OPEC Reduction

[RICH1]

OPEC has stated they will reduce oil production by 2 million barrels a day! Obviously they are contributing to the cold winter in Europe! Not a friendly gesture to Ukraine

[nick demis]

OPEC is making their decision after consulting with Rusia. What does that tell you about our strength in world affairs.

[Stu from NYC]

Wish we would have continued to push for more drilling so we can make up the difference.

OPEC only cares about itself and maximizing their profits

[Two Bills]

Algeria
Angola
Ecuador
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Libya
Nigeria
Qatar
Republic of the Congo
Saudi Arabia
United Arab Emirates
Venezuela

No friends of the West in that lot!

[wisbad1]

Algeria
Angola
Ecuador
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Libya
Nigeria
Qatar
Republic of the Congo
Saudi Arabia
United Arab Emirates
Venezuela

No friends of the West in that lot!
Yet we send money and food and guns to them,

[Stu from NYC]

Yet we send money and food and guns to them,

Sad but true

[JoelJohnson]

It's not really 2 million barrels, most of the OPEC+ aren't meeting their quota, so the real number is more like 900,000 barrels. Still a big number.

[Ecuadog]

Algeria
Angola
Ecuador
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Libya
Nigeria
Qatar
Republic of the Congo
Saudi Arabia
United Arab Emirates
Venezuela

No friends of the West in that lot!

OPEC's 13 members are:
Algeria
Angola
Equatorial Guinea
Gabon
Iran
Iraq
Kuwait
Libya
Nigeria
Republic of the Congo
Saudi Arabia
United Arab Emirates
Venezuela

[dewilson58]

Idea: Let's make the USA self-sufficient.

[OrangeBlossomBaby]

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.

[Caymus]

Going to need more energy from Unicorn Flatulence to make up the shortage.

[MrFlorida]

We have plenty of oil right here in the good old USA......just sayin.

[Stu from NYC]

Idea: Let's make the USA self-sufficient.

Seems like such an obvious idea wonder why certain people just dont get it.

Later on if electric vehicles take off demand will shrink on its own

[Aces4]

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.

American citizens above the Mason Dixon line are very grateful for heating oil and natural gas to fuel their furnaces. Solar is not sufficient for heat when it’s below zero and there is not enough sunlight in the long winter. I think people will be amazed how expensive and inefficient electricity is when EVERYTHING is run by electricity. Fossil fuels will always be important to the population but some use may be reduced. Florida may easily run off solar and wind energy if they aren’t concerned about the weather taking down their grid.

[Love2Swim]

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.

Exactly. Some people just can't grasp the need for change.

[Two Bills]

OPEC is responsible for about 30% of world oil production.
Funny how many of the larger non OPEC members (70%) like USA and Canada, never lower their prices to help.
They may increase production, but just cream off the larger profit.
In my mind, their the boogers who deserve a kick up the butt!

[Bay Kid]

Yet we send money and food and guns to them,

Makes you wonder what is really going on in our country. And we keep using our reserves.

[MandoMan]

OPEC has stated they will reduce oil production by 2 million barrels a day! Obviously they are contributing to the cold winter in Europe! Not a friendly gesture to Ukraine

OPEC does it primarily to maximize profit per barrel. Petroleum prices are MUCH lower than they were six months ago. Russia wants the profit, too, but in addition, it loves bleeding its enemies throughout Europe. Can’t really blame the countries for wanting the highest price possible. If you were selling your house, wouldn’t you want top dollar?

[RICH1]

OPEC does it primarily to maximize profit per barrel. Petroleum prices are MUCH lower than they were six months ago. Russia wants the profit, too, but in addition, it loves bleeding its enemies throughout Europe. Can’t really blame the countries for wanting the highest price possible. If you were selling your house, wouldn’t you want top dollar?
Trying to Compare OPEC’s control of oil production and selling my house makes me believe the local Dispensary/pharmacist is mixing crushed Samsun ants in someone’s medicinal weed…

[fgaba1949]

Yet we send money and food and guns to them,
Yep and now what is our debt ?

