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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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<blockquote data-quote="bacha29" data-source="post: 5420092" data-attributes="member: 58386"><p>Notice 2 things in your comments.....1940. It's now 2022 and an entirely new GLOBAL energy environment....Secondly, You mentioned all of these countries. Well hello! These are sovereign nations and increasingly powerful players in that new GLOBAL energy environment . It's THEIR OIL and they will use it to further their own interests and they are not going to give a flying face fornication about what the West thinks about it. Just as Big Oil has taken an entirely new approach designed to protect it's bottom line and the EIA numbers confirm it oil rich nations are doing the same thing. </p><p></p><p>The only thing that might help us in the near term is the fact that OPEC collectively is running about 3.5 MPD BELOW is total quota. Only Kuwait and Saudi Arabia are above their respective quotas. But the Russians have succeeded in getting OPEC as a whole to cut production at a time when the EU is suffering from no Russian energy which accounted for 70% of their energy needs and the US short on oil and may have to help keep the EU from freezing to death this winter. Fortunately, the EU is saying that they have enough natural gas on hand for this winter but is still trying to reach agreement on an equitable distribution formula.</p><p></p><p>Putin is clearly trying to back the West into an energy bind in order to get a Ukraine War settlement that is entirely on his terms.</p></blockquote><p></p>
[QUOTE="bacha29, post: 5420092, member: 58386"] Notice 2 things in your comments.....1940. It's now 2022 and an entirely new GLOBAL energy environment....Secondly, You mentioned all of these countries. Well hello! These are sovereign nations and increasingly powerful players in that new GLOBAL energy environment . It's THEIR OIL and they will use it to further their own interests and they are not going to give a flying face fornication about what the West thinks about it. Just as Big Oil has taken an entirely new approach designed to protect it's bottom line and the EIA numbers confirm it oil rich nations are doing the same thing. The only thing that might help us in the near term is the fact that OPEC collectively is running about 3.5 MPD BELOW is total quota. Only Kuwait and Saudi Arabia are above their respective quotas. But the Russians have succeeded in getting OPEC as a whole to cut production at a time when the EU is suffering from no Russian energy which accounted for 70% of their energy needs and the US short on oil and may have to help keep the EU from freezing to death this winter. Fortunately, the EU is saying that they have enough natural gas on hand for this winter but is still trying to reach agreement on an equitable distribution formula. Putin is clearly trying to back the West into an energy bind in order to get a Ukraine War settlement that is entirely on his terms. [/QUOTE]
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BIDEN BLOWS UP OIL PRICES BY CANCELLING DRILLING IN U.S. NOW BEGS OPEC
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