Why are Saudi Arabia & Russia still cutting oil production? | Inside Story
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- Опубликовано: 8 сен 2023
- The price of oil affects nearly everyone in terms of living costs and how much we pay for things like food and basic goods.
That's why the decision by Saudi Arabia and Russia to keep in place oil production cuts is being felt globally.
Both nations have their own domestic reasons for their decisions.
But how much are geopolitics influencing Moscow and Riyadh's oil policy?
Or is it simply economics and business?
Presenter: Laura Kyle
Guests:
Cornelia Meyer - CEO, Meyer Resources consultancy.
Chris Weafer - CEO, Macro-Advisory strategic business firm.
Andrew Lipow - President, Lipow Oil Associates
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#AlJazeeraEnglish #SaudiArabia #Russia #oilproduction #cuttingoilproduction
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America: "How dare you cut production"
Russia / The Kingdom: "We're helping to stop Global Warming".
Wow, Stop Oil protesters would be happy then cry about high food prices
@@vervetech9395 insect one of good food option for them so they can support WEF's idea come true.
😂
Trump 2024
Thieves actually and all they do is steal and take and never give back
I have nothing against any country but Americans should give up their habit of driving giant SUVs and expecting other nations to lower prices for them, why? Drill your own oil or start driving small cars and walk or bike more.
Saudi Arabia wants America to give it a NATO style deal to protect it from invasions from Iran. But so far President Biden's foreign policy is to pull as much of American forces our of the Middle East just like he did in Afghanistan. So Saudi Arabia and Iran will have at it.
Usa already the largest producer of oil. Texas is going to benefit from saudi oil cut.
That’s a lie. I watch videos. You all drive big cars. They have big family’s. Lie after lie
@@cincoy3679 what's a lie? If you want to drive big SUVs, that's your choice, but don't expect others to lower oil price for you.
If they want to sell less oil, that's their choice, they never asked you why you buy big gas guzzler SUV?
I drive a big SUV and I quietly pay the price for whatever price it is, I can always buy a smaller car, I don't blame Saudis or Shell.
@@cincoy3679 they don’t have big families
"What's behind this move?" How about economic interest of *sovereign* countries of Saudi Arabia and Russia? The US behaves like basically no one but them can have such interests.
Its not even surprising to me considering the EU decided to put a price cap of $60 on Russian oil. They think all other countries don't have their interests but only should serve the West.
not correct. everyone behaves same way of course, according to their own interests. us does what everyone would do. no one acts on compassionate terms in the oil market, but influence and subsequent considerations and pressure may be exercised.only that, as you' ve just heard, the US cannot do much here
@@elenabistiu well how about blowing the Nord Stream Pipeline?
howaboutism is full of these non- assumptions.
it's about geo- strategic interests too and Europe must go along with its needs ( interests) of security and defense.
@@elenabistiu well howaboutism wouldn't be a bad thing when you don't accuse others of exactly what you are doing....
It's their oil, they can do whatever they want with it.... why do you people have greedy eyes on other people's wealth? No one is stopping the US and Europe from drilling more oil, so get busy.
We already have all the oil and natural gas that we need.
So Al-Jazeera receives it's talking points from the CIA too. Russia & Saudi's action could be a preparation for possible downturn in China? Lol, how about it was actually in conjunction with China & it was all an insurance from the repercussions of the crumbling of the declining West HAHAHA
@@Madame702why crying
@@ronmark8007 Well I don't know about you but with NAFTA America, Canada,, and Mexico is now 1/3 of the entire world economy. Where as Russia economy was the size of the US State of Florida. But now Russia economy has been reduced by 48% percent.
@@ronmark8007 Your a mouse trying to walk in the footsteps of Lion. LOL hahahahahahaha 😊
The oil belongs to Russia and Saudi Arabia. Why America should be upset with the cut in production?
To stop russian massacre of Ukraine by hurting russian economy.
