Saudis cut oil production again after testy OPEC+ meeting

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Saudi Arabia has announced a significant reduction in oil production after a tense meeting between the Organization of the Petroleum Exporting Countries (OPEC) and its Russia-related satellites on Sunday.

The Kingdom of Saudi Arabia revealed plans to cut its oil output by 1 million barrels per day for the month of July.

The new reduction is in addition to an existing cut, which will now be extended until the end of 2024. The United Arab Emirates and several other major producers also agreed to extend their production cuts.

OPEC and its Russia-led allies, some 23 nations known as OPEC+, will maintain current production targets until the end of the year. Each member of the cartel has a certain production quota.

OPEC+ has a significant share of the world’s oil output and by cutting production, will boost crude oil prices, unless a sagging world economy lowers demand. Riyadh, however, has shown frustration with Russia, which hasn’t kept its end of the bargain to reduce oil production. Russia disputes that characterization.

Experts believe that the production cut by Saudi Arabia, the world’s largest oil exporter, will have a notable impact on global oil prices, at least in the short term. But the kingdom has been losing market share in the Asia, and its current 500,000 barrel-per-day cuts failed to have an effect on oil prices.

39 COMMENTS

  1. Bookmark this story so that when everyone blames Biden for the higher eventual gas prices, you can pull up this article to prove it was actually the Saudi’s fault.

    It wasn’t Biden. It wasn’t the radical leftist extremists, it wasn’t the Democrats. It wasn’t the woke. It was the Saudis.

    • Correct and they’ve done it every time despite Biden going to Saudi Arabia to beg for cheaper oil. You know who got them to open up the spigots? Trump. Deal with it. Here’s your bookmark!

      ‘https://www.reuters.com/article/us-saudi-crude-output/saudi-arabia-pumps-record-amount-of-oil-as-trump-piles-on-pressure-idUSKCN1NV12L

        • And your point? Most world leaders openly laugh at Biden and wonder what’s wrong with him.

          Getting your troll on today, it seems.

          • My point is that MBS, along with most other World leaders snicker at Trump behind his back because he’s a joke, albeit a dangerous one.

    • You honestly believe that it’s all OPECs fault?
      You must have forgotten that on day 3 when Biden became president he signed executive orders to hault drilling on federal land along with the ocean.
      You must have mistakenly forgot about all the ridiculous mandates and policies the Biden administration put on all the oil companies permits.
      Then blaming oil companies for not drilling.
      Why would oil companies spend billions on exploration and drilling all while this administration is signing bills to eliminate fossil fuels by pushing EV’s
      This administration is making other countries that want to destroy us richer by the minute because people are still going to drive gasoline powered vehicles. It’s more economic. Much more safer for the environment.

      Just sad how people forget about all this.

      I would post links but I’m tired of doing peoples homework.

      • He didn’t forget. It’s an inconvenient fact he appears to choose to ignore.

        A fact wildly inconvenient to the point he’s hoping to make.

    • It was the idiot Biden who turned us from a leading oil exporter and energy independent to oil importer.

      This is exactly on him, and only the most myopic partisan doesn’t see it.

      But the purpose here wasn’t to defend Biden, was it?

      • Here is the US oil production data (average MBOPD) from the BP Statistical Review of Energy for the years 2016-2021, the approximate duration of the Trump Presidency (if you can call it that):

        Production: 12354, 13140, 15310, 17114, 16458, 16585
        Consumption 18593, 18845, 19417, 19424, 17183, 18684

        The US oil production never exceeded its consumption during this period. Your assertion is incorrect, sorry.

        • So you’re attempting to claim Biden didn’t shut down the oil industry?

          And by anyone’s standards except yours we weren’t energy self sufficient and exporting to other countries?

          I’m sorry, but you are delusional. And trolling.

          • No, you stated that the US went from a leading oil exporter and energy independent to an oil importer. That is factually incorrect. No trolling, just facts.

            You do still believe in facts in Alaska, don’t you?

    • Just for giggles:

      Exactly how did the Saudis force us to stop energy production, send our strategic reserves to China, and block lands from development?

      I’m curious how you spin this? Are the Saudis secretly manipulating the world from a Bond villain hidden location?

      More, Biden loathes the Saudis and had driven them into China and Iran’s orbit.

      So how did a 3rd world nation run by religious zealots force a world power the cut its own energy throat?

      Inquiring minds want to know.