[Villages Kahuna]

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

[Mistymom]

Seems like such an obvious idea wonder why certain people just dont get it.

Later on if electric vehicles take off demand will shrink on its own
I realize that the subject is OPEC, but how do you think the electricity that powers your car is produced? It's more than likely natural gas because most coal fired plants have been shut down.

[Blackbird45]

I don't blame Opec, they see a movement heading to alternative fuels, once it truly takes hold the value of their product will drop. They need to make the money while they can. The problem they face with cutting production which will raise the price is that it also increases the speed of the demand for alternative fuels to take hold. It's a bizarre circle where if you keep the price low people will continue to use their product and if they raise the price of their product, they reduce the need. This has nothing to do with politics, loyalty or any idealism. The motivation is money.

[RICH1]

Very good point Blackbird !

[Vermilion Villager]

American citizens above the Mason Dixon line are very grateful for heating oil and natural gas to fuel their furnaces. Solar is not sufficient for heat when it’s below zero and there is not enough sunlight in the long winter. I think people will be amazed how expensive and inefficient electricity is when EVERYTHING is run by electricity. Fossil fuels will always be important to the population but some use may be reduced. Florida may easily run off solar and wind energy if they aren’t concerned about the weather taking down their grid.
My home is 100% electric and I guarantee the only people that live farther north of the Mason Dixon lines than me are Canadians. In northern Minnesota we get temperatures that are colder than -35°. With electric heat you can get off peak rates. I pay $.05/Kwh. My heating costs are roughly 2/3 of my neighbors who use heating oil or propane. :ho:

[dtennent]

Oil can be used for so much more than a fuel. It creates the feedstocks for all the synthetic materials which we use everyday. While we have oil reserves around the world to support civilization for a long time, this versatile starting material will eventually be gone. (It is human nature to undervalue a finite resource that seems plentiful.). If we wish to encourage alternative sources of electricity, then we have to level the playing field on tax breaks for each energy source.

[Caymus]

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

Coal output hit a record output last year. Somebody is using it.

[kkingston57]

Agree. Unfortunately oil from the US costs more to extract than oil in Saudi Arabia.

[Stu from NYC]

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

But it is the govt that in many areas sells leases to drill, encourage or discourage is in their power

[kkingston57]

Seems like such an obvious idea wonder why certain people just dont get it.

Later on if electric vehicles take off demand will shrink on its own

Seems that some electric vehicle haters have not heard or want to pay attention to your last line.

[billethkid]

I wonder why we don't hear much, anymore, about energy independence.........it was nice while it lasted.

The silent majority just does not seem to be a group that can be sufficiently motivated to do/say something.....until it is too late......

Does anybody care that we almost attained energy/oil independence?

__________________________________________

:censored:

[OhioBuckeye]

Can’t figure out why we do that? Does anyone know why?

[tvbound]

OPEC is making their decision after consulting with Rusia. What does that tell you about our strength in world affairs.

I'm sure it is just a pure coincidence, that both Russia and Saudi Arabia are wishing for a more sympathetic/sycophantic U.S. and are taking actions that increase their chances of that happening - again.

[Vermilion Villager]

But it is the govt that in many areas sells leases to drill, encourage or discourage is in their power
According to the NASDAQ the United States produces 18.4 million barrels of oil today and uses 18.12 million barrels per day. So the US actually produces more oil than it uses.
According to Stastica a company who measures the number of oil and gas wells currently in production on any given day, the number of gas and oil wells in production today is at an all-time high and 2 times more than it was on January 20, 2021 (384 vs 765).
I trust you know what the significance of that particular day is.

[Stu from NYC]

I wonder why we don't hear much, anymore, about energy independence.........it was nice while it lasted.

The silent majority just does not seem to be a group that can be sufficiently motivated to do/say something.....until it is too late......

Does anybody care that we almost attained energy/oil independence?

