(06-02-2025 08:04 AM)Redwingtom Wrote:  Lemme guess, you didn't read the fine print...nor try to understand how any of this works...did you?

OPEC+ nations have set quotas for production.

Kazakhstan was found to have been over-producing their quota, but a lot, with no plans to stay at their quota.

Quote:The increase is all the more likely due to "the latest statements of Kazakh Energy Minister Yerlan Akkenzhenov, who has apparently already informed OPEC that his country will not reduce production," said Thu Lan Nguyen, an analyst at Commerzbank.

"Saudi Arabia is angry with Kazakhstan", which is seen as one of the main laggards, and which "produced 300,000 barrels per day more than its quota," said Bjarne Schieldrop, an analyst at SEB.

Iraq also regularly overproduces.

This announcement is seen more of a head-fake by OPEC+ to the US to curb US production and investment, as their overall production isn't really going to change much since those two countries were already overproducing to about the same level as this announcement.

Carry on thinking your orange idiot actually did something here.

As I was saying...

Quote:OPEC’s crude oil production in May increased less than called for in the OPEC+ agreement which had a large output hike planned for last month.

In a note on Monday, commodity analysts from Morgan Stanley said the 411,000 barrels daily that OPEC+ said it would add to oil production in May did not materialize.

OPEC Oil Production Fell Short of OPEC+ Target in May

Meanwhile...

Quote:June 6 (Reuters) - U.S. energy firms this week cut the number of oil and natural gas rigs operating for a sixth week in a row for the first time since September 2023, energy services firm Baker Hughes (BKR.O), opens new tab said in its closely followed report on Friday.

The oil and gas rig count, an early indicator of future output, fell by four to 559 in the week to June 6, the lowest since November 2021.

The oil and gas rig count declined by about 5% in 2024 and 20% in 2023 as lower U.S. oil and gas prices over the past couple of years prompted energy firms to focus more on boosting shareholder returns and paying down debt rather than increasing output.

The independent exploration and production (E&P) companies tracked by U.S. financial services firm TD Cowen said they planned to cut capital expenditures by around 3% in 2025 from levels seen in 2024.

US oil/gas rig count falls for 6th week to 2021 lows, Baker Hughes says

And as a reminder, the price of gas usually lags quite a bit behind these events...meaning gas prices are quite likely to be going up in the near future.

DRILL BABY DRILL!

(06-01-2025 11:47 PM)JMUDunk Wrote:  

(06-01-2025 09:13 PM)olliebaba Wrote:  

(06-01-2025 08:47 PM)UofMstateU Wrote:  TACO!!!

Trump
Actually
Changed
Opec

I think the Demonics opened the floodgates, TACO can be an acronym for a lot of things as proven above^^^.

Word salad for Toss AOC?