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Posts Tagged ‘fist bump’

NOPEC Bill Won’t Bring Oil Prices Down

Posted by M. C. on October 14, 2022

Tyler Durden's Photo

BY TYLER DURDEN

THURSDAY, OCT 13

Authored by James Durso via OilPrice.com,

“Nobody f*cks with a Biden,” said the U.S. president, and the oil ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC+) replied, “Hold my beer.”  OPEC+ then proceeded to approve production cuts of 2 million barrels per day,

https://www.zerohedge.com/geopolitical/nopec-bill-wont-bring-oil-prices-down

  • Washington responded angrily to OPEC+’s decision to cut output.
  • U.S. legislators have suggested the introduction of a bill called NOPEC in order to reduce OPEC’s power.
  • NOPEC could send oil prices higher and end the dominance of the petrodollar.

“Nobody f*cks with a Biden,” said the U.S. president, and the oil ministers of the member countries of the Organization of the Petroleum Exporting Countries (OPEC+) replied, “Hold my beer.”  OPEC+ then proceeded to approve production cuts of 2 million barrels per day, despite a full court press by the administration in the weeks leading up to the decision, and raised the price of oil for the U.S., lowered it for Europe, and left it unchanged for Asia. According to National Security Advisor Jake Sullivan, “the President is disappointed by the shortsighted decision by OPEC+ to cut production quotas” and “the Biden Administration will also consult with Congress on additional tools and authorities to reduce OPEC+’s control over energy prices,” neglecting to mention that Biden administration decisions to cancel the Keystone XL pipeline and to stop issuing new oil and gas leases on public lands gave OPEC+ the upper hand. 

Apparently, a fist bump only gets you so far. 

There followed a lot of “how dare they!” by the great and good, but OPEC+ was having none of it. The day before the announcement, the Saudi energy minister dressed down a Reuters reporter for shoddy work by his colleague who claimed that Russia and Saudi Arabia (the Kingdom) conspired to price oil at $100 per barrel, and later explained OPEC+ was being proactive as the West is attacking inflation with higher interest rates which, in turn, may cause a recession and drive down oil demand (and price). Amin Nasser, Saudi Aramco’s chief executive officer, explained that the leading cause of today’s energy crisis is years of underinvestment in oil and gas production and that the situation will be worse when the global economy rebounds from the current slowdown. 

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OPEC Humiliates President Biden On A Global Stage

Posted by M. C. on October 7, 2022

We shouldn’t too surprised, the House of Saud financed 9/11, have hated US for decades and US “government” and the lapdog media believes them to be friends.

“It is our true policy to steer clear of permanent alliance with any portion of the foreign world.”

FAREWELL ADDRESS TO THE PEOPLE OF THE UNITED STATES | MONDAY, SEPTEMBER 19, 1796

Tyler Durden's Photo

BY TYLER DURDEN

https://www.zerohedge.com/markets/opec-humiliates-president-biden-global-stage

Submitted by QTR’s Fringe Finance

Today, you get a two-fer. Since my dear friend Kenny Polcari has released new thoughts on the OPEC debacle – and since that was also the topic of my latest podcast, published yesterday, which you can listen to here – I am bringing you both his thoughts and mine, together.

In short, yesterday OPEC humiliated President Biden on a global stage by cutting oil production after he specifically lobbied them not to. There’s no “nice” way of putting it – they straight-up snubbed the U.S. and have now, in my opinion, made it officially clear that they 1) are not our friends, 2) do not care what we want, 3) do not take us seriously and 4) are not here to help us and/or Biden get re-elected by lowering prices.

To use Biden’s parlance, Let me tell you something, Jack – we’re not in bed with the Saudis anymore. They are more allied with China and Russia than they have ever been, at arguably the most crucial moment in recent history for our global economy.”

As I pointed out last night on my podcast, there was nothing quite like the “fist bump heard round the world” a couple months ago when President Biden – who spends his time here domestically fighting for “equality” and human rights – decided to embrace the Saudis, and their track record of disapproving of gay rights, murdering journalists and multiple other human rights violations – instead of simply ramping up domestic oil production here in the U.S.

Biden probably went into the meeting he had with MBS months ago thinking we had some type of leverage, like we have had decades ago. The sad reality is that we simply don’t anymore: the Saudis have the oil, they have gold, and now they have allies just as big and powerful as the U.S. when combined. And those allies provide financial and military support at a crucial juncture for geopolitics.

Meanwhile, our President remains tone deaf and while his supporters remain immune to what can only be described as blatantly obvious double standards.

While the left hand, Biden was vilifying Exxon and Chevron here in the U.S., basically encouraging them to not bring more supply online, whilst blaming “gas station owners” and other people who don’t set the price of refined fuels.

With the right hand, he was fist bumping a man who publicly disapproves of gay rights and ordered the murder of a critical journalist, in order to try and get him to unleash more oil on the global stage.

Analysis: 'Slap in the face': Biden's fist bump with MBS fails to move the  OPEC needle significantly | CNN Business

And instead of him taking us seriously, he did the exact opposite of what Biden wanted yesterday – cut oil production, raising prices – and humiliated Biden on the global stage.

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