Oil belongs to the earth and because of natural creation oil producing countries have built their empire otherwise they would have been mere deserts
they are international karens
So Al-Jazeera receives it's talking points from the CIA too. Russia & Saudi's action could be a preparation for possible downturn in China? Lol, how about it was actually in conjunction with China & it was all an insurance from the repercussions of the crumbling of the declining West HAHAHA
US wants stability and positive economic trend globally. US is a net exporter and benefits from higher prices. Russia and SA actions hurt almost everyone, globally, Karen
Russia and Saudi Arabia are working for their interests gone are the days Saudi Arabia foolishly working for USA interests
@ethimself5064
1 second ago
Don't forget that Russia was loosing about $3/barrel
@@ethimself5064 You really sure?? Other than msm and it’s blatant pro west propaganda please provide and independent source of this and how it had damaged them.
@@ethimself5064Russia is making more from producing Lees oil. Even with price caps.
For Saudi, It like asking Congress to cut spending which is not going to happen. So if oil price goes lower, the Saudi will have to cut spending.
Saudis want the income. It’s that simple.
Countries that are poor and do not have oil always suffer in the hands of these people. In my country Sierra Leone, few days ago, the price of gas per liter increased to almost $3.00, there is more suffering for the people. Now everything has gone up
Just like here in jamaica
Then why are u supporting western nations?
@@TMM-Nbecause imperialist from former colonizers,thieves are more worse than hiking prices of oil .this is your own making.
It's still about 1.95 in Australia. I've seen it spike as high as 2.30 per litre here though in Australia. Sure to go up for us too
Mybe because of your currency..
0:01: ⛽ Oil prices hit a nine month high after Saudi Arabia and Russia announce production cuts, causing concerns for consumers and the white house.
4:58: 🌍 There are concerns about the global economy, with China and Germany facing challenges, but global oil consumption remains high.
9:26: 💰 The decision to keep oil prices high is driven by both short and long-term factors, including the need to earn money for creating new economic drivers and ensuring market supply.
13:24: 💰 The rise in diesel prices due to Saudi's actions is impacting the US economy and consumers.
16:58: 🛢 The Saudi-Russian oil cuts are driven by economic factors, not political motives.
21:18: 🛢 There is a concern that the Chinese real estate market could cause economic problems, and OPEC's actions have weakened the impact of sanctions on Russia and Iran.
25:36: 📈 The success of Joe Biden's Economic Policy depends largely on Saudi Arabia's role in the global oil market.
Recap by Tammy AI
Thank you! good sir.
تكلمنا عن النفط لا يحتاج ان ت
نشرح اكثر لأن المنتج الأزل للخليج هو النفط المشغل للعالم اجمعين
ايش عليهم منك هم ناسينك او ملزومين فيك هم دول اخرى ليسوا امريكا روح لماما امريكا تعطيك من طيزها
It good to have opec, so they can keep price where the producer can benefit. Cause if the producer cannot benefit, their will be less investment in oil sending price higher.
Years ago, during the worst oil shock ever, the price of oil shot up to US$150/barrel. Now think about it. What was the price of petrol in your country back then? And what is it now?
In Australia, as the oil price went from US$80 to US$150, the petrol price went up from A$0.80 / litre to a A$1.50 / litre. So the oil price was roughly 3/4 of the petrol price (per liter), which made sense given refining and distribution costs. Nowadays, the oil is back around ~US$80 / barrel (@ 200 litres / barrel => US$0.4 / litre => A$0.6 /litre), but the petrol is A$2.0 / litre (~US$1.4 / litre).
That means the ratio of petrol price / oil price has gone up by 250%! Clearly, nowadays, the price of petrol no longer has much to do with the price of oil. Whatever oligopoly runs this show, they've been making out like bandits.
But the story hasn't changed: OH MY, we hear, the price of oil has gone up by a dollar, so consumers will be paying more at the pump. Give me a break. The game is rigged and the media is complicit: programs like this one routinely cover the standard "market forces" narrative, propagating the illusion that the public is not simply being screwed. Where are the programs about the elephant in the room? When I buy electricity the price I pay is driven mainly by the cost of production and distribution. It used be like that with petrol, but the gap between oil price and petrol price has ballooned from 25% to 70%. In round numbers, with the 1.1 billion cars now on the road globally, that's like a couple of trillion dollars extra per annum taken out of consumers' pockets .