__________________________________________

:censored:

Those of us who were around for gas lines many years ago should remember the days when we had to buy oil from overseas.

[billethkid]

According to the NASDAQ the United States produces 18.4 million barrels of oil today and uses 18.12 million barrels per day. So the US actually produces more oil than it uses.
According to Stastica a company who measures the number of oil and gas wells currently in production on any given day, the number of gas and oil wells in production today is at an all-time high and 2 times more than it was on January 20, 2021 (384 vs 765).
I trust you know what the significance of that particular day is.

Don't forget to include/exclude the amount of oil the US exports daily

Bloomberg - Are you a robot? (https://www.bloomberg.com/news/articles/2022-04-20/u-s-oil-exports-soar-as-world-works-to-replace-russian-supplies)

[rsmurano]

That’s right, and we should do what’s best for us too but we’re not.
I heard OPEC is doing this to get back at the WH for tapping into our emergency reserves because this hurt open earnings. Now since we aren’t supposed to tap in to the reserves any longer, OPEC is going to stick it to us.
If we would do things right, we wouldn’t care what OPEC did, but now we are heavily in need of their oil

[dewilson58]

So the US actually produces more oil than it uses.


Nope

U.S. crude output is expected to rise 940,000 bpd to 12.85 million bpd in 2023, according to the same monthly report from the Energy Information Administration. U.S. total petroleum consumption is due to rise 730,000 bpd to 20.51 million bpd in 2022.

[PugMom]

Idea: Let's make the USA self-sufficient.

THANK YOU!! :beer3:

[PugMom]

this is a good thread, let's not have it come down

[Aces4]

My home is 100% electric and I guarantee the only people that live farther north of the Mason Dixon lines than me are Canadians. In northern Minnesota we get temperatures that are colder than -35°. With electric heat you can get off peak rates. I pay $.05/Kwh. My heating costs are roughly 2/3 of my neighbors who use heating oil or propane. :ho:

Try northern Wisconsin! Off peak… so you only heat your home between the hours of 3:00 and 4:00 am?
Get back to me about your “cheap rates” when the whole country is forced on the electrical grid. I also find it difficult to believe your electricity is cheaper than natural gas heat. Hmmm, wonder who is responsible for that.

[Aces4]

There are replies here suggesting that it’s “the government” that’s responsible for the U.S. not drilling more and becoming self-sufficient. We should be reminded that it’s the private oil companies that do the drilling or fracking. If they could do it profitably, they would!

Why would these companies put more effort and cost into something where efforts are being made to make their industry extinct?

[Vermilion Villager]

Nope

U.S. crude output is expected to rise 940,000 bpd to 12.85 million bpd in 2023, according to the same monthly report from the Energy Information Administration. U.S. total petroleum consumption is due to rise 730,000 bpd to 20.51 million bpd in 2022.

Hmmmmm.....in your reply I see the words like "expected" and "due". Translation: You have no facts to back up what you're posting… I gave you data directly from the department of energy website.… You give me speculation based on a 5 month old Reuters report from May 10, 2022.( I wonder how I found that out???) Try again when you get some hard verifiable data. I'll wait.:mornincoffee:

[Aces4]

Nope

U.S. crude output is expected to rise 940,000 bpd to 12.85 million bpd in 2023, according to the same monthly report from the Energy Information Administration. U.S. total petroleum consumption is due to rise 730,000 bpd to 20.51 million bpd in 2022.

Would that huge increase in consumption be due to the unplanned bulge in the population that is occurring? People need to be able to survive winter conditions in the USA and also personal electricity useage.

[Aces4]

Hahahaha.......You do realize we have this thing called the In-ter-net that allows us to check fact check posts like yours.
At the time the individual you were referring took office on 1-20-2009 the US was at its lowest oil production since 1947. I'm going to go out on a limb here and assume you know who the president was before 1-20-2009.(hint his brother was the governor of Florida). Since 1-2009 oil production in the US increased in every year until the COVID-19 pandemic which essentially shut the whole economy down. :welcome:

If you believe that COVID is the only thing that cut US oil production since 2020-2021, I believe you’re not up to date on current events.

