Gas Prices Surge After Saudi Arabia Announces Another Production Cut

Gas Prices Surge After Saudi Arabia Announces Another Production Cut
Spread the love

The group of major oil-producing countries known as OPEC Plus agreed on Sunday to embark on a complex effort to adjust production as it aimed to halt the recent slide in oil prices, including an additional cut in output of one million barrels a day by Saudi Arabia.

The Saudi cut would be for one month beginning in July, but could be extended.

The group, which includes Russia and its allies, was under pressure to produce a deal to reverse the pessimism that has dominated the oil market in recent weeks. Despite two substantial output cuts since October, the price of oil has drifted about 15 percent lower over the past seven months.

The agreement, the result of lengthy negotiations on Saturday and Sunday, reworks the output quotas of several countries, with the United Arab Emirates gaining and some others losing production levels. “This is definitely not a clean and simple deal,” said Richard Bronze, head of geopolitics at Energy Aspects, a research firm.

The agreement includes a voluntary cut of 500,000 barrels a day that Moscow announced in February

Comments at the news conference after the meeting revealed skepticism that Russia was abiding by those lower production levels. High Russian production levels, and its increased share of Asian markets including India, often at the expense of Middle East oil producers, have become a sensitive issue in the group.

Some of the data “from Russia just does not add up,” said Suhail al Mazrouei, the oil minister of the United Arab Emirates. He said Russian officials “are reaching out to explain the numbers.”

OPEC Plus, in a statement, said that it was acting “to achieve and sustain a stable oil market,” and that it was continuing its recent approach of being “proactive, and pre-emptive.”

As far as the markets are concerned, the key feature of the agreement is the additional production cut by Saudi Arabia, which would bring its daily output to about nine million barrels a day. The Saudi oil minister, Prince Abdulaziz bin Salman, called the move “the Saudi lollipop” while announcing it during the news conference.

After suggesting that cuts were in the offing before the meeting, Prince Abdulaziz wound up being the only official to agree to take an immediate hit.

He may have won some long-term concessions. With this agreement, OPEC Plus is trying to address longstanding discrepancies that have made some of the group’s production decisions almost incomprehensible. For instance, some oil producing countries including Nigeria and Angola have for yearsnot been able to meet their targets because of insufficient investment and other issues. They are taking hits to their quotas, starting in 2024.

Share This Post

344 Responses to "Gas Prices Surge After Saudi Arabia Announces Another Production Cut"

  1. I’m impressed, I must say. Rarely do I come across a blog that’s equally educative and entertaining, and let me tell you, you’ve hit the nail on the head. The issue is something which not enough people are speaking intelligently about. Now i’m very happy that I found this during my hunt for something regarding this.

    Reply
  2. After I originally commented I appear to have clicked on the -Notify me when new comments are added- checkbox and from now on each time a comment is added I recieve four emails with the same comment. Perhaps there is a means you are able to remove me from that service? Thanks a lot.

    Reply
  3. A fascinating discussion is definitely worth comment. I believe that you should publish more about this topic, it might not be a taboo subject but generally folks don’t discuss such subjects. To the next! Kind regards.

    Reply
  4. Can I just say what a relief to find an individual who really knows what they are talking about on the internet. You certainly understand how to bring an issue to light and make it important. More people must look at this and understand this side of the story. I can’t believe you are not more popular given that you definitely have the gift.

    Reply
  5. sex nhật hiếp dâm trẻ em ấu dâm buôn bán vũ khí ma túy bán súng sextoy chơi đĩ sex bạo lực sex học đường tội phạm tình dục chơi les đĩ đực người mẫu bán dâm

    Reply
  6. May I just say what a relief to discover someone who truly knows what they’re talking about over the internet. You actually understand how to bring an issue to light and make it important. More and more people must look at this and understand this side of your story. I was surprised that you aren’t more popular given that you definitely possess the gift.

    Reply
  7. Can I simply say what a relief to discover someone who actually understands what they are talking about over the internet. You actually know how to bring a problem to light and make it important. More people really need to look at this and understand this side of your story. I was surprised you’re not more popular because you surely have the gift.

    Reply
  8. I’m impressed, I have to admit. Rarely do I come across a blog that’s equally educative and amusing, and let me tell you, you have hit the nail on the head. The problem is something not enough people are speaking intelligently about. I am very happy that I came across this in my hunt for something regarding this.

    Reply
  9. An intriguing discussion is worth comment. I believe that you ought to publish more about this topic, it may not be a taboo subject but generally people do not speak about these issues. To the next! All the best.