Absolutely correct👍🏻
The end of Pedro-Dollar is here .
Who is that Pedro guy? Is he a Mexican?
@@v1das007people only talk they knows nothing its not the first time countries tried to stop dollar but they couldnt
I needed a good laugh today 🤣
@@v1das007😂
@@malakyounis7246 Nixon in the 70’s got rid of gold standard. To help strengthen the dollar, the Saudis only sold in dollars that propped up the Dollar ever since. Now with Saudi’s and other oil producing countries moving away from the dollar and accepting in other countries currency looks like the dollar will be on its way out for sure. May not happen immediately but in the next 10-15 years when we will see the effect.
35 year old MBS walking with an American Corpse.
MBS is a young punk played by russians.
@@homayuns2165 The US overplayed their hands when they did the Jamal Kashoggi psyops.
Good job Russia and saudi Arabia
Good job making the poor in this world suffer more
@@jaja3359USA almost killed 100 million innocent people evil country
In order words, the US keeps shooting itself in the foot by sanctioning everybody 😂😂😂
Everyone knows that Russia and China is just playing at being a Super Power. 😊
It’s 100% a message to the US.
Wait until November - you'll see even bigger cuts leading up to the American election...
Geopolitics and economics are just different sides of the same coin, you can’t have one without the other
The world is getting away from consuming oil, albeit very slowly. Saudi Arabia knows that it is just a matter of time and most of their oil will slowly lose its worth and will stay in the ground.
So it is a race against the clock to push up prices and front load all revenue generation so they can fund diversification of their economies.
You do know there are so many things that are made from oil eg plastics, pharmaceuticals, soap, detergents, etc
The world would stop without oil. Oil is not only for transportation.
this is nonsense the world demands more crude oil, especially in war time
Lmao you have absolutely no clue.
That's why I refuse to fly and I haven't bought a gallon of fools fuel in >10 years. We need oil for lots of things... people that waste it frivolously are idiots.
To dethrone the Petro dollar..
To de Throne the Rothschild!!@
KSA is content with the oils sales on dollars. Since most sales are to China it does not wish to be too dependent on any camp.
And Blackrock, Gates et al
Cryyyyy ;)
Ah yes, they're keeping the market adequately supplied... by supplying less.
This lady is making 0 sense
Drive less, drive smaller cars problem solved
@@TShawn64what about heating in winter?
If the US is capable of funding wars and making huge profits from it then why would the Saudis and Russia not cut oils and make their own profits. You see where I'm going.!
If you see any problem with that then you must need double lenses😅.
*Russia🇷🇺 have border disputes with Ukraine, Georgia, Japan.*
make border agreement & keep peace!.
but there's stable peace with Georgia?
Also no reason to make peace with Japan. Russia already made agreement with Norway, oil rich water territory, how did Norway respond? With giving weapons to kill russians.
Poor countries will suffer from this. Absolutely unnecessary.
Great show, thanks
Why is it okay for oil companies to make record profits, but not okay that OPEC+ do the same?
No Juice, I tell you what really going. MBS wants a NATO style deal with the United States to protect his Kingdom, however, President Joe Biden so far isn't interested. MBS bought several American oil refineries to bribe America he send super oil tankers over and occasionally floods the American market with cheap gasoline. But President Biden is just not interested. So MBS has been cutting production and holding talks with the United States but honestly President Biden isn't going station troops in Saudi Arabia to defend his Kingdom from Iran.
RUSSIA ❤ CHINA'S WELL DONE ❤🎉
Who said that it's okay!?
Idk. Chevron, Exxon Mobile and BP made big profits. Was it BP's biggest profit ever this time?
Don't forget that Russia was loosing about $3/barrel
Long Live Russia and Saudi Arabia that cutting the oil production👍
China and India thank you. They stopped buying from the Saudis and started buying from Russia on the black market. This is not the first time that the two have allegedly come together to cut oil production. But it only serves Putin to drain the oil that no one supposedly wants. By the way, do you like paying more to fill up your car? You must be stupid or mentally retarded.
