Home Heating Oil May Be Lower This Winter Thanks To The Saudi’s
OPEC, the oil cartel that controls 40 percent of the oil sales in the world, announced that they were cutting production to keep prices high for the worlds oil supply. Fortunately for American homeowners Saudi Arabia, OPEC’s biggest producer, is fighting the decision and will keep pumping at near historic levels.
The result of this is that countries such as Iran and Venezuela, who have stated that they want to harm the United States, will not have the economic power to hurt American consumers through their OPEC membership.
So thank the Saudi’s this winter when home heating prices do not go even higher.
In June, King Abdullah pledged that his country would pump at full tilt to bring prices down. In August, the kingdom increased its production to 9.7 million barrels a day, the highest in three decades. Saudi Arabia is now producing around 9.5 million barrels a day, 600,000 barrels a day more than its quota.
“This seems to set Saudi Arabia up as the unilateral decision-maker on output for the fall,” said Greg Priddy, an energy analyst at Eurasia Group, in a research note. “Clearly, other OPEC members are not going to trim their own production without Saudi Arabia returning to its quota. Saudi Arabia also seems to be eager to avoid headlines about it cutting production in advance of the U.S. elections.” via NYTimes.com.
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