Vishnu Varathan of the bank discusses OPEC+’s decision to cut more than 1 million barrels a day of oil and says the “underlying intent was never really too far off.”
OPEC+ oil production cut: The surprise was in the timing, Mizuho Bank says
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Everyone is distancing themselves away from the US as US is behaving like a mafia who lies, spread misinformation, false accusations and threaten others. US is a warmonger who funds chaos and wars throughout history in order to contain other countries progress.
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Fed hawkish = OPEC hawkish
Fed dovish = OPEC dovish
I think this new strategy
It makes sense. When the Fed is hawkish, it pushes the economy into a recession which will reduce oil demand down the road. OPEC therefore starts cutting supply early to keep the prices above 70$.
Oh the great experts have spoken. Helloooowa, experts……….it is always the timing that is unknown, you know, the When.
Weaponization of US dollar & energy by USA is the cause of all EU inflation & around the world . Make no mistakes. Now they are trying to push all responsibility to others
I thought US is a net energy (oil) exporter? Why US still is not energy self sufficient? It just doesn’t make sense.
Not under Biden he wants to stop using oil and all fossil fuels so prices will skyrocket in time.
The US was a exporter during the 4 years Donald Trump was president. The average price for gasoline was 2.18 per gallon. People had the ability to live a better life for those 4 years.
The US consumes 20m bpd and produces 10-12m bpd. The US will never be a net exporter of oil unless it doubles its production.
@Abdullah Shah never a exporter, just ask Ukraine we gave them a lot of oil .The fool running our country thought it would be a good idea to deplete our reserves for another country.But we normally don’t export crude oil but we do export oil byproducts .
@Abdullah Shah But US claims to be a net oil exporter.
The irony is that high gas prices don’t just force people to pay more at the pump, it creates incentives to use less gas. Like buying a hybrid or EV. Using mass transit. Spending less money in general.
So OPEC can’t just control the price and expect to make money on a captured market.
The US right now is OPEC’s best friend. We all went out and bought big trucks and SUVs. No one is buying a sedan or small car. And EVs are still a small part of the car market.
We can easily change this and switch to higher MPG vehicles and drive less.
@stockholm publishings But gas is oil.
@Arthur Rafferty Realize the US used 20% less oil/gas during COVID. So it is an issue of consumption.
@YTSparty no
@YTSparty your correct but wasn’t there issues with supply chains. We saw protests as transport costs rose steeply in the US and Canada with truckers bearing the brunt. One also must remember that fuel increases effect farmers in terms of tractors to plough and harvesters to gather. Also many fertilizers require processing and than entails the use of fossil fuels too.
America cannot isolate itself from world fuel prices. If prices rise as a result of these production cuts it will be across the board. Savings achieved during COVID may not be available without a similar lockdown.
@Arthur Rafferty There were protests on trucking in Canada because of COVID restrictions. I don’t recall any protests over supply issues.
Fact is, the US uses an exorbitant amount of resources that could be easily curtailed. People who drive alone in a low MPG vehicle for instance. Wasteful spending, etc. The lockdowns just proved we can survive without all the wasteful use of resources.
As the old Chinese saying goes, Beat that dog(US hegemony) while it is down and disabled. lol😂😂
This move is very good for the USA and its allies WEST. Bravo
Lol
The East are taken over the rein and leadership of the whole world naturally and their birth rights period .
You did know aNd was surprised.
Hilarious.
In 2021, crude oil production from OPEC countries amounted to roughly 31.7 million barrels of oil daily, up from some 30.8 million barrels per day in the previous year. So, let’s make a big deal out of nothing…so they cut back 1 million barrels…BIg Deal. Sheeple only see the bouncing ball and not what is really going on…USA is f’ed and going down like the Titanic. All part of the WEF Leftist Marxist agenda. Problem-Reaction-Solution. Start a war, crash the currency to go digital, vaccinate to keep control, make all subservient to the governments. Orwell’s dystopian 1984 is well underway.
WHY BIDEN HAS TO BE THE LORD WHY ??? CANT ANY COUNTRY DO DECISIONS ACCORDING TO ITS COUNTRY IF BIDEN WANTS TO INVADE IRAQ IRAN SYRIA AFGHANISTAN VIETNAAM BOMB JAPAN CIVIL WARS IN THE WHOLE WORLD MAKING MONEY IN WARS TOPPLING OF GOVT DESTROYING MILLIONS OF PEOPLE DOES BIDEN OR US ASK ANY ANYONE ?
Hm…
💪Z🇷🇺Z⚔️🇸🇦⚔️
Nothing complicated is happening, Russia, Saudis, China to not respect the evil and woke void of any human dignity or intelligence idiotic administration in Washington and they want these war mongers out – Every time OPEC cuts output , Bidum releases the oil reserves. The US cannot wage war without oil reserves. They are gradually working in lockstep to disable US war machine then China will easily take back Taiwan and Russia can finish their opp in Ukraine.
Bite ur Heart now glad that the western arrogance and sanctions are coming to an end soon the dollar will collapse and just like u destroyed many countries it’s ur turn now and everyone will pay the price (who lives by the Sword dies by it)
Remember Traitor Joe emptied our strategic oil reserve, why that bastard is not run out of Washington on a rail is beyond me
Yes satan. Continue to burn through your strategic energy reserve and perhaps in 2024 an oil embargo. For an added bonus an election year and no heating oil for Americans in the winter.
Eye for an eye America.
Peace prosecuted by death of the American dream and poverty.
Death to the us dollar
This my friends is where China starts their long game. With the Saudi Iran deal they plan to devalue the US dollar and force america to fight. We will bankrupt ourselves trying to do so and then China will repossess the US leaving Russia free to destroy Europe. All of this happens during a CRAZY nuclear war. Chinas long game is aligning so we now HAVE TO stop this or the entire world may become a giant mess for China and Russia to steal.
when the oil prices collased and the street is saying recession, the april3rd action by saudis was expected. the sp500 comanies are nit redi=ucng inflation and the americans will have to pay at the pump and grocery stores. ha ha ha
The consumers can thank US for its destructive policies of shutting out two big suppliers Venezuela and Iran out of the markets these are the consequences and Russia Putin has just got a lifeline
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Well I’m liking it ! If it makes it to $15 per gallon it’ll be just awesome. Every one of those idiots that voted for potato boy need to feel some pain and suffering when they can’t afford to buy food and gas and their jobs start drying up. Good times ahead !🤣