Axis of evil.
You like high oil price ? If you dont own stock in oil company you are just retartd
@homayuns2165 so your one of those guys who believe in "allies good, Axis bad"
The audio is more louder in one ear when using headphones. Please fix it.
Everyone talking about EV
But where do they get their EV batteries?
Hint hint: china
And cchina is banning export of rare earth 😂😂😂😂
European photovoltaic panels and wind turbines are also purchased from China.
very useful indeed
Oil price should be at $85 a barrel to benefit all oil producing countries especially Saudi Arabia and Russia. Keep it up with the price
They'll earn more of cut it all off the west networks
Keep it up with price.
Make the poor suffer more.
Good idea buddy
@@jaja3359fuck the west
Play with price caps, win production cuts.
This is more reason to accelerate the move away from oil and toward green energy, where ever possible. Oil cartels have too much power without concern for struggles oil buying countries are going thru.
A lot of those struggles are self-imposed, self-created. For example, Europe had very cheap energy for decades, but someone blew up the pipelines that Russia had shut down, preventing future energy trade for the foreseeable future, and forcing Europe to buy more expensive energy from America. America invested very heavily in military power instead of renewable energy, so they're much more vulnerable to oil price changes. And so on.
China, OTOH, is building renewable power like crazy, roughly half of all global growth, and will have reached peak oil (and coal!) by the end of the year. As the biggest energy importer for the past decade, this drives global demand down, so of course OPEC+ needs to raise prices to keep the total revenue the same. As other countries try to catch up on renewables, oil usage will decrease even further, and prices will have to climb. This is basic Economics happening.
Ok Greta
There no green energy. Oils is required! Production and most of foods would be obsoleted. The world depended on the Oils! I can see this is going to end as a fiasco! 85% of the world will suffer without Oils
oil refining capacity is the issue not the production of crude, corporate profit is why prices are so high, recouping lost profit from pandemic times.
Yep , I follows refineries output stocks as the critical point , nobody , nobody use crude oil ! but everybody use oil products
Bismillah
Abu Huraira reported: The Messenger of Allah, peace and blessings be upon him, said, “Do not turn your houses into graveyards. Verily, Satan flees from the house in which Surat al-Baqarah is recited.”
Source: Ṣaḥīḥ Muslim 780
Grade: Sahih (authentic) according to Muslim
عَنْ أَبِي هُرَيْرَةَ أَنَّ رَسُولَ اللَّهِ صَلَّى اللَّهُ عَلَيْهِ وَسَلَّمَ قَالَ لَا تَجْعَلُوا بُيُوتَكُمْ مَقَابِرَ إِنَّ الشَّيْطَانَ يَنْفِرُ مِنْ الْبَيْتِ الَّذِي تُقْرَأُ فِيهِ سُورَةُ الْبَقَرَةِ
780 صحيح مسلم كتاب صلاة المسافرين وقصرها باب استحباب صلاة النافلة في بيته وجوازها في المسجد
SAUDIA Arabia KING ONLY FOR HIM HE DO ANYTHING SLEEP ISRAEL AISO CHANGE THE OIC 57 GAYS ARE THER ONLY ONE MAN IRAN HE PUT ISRAEL AND AMERICA ON LINKS NOT LIKE SAUDIA TURKEY UAE DO ANYTHING FOR ISRAEL AND AMERICA BECAUSE THEY DNA NOT A MUSLIM
Good on US, they can now sell even higher prices oils to EU.
Some of the latest news regardingl oil demand comes from a report published by the RMI (Rocky Mountain Institute). Highlights include that oil demand from cars alone (representing a quarter of oil demand globally) already reached peak demand in 2019. And that the growth in battery manufacturing and the associated reduction in cost and increase in availability (1.5 TWh in 2022 with 400 more giga scale factories in the pipeline worldwide) is projected to promote swift adoption of other forms of land based transportation such as motorcycles, trucks and a variety of utility vehicles. Which will altogether put about half of all global oil demand in question by the end of the decade.
