Post by
TheWokeLemming on Oct 03, 2022 9:13am
Danger that OPEC doesn’t cut enough
What happens if it's only 500K? The 100K cut was followed with a decline in oil prices. Hopefully they go big and it's over 1 million bopd. I'd also like to see them address the use of the SPR and take a shot across Biden's bow by warning that further SPR releases will be met with further OPEC cuts. Manipulation can work both ways.
Comment by
dllscwbysfn on Oct 03, 2022 9:32am
I agree. If on one hand we have this massive global energy problem then why would wti drop by 30%. The other hand of course is the price being manipulated down then opec says we will call that bluff and wait for your next bet.
Comment by
woodsmen on Oct 03, 2022 9:36am
500k-1M cut is the word. Regardless OPEC misses there targets month after month anyways. I think we are headed back to $100
Comment by
TheWokeLemming on Oct 03, 2022 9:47am
I agree at some point we do see WTI back to $100 based on the physical market. I'd like to see OPEC play the rhetoric game to match the BS coming from the Oval Office. The Saudis have been playing nice to help Biden out but it's over corrected too much.
Comment by
woodsmen on Oct 03, 2022 9:51am
Some of the scuddle on Twitter is leaning towards a large OPEC cut (1.5M+) but it maybe in phases, anything over 1M would get things pointed in the right direction.
Comment by
jleer42 on Oct 03, 2022 9:59am
Yes, most of the cut will go to countries already under producing. This was not reported when quotas were increasing, see if it gets reported when quotas decrease. If so it will be an indication of news agencies selectively reporting. Some of the quota decline will go to SA and UAE so there will be a real impact on production.