VIEW OPEC output cuts to roil markets, little room for others to respond

A worker pumps fuel at a gas station of state-run oil firm PDVSA, in Caracas, Venezuela, December 2, 2022. REUTERS/Gaby Oraaby Saudi Arabia and other Middle East producers has caught the energy industry flat-footed and will lift global prices with little room for a coordinated response by oil-consuming nations, industry executives said on Sunday.

The group had been largely expected to stick to its already agreed upon 2 million barrel per day cuts when its joint ministerial panel, which includes Saudi Arabia and Russia, meets on Monday. The OPEC move and Russia's extension through year-end of cuts was a coordinated effort that signaled the OPEC+ remains in charge of global markets.

Biden helped this

1.5 million barrels? The US uses over 20 million a day. Compare that to world estimated use and it’s so insignificant to not even be news worthy.

If only the us had their own source of crude that they could throttle up to offset these cuts…..

F-Opec there weaponizing oil

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Saudi Arabia, OPEC+ producers announce voluntary oil output cutsThe Saudi energy minister said it was a precautionary measure to support the stability of the oil market. These announcements are voluntary price increases and profit increases for them to voluntarily make themselves even more obscenely rich. More reason to find alternative energy sources--get off of the Saudi's oil teat and rob them of their outsize influence in the world. OPEC to Biden:
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