Crude oil just dropped below $60 for the first time in 4 years due to a slowing global economy.
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2 posts2 participants1 post today
Wow, OPEC+ is going to triple the size of their May production increase. Texas is going to implode and OPEC Is just going to eat the US's market share after they shot themselves in the face. 
If your not aware, American oil and gas production requires a certain price point to even operate, let alone be profitable. OPEC+ was trying to find that point methodically by gradually increasing production over time.
This is dramatic...
Russia's central bank has warned the Kremlin's policy makers the United States and OPEC have the capacity to flood the oil market and cause a repeat of the prolonged price collapse of the 1980s - which contributed to the downfall of the Soviet Union.
A respected energy journalist on how the oil industry is lying to Canadians:
OPEC, Petrodollars, and the 1980s Homeless Crisis (2017)
...What assets do, if those holding them have any say in the matter, is appreciate. After all, why not? You've already got the thing, all you need is for it to increase in value. One classic mechanism for which is to constrain the supply. And there are lots of ways to do that with housing: big lots, big houses, construction and zoning laws, lousy infrastructure (crime, schools, transportation). So that the limited supply that is attractive keeps getting bid up. That's one of the big changes. And it was happening like gangbusters in the 1970s and 1980s especially, and since.
At the same time, a bunch of the upward-mobility-escalator stuff starts disappearing. Especially factory jobs, that let high-school (or less!) educated people, and especially males, earn a solid, high-income, and really fucking reliable income....
A thinking-out-loud piece I'd written back on G+ (hence the IA link), on how homelessness kicked off bigtimes in the US in the late 1970s / early 1980s, perhaps as housing became financialised due to A Combination Of Many Things.
Stumbled across this looking for other things (as one does) and thought it might be of interest to others.
HN discussion: https://news.ycombinator.com/item?id=43294222
web.archive.orgOPEC, Petrodollars, and the 1980s Homeless Crisis This is straight up fuckin...OPEC, Petrodollars, and the 1980s Homeless Crisis This is straight up fucking nuts, if I may say so myself. Enjoy reading. Q: Why did homelessness s... - Edward Morbius - Google+
Continued thread
Brazil’s government on Tuesday approved joining OPEC+, a group of major oil-exporting nations, signaling the country’s evolution into a major oil state just nine months ahead of hosting the United Nations’ annual climate summit.
https://edition.cnn.com/2025/02/18/americas/brazil-opec-oil-exporters-intl-latam/index.html
#Brazil #OPEC #oil #Lula #climate #keepitintheground
CNN · Brazil to join major oil-exporting nations in OPEC+ group
https://www.europesays.com/1840197/ How Will OPEC Respond To Iran’s Call For Action Against U.S. Sanctions? #CrudeOil #CrudeOilPrice #Energy #Iran #OilExports #OilPrice #opec #petroleum #sanctions #trump
Continued thread
"We're going to let people buy the cars they want to buy."
"I'm also going to ask #SaudiArabia & #OPEC to bring down the cost of #oil, you've got to bring it down."
"If the price came down the #Russia - #Ukraine war would end immediately."
"With oil prices going down, I'll demand that interest rates drop immediately, & likewise they should be dropping all over the world."
– #Trump
#ClimateCrisis #FossilFuels
#WEF #economy #GlobalEconomy #geopolitics #USpol
Josef Schachter: Oil Prices to Rise in 2025, Stocks Now at Bargain Levels https://www.bocvip.com/700364/josef-schachter-oil-prices-to-rise-in-2025-stocks-now-at-bargain-levels/ #Canada #China #DonaldTrump #DuvernayFormation #economy #gas #investing #InvestingNews #JosefSchachter #JustinTrudeau #MiddleEast #Mining #MontneyFormation #NaturalGas #NaturalGasPrice #oil #OilAndGas #OilAndGasStocks #OilDemand #OilPrice #OilPrices #OilSupply #OPEC #Russia #SchachterEnergyReport #Schachter'sEyeOnEnergy #tariffs #Ukraine #UnitedStates
OPEC is a diplomatic alliance of diverse nations, while 2024 solar manufacturing is mostly Chinese. https://www.japantimes.co.jp/commentary/2024/12/20/world/opec-for-solar/?utm_medium=Social&utm_source=mastodon #commentary #worldnews #opec #china #solar #energy #climatechange #cleanenergy #pollution
The Japan Times · An OPEC for solar power isn’t going to work
Opec+: Was die Drosselung der Ölförderung bedeutet
Die Staaten der Opec+ wollen erst einmal weiter freiwillig die Ölförderung drosseln. Damit wollen sie Preissenkungen verhindern. Das hat zuletzt aber nur bedingt funktioniert. Von Alina Leimbach.
