Brians356
Silver $$ Contributor
... and Brandon is throwing toys in the nursery.
The speculation earlier this week was that OPEC+ was going to cut oil output by 1 million barrels a day, and the Biden White House was described as being in “a panic” about this prospective move, because gasoline prices are starting to soar again just in time to help tip the midterm election further in favor of Republicans.
From CNN:
The Biden administration launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter. . .
On Wednesday morning, OPEC+ oil ministers meeting in Vienna agreed to an even larger production cut than the White House had feared — 2 million barrels per day, beginning in November, according to a readout of the meeting released on Wednesday. The ministers said the cuts were necessary “in light of the uncertainty that surrounds the global economic and oil market outlooks.” . . .
Some of the draft talking points circulated by the White House to the Treasury Department on Monday that were obtained by CNN framed the prospect of a production cut as a “total disaster” and warned that it could be taken as a “hostile act.”
The White House is “having a spasm and panicking,” another US official said, describing this latest administration effort as “taking the gloves off.”
If OPEC officials are shaking in their boots, it must be from laughter.
Gasoline price change on the Left Coast in the past five days:
Before:_____________________________________-->After:
-
The speculation earlier this week was that OPEC+ was going to cut oil output by 1 million barrels a day, and the Biden White House was described as being in “a panic” about this prospective move, because gasoline prices are starting to soar again just in time to help tip the midterm election further in favor of Republicans.
From CNN:
The Biden administration launched a full-scale pressure campaign in a last-ditch effort to dissuade Middle Eastern allies from dramatically cutting oil production, according to multiple sources familiar with the matter. . .
On Wednesday morning, OPEC+ oil ministers meeting in Vienna agreed to an even larger production cut than the White House had feared — 2 million barrels per day, beginning in November, according to a readout of the meeting released on Wednesday. The ministers said the cuts were necessary “in light of the uncertainty that surrounds the global economic and oil market outlooks.” . . .
Some of the draft talking points circulated by the White House to the Treasury Department on Monday that were obtained by CNN framed the prospect of a production cut as a “total disaster” and warned that it could be taken as a “hostile act.”
The White House is “having a spasm and panicking,” another US official said, describing this latest administration effort as “taking the gloves off.”
If OPEC officials are shaking in their boots, it must be from laughter.
Gasoline price change on the Left Coast in the past five days:
Before:_____________________________________-->After:
-
