Russia Completes Its OPEC Takeover With Deal With Saudis

[applegrove]

Russia Completes Its OPEC Takeover With Deal With SaudisBy 

Julian Lee at Bloomberg

https://www.google.com/amp/s/www.bloomberg.com/amp/news/articles/2019-06-29/russia-completes-its-opec-takeover-with-japan-deal-oil-strategy

"SNIP.....


Russian Rules

Move on three years and Russia’s takeover of OPEC is almost complete. Output decisions are no longer negotiated between the group’s oil ministers in suites in Vienna’s luxury hotels and announced to the waiting world from the OPEC headquarters around the corner.

They’re thrashed out in advance by Putin and Saudi Arabia’s crown prince.

Putin’s announcement from Osaka on Saturday that he and Prince Mohammed Bin Salman had agreed to extend the current output deal to at least the end of the year has made the forthcoming gathering in Vienna almost redundant.

True, Putin introduced some uncertainty about whether it will be prolonged for six months or nine, leaving ministers something to talk about on Monday and Tuesday, but that’s largely irrelevant. OPEC’s statute requires its members to meet twice a year, so another gathering before the end of December is inevitable.


......SNIP"

[2naSalit]

1. Time to crank up the volume with wind and solar and

all other alternatives!!

[theophilus]

2. I try to keep up but I had not heard of this. It, of course, makes

perfect sense. That is what is driving a large part of Trump's treason. He wants in on the Trillions in Russian oil money. He has been promised. This needs to be trumpeted by the media. Prolly will not be. The Dems need to point it out forcefully. Why does Donald what to keep using fossil fuel? This is a big part of the answer. Vlad told him to do it. He is doing it. We will all pay a steep price if they are not stopped.

[scarletwoman]

3. + 1000! nt

[Xolodno]

4. OPEC has been rendered useless for awhile now....

Whenever they announced a scale back on oil, prices shot up. Eventually someone in the cartel would start ignoring the output restrictions, trying to cash in on extra money. And then did everyone else, but at the next meeting, they would announce the increased output....but they were all already doing. Then after a year or so, they announce another scale back and the process repeats. Cartels are very hard to hold together.

But now, its pretty much pointless. When they would announce a scale back, Russia and by default, Iran, would just fill in the loss and gain market share.

OPEC has invited Russia numerous times into the Cartel, and Russia has refused every single time. Because they know they can exert more control over the Cartel by being out it instead of being in it.

[applegrove]

5. Well they are in it now. And looks like it is putin and MBS deciding on price. N/T

[Xolodno]

6. Need to amend my previous statement...

...Iran is an OPEC member. But usually one of the first to break the rules.

And Russia is still not an OPEC member, just an observer. But because they have so much oil, they can dictate to OPEC what they want....if they don't follow along, Russia will just simply undercut them.