OPEC ramps production; prices expected to crash

Good timing since I was going to need to fill up on Friday

 

Make diesel cheap again!

 

Cool, cheaper gas! Hurts Russia too.

 

Good news. People can fill up their tanks cheaply on the way to the store with empty shelves.

 

Other than regional pain in TX/OK/LA, and perhaps causing us to import a bit more - net-net it’s good news. Esp as it further damages Russia’s ability to finance war.

 

Glad to see someone else referencing Mr. Global. I don’t usually take news from TikTokers/YouTubers seriously but this guy is an actual oil and gas expert and knows what he’s talking about.

 

Same thing happened in 2020. Between the pandemic shutdown and the increased supply from OPEC+ the price of crude dropped below the cost of production in the US with Trump pressuring Saudi Arabia to cut back production to save US producers.
From 2020
Trump calls on Russia and Saudi Arabia to cut oil production
Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020)

 

Which is why you don’t fight a multi front war

 

Bad news for Russia and Iran... great news for Americans.

 

Depends which industry. Not such good news for our oil production outfits

 

ME trying to drive the stake T has self-inserted.

 

So basically China, then Canada and now OPEC+ have all told Trump to go pack sand, recognizing how weak Trump is and how empty all of his threats and demands are. Even his handler Vlad is laughing at what a moron Trump is.

 

Sadly this fall in oil prices would be the last straw for Putin's war and the likely end of his regime when their money ran out. More sadly someone is bailing him out for our government who loves hamburders right now giving him everything he wants just in time.

 

Exactly. Opec doesn't care to see Russia fail. But the chance to shutter US production (which will be whole sale sub $60) is too good to pass up. Their centralized command economy can absorb and win these battles v our increasingly psychotic swings in leadership.

 

Yep, they are playing Chess and the moron in the white house is probably having another fat embolism swoosh through the frontal lobe. No doubt he will take credit while they laugh overseas.

 

This is the main thing I care about.

 

wait…what?

 

KSA has been pissed at OPEC cheats for over 6 months. lot to unpack there.

from September
Rumors of New Saudi Oil Price Target Are Warning to OPEC Cut Violators | OilPrice.com

from two weeks ago
OPEC+ Struggles to Rein In Kazakhstan's Oil Over-Production - Bloomberg

 

Does cheaper oil mean cheaper gas if we have same number of refineries?