonna handle this situation. The US is a big shot in the oil game, so any move by OPEC is gonna have an effect on the US economy. Is the White House even taking this seriously, or are they just letting the world situation spiral out of control?