OPEC JUST DROPPED A Massive Bombshell | Leaves The West Terrified

Saudi Arabia and Russia, the powerhouses of the oil export game, are about to turn up the heat!

They’ve just announced even bigger cuts in oil production. Can you believe it? Amid worries about a global economic slowdown and the US Federal Reserve potentially raising interest rates, these guys are taking bold action.

The Organization of the Petroleum Exporting Countries and their members, including Russia, have joined forces in a pact to slash output by a whopping 2 million barrels per day, starting this November. And let me tell you, that’s the largest cut they’ve made since the chaos of the COVID-19 pandemic in 2020. It seems like they’re dead serious about shaking things up.

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So, OPEC and the parties involved made the big decision in an exclusive meeting in Vienna.

And as mentioned already, they decided to cut down on oil production. This move could change the game and give a much-needed boost to oil prices. You see, prices have been sliding down the slippery slope, going from $120 to a measly $90 in just three months.

People were freaking out about a global economic recession, rising US interest rates, and a stronger dollar. But hey, this decision might just turn things around. Now, nobody knows for sure if the cuts will include extra reductions from countries like Saudi Arabia, or if they’ll simply reduce the existing production.

Brent crude jumped by 0.38 percent, reaching a sweet $92.15 per barrel. And US West Texas Intermediate didn’t want to miss out on the fun, climbing up by 0.29 percent to $86.77 per barrel.

After the meeting, Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman, made it clear that the alliance’s main focus is to keep the oil market stable and sustainable. It’s like their number one priority.

So, on Wednesday, they decided to reduce oil production by a whopping 2 million barrels per day. These cuts are based on the current figures they already have. That means the reductions won’t be as significant because OPEC+ missed their output target by around 3.6 million barrels per day back in August.

Now, let’s talk about why they couldn’t pump out enough oil in the first place. We could trace it back to those Western sanctions. They put a dent in countries like Russia, Venezuela, and Iran. Plus, some producers like Nigeria and Angola faced their fair share of output issues too.

Prince Abdulaziz spilled the beans on the actual cuts. They’re aiming for a range of 1 to 1.1 million barrels per day. Then, Mohammed Al Suwayed, the CEO of Razeen Capital, sounded the alarm. He warned that this decision might worsen the global price increases that are already causing chaos in the world economy.

He believes that when they cut down on oil production, it makes the prices go up. But here’s the thing, this decision doesn’t seem to be based on the usual market stuff. It’s more about all these political and international things going on.

Hassan thinks that the current oil prices are influenced by all these geopolitical happenings, not the usual market stuff. And we might have to deal with even higher interest rates and inflation because of it.

He’s worried that with inflation going up and the economy being a bit shaky, people might not be as keen on buying oil in the next few months. That could throw things off balance, and we don’t want that to happen, do we? So, Hassan thinks we need to make some smart decisions and take action to keep the oil market steady in the short term.

In addition to everything, OPEC and its members have decided to change things up a bit. They’re going to meet up every two months now instead of the usual schedule.

Despite relentless pressure from the US to crank up the oil pumps, those OPEC+ folks were firm to make some cuts. US President Joe Biden, feeling quite annoyed, wastes no time in expressing his disapproval.

His team, National Security Adviser Jake Sullivan and top economic adviser Brian Deese released a statement saying, “The president is disappointed by the shortsighted decision by OPEC+”

These supply cuts are hitting countries that are already struggling with high prices. The timing seems unfair considering the entire global economy is still dealing with the aftermath of the Russia-Ukraine war.

While John Kirby’s remarks may have downplayed the significance of OPEC’s actions, it’s essential to acknowledge that different experts and analysts have varying viewpoints on the matter. In this case, analysts from the renowned US investment bank Citi have raised concerns and sounded the alarm bells regarding the implications of OPEC’s decisions.

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