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Yep, that's irony I missed.

The one I was referring too, is while the entire world (-Russia) is trying to find a way to lower prices, the trustworthy US ally Saudi Arabia finds a way to drive prices up.

Who's in OPEC?

Founding members:
Saudi Arabia
Islamic Republic of Iran
Iraq
Kuwait
Venezuela

Full members:

Libya (1962)
The United Arab Emirates (1967)
Algeria (1969)
Nigeria (1971)
Angola (2007)
Equatorial Guinea (2017)
Congo (2018)

It's clear that that club is run by the founding members.

As you can see, no Scandinavian countries. And a few African countries that do produce oil are missing from that list. So is the USA, but I'm nearly certain the US doesn't export oil. Also, Canada isn't a member.
 
cyrano said:
Yep, that's irony I missed.

The one I was referring too, is while the entire world (-Russia) is trying to find a way to lower prices, the trustworthy US ally Saudi Arabia finds a way to drive prices up.

Who's in OPEC?

Founding members:
Saudi Arabia
Islamic Republic of Iran
Iraq
Kuwait
Venezuela

Full members:

Libya (1962)
The United Arab Emirates (1967)
Algeria (1969)
Nigeria (1971)
Angola (2007)
Equatorial Guinea (2017)
Congo (2018)

It's clear that that club is run by the founding members.

As you can see, no Scandinavian countries. And a few African countries that do produce oil are missing from that list. So is the USA, but I'm nearly certain the US doesn't export oil. Also, Canada isn't a member.
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Thanks for explaining OPEC to us....

The recent adjustment made by OPEC+ (which includes Russia) was reducing the symbolic 100,000 barrels a day added in Sept.

The world prices are influenced by marginal or swing producers. Saudi has the ability to ramp up/down oil more easily than most members. There have been suggestions that their capacity is limited. The US imports and exports oil but under exPresident Trump were became a net oil exporter and able to influence oil prices in the margin. That trajectory has been effectively reversed. (Good luck this winter).

Russia has revenue from oil exports coming out of its ears... They are negotiating with North Korea to buy rockets and artillery shells, they need for use guess where? Of course this is all sanctioned by UN but that doesn't seem to stop them.

JR

PS: I think Norway attended the OPEC+ meeting in 2020 but has since then become less friendly with Russia and friends, more friendly towards NATO.
 
cyrano said:
The one I was referring too, is while the entire world (-Russia) is trying to find a way to lower prices, the trustworthy US ally Saudi Arabia finds a way to drive prices up.
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No, the price is controlled by Biden: unbeknownst to many, he has a dial under his desk that he can turn to raise and lower oil prices. He raised them after taking office to make Trump look bad, and now he'll lower it back down just prior to the midterms!

I would hate to be the one that keeps that potentiometer working: a shot of contact cleaner followed by some DeOxit would be my recommendation, as even a little bit of scratchy DC through there can means billions lost or gained.
 
Matador said:
No, the price is controlled by Biden: unbeknownst to many, he has a dial under his desk that he can turn to raise and lower oil prices. He raised them after taking office to make Trump look bad, and now he'll lower it back down just prior to the midterms!

I would hate to be the one that keeps that potentiometer working: a shot of contact cleaner followed by some DeOxit would be my recommendation, as even a little bit of scratchy DC through there can means billions lost or gained.
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I recall during exPresident Obama's administration his energy secretary (Steven Chu) accidentally said out loud that he wanted higher energy prices ($7-$9 gasoline) to promote sales of energy efficient vehicles, et al. We aren't quite there yet but getting closer.

JR
 
Matador said:
No, the price is controlled by Biden: unbeknownst to many, he has a dial under his desk that he can turn to raise and lower oil prices. He raised them after taking office to make Trump look bad, and now he'll lower it back down just prior to the midterms!

I would hate to be the one that keeps that potentiometer working: a shot of contact cleaner followed by some DeOxit would be my recommendation, as even a little bit of scratchy DC through there can means billions lost or gained.
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No one with half a brain is saying POTUS directly controls oil & gas prices. His policies (and those of his party who also control the House) definitely can and do affect prices.
 
JohnRoberts said:
he was obviously trying to make a joke....

Lots of chum in the water, try to let this one go (even tho I didn't :rolleyes: ) .

JR
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No, he's trying to spin the reality (Biden policies do affect energy prices) with a straw man/ridiculous joke (Biden has a secret direct control of prices) that attempts to make his political opposition look like rubes. Reality is tough for some people to handle, especially when "their guy" is obviously damaging the country.
 
cyrano said:
There's no mention of Russia on the OPEC member page:

https://www.opec.org/opec_web/en/about_us/25.htm
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Thanks again for explaining to me :unsure:

wiki said:

OPEC+[edit]​

A number of non-OPEC member countries also participate in the organisation's initiatives such as voluntary supply cuts in order to further bind policy objectives between OPEC and non-OPEC members.[9] This loose grouping of countries, known as OPEC+, includes Azerbaijan, Bahrain, Brunei Darussalam, Kazakhstan, Malaysia, Mexico, Oman, Philippines, Russia, Sudan and South Sudan.[171]
Click to expand...

