Saudi Arabia lowers oil prices for Europe but raises them again for the US as White House says OPEC+

[Yo_Mama_Been_Loggin]

Source: Markets Insider

Saudi Arabia is raising oil prices for the US market again, while lowering them for Europe and leaving them largely unchanged for Asia.

November shipments of Arab Light crude to Asia from state-run producer Saudi Aramco will remain steady at $5.85 per barrel above benchmark prices. A Bloomberg survey estimated prices in Asia, the kingdom's top market, would rise by $0.40 per barrel.

Elsewhere, Saudi Aramco hiked prices by $0.20 a barrel for all US grades, while northwest Europe and the Mediterranean saw declines. While Asian prices for the company's light oil was flat, its medium and heavy-grade crude prices ticked up in Asia by $0.25.

Last month, Saudi Aramco also lowered prices in Europe and raised them in the US.

Read more: https://www.msn.com/en-us/money/markets/saudi-arabia-lowers-oil-prices-for-europe-but-raises-them-again-for-the-us-as-white-house-says-opec-is-siding-with-russia/ar-AA12Ftoj

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Prince Bonesaw misses Trump and Jared kissing his ass.

[Mike Nelson]

1. Hmm...

... working for Crooked Donald?

[live love laugh]

32. BINGO ✔️

[BumRushDaShow]

2. Ironically

we pretty much surpassed them in output of crude but obviously our problem is refineries.



https://www.forbes.com/sites/rrapier/2019/07/14/ten-countries-that-dominate-fossil-fuel-production/?sh=4555dfaf5b13

[Mysterian]

3. The country that supplied fifteen 9-11 hijackers wants their puppet republicans in power

We should cut all ties with that filth.

[GreenWave]

4. How can 20 cents a barrel increase...

translate into the Doomsday predicted the Lamestream is now regurgitating?

[IbogaProject]

9. Taking 2% off global daily supply will alter prices

The markets have to price these changes. Opec+ can change production the markets where oil is traded will set the prices. While 2% is a small amount it can alter the surplus scarcity ratio and move prices much more.

[Katcat]

23. I'm good with that.

Raise grain prices sky high too.

[in2herbs]

28. For years they have been buying huge swaths of land in AZ and this land has water rights.

They grow alfalfa on it and ship it back to their country. This farming has depleted some wells and reduced volume in others in the area -- plus the price they pay for their water consumption is pennies compared to the price AZ people pay. These contracts go back years and its only been recently that state officials have begun to challenge the contracts. So, I agree, anything they grow in the USA to export to their country should be comparable to their oil price increase.

[KS Toronado]

25. By the time that 20 cents

goes through the middle men, (refineries, distributors, gas stations) it'll be .75 cents to 1$.
Capitalism requires everyone to get their cut.

[lark]

5. Stop giving SA military equipment, Right. Now.

That's what should be done. MBS is an ally of Russia's Putin, 2 murderers in a pod. Stop selling them any military equipment as well. Just don't know if Biden can do this via Executive Order or if it Requires Congress? If it requires Congress, the only question is will Sienema and Mancin support Putin or US?

[kysrsoze]

7. Yes, cut them off. Round it up, take it back.

Fuckers.

[Magoo48]

8. Everything we do for the Saudi head choppers must be stopped immediately and indefinitely.

[former9thward]

13. Don't throw it on Sinema and Manchin.

There is no indication anyone in the White House wants to do this.

[lark]

34. True, but I am still hopeful.

MBS is a Putin ally, not an ally of ours and we need to recognize that and take appropriate steps to either change these terms or change our terms of munition sales/give aways right now! I know the government hasn't said anything and that this complicated, but they need to do something or SA will put Russia on a more stable financial position to continue the war.

[IronLionZion]

15. Send them bone saws and tell them were to shove it

[FoxNewsSucks]

27. I think we already know the answer to your last question

if it comes down to that.

[karynnj]

6. How do charge different countries different prices for a commodity?

Wouldn't that just lead to us buying from an EU country for a lower price than Saudi Arabia is charging us?