    Reply
  10. After exploring a number of the blog posts on your site, I seriously appreciate your technique of writing a blog. I added it to my bookmark site list and will be checking back soon. Take a look at my web site too and let me know what you think.

    Reply
  11. The very next time I read a blog, Hopefully it won’t disappoint me as much as this one. After all, Yes, it was my choice to read, but I really believed you would probably have something helpful to say. All I hear is a bunch of whining about something that you can fix if you weren’t too busy seeking attention.

    Reply
  12. An interesting discussion is worth comment. I think that you need to publish more on this subject matter, it may not be a taboo subject but typically folks don’t speak about such issues. To the next! Cheers.

    Reply
  13. When I initially commented I seem to have clicked on the -Notify me when new comments are added- checkbox and now whenever a comment is added I get four emails with the exact same comment. Perhaps there is a means you are able to remove me from that service? Thank you.

    Reply
  14. I was excited to discover this web site. I wanted to thank you for your time for this particularly fantastic read!! I definitely enjoyed every part of it and I have you saved to fav to see new stuff on your blog.

    Reply
  15. An interesting discussion is worth comment. I do think that you need to write more about this subject, it may not be a taboo matter but typically people don’t discuss such subjects. To the next! Cheers!

    Reply
  16. sex nhật hiếp dâm trẻ em ấu dâm buôn bán vũ khí ma túy bán súng sextoy chơi đĩ sex bạo lực sex học đường tội phạm tình dục chơi les đĩ đực người mẫu bán dâm

    Reply
  17. May I simply say what a relief to find someone who truly understands what they are discussing on the internet. You definitely realize how to bring a problem to light and make it important. More and more people should check this out and understand this side of the story. I can’t believe you are not more popular given that you certainly have the gift.

    Reply
  18. After I initially commented I seem to have clicked the -Notify me when new comments are added- checkbox and now every time a comment is added I get four emails with the exact same comment. There has to be a means you can remove me from that service? Many thanks.

    Reply
  19. A motivating discussion is definitely worth comment. I believe that you ought to write more on this topic, it might not be a taboo subject but usually folks don’t discuss these subjects. To the next! All the best.

    Reply
  20. I must thank you for the efforts you’ve put in penning this blog. I’m hoping to see the same high-grade content from you later on as well. In fact, your creative writing abilities has motivated me to get my own, personal blog now 😉

    Reply
  21. When I initially left a comment I appear to have clicked the -Notify me when new comments are added- checkbox and from now on every time a comment is added I get 4 emails with the exact same comment. There has to be a way you are able to remove me from that service? Cheers.

    Reply
  22. Can I simply just say what a relief to discover somebody who genuinely understands what they are discussing online. You definitely realize how to bring an issue to light and make it important. A lot more people need to look at this and understand this side of your story. It’s surprising you’re not more popular given that you most certainly possess the gift.

    Reply
  23. I’m impressed, I have to admit. Rarely do I come across a blog that’s both equally educative and amusing, and without a doubt, you’ve hit the nail on the head. The issue is something which too few folks are speaking intelligently about. I’m very happy I found this during my hunt for something regarding this.

    Reply
  24. The very next time I read a blog, I hope that it does not disappoint me just as much as this particular one. I mean, Yes, it was my choice to read through, nonetheless I actually believed you would probably have something helpful to say. All I hear is a bunch of whining about something you could possibly fix if you weren’t too busy looking for attention.

    Reply
  25. Oh my goodness! Incredible article dude! Thank you so much, However I am experiencing troubles with your RSS. I don’t know the reason why I can’t subscribe to it. Is there anyone else getting identical RSS problems? Anybody who knows the answer can you kindly respond? Thanks.

    Reply
  26. I’m very happy to discover this website. I wanted to thank you for your time for this wonderful read!! I definitely loved every bit of it and I have you saved to fav to see new stuff on your website.

    Reply
  27. sex nhật hiếp dâm trẻ em ấu dâm buôn bán vũ khí ma túy bán súng sextoy chơi đĩ sex bạo lực sex học đường tội phạm tình dục chơi les đĩ đực người mẫu bán dâm

    Reply
  28. Can I simply say what a comfort to uncover somebody who really knows what they are talking about over the internet. You certainly realize how to bring a problem to light and make it important. A lot more people need to look at this and understand this side of your story. I can’t believe you’re not more popular given that you surely possess the gift.

    Reply
  29. Hello, I think your blog might be having internet browser compatibility problems. Whenever I take a look at your website in Safari, it looks fine however, when opening in Internet Explorer, it has some overlapping issues. I just wanted to give you a quick heads up! Apart from that, excellent website.

