Russia, Saudis, and other oil giants announce surprise production cuts until end of 2023

Russia, Saudis and OPEC cut production oil until end of 2023
Russia, Saudis and OPEC countries cut production oil until end of 2023

Russia has extended oil production cuts until end of 2023… Meanwhile, Saudi Arabia and other major oil producers says they will cut oil production by 1.15 million barrels per day from May until the end of 2023…

Russia on Sunday said it was extending until the end of the year oil production cuts of 500,000 barrels per day, a response to Western sanctions that was due to expire at the end of June.

“As a responsible and preventive action, Russia is implementing a voluntary reduction of 500,000 barrels per day until the end of 2023,” Alexander Novak, a deputy prime minister in charge of energy issues, said in a statement.

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Meanwhile, Saudi Arabia and other major oil producers on Sunday announced surprise cuts totaling 1.15 million barrels per day from May until the end of the year, a move that could raise prices worldwide.

Higher oil prices would help fill Russian President Vladimir Putin’s coffers as his country wages war on Ukraine and force Americans and others to pay even more at the pump amid inflation fueled in part by that conflict.

It was also likely to further strain ties with the United States, which has called on Saudi Arabia and other allies to increase production as it tries to bring prices down and squeeze Russia’s finances.

The Saudi Energy Ministry said its own reduction of 500,000 barrels per day would be made in coordination with some OPEC and non-OPEC members, without naming them. The cuts are in addition to a reduction announced last October that infuriated the Biden administration.

The ministry described the move as a “precautionary measure” aimed at stabilizing the oil market. The cuts represent less than 5% of Saudi Arabia’s average production of 11.5 million barrels per day in 2022.

Iraq said it would reduce production by 211,000 barrels per day, the United Arab Emirates by 144,000, Kuwait by 128,000, Kazakhstan by 78,000, Algeria by 48,000 and Oman by 40,000. The announcements were carried by state media.

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The earlier cuts — of some 2 million barrels a day — had come on the eve of U.S. midterm elections in which soaring prices were a major issue. President Joe Biden vowed at the time that there would be “consequences” and Democratic lawmakers called for freezing cooperation with the Saudis.

Both the U.S. and Saudi Arabia denied any political motives in the dispute, with each saying it was focused on maintaining a healthy market price.

Since those cuts, oil prices have actually trended down. Brent crude, a global benchmark, was trading at around $80 a barrel at the end of last week, down from around $95 a barrel in early October, when the earlier cuts were agreed.

Kristian Coates Ulrichsen, a Gulf expert at Rice University’s Baker Institute for Public Policy, said the Saudis are determined to keep oil prices high enough to fund a raft of ambitious mega-projects linked to Crown Prince Mohammed bin Salman’s Vision 2030 plan to overhaul the economy.

This domestic interest takes precedence in Saudi decision-making over relationships with international partners and is likely to remain a point of friction in U.S.-Saudi relations for the foreseeable future, even without taking into account the Russian dimension,” he said.

Saudi Arabia’s state-run oil giant Aramco recently announced record profits of $161 billion from last year. Profits rose 46.5% when compared to the company’s 2021 results of $110 billion. Aramco said it hoped to boost production to 13 million barrels a day by 2027.

The decades-long U.S.-Saudi alliance has come under growing strain in recent years following the 2018 killing of Saudi dissident Jamal Khashoggi, a U.S.-based journalist, and Saudi Arabia’s disastrous war with the Iran-backed Houthi rebels in Yemen.

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As a candidate for president, Biden had vowed to make Saudi Arabia a “pariah” over the Khashoggi killing, but as oil prices rose after his inauguration he backed off. He visited the kingdom last July in a bid to patch up relations, drawing criticism for sharing a fistbump with Crown Prince Mohammed bin Salman.

Saudi Arabia has denied siding with Russia in the Ukraine war, even as it has cultivated closer ties with both Moscow and Beijing in recent years, unnerving its longtime allies in Washington. Last week, Aramco announced billions of dollars of investment in China’s downstream petrochemicals industry. [Barrons, ABC News]

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  1. Yeah it’s our own government handing the keys to our competitors enemies..If not then why hasn’t the installed leader been removed?

