Saudi Arabia and Russia plan deep oil cuts in defiance of US In Rebuke to West, OPEC and Russia Aim to Raise Oil Prices With Big Supply Cut The one economic positive for the Democrats has been the decline the price of gas at the pump. Cutting production will almost certainly ending up raising the price of gas at the pump in the US by an estimated 15 to 30 cents a gallon. Given that the both Russia and Mohammed bin Salman have serious problems with Biden, in the case of the former it's support for Ukraine and in the case of the latter it's Biden's attempted rapprochement with Iran as well as his past criticism of the role of MBS in the murder of Jamal Khashoggi are the Ruskies and the Saudis trying the help the Republicans in the midterms of possibly Trump two years down the road. Seems that the answer would be in the affirmative.
Off-topic, the use of social media by Russia to affect the 2016 election wasn't the Facebook ads it was the creation and use of false personas. Russian fake accounts showed posts to 126 million Facebook users Besides the subject of this thread doesn't concern social media at all, it's a deliberate concerted policy by Saudi Arabia and your friends in Russia intended to increase the price of gas at the pump by restricting supply.
I guess you're right. We did pressure other countries to cut the supply of oil to increase the price. Oil Nations, Prodded by Trump, Reach Deal to Slash Production (Published 2020) Special Report: Trump told Saudi: Cut oil supply or lose U.S. military support - sources
I put my thoughts in the other thread on this, but they had plenty of economic and internal political reasons to cut. Sticking it to Biden was just a bonus.
there is a legit question as to whether this is a paper cut or a production cut as it seems that most countries ahve not been producing their quota limits as they are incapable of doing so. to admit that your country could not meet its quota, and reported spare pumping capacity, would be to lose face. option, report a planned cut to spike prices with no real impact to the volume of oil actually entering the market and then countries don't have to explain why they can't pump anymore after not investing for so many years.
This feels like a scapegoat. The mid-terms have been looking dreadful for Democrats for months. A 30 cent increase in the price of gas isn't going to change anything.
How many times do you need to be reminded of the fallacy of posting half truths like this. What bullshit. You always seem to forget to tell your echo chamber( see tilly, I didn’t use Circle Jerk) that Trump requested production cuts AFTER the Saudis and Russia flooded the supply of oil driving prices down into >$20/barrel range. Again, please tell the whole story or don’t tell it at all
minor correction, supply didn't increase, demand cratered, but the cuts were needed to help the domestic energy sector survive
First, almost every time I posted those links I pointed it out that it was the correct policy at the time and secondly, the drop in the price of petroleum was much more attributable to a huge drop in demand rather than the decision of the Saudis to flood the market. In case you do not recall what happened in 2020. U.S. petroleum consumption decreased to a 25-year low in 2020
Blame only goes so far when multiple nation state actors and unforeseen events are involved. We can blame the majority of the malaise on the world's reaction to COVID. Had it stopped there we would be in much better shape. Instead many nations the US included saw COVID as a opportunity to push for trillions of dollars in spending and irresponsible policies of which a significant part of it had absolutely nothing to with COVID. Then came the war in Ukraine, then came the hurricanes, what comes next some could reasonably argue will be the Black Swan as Europe suffers from a lack of energy and productivity declines on a global scale. The solvency of nations will soon be tested. Do not be surprised if the next attack is cyber warfare. It has been demonstrated that cyber warfare is a growing threat from stuxnet (Olympic Games) to Nitro Zeus. Once unleashed there is no going back. While some see the nuclear threat as the biggest threat civilization faces in my opinion this far worse. The genie is out of the box and there is no return.
The Saudi-Russian production/price war began well before the pandemic, though the subsequent drop in demand did exacerbate the excess supply
not to mention the 170M barrels the SPR added to the market. My biggest surprise in all of this is that China is not filling SPR's as fast as Russia can pump it if they are getting better prices. They must not have their facilities ready to store the oil is ll I can figure
