OPEC Reduction
 

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

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

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,

Sad but true

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.

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

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

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.

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

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

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

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.

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

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!

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

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…

Yep and now what is our debt ?

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!

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.

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.

Very good point Blackbird !

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:

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.

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

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

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

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

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:

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

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.

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.

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

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

Bloomberg - Are you a robot?

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

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.

THANK YOU!! :beer3:

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