Global oil prices are mostly influenced by swing producers (like Saudis). For the last several years Russia has been trying to throw their energy weight around. From here it looks like they are having an impact. They are certainly banking a lot of oil revenue despite western sanctions.

JR
 
cyrano said:
As you know very well, Russia hasn't been part of this gang since 2020...
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Sorry no I do not know that. OPEC+ is an informal group (gang?) so I don't know how they join or quit.

oilprice said:
Russia is "a big, main and highly influential player in the world energy map," according to the new secretary-general of OPEC, Kuwaiti former oil executive, and OPEC governor Haitham al-Ghais.

Speaking to Kuwait newspaper Alrai in an interview quoted by Reuters, Al-Ghais also said that OPEC was not competing with Russia on the oil market and that Russia was vital for the success of the OPEC+ agreement.
Click to expand...

It is understandable that Russia may be busy at the moment, but they have signaled their opposition to the recent OPEC+ cut.

JR
 
@John

I figured you were following the oil market, as I seem to remember you owned some stock in oil companies. Note that my memory isn't to be trusted these days...

Russia looks like a very untrustworthy part of the OPEC+ gang to me.
 
cyrano said:
@John
Click to expand...
moi?
cyrano said:
I figured you were following the oil market, as I seem to remember you owned some stock in oil companies. Note that my memory isn't to be trusted these days...
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You are wise not to trust your memory. I do not own any oil drillers and haven't for years. I did close out a short term trade in BP years ago. I do hold a position in Enbridge (an oil and gas pipeline company) that pays a healthy dividend (6%) and is somewhat immune to oil price volatility.

I have been considering buying (but haven't) some oil company stock recently (I like Chevron and Exxon) because they are so out of favor with the climate change crowd, and I don't consider the climate crowd the smartest investors in the room. I haven't yet pulled the trigger for a few reasons. #1 I already have an established position in Berkshire Hathaway (Warren Buffett) and he (they) have accumulated a huge position in Occidental Petroleum. So I indirectly already own some Occidental. #2 ESG (woke) market influencers have discouraged owning oil stocks unless the oil companies #3 invest in climate mitigation and other unproductive uses of their corporate assets. And #4 I'm old, too old to make short term trades.

I follow the oil/energy industry because it is hugely important to the world economy and affects all of us.
cyrano said:
Russia looks like a very untrustworthy part of the OPEC+ gang to me.
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OPEC+ is a cartel so are by definition not good citizens of the world. Russia checks more than one bad world citizen box.

What does "untrustworthy" even mean in that context? Not trusted to act in accordance with the cartel's plans, or not trusted to do the right thing for the rest of the world? Russia seems highly motivated to fund their war effort with energy sales while the recent gas pipeline shutdowns to Europe appear contrary in the short term it is IMO mainly a negotiation to pressure Europe to be more accommodating to Russian aggression in Ukraine and elsewhere in the region.

JR
 
They want you dead.

The world is grappling with the worst energy crisis in generations however the U.N. has warned Europe a return to fossil fuels in response to soaring prices and winter shortages must not be considered under any circumstances.
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https://www.breitbart.com/europe/20...ot-return-to-fossil-fuels-over-energy-crisis/
https://www.zerohedge.com/political/climate-policy-much-greater-threat-climate-change
"You will freeze to death and you will be happy. Love; Klaus"

GettyImages-99276987-640x480.jpg
 
https://journals.scholarpublishing.org/index.php/ASSRJ/article/view/12935
pdf of above article:


Earth’s life support systems are breaking down, including the stratospheric ozone layer, which protects all higher life on the planet from deadly ultraviolet radiation. This breakdown is a direct result of human activities including the large-scale manipulation of processes that affect Earth’s climate, otherwise known as geoengineering. We present further evidence that coal fly ash, utilized in tropospheric aerosol geoengineering, is the primary cause of stratospheric ozone depletion, not chlorofluorocarbons, as “decreed” by the Montreal Protocol.
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A more familiar display of the United Nations’ sanctioned perversion of Earth’s natural environment is the near-daily, near-global jet-sprayed particulate pollution of the troposphere shown in Figure 2. Forensic scientific investigations demonstrate that the jet-sprayed material is consistent with coal fly ash, the toxic waste product of burning coal.
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Chemtrails_Figure_2.JPG


Geoengineering, including “solar radiation management,” falsely portrayed in the scientific literature as a future endeavor necessary to combat global warming, has been going on for decades with devastating results, including causing global warming. All of those who participate in systematically altering Earth’s natural environment [12, 13, 137-139], we allege, are complicit in the crime of Planetary Treason, the legal basis of which is every persons’ right to self-defense.
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So they spray coal fly ash (among other things) in the upper atmosphere and then blame coal, so-called "fossil fuels" and you.
The gullible and deluded masses - as evidenced by many of you here - blame themselves.
Its a scam folks and most of you believe it.

Those who scream "conspiracy theory" are too weak to face the truth - it's the easy and lazy way to end discussion and thought.
 
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I read another news item today saying the Saudis were contemplating more oil cuts to support sagging prices. Oil prices are falling in anticipation of global economic contraction. While they can try to redefine what recession means, the markets don't care what we call it.

JR
 

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