OPEC to Decrease Oil Production

[ProfD]

https://www.npr.org/2022/10/05/1126754169/opec-oil-production-cut

 

In order to satisfy Russia and snub the US, OPEC will be decreasing oil production by 2 million barrels per day. 

 

After a couple months of falling gas prices, expect it to creep back up just in time for the holiday season. 

 

I'm not surprised that it's being allowed to happen. Politicians are good at playing both sides against the middle. Follow the money. Watch their hands. 

[Pioneer1]

I don't know much about OPEC , but who actually "controls" it?

Is it controlled by the Arab nations or by Europe?

And my other questions would be.......

I heard Nigeria has more oil in that nation than half of ALL the Middle Eastern nations combined.
Are THEY part of OPEC?
And if not.....why don't they form their own oil conglomerate like OPEC and use that as leverage to get some money and recognition from the world?

[ProfD]

OPEC (Organization of the Petroleum Exporting Countries) are Algeria, Angola, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, the Republic of the Congo, Saudi Arabia, the United Arab Emirates and Venezuela.

 

IMO, OPEC is primarily controlled by the strongest super power on the planet...the USA. But, we play these shell games. 

[Pioneer1]

Just like the U.S. controls the so-called "United Nations", headquartered in New York....lol.

If the U.N. didn't vote in favor of our policies we'd kick them out of the building and bar half of them from even setting FOOT in this country for meetings..lol

[ProfD]

2 hours ago, Pioneer1 said:

Just like the U.S. controls the so-called "United Nations", headquartered in New York....lol.

After WWII, NATO (North Atlantic Treaty Organization) was established in the US too.

 

 NATO is the worldwide repository of military power.  It is headquartered in Belgium but everybody knows who really runs the show.