[former9thward]

14. Yes, but there would be transpiration costs from a 3rd party.

When its oceans that is a lot.

[louslobbs]

10. 🤔

[Lonestarblue]

11. This video says it all. MBS got everything he wanted from Trump and Kushner.

Now he’s thumbing his nose at the US. Unfortunately, we still need to import oil from the Middle East.

[louslobbs]

17. 👍🏻

😖 exactly!

[Submariner]

18. We'll remember that when the Saudi LIV Tower Crasher Golf Team

visits Bedbugminster for the next Bonesaw Mo Open golf tournament. How about a TSA pat down MBS?

[louslobbs]

31. 👍

😳

[multigraincracker]

12. Quick fix. Start giving arms to

the Houthis in Yemen.

[ToxMarz]

16. i thought oil was a global commodity sold (priced) on the global market

So the producers get to price it individually for different markets??

[JohnSJ]

20. You beat me to it. It is a global commodity. This story doesn't even make sense, and makes me

wonder about its validity

[JohnSJ]

19. Is that even possible? Isn't the price of oil determined as a commodity worldwide, not specifically

toward individiual countries?

[louis-t]

21. Releasing oil for strategic reserves can only do so much.

Producing and refining more oil can only do so much. The only thing that really brings down prices is to STOP USING SO MUCH OIL. Carpooling, ride sharing, making sure your tires are inflated and filters are clean, consolidating trips, more hybrid and electric cars, stop driving like a maniac and leave 10 minutes earlier. Look what happened when the country was locked down for 6 months. Price of oil dropped below $10 a barrel. Its the only thing that will make a significant difference.

[Katcat]

22. Eat it

I guess they do without grain from the US can’t they. Secret them, raise the grain prices as muc( as they raised oil or more.

[Raster]

24. Fuck the Saudis... let them buy their weapons from Russia...

...if they can get them!

[JohnSJ]

26. I have no idea who Markets Insider is or Brian Evans, but that is NOT how the price of oil is done

"The Determinants of Oil Prices
​With oil's stature as a high-demand global commodity comes the possibility that major fluctuations in price can have a significant economic impact. The two primary factors that impact the price of oil are:

Supply and demand
Cost of production
Market sentiment

"OPEC was founded in the 1960s to—put it crudely—fix oil and gas prices. By restricting production, OPEC could force prices to rise, and thereby theoretically enjoy greater profits than if its member countries had each sold on the world market at the going rate. Throughout the 1970s and much of the 1980s, it followed this sound, if somewhat unethical, strategy.

........

According to the U.S. Energy Information Administration, OPEC member countries often exceed their quotas, selling a few million extra barrels knowing that enforcers can't really stop them from doing so.

With Canada, China, Russia, and the United States as non-members—and increasing their own output—OPEC is becoming limited in its ability to, as its mission euphemistically states, "ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers."

......

"In 2022, however, Russia invaded Ukraine, disrupting oil and gas markets. With economic sanctions against Russia placed by the U.S. and much of the West, oil prices have since skyrocketed above $100 a barrel. As of June 2022, a barrel trades for around $125."

https://www.investopedia.com/articles/economics/08/determining-oil-prices.asp

I call bullshit on this article. Saudi Arabia doesn't control the price of oil to individual countries, because that is NOT how the price is done. It is a global commodity.

While Saudi Arabia can reduce their output, it will affect EVERYONE as a world commodity

I suspect there is a political agenda afoot here, and would like to know more about who owns Markets Insider, and who Brian Evans is

[BlueIdaho]

29. No more weapons, not more parts. No more Mr. Nice Guy.

Fuck ‘em. Let them buy some of the third world shit weapons from Putin. As for their millionaire class - foreclose on Saudi owned US property, freeze their bank accounts, and ban all sales and exports of luxury items. Pound sand MbS.

[roamer65]

30. We need to stop exporting our oil.

US oil should stay in the US.

[Bengus81]

33. Remember,these are our allies in the Mideast region.....yeah right

These FUCKS need to be cut off from any and all military weapons purchases from the US.

[JohnSJ]

35. That is not how oil pricing works, it is a comodity