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Oil rises as Saudi Arabia looks at possible output cuts


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Oil rises as Saudi Arabia looks at possible output cuts

Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support higher prices and with the prospect of a drop in U.S. crude inventories.

The Saudi energy minister said OPEC+ had the means to deal with many challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg.

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Joe Biden went and begged Saudi Arabia for more oil and now they are planning to cut production. Expect higher oil prices because of his bungling.

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40 minutes ago, MovieMadness said:

Oil rises as Saudi Arabia looks at possible output cuts

Oil prices soared more than $3 a barrel on Tuesday after Saudi Arabia floated the idea of OPEC+ output cuts to support higher prices and with the prospect of a drop in U.S. crude inventories.

The Saudi energy minister said OPEC+ had the means to deal with many challenges including cutting production, state news agency SPA said on Monday, citing comments Abdulaziz bin Salman made to Bloomberg.

*********************************************

Joe Biden went and begged Saudi Arabia for more oil and now they are planning to cut production. Expect higher oil prices because of his bungling.

Gas prices dropping weekly around here.  

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However, nine OPEC sources told Reuters on Tuesday that OPEC+ production cuts may not be imminent and would coincide with the return of Iran to oil markets should Tehran clinch a nuclear deal with the West.

A senior U.S. official told Reuters on Monday that Iran had dropped some of its main demands on resurrecting a deal.https://www.cnbc.com/2022/08/23/oil-markets-price-rise-saudi-arabia-opec-output-supply.html

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