Tagged: production cuts
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.