04-02-2023, 01:43 PM
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Banned
Join Date: Dec 2022
Posts: 2,749
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Quote:
Originally Posted by Ekco
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Quote:
UAE TO LOWER OIL PRODUCTION VOLUNTARILY BY 144,000 BPD STARTING FROM MAY TO END OF 2023 - MINISTER
SAUDI ARABIA WILL REDUCE ITS OIL PRODUCTION BY 500K BARRELS PER DAY, STARTING FROM MAY UNTIL THE END OF 2023 - STATE MEDIA
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lol.
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Blame the Saudis for the summer
Quote:
The earlier cuts — of some 2 million barrels a day — had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis.
Both the U.S. and Saudi Arabia denied any political motives in the dispute, with each saying it was focused on maintaining a healthy market price.
Since those cuts, oil prices have actually trended down. Brent crude, a global benchmark, was trading at around $80 a barrel at the end of last week, down from around $95 a barrel in early October, when the earlier cuts were agreed.
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