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News Forum - Big Oil Majors take precautionary step to stabilize oil market by cutting production


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The globe’s major oil companies, commonly known as “Big Oil Majors,” made a somewhat surprising move to cut production by over one million barrels per day as a “precautionary” move to stabilise the oil market. Russia, a leading member of the OPEC+ cartel, also decided to extend their existing cut of 500,000 barrels per day …

The story Big Oil Majors take precautionary step to stabilize oil market by cutting production as seen on Thaiger News.

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This has absolutely nothing to do with "stabilizing" a market and everything to do with protecting and increasing profits, and perhaps giving a screw to the West and helping Russia at the same time.  Manipulating markets is what cartels do, and OPEC+ has been one of the most manipulative since its inception.

And when did countries become oil companies? "The globe’s major oil companies, commonly known as “Big Oil Majors...The reductions by Saudi Arabia, Iraq, the UAE, Kuwait, Algeria, and Oman..."

I can't say that I've ever heard the term "Big Oil Majors" before so went searching for it on the internet.  It hasn't heard the term either.

These oil producers, who have done nothing to actually make the oil, it's just the luck of geology, keep showing us why we need to develop better and more sustainable sources of energy.

 

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