So I'm really not sure why they, as oil interests, would be choosing to produce less right now while there's still demand. But on the other hand - Higher oil prices right now will only increase demand for alternative transportation. So if petrol becomes more expensive in my country, then I'll be patiently and knowingly smiling.
All you said is true and coming this oil producers will soon be laughing stocks of the world coz they’ll have only 2 years to live with their commodity.
RMI is obviously biased towards EVs and the analysis can not be taken seriously
@@Fahad-iw5to With battery production having gone into the TerraWattHour per year range (soon to be multiple per year) - I believe they can be considered fairly realistic. Since that was always the limitation. Not public or business demand. Given enough batteries, with prices ever fallen, EVs are just better. Ten years or more ago, it was estimated that TeraWatts of batteries a year would be needed. I remember this well. , It looked impossible at the time, but now it's a done deal. Unstoppable.
The US, EU, India, China and several other nations are only pushing harder each year to lay claim to as much of the burgeoning global industry as possible. You will notice that list includes the majority of industrial power in the world.
You sanction a country, they take action to help themselves its that simple
Oil is needed for ships and planes to transport goods
Mr Weaver talks about "markets" in China. If a government controlled investment system is a market, then I suppose he is right. A market of one, perhaps
So Al-Jazeera receives it's talking points from the CIA too. Russia & Saudi's action could be a preparation for possible downturn in China? Lol, how about it was actually in conjunction with China & it was all an insurance from the repercussions of the crumbling of the declining West HAHAHA
Ever been to China dude? Obviously you haven't. Your ignorance about China glares brighter than a noontime sun in the Sahara desert.
We really need to work on developing alternative energy
Please AJ, fix your audio for Inside Story. There is only sound on the left channel and it is unbearable for headphone listeners.
Because they are firmly in each other's pockets.
His Highness the beloved leader of Saudi is intelligent articulate and understands what he is doing I only wish that my country the United States of America had such a leader is Muhammad
Interesting discussion
Saudi Arabia just played along with US by agreeing the infrastructure proposal (India > UAE > Saudi Arabia > Europe), I think Saudi Arabia knows how to find the balance between US and Russia / China.
This is not the first time US claim they would help build infrastructure. Remember BBB. They are probably not going to do a thing.
Yes but I think the US infrastructure proposal will fail
Saudi Arabia is,trying to ay both sides
This is just G20 gimmick against China, none of these countires have will and ability to build such massive project.
@@alinaqirizvi1441 US talks loud, but doesn't do much. In the end, Saudi Arabia would like to focus more on BRI.
So, how's that oil price cap working out for you?
We should respond by cutting food production for exports. The Saudis cannot eat their oil, after all.
Why cant US pump their own oil?
Africa has its own oil and natural gas in multiple countries through out the continent, I don’t understand why interjecting that equation I don’t think it’s necessary
It is their Oil and they are free to cut its production anytime they want😊Is there anything wrong with that?😂
so many electric cars on the road an still gas prices getting higher...what a joke
There will not be much trade between Russia and Saudi except Russian grain to Saudi.
because as sovereign nations they can do whatever they want with the resources they posses. if they were africa or south east asia, then that would be different.
Control. Basic supply and demand.
Only if the US hadn't depleted its reserves
Let the US use their reserves!
Put the price up; what else?
Meanwhile Iran sitting on massive oil reserves... 😂😂😂 what a ridiculous world
Always dumb to act as though the US is concerned about low oil production in regards to nefarious/selfish interests, it is essentially energy independent & even exports... Every sane respectable person should want a stable &-functional global economy, that is the U.S.driving force. Under stress, innovation is created, societies adapt, and reputations are clarified.
the reason why Saudi and Russia are able to play the game with oil prices because we have stupid government, at the time when OPEC cutting oil production to raise the price we keep stupidly blocking Venezuela , that has more oil reserve than Saudi, from producing more oil, if we help Venezuela to go to full production it will more than compensate the OPEC cut and it will push the price down which will hurt the Saudi because they sell less oil at lower price.
