Saudi Arabia, Russia To Continue Voluntary Oil Cuts

[g5000]

Saudi Arabia, Russia to continue voluntary oil cuts

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

www.reuters.com

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

[snip]

Saudi Arabia, the OPEC de facto leader, said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year and that it would review the decisoin again next month.



Meanwhile, here at home:

The U.S. is pumping oil faster than ever. Republicans don’t care.​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

Gas prices keep falling and it's a trend that should spread​

Yes, it's true. Gasoline prices are falling across the United States. ​

And the declines are starting to be meaningful, according to data from the American Automobile Association. In a few places, in Georgia and elsewhere, pump prices have fallen below $3 a gallon, a trend that should spread.

.
We'll have to wait and see how the war in Israel affects oil and gas prices.

 

[Lord Long Rod]

Democrats doing math! Its like watching to retards trying to count to 100.

 

[g5000]

Democrats doing math! Its like watching to retards trying to count to 100.

Non sequitur, tard.

Trumptards in denial! It's like watching an alcoholic in the gutter denying he has a problem.

Here you go: U.S. Field Production of Crude Oil (Thousand Barrels per Day)

 

[Lord Long Rod]

Non sequitur, tard.

Trumptards in denial! It's like watching an alcoholic in the gutter denying he has a problem.

Here you go: U.S. Field Production of Crude Oil (Thousand Barrels per Day)

I don't think that was a non sequitur, sport. But you can call it what you will. LOL!!

 

[g5000]

I don't think that was a non sequitur, sport. But you can call it what you will. LOL!!

Lay off the spiked Trump Kool-Aid, sunshine.

 

[Doc7505]

Saudi Arabia, Russia to continue voluntary oil cuts

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

www.reuters.com

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

[snip]

Saudi Arabia, the OPEC de facto leader, said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year and that it would review the decisoin again next month.



Meanwhile, here at home:

The U.S. is pumping oil faster than ever. Republicans don’t care.​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

Gas prices keep falling and it's a trend that should spread​

Yes, it's true. Gasoline prices are falling across the United States. ​

And the declines are starting to be meaningful, according to data from the American Automobile Association. In a few places, in Georgia and elsewhere, pump prices have fallen below $3 a gallon, a trend that should spread.

.
We'll have to wait and see how the war in Israel affects oil and gas prices.

~~~~~~

Meanwhile, your dear president continues to empty our SPR to a point that our reserves are dangerously low if the SHTF.

Biden’s Choice To Drain Key Oil Reserve Leaves US More Vulnerable To Rising Risks Of War, Experts Warn

President Joe Biden opted to tap into the strategic petroleum reserve in 2021 and 2022, a decision which now leaves the U.S. in a potentially vulnerable position.

dailycaller.com

 

[luiza]

Of course they are cutting production as we all know prices will sky rocket and demand will fall away .
Saudi and Russia naturally want to maximise northern hemisphere winter profit .
World political action will lead to the fall in demand.

Forecasts for when $150 crude price will be reached .

 

[g5000]

~~~~~~

Meanwhile, your dear president continues to empty our SPR to a point that our reserves are dangerously low if the SHTF.

Biden’s Choice To Drain Key Oil Reserve Leaves US More Vulnerable To Rising Risks Of War, Experts Warn

President Joe Biden opted to tap into the strategic petroleum reserve in 2021 and 2022, a decision which now leaves the U.S. in a potentially vulnerable position.

dailycaller.com

Sell high, buy low.

 

[Doc7505]

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge​

Republican lawmakers previously warned Biden's depletion of oil reserves makes the US 'more vulnerable to energy supply disruptions'​

Biden's depletion of emergency oil stocks comes back into focus amid Israel-Hamas war, price surge

President Biden's decision to reduce emergency U.S. oil stocks by more than 40% is receiving renewed attention amid the latest Middle East conflict that sent oil prices higher.

www.foxnews.com

10 Oct 2023 ~~ By Thomas Catenacci

President Biden's decision to drain the Strategic Petroleum Reserve (SPR) to its lowest level in decades is back in the spotlight amid the war between Israel and Palestinian Islamist group Hamas, which has caused oil prices to surge.