[PugMom]

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.


it needs years of development before it can used en masse. it didn't help that some of these companies went bankrupt, ie: solindra. we all can't expect to live off the power until it becomes capable of handing millions, the infrastructure simply isn't there yet. and we cant use wind because there were issues with the turbines killing birds, as well as being unsightly-nobody wants it in their back yard. i feel you, but we have to walk before we can run

[PugMom]

Why would these companies put more effort and cost into something where efforts are being made to make their industry extinct?

leaders allow which lands can be used

[Caymus]

Saudi Aramco stock doesn't look that great. Maybe they should raise prices.

Stock | News | ARAMCO Stock Price Today | Analyst Opinions | Markets Insider (https://markets.businessinsider.com/stocks/aramco-stock)

[blueash]

Wish we would have continued to push for more drilling so we can make up the difference.

OPEC only cares about itself and maximizing their profits

Unlike the US oil industry which is filled with executives who don't care about their profits and will happily use all the oil drilling permits they are sitting on unused because they won't drill until the profit is greater. And those US oil companies will certainly only sell their oil on the US market to US distributors. No plans whatsoever to sell US oil on the world market.

Think instead of reflexively spouting propaganda. The US is already producing enough oil to completely satisfy the US need. There is some mismatch in low sulfur vs higher sulfur oil. But there is a huge amount of oil already permitted to be drilled that is sitting in the ground in the US. It just will cost more to get it out, so the price will go up. Just like it will if OPEC drills less. The oil market is not a US vs not US world and our drilling companies are only interested in profit, just like OPEC is.

[Vermilion Villager]

If you believe that COVID is the only thing that cut US oil production since 2020-2021, I believe you’re not up to date on current events.
Actually I am VERY much up on current events.
Oil production from 2021 to 2022 has increased every month and in July 2022 it was at an all-time high. It did go down slightly in August, but as analyst have said Wall Street investors and the oil industry CEO's are speculating a global recession. I think many on this site fail to realize is oil… Even oil produced in the United States is a global commodity. All the drilling in the world means nothing. It's refined petroleum products like gasoline and heating oil they make all the difference. If OPEC and Russia reduce their inventories that drives up the global price. Almost every oil company in the United States is foreign owned, and it is not in their best interest to boost supply because that drives down the price. They, including the US companies will keep the price high as long as there is demand. Do you know why gas prices were so cheap in 2020? The reason was because of the lockdown due to Covid (right or wrong) no one was driving their automobiles. That was happening around the world. If there is no demand then of course the price is cheap. It is simple economics.

[JMintzer]

Seems that some electric vehicle haters have not heard or want to pay attention to your last line.

Except they are being mandated in certain States...

[JMintzer]

According to the NASDAQ the United States produces 18.4 million barrels of oil today and uses 18.12 million barrels per day. So the US actually produces more oil than it uses.
According to Stastica a company who measures the number of oil and gas wells currently in production on any given day, the number of gas and oil wells in production today is at an all-time high and 2 times more than it was on January 20, 2021 (384 vs 765).
I trust you know what the significance of that particular day is.

Then why are we draining our strategic oil reserves?

https://pbs.twimg.com/media/FchUAheacAM2aMN.jpg

[JMintzer]

this is a good thread, let's not have it come down

Already circling the drain...

[JMintzer]

Why would these companies put more effort and cost into something where efforts are being made to make their industry extinct?

Exactly...

[JMintzer]

Unlike the US oil industry which is filled with executives who don't care about their profits and will happily use all the oil drilling permits they are sitting on unused because they won't drill until the profit is greater. And those US oil companies will certainly only sell their oil on the US market to US distributors. No plans whatsoever to sell US oil on the world market.