Well that ship has sailed a longtime ago
with all US do to venezuela , you think US will got cheap oil from them?
it is not about cheap oil from Venezuela but about increasing oil production in the market which will make the price to go down for all.
NOT WE THE USA
I think venezuela prefer opec's way rather than u.s
Deluded Africa cannot afford high oil prices nor can asia.
The US' modus operandi must be blamed for all these happenings
That niom project isn't going to build itself. Definitely money
just help the Venezuela increase output. Much better than asking the US producers since they wont pump if oil price is less than $60.
Russia owes me a jet.
Saudi Arabia and Russia playing EU own hardball games
US should immediately start drilling for oil and lift embargo on Venezuelan oil and finish off that russia/Saudi cartel/monopoly B.S. 🤯🤬That was way too early to cut off drilling while country is not 100% ready to switch to renewable energy.
Why would need to drill for oil I don't understand?
“OPEC doesn’t really do politics.” Ridiculous.
To be fair - Mr Biden 🇺🇲 has been saying some pretty harsh things about MBS 🇸🇦 for the last 2yrs. Diplomacy is a two-way street ☮️💞
It doesn't matter and I will tell you why. For 70 years we have been protecting Saudi Arabia and Israel. Because of President George W. Bush and his two wars there is no political will for America to stay in the Middle East anymore. So we are leaving the Middle East and Prince Mohammad bin Salman is worried that we won't protect his kingdom and he is right. We leaving and putting only a token force behind. Should Iran attack his country it would not be enough to stop them.
You put sanctions on countries and you expect them to appease you. You expect them to sell I phones in their markets ? Russia has been taken out the game so now there is less in circulation. Of course the price will go up. Most wounds are self inflicted.
In order to make as much dineros as possible! That’s what smart people do. In the past the US simply asked the Saudi to increase production in order to bring down the price. The Saudi obeyed like dogs. They are the only ones paying the price.
Because it's funny to watch your enemies beg
People travel much. Before the technology revolution; automobile testing was considered very innovative. After this revolution the need for continued ongoing tests seem less important. So, cut back in automobile racing due to pre-existing results after decades of testing. Also space travel, this sector has not finished their preliminary tests and uses exponentially larger amounts of fossil fuels. Does the WHO, combined with NATO and the UNITED NATIONS have the guts to seek glory in this fearful mess which is our global warming storm ? Is this the real tristate? Under one global rule, all tests book down to one test at a time. Meaning far less mistakes and much less waste.
Add a carbon tax.. that should help reduce prices
Must temporarily introduce limits on driving such as ban to drive personal cars on Sundays..such measures helped greatly in 1973 when OPEC tried to blackmail 2. Support own production reducing taxes and impose tariff on OPEC oil coming into USA 3. Reduce any budget expenditures USA still wastes on Gulf monarchies and Egypt..next time they are to have brawl with Iran Saudis are to taste own brew alone..this plausible measure alone will allow USA to save over hundred billion dollars annually 4. Encourage renewables as viable substitututes oil-burning engines must be gradually taxed out of market while electrocars ain't just tax-free but USA must actually subsidize for any person his first purchase..a successful tactic that Norway employs..
We should stop restricting and artificially creating shortages. Ghana and Nigeria are producing and recently Uganda 🇺🇬 was planning to build refineries but EU minister run to Uganda and tell him to sto , her reasoning was the environment the animals what? Why do the EU tell what African countries can and can’t do. By creating shortages artificially as well as farm production creating food shortages it’s ridiculous sitting and talking about problems
Now we know whos' in charge.
greed.. duh
The guy says Saudi reducing oil exports is helping Russian oil to rebound.. true enough.. the only solution to lift the sanction of Russian oil for awhile.. this sanctions are killing everybody especially poor country.. imagine 90percent country of this world are poor against a few rich country who put this sanctions to some biggest oil producing countries like Russia Iran Venezuela.. merci to the poor
Good so we have to use electric car.
But how would you get your electricity?
Where donyou get your batteries?
