OPEC concedes to Trump’s demands! (article title not mine)

[Anonymous 7]

This comes from a conservative site that isn’t really a fan of President Adult. They could be considered NeverTrumpers.

I don’t know if this is a good or bad thing.
It could hurt U.S. oil but OTOH I vaguely remember the oil shortage crises in the 70’s

Looks like Trump’s lobbying and demands that OPEC increase oil production to decrease prices have worked:

AP – Countries in the OPEC oil cartel have agreed to a new oil output level that effectively increases production by almost 1 million barrels per day.

The increase was announced after ministers from the group met on Friday in Vienna.

The production increase will partly undo a 1.2 million barrel cut OPEC agreed on in late 2016 that has helped push up the price of oil.

Ahead of Friday’s meeting, OPEC’s largest producer, Saudi Arabia, was seen to be open to higher production but Iran had been hesitant. U.S. President Donald Trump has been calling publicly for the cartel to help lower prices.

Iran wasn’t just hesitant, they said “we are not here to receive instruction from President Trump and apply it and implement it.”

But then they did. LOL!

It’ll be nice to see prices come down at the pump. But I’m not sure how much 1 million barrels a day, when spread out, will really impact it. I guess we’ll find out.

Link

Thoughts?

[BernieParticipant 254]

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[HitmanParticipant]

i’m no expert,
but that much more oil per day seems like a LOT of damn oil.
makes me wonder WHY OPEC would do as Trump demanded..

[NerdTunnelerParticipant]

Economics…The higher the price of oil, the faster the development of electric vehicles…

As an example, Tesla is one manufacturer of electric trucks…If the price of gas is much more than the cost of fuel then trucking services will shift to electric…Once they shift to electric, then there is no turning back as the research and development in that field would increase exponentially…

So less demand on oil would lower the prices but the truckers wont care because by then they have invested heavily in electric trucks…OPEC would then have a surplus of oil that nobody wants. Even China has shifted to electric vehicles…

Just my 2 cents on the matter…

I stand with feet apart and let my balls hang free...Manginas dont have balls...See how they stand and sit at the whim of their masters...

[AttonParticipant]

The lower the oil price is the higher the likely hood a president wins re election.

A MGTOW is a man who is not a woman's bitch!

[Big BossParticipant 4496]

Anonymous wrote:

Thoughts?

It lines up with other information we’ve had previously that OPEC took punitive measures because Americans didn’t vote for Hillary. If they do increase production, then there will be price cuts.

[Author]

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