      • Masked your shoot down of the dog is perfect. Dog does not know much because of his education. He could not survive in a normal world. I bet he uses fossil fuels.

    • I’m sure that shutting down all oil and natural gas permitting on federal lands (other than NM) has nothing to do with higher gas prices. (/sar). Cheers –

    • This is all on Brandon!

      One of the first things he did as President was to condemn Saudi Arabia’s leader for killing the spy (oops, I forgot, we’re supposed to say “journalist”) Adnan Khashoggi. Then, after the Saudis retaliated by cutting production, he pitifully crawled into Riyadh begging them to send us more oil.

      Who can blame the Saudis for turning towards Russia, China, and India?

    • Bookmark the stories of the Biden Administration putting its boot on the neck of oil production. The only reason Saudi Arabia matters is because Biden has made it matter. We WERE energy independent before the clown car showed up and is running the country into the ground.

    • When the US started fracking in S. Dakota we became self sufficient and started taking market share from the Saudis. The Saudis promptly flooded the market to bring prices of sweet, light crude down to make it unfeasable to frack. Biden did the opposite on day 1. Gave the market back to the Saudis and here we are.

    • Fact is if America was producing at full production we would not need any foreign oil. As it is Biden has our energy sector in a strangle hold. As is the mining industry which produces metals to build electric cars solar panels and wind mills. Biden could give a shit about America. He is a life long bureaucrat from hell. Completely unqualified to hold any office but hay Whidbey keep supporting him you can find him laying face down on a stage somewhere near you.

  2. So thank heaven Biden has used this opportunity to fill the SPR while prices were lower. Heh, heh. Just a joke people. A particularly cruel one.

    • Lmao. Its going to be so bad this winter the greenies will beg for Flint Hills to get reactivated.

  3. So they’re going to hold us hostage again huh? i just don’t understand how our government cant see this yet lock up oil in America. Making countries rich that want to destroy what America stands for, freedom. But then again, they need the money to buy bombs from us so they can take over their neighbors. War,,,,its good for the economy, huh….

  4. Now might be a time to “swing trade” Oil ETF’s … OILU, GUSH, or PSCE.
    SJT (25% – Divvy) and KRP (12% -Divvy) … Nice dividend plays too.

  5. When the ultimate goal of the zealots that run Biden is a depopulation of the peasant class (us) to manageable levels, this is a logical step.

    Make us unable to affordability heat our homes, cook food, and travel from one destination to another.

    It’s nothing new, it’s a staple of any fascist system since the dawn of time.

    • Honestly, TMA, you’re getting as bad as Jefferson. Life is good. Chill a little.

      Oh, and get away from that keyboard. You’re spending far too much time on it!

  6. Lets be clear about OPEC. This group engages in price fixing, which they would not be able to do under US law. But since they are not under US jurisdiction, they are not concerned about breaking US law.

    Here’s where Biden is failing us. First, we have to assume he wants lower oil prices. (Not likely.) He has levers to pull to persuade members of OPEC to increase production. He can authorize the sale of high end military equipment to Saudi Arabia, for example. Or, he use utilize the CIA, NSA, DIA, etc. to persuade certain key members to increase production. No need to get too specific here…

    Long story short Biden is doing everything he can to damage America, He is corrupt, and the millions paid to him and his family proves it.

  7. 1970’s all over again. Thanks for draining the SPR and cancelling pipelines and American drilling.
    We used to be energy independent and now we have a fool begging Saudi to give us oil. Maybe more windfarms and hydro in the deserts? I remember when a family could live on 1 income, and now we have to have both parents working sometimes 2-3 jobs. What a decay of the American dream and society. Left or right doesn’t matter- we can all agree this idiot in the Whitehouse has got to go.

    • We can all agree but until we get voting reform, Biden will stay in office for a second term.

    • A quick review of the BP Statistical Review of Energy indicates that the US never produced more oil than it consumed for the years 1965-2021. Look for yourself.

      ‘https://www.bp.com/content/dam/bp/business-sites/en/global/corporate/xlsx/energy-economics/statistical-review/bp-stats-review-2022-all-data.xlsx

      Your assertion is incorrect.

  8. You never know. Maybe the FBI/DOJ will install a different fool that can walk on his own for the 2024 Selection. Can you even imagine what clown they would put out front if the old clown croaks???

  9. Pleasantly, President Trump filled the oil reserves. What has this administration done for the British.

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