XCR1250 Posted October 17, 2022 Share Posted October 17, 2022 OPEC+ members endorse output cut after U.S. coercion accusation FILE PHOTO: OPEC+ holds a meeting in Vienna Maha El Dahan, Yasmin Hussein and Moataz Mohamed Sun, October 16, 2022 at 8:20 AM In this article: By Maha El Dahan, Yasmin Hussein and Moataz Mohamed CAIRO (Reuters) -OPEC+ member states lined up on Sunday to endorse the steep cut to its output target agreed this month after the White House, stepping up a war of words with Saudi Arabia, accused Riyadh of coercing some other nations into supporting the move. The United States last week said the cut would boost Russia's foreign earnings and suggested it had been engineered for political reasons by Saudi Arabia, which on Sunday denied it was supporting Moscow in its invasion of Ukraine. Saudi King Salman bin Abdulaziz said the kingdom was working hard to support stability and balance in oil markets, including establishing and maintaining agreement of the OPEC+ alliance that comprises the Organization of the Petroleum Exporting Countries (OPEC) and other major producers including Russia. The kingdom's defence minister and King Salman's son, Prince Khalid bin Salman, also said the Oct. 5 decision to reduce output by 2 million barrels per day (bpd) - taken despite oil markets being tight - was unanimous and based on economic factors. His comments were backed by ministers of several OPEC+ member states including the United Arab Emirates. The Gulf state's energy minister, Suhail al-Mazrouei, wrote on Twitter: "I would like to clarify that the latest OPEC+ decision, which was unanimously approved, was a pure technical decision, with NO political intentions whatsoever." His comment followed a statement from Iraq's state oil marketer SOMO. "There is complete consensus among OPEC+ countries that the best approach in dealing with the oil market conditions during the current period of uncertainty and lack of clarity is a pre-emptive approach that supports market stability and provides the guidance needed for the future," a SOMO statement said. Kuwait Petroleum Corporation Chief Executive Nawaf Saud al-Sabah also welcomed the decision by OPEC+ and said the country was keen to maintain a balanced oil markets, state news agency KUNA reported. Oman and Bahrain said in separate statements that OPEC had agreed unanimously on the reduction. Algerian energy minister Mohamed Arkab, meanwhile, called the decision "historic" and said that he and OPEC Secretary General Haitham Al Ghais expressed full confidence in it, Algeria's Ennahar TV reported. Ghais later told a news conference that the organisation targeted a balance between supply and demand rather than a specific price. In a statement to Reuters on Monday, Arkab said the OPEC+ decision, was "a purely technical response based on purely economic considerations", adding that it was adopted unanimously. Oil inventories in major economies are lower than when OPEC has cut output in the past. Some analysts have said that recent volatility in crude markets could be remedied by a cut that would help to attract investors to an underperforming market. U.S. National Security Council spokesman John Kirby on Thursday said that "more than one" OPEC member had felt coerced by Saudi Arabia into the vote, adding that the cut would also increase Russia's revenue and blunt the effectiveness of sanctions imposed over its February invasion of Ukraine. King Salman said in an address to the kingdom's advisory Shura Council that the country was a mediator of peace and highlighted the crown prince's initiative to release prisoners of war from Russia last month, state news agency SPA reported. Khalid bin Salman on Sunday said he was "astonished" by claims his country was "standing with Russia in its war with Ukraine". Quote Link to comment Share on other sites More sharing options...
DriftBusta Posted October 17, 2022 Share Posted October 17, 2022 At least we don't have mean tweets. 1 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 17, 2022 Share Posted October 17, 2022 When you get loudly booed at a game in your own hometown. 81 million my ass. 1 Quote Link to comment Share on other sites More sharing options...
Gold Member EvilBird Posted October 17, 2022 Gold Member Share Posted October 17, 2022 Nobody with half a brain worth a shit likes Joe Sniffy Hair Biden. Quote Link to comment Share on other sites More sharing options...
irv Posted October 17, 2022 Share Posted October 17, 2022 3 hours ago, ArcticCrusher said: When you get loudly booed at a game in your own hometown. 81 million my ass. And, just like that it has been removed. Quote Link to comment Share on other sites More sharing options...
irv Posted October 17, 2022 Share Posted October 17, 2022 (edited) Majority say the economy is Biden’s fault and it’s getting worse: Poll More than 70% of voters said Biden’s policies are responsible for the current state of the economy. A new CBS News poll shows Republicans are still favored to capture the House, with an estimated 224-seat majority. Democrats had been narrowing the gap, but that momentum has stalled. Only 15% of those polled said they believed the economy was getting better, while 65% said they felt the economy was getting worse, and 20% thought it was staying the same. The poll also showed Republicans will likely control the House come this November’s midterm elections with 224 seats compared to the Democrats' 211. Edited October 17, 2022 by irv Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted October 17, 2022 Share Posted October 17, 2022 (edited) 1 hour ago, irv said: And, just like that it has been removed. This is what the msm does not want the blind sheep to see/hear. In her own hometown where the support is supposed to be crushing. FJB. They actually tried to filter out the booes, just desperate. 81 million my ass. https://rumble.com/v1ofez3-eagles-crowd-boos-and-chants-fjoe-biden.html Edited October 17, 2022 by ArcticCrusher Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 17, 2022 Share Posted October 17, 2022 (edited) They’re trying to stop a crash of oil pricing. Natural gas is down a whopping 7% today. Oil is waaaay overvalued. Edited October 17, 2022 by spin_dry Quote Link to comment Share on other sites More sharing options...
racer254 Posted October 17, 2022 Share Posted October 17, 2022 18 minutes ago, spin_dry said: They’re trying to stop a crash of oil pricing. Natural gas is down a whopping 7% today. Oil is waaaay overvalued. Who is "they" and why would "they" care if oil prices go down a substantial amount? Quote Link to comment Share on other sites More sharing options...
Snake Posted October 17, 2022 Share Posted October 17, 2022 5 hours ago, ArcticCrusher said: When you get loudly booed at a game in your own hometown. 81 million my ass. 2 Quote Link to comment Share on other sites More sharing options...
spin_dry Posted October 17, 2022 Share Posted October 17, 2022 Just now, racer254 said: Who is "they" and why would "they" care if oil prices go down a substantial amount? “They” being OPEC. Oil prices should be between $60-70 at this point. Any reputable investment firm or bank understands this. OPEC can’t cut production enough to stop the drop. They’re in panic mode. If the recession deepens you’ll see $40. Quote Link to comment Share on other sites More sharing options...
Pete Posted October 17, 2022 Share Posted October 17, 2022 Bahahahaha… poor taco Jill. “ nobody fucks with a Biden” Quote Link to comment Share on other sites More sharing options...
jdsky Posted October 17, 2022 Share Posted October 17, 2022 Not sure why senile sniffy would even care that they booed her. She's far too old for him and I doubt he even knows she's his wife at this point in his dementia filled existence. Quote Link to comment Share on other sites More sharing options...
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