Quote:
Originally Posted by IronNoggin
OPEC+ to cut oil production by 2 million barrels a day next month
The OPEC+ alliance of oil-exporting countries on Wednesday decided to sharply cut production to support sagging oil prices, a move that could deal the struggling global economy another blow and raise politically sensitive pump prices for U.S. drivers just ahead of key national elections.
In a statement, OPEC+ said the decision was based on the "uncertainty that surrounds the global economic and oil market outlooks."
https://www.cbc.ca/amp/1.6606887
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Yup
OPEC in the past would lower production which raised prices which had North America drill more wells to reap the higher price… thereby eroding OPEC market share.
Then came anti oil politicians like Trudeau and Biden. Increased production is no longer happening.
Reserves are dropping. Prices rising. Environmentalists are patting each other on their collective backs… because eventually prices for oil and gas will be so high they can claim solar and wind are comparable.
So here we are. Companies are blamed for the world building on low lying flood prone lands. A few hurricanes this year is proof of the end of the world. Soon in Canada a bad snow storm will be proof of global warming. And a big cold snap will be blamed on big oil.
No one wants new drilling. No one wants new oil refineries.
It’s a mixed up world and Canada’s spiralling economy is only the beginning of the Liberals Whirlpool Of Uselessness.
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