Voluntary Oil reduction by all major producers ..

[The SC]

https://twitter.com/x/status/1642552316074278912

Saudi Arabia announces a voluntary reduction in oil production by half a million barrels per day, starting in May..It ends at the end of 2023..

A source in the Saudi Ministry of Energy: The voluntary reduction came in coordination with countries from OPEC and outside..

A source in the Saudi Ministry of Energy: The voluntary reduction is a precautionary measure aimed at supporting the stability of the oil market..

A source in the Saudi Ministry of Energy: The voluntary reduction is in addition to the previously announced reduction..

The UAE Minister of Energy announces a voluntary reduction in oil production by 144,000 barrels per day..

The Kuwaiti Oil Minister announces a voluntary reduction in oil production by 128 thousand barrels per day..

Iraq announces a voluntary reduction in oil production by 211 thousand barrels per day..

Oman announces a voluntary reduction in oil production by 40,000 barrels per day..

@AlArabiya_Brk

Russia announces a voluntary reduction in oil production by 500,000 barrels per day until the end of 2023..
@AlArabiya_Brk

Algeria will make a voluntary reduction of 48,000 barrels per day, starting from May until the end of 2023, in coordination with some of the countries participating in the “OPEC +” agreement..
@El_Bilade


*** The total voluntary reduction is close to 1.6 million barrels per day..
One million and 649 thousand barrels per day reduced the production of OPEC Plus countries, from May to the end of the year!
@NaifAldandeni

This is a chart of Brent crude prices for the past six months to March 31

As long as the voluntary cut is from all major producers, it is an excellent cut and is in everyone's interest..
Since the decline in oil prices at the beginning of 2020 due to the Corona crisis and the global economic contraction as a result of it, and the decline in energy demand.. Especially after the outbreak of the war in Ukraine last year and the magnitude of the global shock that accompanied it at all levels; It is no longer easy to achieve balance in the international oil market without resorting to production control.. Either by increasing it or reducing it jointly between the most important exporters.. Reducing production would lead to a rise in oil prices, of course, and perhaps their stability after that, without exceeding $100 per barrel, and therefore it is not supposed to lead to a decline in demand for it..


This is the reaction of OPEC + against the Russian sanctions before it is too late, today Russia and tomorrow another country from OPEC if these sanctions succeed..

The price of Russian oil was capped at sixty dollars a barrel. The market began to decline gradually, but not as quickly as the Europeans expected. OPEC reacted against Western sanctions in order to reach the level of "buy the Oil at the market price .. or I might close my factories and economy!"..

This is a major shock to the global market, especially the European one. The result will be a revival of the price of oil, but in exchange for it, a greater inflation in Europe..


* Bloomberg says oil increases + $10


Reuters: A spokesman for the US National Security Council says he doesn't think the OPEC+ cuts make sense at this time given the uncertainty in the market..

https://twitter.com/x/status/1642590835018432512

White House:
We do not recommend OPEC+ cuts at the moment due to economic uncertainty..
@mog_Russ

The White House:
President Biden is committed to supporting Saudi Arabia..
@US_World1

 

[Communism]

Dumbasses on the forum calling for 40 dollar oil got rekt.


This makes it pretty obvious that OPEC+ is going to use Urals and ESPO as the benchmark to target.


Keeping Urals and ESPO above 60-65 dollars is now all that is required to dampen short cycle swing production from non-OPEC producers.


European Oil Embargo backfire now in effect.

 

[The SC]

https://twitter.com/x/status/1642715717568024577

 

[dbc]

https://twitter.com/x/status/1642715717568024577

wait for it...

 

[The SC]

https://twitter.com/x/status/1643287464155439105

 

[The SC]

https://twitter.com/x/status/1646607074745372689

 

[Muhammed45]

wait for it...

In short, USA is screwed.

It will be hard to compensate its economical consequences in USA. Looks like whenever you want to recover and save your economy, something bad happens.

The downturn in the US economy, will be unstoppable and ironically, this will cause decrease in oil price. As if nothing happened. OPEC+ is screwing you.

 

[S.Y.A]

In short, USA is screwed.

It will be hard to compensate its economical consequences in USA. Looks like whenever you want to recover and save your economy, something bad happens.

The downturn in the US economy, will be unstoppable and ironically, this will cause decrease in oil price. As if nothing happened. OPEC+ is screwing you.

this will seriously eff up underdeveloped countries like pakistan though.

 

[Muhammed45]

this will seriously eff up underdeveloped countries like pakistan though.

In short term it might annoy oil importing countries like Pakistan and also China but after US downturn and decrease in demand, it will return to normal prices.

I hope Pakistan is ready for this economic wave, China is the final winner of it.

 

[dbc]

In short, USA is screwed.

It will be hard to compensate its economical consequences in USA. Looks like whenever you want to recover and save your economy, something bad happens.

The downturn in the US economy, will be unstoppable and ironically, this will cause decrease in oil price. As if nothing happened. OPEC+ is screwing you.

lol Venezuela is back bro the OPEC cuts will be offset by Venezuela production. That is why I said wait for it...

 

[Azadkashmir]

dirty oily countries raising prices.

 

[Muhammed45]

lol Venezuela is back bro the OPEC cuts will be offset by Venezuela production. That is why I said wait for it...

Hahah lmao
So you are going to beg Venezuela? Tell me that was joke, after all, you are the first world lucky bastards. It is impossible for you to beg so called evil communists of Venezuela.

I hope the clueless liberals of Iran see this comment of yours, how you are going to beg the people that were previously introduced as evils in your media. Now they are saints who are going to save Americans' asses. Ohahahah @OldTwilight

 

[dbc]

Hahah lmao
So you are going to beg Venezuela? Tell me that was joke, after all, you are the first world lucky bastards. It is impossible for you to beg so called evil communists of Venezuela.

I hope the clueless liberals of Iran see this comment of yours, how you are going to beg the people that were previously introduced as evils in your media. Now they are saints who are going to save Americans' asses. Ohahahah @OldTwilight

it's already done, Venezuela oil is being shipped to the US as we speak.

Chevron to send over 100,000 bpd of Venezuelan oil to U.S. this month

U.S. oil producer Chevron Corp is on track to ship more than 100,000 barrels per day (bpd) of Venezuelan crude to the United States this month under a license from the U.S. Treasury Department, according to shipping documents and data seen by Reuters.

www.reuters.com

 

[Muhammed45]

it's already done, Venezuela oil is being shipped to the US as we speak.

Chevron to send over 100,000 bpd of Venezuelan oil to U.S. this month

U.S. oil producer Chevron Corp is on track to ship more than 100,000 barrels per day (bpd) of Venezuelan crude to the United States this month under a license from the U.S. Treasury Department, according to shipping documents and data seen by Reuters.

www.reuters.com

Thanks for confirming that.