Tag Archives: OPEC

10/6/22

Black Gold, Putler, And The Dark Prince

This week OPEC+ at its 33rd OPEC and non-OPEC Ministerial Meeting held in Vienna agreed to decrease crude oil production by 2,000,000 barrels a day which will have obvious implications — bad implications — for the rising price of oil, increasing inflation, and the global economy.

Taking 2,000,000 bbl/day out of the pipeline will:

 1. Dramatically increase oil prices to the $125 – 150/bbl range.

 2. Add another jolt to inflation worldwide, but in particular in the United States.

 3. Enrich Putler’s war machine. Continue reading →

03/8/20

Oil War

If you slept in on Daylight Savings Time, then you may have missed that we have another war erupting in the Middle East — Saudi Arabia (through the newly public Aramco which it controls) has lowered the price of its crude, while threatening to increase crude oil production by more than 2,300,000 barrels daily to a total of 12MM barrels per day.

This is a hissy fit on the heels of an unsuccessful OPEC + meeting (the plus being the addition of Russia) attempt to reduce production by 1.5MM barrels.

As always when this group meets, there was a lot of discussion, but no consensus.

Continue reading →