tagesschau.de · Opec+: Was die Drosselung der Ölförderung bedeutet
Replied in thread
@realTuckFrumper
(Why "#DrillBabyDrill won't lower gas prices):
Well, for one, we're already at peak production.
Second, new wells can take YEARS to strike oil (not every hole strikes oil. Something I learned living in #Texas all my life.)
Third: #OPEC will just CUT production to compensate.
Fourth: Best way to reduce gas prices is to DECREASE DEMAND, and the best way to do that is to promote #EVs... something #DonnieDumbass will never do (unless #Musk talks him into it.) 
OPEC said that phasing out oil was a "fantasy," as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change. https://www.japantimes.co.jp/business/2024/09/25/markets/peak-oil-demand-opec/ #business #markets #oil #opec #haithamalghais
The Japan Times · No peak oil demand 'on the horizon,' phaseout a 'fantasy': OPEC
Libya’s political crisis is threatening to return the OPEC member’s oil production to the chaos that plagued it for years after the toppling of dictator Moammar Al Qaddafi. https://www.japantimes.co.jp/business/2024/09/01/libya-political-crisis-oil/ #business #libya #oil #opec
The Japan Times · Libya’s political feud threatens return of oil supply chaos
This theory is actually playing out in Yemen where Iran and Saudi proxy terrorists kill eachother.
Trump was simply attempting to tip the scales towards #OPEC.
Replied in thread
It's also being funded by the fossil fuel and it's financiers, in alliance with Putin.
#OPEC
https://en.m.wikipedia.org/wiki/OPEC
#RockbridgeNetwork
https://www.influencewatch.org/organization/the-rockbridge-network/
#AtlasNetwork
https://en.m.wikipedia.org/wiki/Atlas_Network
#KochNetwork
https://en.m.wikipedia.org/wiki/Koch_network
#ALEC
https://en.m.wikipedia.org/wiki/American_Legislative_Exchange_Council
en.m.wikipedia.orgOPEC - Wikipedia
Replied in thread
@br00t4c
Two weeks ago, the price of gas fell right after President #Biden released oil from the #StrategicReserve, and I was able to fill up for just $2.75/gal.
The next day, I was annoyed to see it for $2.72 at the same location. 
Saturday, it jumped back up to $2.97 (it was $2.99 before all this.)
#OPEC has more power to raise prices than we do to keep them low. No wonder #EV sales are up 11%.
Gas prices are low, & will likely stay low. Pres Biden perfectly timed the refilling of the Strategic Petroleum Res. Oil prices hit their lowest levels in months -a boon to American markets & slowed US inflation even more.
In a surprise move, 8 producers led by KSA & RU laid out a detailed plan to gradually phase out 2.2M bpd of prod. cuts from Oct 2024 thru Sept 2025, meaning oil supply will start increasing in the fourth quarter of this year.
Rückgang der Spritpreise wohl nur vorübergehend
Der jüngste Versuch der OPEC+, die Ölpreise zu stützen, hatte wenig Erfolg. Das könnte sich auch an den Tankstellen bemerkbar machen. Allerdings spricht viel für bald wieder steigende Spritpreise. Von D. Landmesser.
tagesschau.de · Rückgang der Spritpreise wohl nur vorübergehend
MBS of Saudi Arabia, Putin of Russia... signal their support for #TFG.
“Oil alliance OPEC+ extends collective crude production cuts into 2025.”
Despite the OPEC+ cuts, equivalent to about 5.7% of global crude supply, & ongoing tensions in the ME, global oil prices have fallen by about 10% since hitting a 5-month high in early April.
The price of Brent crude traded at $82 a barrel on Fri, down from $91 in early April-.
#MBS #Putin #SaudiArabia #Russia #OPEC
https://www.cnn.com/2024/06/02/business/opec-oil-production-cuts-2025/index.html
