ABU DHABI — The world’s top petroleum exporter, (click here) Saudi Arabia, said on Sunday that it would not cut output to prop up oil markets even if non-OPEC nations did so, in one of the toughest signals yet that it planned to ride out the market’s biggest slump in years.
Referring to countries outside of the Organization of the Petroleum Exporting Countries, Ali Al-Naimi, Saudi Arabia’s oil minister told reporters: “If they want to cut production they are welcome: We are not going to cut, certainly Saudi Arabia is not going to cut.”
He added he was “100 percent not pleased” with prices but they would improve, although it was unclear when.
He said speculators were responsible for the fall in prices to half their levels of six months ago and what he called a lack of cooperation from non-OPEC producers....
This goes to prove how criminal the minds of the American petroleum industry actually is and always has been. This is the same criminality that lives in the dangers to human life in the climate crisis. They don't care about anyone, except, their own pockets.
One might recall the affection shared between the former President Bush and his friends from the Middle East. This is not artificial. This is a sincere friendship and this is an expression of those feelings. It is that depth of meaningful relationships that dictate the actions of the OPEC governments to a greater extent, even including Venezuela. They are powerful men, but, they handle their power well.
American petroleum knows no friendship with the depth as those in the Middle East, they are profiteers and if they could sell oxygen on Mars they'd do it.
The American petroleum industry pushed their luck all across their paradigm of control. They over invested in petroleum infrastructure and occupied the American railroads with oil, killed people along the way when their 50/50 mixture of naphtha and tar blew up. Oil burns when ignited and doesn't explode. They never accepted responsibility for their part in those deaths and damage to our country and our infrastructure or that of Canada.
The American petroleum industry is nothing short of ruthless. Do I have to remind everyone of the corruption it brought to the old Minerals and Mining Management administration? The American petroleum industry is corrupt to the core and only answers to laws they have to answer to.
Today one of their cronies was one television touting the entire uptick in the economy that President Obama calls his own is only due to oil exploitation. They want the USA to believe their industry is the only method of economic power for the USA and the dollar.
NOT.
If that were true on a global market the Russian Ruble would be out performing the currency of the USA. It's nonsense.
What has struck me as completely ruthless is the demands by American petroleum to OPEC in reducing their oil outputs. Wouldn't that be interesting, huh?
The price of a barrel of oil would escalate to the point where it was previous to the glut on the market. A glut due to OVERPRODUCTION by the American oil barons and THE REDUCTION IN DEMAND. This drop in the price of oil is not totally due to overproduction by the American barons, there is also a reduction in need due to a warmer planet and to a smaller degree the implementation of alternative energies.
But, the most ruthless aspect of the American barons is the fact that OPEC has customers (market share) they want and what better way to get them except demand OPEC reduce production and allow American suppliers to pick up the slack in deliverables. Now, what happens to OPEC when the price rebounds? Does OPEC still have the same income as before? No. Because the customers of the American oil barons would have to sign contracts and they would no longer be available to OPEC.
The supply of substandard oil would be the cost to OPEC's customers and the emissions of greenhouse gases would go through the roof.
So, case in point. OPEC has been a long trusted friend of the global economy for decades and decades. The American barons are ruthless and if they ever obtained the majority of need of oil in the world through their current oversupply, the price of oil would no longer react to market pressures, but, at the whim of the American petroleum industry. You can take that to the bank.
One might recall the affection shared between the former President Bush and his friends from the Middle East. This is not artificial. This is a sincere friendship and this is an expression of those feelings. It is that depth of meaningful relationships that dictate the actions of the OPEC governments to a greater extent, even including Venezuela. They are powerful men, but, they handle their power well.
American petroleum knows no friendship with the depth as those in the Middle East, they are profiteers and if they could sell oxygen on Mars they'd do it.
The American petroleum industry pushed their luck all across their paradigm of control. They over invested in petroleum infrastructure and occupied the American railroads with oil, killed people along the way when their 50/50 mixture of naphtha and tar blew up. Oil burns when ignited and doesn't explode. They never accepted responsibility for their part in those deaths and damage to our country and our infrastructure or that of Canada.
The American petroleum industry is nothing short of ruthless. Do I have to remind everyone of the corruption it brought to the old Minerals and Mining Management administration? The American petroleum industry is corrupt to the core and only answers to laws they have to answer to.
Today one of their cronies was one television touting the entire uptick in the economy that President Obama calls his own is only due to oil exploitation. They want the USA to believe their industry is the only method of economic power for the USA and the dollar.
NOT.
If that were true on a global market the Russian Ruble would be out performing the currency of the USA. It's nonsense.
What has struck me as completely ruthless is the demands by American petroleum to OPEC in reducing their oil outputs. Wouldn't that be interesting, huh?
The price of a barrel of oil would escalate to the point where it was previous to the glut on the market. A glut due to OVERPRODUCTION by the American oil barons and THE REDUCTION IN DEMAND. This drop in the price of oil is not totally due to overproduction by the American barons, there is also a reduction in need due to a warmer planet and to a smaller degree the implementation of alternative energies.
But, the most ruthless aspect of the American barons is the fact that OPEC has customers (market share) they want and what better way to get them except demand OPEC reduce production and allow American suppliers to pick up the slack in deliverables. Now, what happens to OPEC when the price rebounds? Does OPEC still have the same income as before? No. Because the customers of the American oil barons would have to sign contracts and they would no longer be available to OPEC.
The supply of substandard oil would be the cost to OPEC's customers and the emissions of greenhouse gases would go through the roof.
So, case in point. OPEC has been a long trusted friend of the global economy for decades and decades. The American barons are ruthless and if they ever obtained the majority of need of oil in the world through their current oversupply, the price of oil would no longer react to market pressures, but, at the whim of the American petroleum industry. You can take that to the bank.
