Black Gold: More Greed From Opec
I have just watched on the BBC News that Opec-Plus members have agreed to cut the production of oil by up to two million barrels a day.
At the time of the Russian invasion of Ukraine, the barrel price of oil reached a peak of $130, generating massive profits for oil companies, and for the oil-producing nations. Prices for petrol, diesel, and heating oil hit an all-time high, but have slowly been slipping since. Last week, they were down to £93 a barrel, still much higher than in previous years.
So the Opec members have reacted by agreeing to cut production, thereby forcing prices up again, so they can continue to profit from everyone who needs to drive, use heating oil, or face price increases on everything because of increased transport and delivery costs. Some of the countries involved in Opec are among the richest in the world, and include heads of state who are personally rich beyond comprehension.
Following today’s announcement oil increased in price immediately, and the prices of petrol and diesel are set to follow by the end of today.
How much is enough? How much greed must the non-producing countries tolerate? It appears that Opec Plus believes there is never too much profit, never enoough money, and that the countries dependent on oil imports have to tolerate any increase, no matter how huge.
This greed at a time of worldwide austerity and uncertainty is just obscene.
Let’s never forget the countries involved in this, if one day they come to us asking for aid or favours. Here is a list of them.
Algeria, Angola, Congo, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, United Arab Emirates and Venezuela.
Reblogged this on Have We Had Help? and commented:
A different approach…
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Here it is seen as a way to continue to hike gasoline prices thus working against Biden. The Saudis in particular can’t stand having lost their in with the orange buffoon and his son-in-law and long for a new regime here.
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I agree that it does seem to be something of a conspiracy against western governments, but it also makes a lot more profits at the same time.
Best wishes, Pete.
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Absolutely.
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You will enjoy this by a Medium writer whom I really like https://medium.com/tessas-web-log/george-monbiot-has-it-right-67ece15337b. What a powerful piece!
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Thanks for the link, Felicity. George is indeed a very good writer.
Best wishes, Pete. x
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(It comes back as ‘404, not found’. )
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It seems greed increases exponentially as profits and wealth rise.
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That’s very true, Maggie.
Best wishes, Pete.
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It’s the worst behaviour possible.
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I think we should punish those countries using any ways open to us, Peggy.
Best wishes, Pete.
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Reports here included Russia in this cut. Warmest regards, Ed
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Yes, Russia has been cutting back on oil and gas production to take advantage of the price increases. But they are not in OPEC, and have been reducing production since the summer. Now OPEC is joining in, many see this as open support for Russia’s war. I just see it as greed.
Best wishes, Pete.
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Our media reports Russia is part of OPEC plus–which is also cutting back. They are sill one of the countries in the agreement from three media sources here.
Warmest regards, Ed
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That’s interesting. Over here, they are not listed as one of the members.
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I have been railing about the KSA and the UAE for decades….they do us no favors….show them the middle finger and tell them to f*ck off! chuq
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I would like to see us stop all aid to every country on this list, chuq. Also arms sales, and beneficial trade deals.
Best wishes, Pete.
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It should have been ceased years ago…..but we are too far up their monetary butts for it to ever happen. chuq
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The greed inherent in the monetary system is irresistible to many, I’m afraid: where there’s money, there will always be greed. Beam me up to the 24th century, Mr Spock 😉 Cheers, Jon.
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Yes, greed is nothing new, but we should do more in retaliation to those countries involved, in my opinion.
Best wishes, Pete.
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Yes, I agree: some non-violent affirmative action required!
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I saw the article too. It fills me with rage.
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I think we should stop all aid and weapons sales to every country on that list, immediately.
Best wishes, Pete.
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Hell yes! Sanction them all! Withdraw all U,S, aid at once, Remember September 11th!
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They are consumed by greed, John.
Best wishes, Pete.
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It boils my piddle.
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Mine boiled over!
Best wishes, Pete.
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