Think instead of reflexively spouting propaganda. The US is already producing enough oil to completely satisfy the US need. There is some mismatch in low sulfur vs higher sulfur oil. But there is a huge amount of oil already permitted to be drilled that is sitting in the ground in the US. It just will cost more to get it out, so the price will go up. Just like it will if OPEC drills less. The oil market is not a US vs not US world and our drilling companies are only interested in profit, just like OPEC is.

I'd post a simple link, found on the In-ter-net, the refutes what you said about leases/permits, but that would be political and I don't want another vacation...

[Aces4]

Actually I am VERY much up on current events.
Oil production from 2021 to 2022 has increased every month and in July 2022 it was at an all-time high. It did go down slightly in August, but as analyst have said Wall Street investors and the oil industry CEO's are speculating a global recession. I think many on this site fail to realize is oil… Even oil produced in the United States is a global commodity. All the drilling in the world means nothing. It's refined petroleum products like gasoline and heating oil they make all the difference. If OPEC and Russia reduce their inventories that drives up the global price. Almost every oil company in the United States is foreign owned, and it is not in their best interest to boost supply because that drives down the price. They, including the US companies will keep the price high as long as there is demand. Do you know why gas prices were so cheap in 2020? The reason was because of the lockdown due to Covid (right or wrong) no one was driving their automobiles. That was happening around the world. If there is no demand then of course the price is cheap. It is simple economics.

Please cite your source that almost every oil company in the USA is foreign owned. Gas is cheaper right now because our oil reserves are being depleted.

[dewilson58]

Would that huge increase in consumption be due to the .................................

No Huge Increase.................it was minor.

The reason for the point was to show totals.

:jester:

[jimjamuser]

If only we were /less/ reliant on oil...why didn't anyone try to promote that years ago?

Hm.

Oh wait - they did. And their ideas were dismissed.

And here we are, deja vu all over again.
High gas prices will force new car buyers into smaller cars, hybrids, and fully electric. Finland will require 100% electric new car sales within a few years. In the US Ebike and Emotorcycle sales will increase. Soon OPEC will have fewer customers and won't be able to lead the non-OPEC countries around by their noses.

[jimjamuser]

I don't blame Opec, they see a movement heading to alternative fuels, once it truly takes hold the value of their product will drop. They need to make the money while they can. The problem they face with cutting production which will raise the price is that it also increases the speed of the demand for alternative fuels to take hold. It's a bizarre circle where if you keep the price low people will continue to use their product and if they raise the price of their product, they reduce the need. This has nothing to do with politics, loyalty or any idealism. The motivation is money.
The motivation is MUCH more than money.

[Stu from NYC]

Except they are being mandated in certain States...

Wonder how many people living in Cal will drive over to Oregon to buy a new car?

[JMintzer]

Wonder how many people living in Cal will drive over to Oregon to buy a new car?

You won't be able to register it in CA...

[Aces4]

High gas prices will force new car buyers into smaller cars, hybrids, and fully electric. Finland will require 100% electric new car sales within a few years. In the US Ebike and Emotorcycle sales will increase. Soon OPEC will have fewer customers and won't be able to lead the non-OPEC countries around by their noses.

Let’s hope Finland doesn’t flood since there are reports of electric cars in Florida involved in the hurricane flooding that have exploded.

[JMintzer]

High gas prices will force new car buyers into smaller cars, hybrids, and fully electric. Finland will require 100% electric new car sales within a few years. In the US Ebike and Emotorcycle sales will increase. Soon OPEC will have fewer customers and won't be able to lead the non-OPEC countries around by their noses.

Will never happen in your nor your children's lifetime...

Don't know where you got your info on Finland, but their extreme cold weather is a nightmare for EVs... And they have no laws "requiring that 100% of new cars be electric in a few years"...

[Chi-Town]

There is consideration for eliminating domestic oil exports and only allowing natural gas exports to Europe for their winter. Good luck on that; America first may not sit well with corporate goals.

[Lindsyburnsy]

Not a friendly gesture to the United States and so close to the elections. Hummm.