Need oil for electric central hahahahaha
@@cincoy3679 new energy. Photovoltaics, water conservancy, and thorium-based molten salt reactors are China's new energy solutions. In particular, thorium-based molten salt reactors are very safe, will not explode, and can be built in remote uninhabited areas. Unlike traditional uranium-based nuclear power plants that need to be built near water sources close to cities.
China will build a large number of thorium-based molten salt reactors in desert areas in the future.
@@anxel- There will still be many chemical products that require oil. But generating electricity doesn’t require oil.
Almost no coverage on G20 seems like al jal jeera get the taste of india
oh boy!!!!!!!!!!!!!!!!!!!! the pricce of oil will rise!!!!!!!!!!!!!!!!!!!!!!!!
Making the poor suffer for their own good. Such beautiful countries
Start a war on Petro by going green, and lol, this is what you get.
Assallamalaikum
America simply needs to produce more oil and sell cheaper to their citizens !
Saudi is also dependent on US for security. US could decide to stop providing security.
American oil companies are private, and they won't do that if they're making high profits like now.
@@sparklingwaters8990security 😂😂😂 oh boy
Sorry, but have you been living under a rock. That breakthrough happen in 2018, there new breakthrough in Shale oil and natural gas. So now America has more Shale oil and natural gas than we know what to do with.
America is alresdy the biggest oil producer in the world.
Good. People need to use MUCH less gas and oil, there is a climate emergency. An easy way to save money on gas is to slow down and drive less aggressively. And drive less. Both make roads safer, saving lives and reducing injuries. Reduces real suffering, not over dramatic concerns around prices.
OPEC does not have the same influence on gas prices as it did in the '70s. The price on gas was stable in the United States this summer despite Saudi Arabia's oil cuts. The Saudis have lost their power.
They have not
You forgot the Petrodollar 🤔.
@chisomahamba379 Nah, the United States is a net gas and oil exporter due to fracking. That's why we don't need Saudi oil as we did in the '70s. The Saudis and UAE want the United to guarantee their protection, but the Biden administration said NO. Oil is no longer a leverage for the Saudis to use against the United States.
So why they must produce more if they can produce less and get same money? Would you work longer/harder to get same money?
US is the highest producer of crude.
ONLY BECASUE BIDEN SOLD OF MOST OF THE US OIL RESERVES TO STOP PRICES RISING.
Peace be with you OPEC!I hope that you’ll be cut on the economic system soon!
Great for Uk Ulez peoples won’t drive now 😂😂😂😂😂 what a move 😮
Lol, no matter which 'side' you are on everyone knows what this is really about, these excuses are so silly
@4:38 is that a ggggg-ghost??? (Shaggy voice)
Imagine BMS calling himself a Muslin.
They Must cut it again NOW?
If it cuts air pollution ☺️👍 & I don't want a toy ⚡🚗
we have to switch to Electric guys, we are making the rich richer !
The leader of the Arab Emirates are brilliant and of course underrated by this country due to the fact that we do not have good leaders there in the United Arab Emirates they are beloved for the wisdom kindness and positive vibrations to Muhammad someday I hope to ride camels with you in the Sahara you will be amazed at how the camels will love and trust me this is the power of positive vibration all my guests you Muhammad I acknowledge the love and goodness you bring
Cause their ain't fool...
Does cutting production of goods in reality make profit or loss?
I am not expert in this item, oil but when you sell large quantity of products with small profit, you may produce much more profitable than selling small quantity by higher prices. Cutting production also affects all the employment whether you keep them and continue paying or whether you release them from company perspective and from the state wise. It also has all these other side effects starting from exposing your market monopoly and everything else that comes with it such as triggering competition and searching for alternatives.
But at end it is good step for the climate. I was watching Saudi Mohamed inbu Salman and the US Biden among other leaders laying out great vision in India.
Russia and Arabia save the reserves, so in 20 or 30 years. US will be use almost all
Just like that😉
The world tries to block Russia's resources, and talks about green energy, moment OPEC does a little cut they go into panic, who are they kidding?
Russia is killing slaughtering the Ukrainians. They want to the same for the Polish and Romanians. You will be defeated "demon."
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