    Reply
  30. sex nhật hiếp dâm trẻ em ấu dâm buôn bán vũ khí ma túy bán súng sextoy chơi đĩ sex bạo lực sex học đường tội phạm tình dục chơi les đĩ đực người mẫu bán dâm

    Reply
  31. After I initially left a comment I seem to have clicked on the -Notify me when new comments are added- checkbox and from now on every time a comment is added I receive four emails with the same comment. There has to be a means you are able to remove me from that service? Thank you.

    Reply
  32. You are so awesome! I don’t suppose I have read something like this before. So good to discover someone with some genuine thoughts on this subject matter. Really.. many thanks for starting this up. This site is one thing that’s needed on the internet, someone with some originality.

    Reply
  33. Can I simply just say what a relief to uncover somebody who truly understands what they are discussing on the net. You definitely understand how to bring a problem to light and make it important. More and more people need to look at this and understand this side of your story. I can’t believe you’re not more popular because you surely have the gift.

    Reply
  34. Hello there! This article couldn’t be written much better! Reading through this article reminds me of my previous roommate! He always kept talking about this. I’ll forward this post to him. Pretty sure he’s going to have a good read. I appreciate you for sharing!

    Reply
  35. After looking at a handful of the blog articles on your website, I seriously like your technique of writing a blog. I added it to my bookmark webpage list and will be checking back in the near future. Take a look at my web site too and let me know what you think.

    Reply
  36. Hmm it looks like your website ate my first comment (it was super long) so I guess I’ll just sum it up what I wrote and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog writer but I’m still new to everything. Do you have any points for first-time blog writers? I’d definitely appreciate it.

    Reply
  37. Hello, I do believe your site could be having browser compatibility problems. Whenever I look at your blog in Safari, it looks fine however when opening in IE, it’s got some overlapping issues. I merely wanted to give you a quick heads up! Besides that, great blog!

    Reply
  38. Next time I read a blog, I hope that it won’t fail me as much as this particular one. After all, Yes, it was my choice to read through, however I actually believed you would have something interesting to say. All I hear is a bunch of crying about something that you can fix if you weren’t too busy seeking attention.

    Reply
  39. An interesting discussion is definitely worth comment. I think that you ought to write more on this subject matter, it might not be a taboo matter but typically folks don’t discuss such topics. To the next! Many thanks.

    Reply
  40. I blog quite often and I seriously appreciate your information. The article has really peaked my interest. I will book mark your blog and keep checking for new details about once per week. I opted in for your Feed as well.

    Reply
  41. This is the perfect site for everyone who would like to understand this topic. You understand so much its almost tough to argue with you (not that I actually will need to…HaHa). You definitely put a new spin on a subject which has been discussed for decades. Wonderful stuff, just excellent.

    Reply
  42. I blog often and I seriously appreciate your content. The article has truly peaked my interest. I will bookmark your blog and keep checking for new details about once per week. I opted in for your RSS feed as well.

    Reply
  43. Nice post. I learn something totally new and challenging on sites I stumbleupon on a daily basis. It’s always interesting to read through articles from other writers and practice a little something from other sites.

    Reply
  44. Nice post. I learn something totally new and challenging on sites I stumbleupon on a daily basis. It will always be helpful to read through articles from other writers and use something from other sites.

    Reply
  45. Nice post. I learn something new and challenging on blogs I stumbleupon every day. It will always be useful to read through content from other writers and use a little something from other sites.

    Reply
  46. Right here is the perfect site for anyone who would like to find out about this topic. You understand a whole lot its almost tough to argue with you (not that I personally would want to…HaHa). You definitely put a fresh spin on a topic that has been written about for ages. Excellent stuff, just great.

    Reply
  47. I’m impressed, I have to admit. Rarely do I encounter a blog that’s both educative and entertaining, and without a doubt, you’ve hit the nail on the head. The problem is something that not enough men and women are speaking intelligently about. I am very happy I stumbled across this in my search for something concerning this.

    Reply
  48. The very next time I read a blog, I hope that it does not fail me just as much as this one. I mean, Yes, it was my choice to read, nonetheless I truly thought you would have something useful to say. All I hear is a bunch of whining about something that you can fix if you were not too busy searching for attention.

    Reply
  49. When I originally commented I seem to have clicked the -Notify me when new comments are added- checkbox and from now on whenever a comment is added I receive four emails with the exact same comment. There has to be a way you can remove me from that service? Thanks a lot.

    Reply
  50. Oh my goodness! Impressive article dude! Thank you, However I am going through problems with your RSS. I don’t understand why I cannot subscribe to it. Is there anybody else having similar RSS issues? Anybody who knows the answer can you kindly respond? Thanx!

    Reply

Post Comment