OPEC has stated they will reduce oil production by 2 million barrels a day! Obviously they are contributing to the cold winter in Europe! Not a friendly gesture to Ukraine

[Stu from NYC]

You won't be able to register it in CA...

Guess we establish a Florida address and register it there

[Vermilion Villager]

Let’s hope Finland doesn’t flood since there are reports of electric cars in Florida involved in the hurricane flooding that have exploded.
Got some proof of this? or are you doing the "many people are saying" drive by thing?

[Vermilion Villager]

Then why are we draining our strategic oil reserves?

https://pbs.twimg.com/media/FchUAheacAM2aMN.jpg
1. It has an immediate impact of driving down prices for gasoline
2. The US doesn't give away the soil you know… They sell it on the open market at current prices. Then at a later date.....when the prices go down they will replenish the reserves at the lower value. The US government made 100's of millions of dollars off of this sale.:BigApplause:

[Vermilion Villager]

Please cite your source that almost every oil company in the USA is foreign owned. Gas is cheaper right now because our oil reserves are being depleted.

https://media4.manhattan-institute.org/pdf/ir_11.pdf

[Two Bills]

https://media4.manhattan-institute.org/pdf/ir_11.pdf

Interesting read.
I still thought Texans in big hats owned all the oil!

[tvbound]

Got some proof of this? or are you doing the "many people are saying" drive by thing?


"many people are saying"


Whether it applies in this particular case or not, it never ceases to amaze me how effective overall that statement has been...when certain people use it on their blind followers. Truly astounding - actually.

[RICH1]

Already circling the drain...
meanwhile Mexico is full of oil ! Mexico is one of the largest oil producers in the world (1.9 million barrels produced daily in 2021), and the fourth-largest in the Americas after the United States, Canada, and Brazil

[MorTech]

"To be an enemy of the US is dangerous, but to be a friend is fatal"

[NoMoSno]

Got some proof of this? or are you doing the "many people are saying" drive by thing?
Electric vehicles explode due to water damage in the wake of Hurricane Ian, a senior Florida official has warned - Florida News (https://localtoday.news/fl/electric-vehicles-explode-due-to-water-damage-in-the-wake-of-hurricane-ian-a-senior-florida-official-has-warned-86729.html)

[OhioBuckeye]

This what they get when everything is controlled by the govt. & not by vote or the people. It’s called something, I don’t dare say!

[Aces4]

https://media4.manhattan-institute.org/pdf/ir_11.pdf

It may be an interesting read but where does it indicate most of USA oil is owned by foreign entities?

[Aces4]

"many people are saying"


Whether it applies in this particular case or not, it never ceases to amaze me how effective overall that statement has been...when certain people use it on their blind followers. Truly astounding - actually.

Try following the news… people say. It’s truly astounding.:22yikes:

[Aces4]

Electric vehicles explode due to water damage in the wake of Hurricane Ian, a senior Florida official has warned - Florida News (https://localtoday.news/fl/electric-vehicles-explode-due-to-water-damage-in-the-wake-of-hurricane-ian-a-senior-florida-official-has-warned-86729.html)

Thank you for providing that for the doubters before I could get back!:eclipsee_gold_cup:

[JMintzer]

Guess we establish a Florida address and register it there

Most states will require you to register your car when you move to that state...

[JMintzer]

1. It has an immediate impact of driving down prices for gasoline
2. The US doesn't give away the soil you know… They sell it on the open market at current prices. Then at a later date.....when the prices go down they will replenish the reserves at the lower value. The US government made 100's of millions of dollars off of this sale.:BigApplause:

No, they blocked the replenishment just a few years ago, when prices were quite low... Wonder why...

[Number 10 GI]

Coal output hit a record output last year. Somebody is using it.

It is being shipped overseas, and China is one of the biggest customers.

[Stu from NYC]

No, they blocked the replenishment just a few years ago, when prices were quite low... Wonder why...

Maybe the left hand has no clue what the right hand is doing and missed the class in basic economics