On Monday, the Brent crude index, the worldwide oil benchmark, and the U.S. WTI index both surged more than 4% and inched closer to $90 a barrel as a result of volatility created by the Middle East crisis. According to analysts, the conflict — triggered over the weekend after a series of unprovoked attacks by Palestinian militants on Israelis — may lead to large amounts of global oil supplies being withheld.
"If the conflict envelopes Iran... up to 3% of global oil supply is at risk. And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage," energy analyst Saul Kavonic said in an interview with Reuters.
"Timing is everything and the attacks almost certainly postpone any Saudi-Israeli rapprochement, along with any high probability expectation of Saudi Arabia reducing or eliminating its extra 1 million [barrel per day] cut if prices resume their recent fall," analysts with Citibank added in a note.
However, the Biden administration has depleted the SPR, which contains an emergency oil supply and was established for emergency scenarios, to its lowest level in four decades. The SPR currently contains 351.3 million barrels of oil, 44% lower than it was in January 2021 when Biden took office and a level last recorded in September 1983 prior to this year.
~Snip~
Prior to 2021, the most recent SPR emergency release took place during another Middle East conflict, the Libyan civil war in 2011, when then-President Barack Obama tapped the reserves as Middle Eastern oil supplies were cut off. Before that, it was tapped during Hurricane Katrina in 2005 and the first Gulf War in the early 1990s.
The White House didn't immediately respond to a request for comment.

Commentary:
I've discussed the president's needless use of the SPR.
With this explosion of fighting in Israel and Iran believed to be the sponsor of the fight a new view to Biden`s traitorous act can plainly be seen.
Gas, diesel and Kerosene fuel will hit record high prices again this winter, and remain higher longer.
Any actions against Iran may close the Hormuz passage to the Nile.
The questtion remains. Will Biden kowtow to the Mullah of Iran?

 

[Moonglow]

Be sure to blame Biden.

 

[struth]

Saudi Arabia, Russia to continue voluntary oil cuts

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

www.reuters.com

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

[snip]

Saudi Arabia, the OPEC de facto leader, said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year and that it would review the decisoin again next month.



Meanwhile, here at home:

The U.S. is pumping oil faster than ever. Republicans don’t care.​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

Gas prices keep falling and it's a trend that should spread​

Yes, it's true. Gasoline prices are falling across the United States. ​

And the declines are starting to be meaningful, according to data from the American Automobile Association. In a few places, in Georgia and elsewhere, pump prices have fallen below $3 a gallon, a trend that should spread.

.
We'll have to wait and see how the war in Israel affects oil and gas prices.

The world is in chaos…elections have consequences…

 

[surada]

Saudi Arabia, Russia to continue voluntary oil cuts

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

www.reuters.com

Saudi Arabia and Russia on Wednesday said they were continuing voluntary oil cuts to year end as tightening supply and rising demand support oil prices.

[snip]

Saudi Arabia, the OPEC de facto leader, said it would continue with its voluntary oil output cut of one million barrels per day (bpd) for the month of November and until the end of the year and that it would review the decisoin again next month.



Meanwhile, here at home:

The U.S. is pumping oil faster than ever. Republicans don’t care.​

The GOP narrative has a major hole: U.S. oil production — already the highest in the world — is on track to set a new record this year, and will probably rise even more in 2024. But the ever-increasing flow of U.S. crude has failed to keep a lid on gasoline prices, showing once again that a global market drives the fuel prices that shape presidents’ political futures.

Gas prices keep falling and it's a trend that should spread​

Yes, it's true. Gasoline prices are falling across the United States. ​

And the declines are starting to be meaningful, according to data from the American Automobile Association. In a few places, in Georgia and elsewhere, pump prices have fallen below $3 a gallon, a trend that should spread.

.
We'll have to wait and see how the war in Israel affects oil and gas prices.

Demand is soft in Asia. Nobody wants a glut on the market.