Saudis, Allies Open Door to Oil-Output Cut to Keep Prices High

[former9thward]

Saudi energy minister’s comments, backed by some OPEC members, are a letdown for White House

RIYADH, Saudi Arabia—Saudi Arabia and some of its oil-producing allies have suggested cutting crude production, disappointing U.S. officials who predicted the kingdom would be instrumental in cooling the market after President Biden met Crown Prince Mohammed bin Salman for the first time in office.

The Saudi-led Organization of the Petroleum Exporting Countries and a coalition of producers led by Russia—collectively known as OPEC+—agreed to a smaller-than-expected production increase earlier in August.

The Saudi energy chief's comments pushed oil prices higher, climbing by $1.30 to around $97.80 a barrel after a sell-off in recent months.

https://www.wsj.com/articles/saudis-allies-open-door-to-oil-output-cut-to-keep-prices-high-11661268794

[Tickle]

1. It's going to be a cold Winter 🥶

What did president Biden do to piss off the Saudi s?

[Hugh_Lebowski]

2. So less oil will end up being burned, due to higher oil prices, reducing impact on climate change!

Errr ... is this a problem?

Or do we want cheap fossil fuels ... which leads to more 'growth', and less people taking public transit, and more people buying Hummers?

It's hard to keep track sometimes