    • Could be. We are infested with subversives, leftists and traitors that hate their country, culture, and themselves. It’s that oikophobia indoctrination in our schools and media that I blame.

        • I expected this after Prime Minister Shinzo Abe was assassinated last year. We have no more allies, times up.

          Oil will be 200.00 a barrel. Forget about PMs, it will soon become illegal again. Plans are in the works. Keep your eyes on the Kingdom of God, trust in him only to provide for you and your family.
          Not in man, ( DJT ) nor the riches ( gold or silver) of the world.

          Psalm 52:7 kjv

          Matthew 6:24 kjv
          No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon

          Revelation 18:4 kjv
          And I heard another voice from heaven, saying, Come out of her, my people, that ye be not partakers of her sins, and that ye receive not of her plagues

          have you read this bill?

          its not about TicTok. I can see this used against us.

          The term holding—
          (i)an equity interest;
          (ii)a stock;
          (iii)a security;
          (iv)a share;

          The term covered transaction includes a current, past, or potential future transaction.

          The term person means a natural person, including a citizen or national of the United States or of any foreign country.

          its not about TicTok, its about confiscating your gold, silver and other assets. Time is running out.

          Remember what the WEfers said, you will own nothing and be happy. More likely than not, you will be happy that they only took your gold, security, assets and not thrown you in prison.

          Stalin, hitler, mao zedong, mussolini did the same.

          Land, farms, livestock was taken to feed their soldiers.

          S.1605 – National Defense Authorization Act for Fiscal Year 2022

          Its looks like our enemies are camped all around us now. Our only allies are God Almighty, and Christ Je’sus.

  2. India is dropping the dollar — in the news. 18 other nations joining the fun. Don’t even try to blame Trump. Our economy was on fire. Now, it is crappy. I blame leftists and political satanists. Better buy metals, or wipe your ass with greenbacks. Say hi to hyperinflation.

    • DJT is the father of the vaccccine. If we can’t “blame” him since he is also a gear in the machine, free speech is officially done.

  3. ipetgoat 2……..oil dripping….usa falls……REPENT……..GUARD THE 10 COMMANDMENTS…….come out of the SUNDAY frist day of the week churches……..4th remember is sABBAth….ezekiel20:19-21…Isaiah 56, 58….read……….FOLLOW THE LAMB………..not the wolf paul who was a LIAR…….REV2:2………..all in ASIA turned away….2tim1:15….

  4. not to be outdone, look who is joining in the all male muslim only sword dances.

    saudi arabia cuts oil production in paris accord.


    the goal is 200.00 a barrel. BRICS nations together will make it happen.

    • Barack Hussein means “blessing handsome” in Arabic. I’m thinking an act having to do with a goat is more appropriate.

  5. Bozobiden cut our energy independence out right when he was installed. Then he has been financing Smellinsky, and his illegal operations in adrenochrome farming, biolabs, child prostitutes, drugs, money laundromats and God knows what else.
    I really don’t blame Saudis or Putin. They are laughing all the way to the bank. Wait till BRICS kicks in. That will be a shitstorm, and probably hose and devalue the fiat dollar. I smell hyperinflation and more proxy war BS.


  6. wow what a trip. all comments wiped out. is it live or memorex/ AI?

    saudia arabia already did this agreement in the paris accord/ green new deal.

    Policy Pathways to Meet Saudi Arabia’s Contributions to the Paris Agreement

    by D Wogan · 2019 · Cited by 22 — While deep CO2 cuts can be achieved, oil would still be consumed for domestic power production, which would reduce revenues from oil exports and lower gains …

    charles the turd dancing with swords

    Adorned with elaborate dagger and bandolier complete with bullets, the prince kept to the drum beat and successfully negotiated the steps while wielding a golden sword during the all-male ceremony. He was accompanied by several Saudi princes, all similiarly attired, at the event at a stadium in the city.Feb 19, 2014

    Russia, China, North Korea, Iran, India, Saudi Arabia, this is their war cry.

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