You only voiced your political opinion, based on political point of view. You kind of skip, that these companies and countries are in business to make money as cost effectively as possible, not beholding to political entities.
I have my doubts on that. Especially when you factor in any "royalty", or taxes paid. In Saudia Arabia, the hydrocarbon industry is taxed between 50% to 85%.
Trump was the one that threatened them to cut production by 9.7m barrels a day months before Biden took control...
Of course they’re in business to make money. And if government drives up the cost of overhead the business charges accordingly for product. If people have need for the product in spite of increased cost then the business stands to increase profit.
WTF are you talking about? Trump removed restrictions on domestic extraction. Prices stayed low and our economy was in its best shape in my lifetime as a result.Trump was the one that threatened them to cut production by 9.7m barrels a day months before Biden took control...
Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)
The deal will reduce output by 9.7 million barrels a day. While significant, the cut falls far short of what is needed to bring oil production in line with demand.www.nytimes.com
That is 97 times this cut... Think about that... Biden has been trying to get rid of Trump's vandalism...
If they have stifled the domestic fossil fuel supply, how has production which when Biden was sworn in was around 10,000 BBL/D (a level equal to 2017) risen to 11,118 in June of this year, about even with sometime in 2019?
Lowest amount of drilling going back to WW2. Yay Poopeypants!
www.wsj.com
Zero complaints from Texas or Alberta.The timing of this is interesting as they know prices are about to go up so they quickly cut oil to ensure it goes up even more. Seems to be the flip of the bird to the West.
On top of the price increase due to Nord 1 shutdown, this nightmare is about to get worse for all of us.
OPEC+ slashes oil production by 100K barrels per day as prices fall
The move reverses the group's decision last month to boost oil production for the month of September.www.axios.com
OPEC and its allied producers on Monday agreed to reduce oil production by 100,000 barrels per day amid concern regarding falling oil prices and lingering fears of a global recession.
Why it matters: The move reverses the group's decision last month to boost oil production for the month of September by 100,000 barrels per day.
The big picture: This is the group's first cut in oil production in more than a year and comes as crude oil prices have fallen 25% in the past three months, the Wall Street Journal reported.
- OPEC said in a press release Monday that, alongside its allies, it had agreed to "revert to the production level of August 2022...for the month of October."
- Saudi Arabia's energy minister warned last month that OPEC+ countries could cut oil production at any time, AP reported.
- Members of the group are concerned that a successful revival of the 2015 Iran deal could see an influx of Iranian oil hit the market, though tensions between the U.S. and Iran have spiked in recent days, with the U.S. conducting a military flyover of the Middle East over the weekend.
- Members are also concerned that a global recession, egged on by sky-high inflation, energy woes in Europe and economic slowdown in China spurred by the COVID-19 pandemic, could weaken oil demand, per the Journal.
Lowest amount of drilling going back to WW2. Yay Poopeypants!
Federal Oil Leases Slow to a Trickle Under Biden
The Biden administration has leased fewer acres for drilling offshore and on federal land than any other administration in its early stages since World War II, according to a Wall Street Journal analysis.
