{"id":9384,"date":"2022-11-24T18:20:18","date_gmt":"2022-11-24T18:20:18","guid":{"rendered":"http:\/\/lonecandle.com\/?p=9384"},"modified":"2022-11-24T18:20:18","modified_gmt":"2022-11-24T18:20:18","slug":"why-opecs-cuts-shouldnt-have-been-a-surprise-and-may-not-hurt-as-much-as-you-might-think","status":"publish","type":"post","link":"https:\/\/lonecandle.com\/?p=9384","title":{"rendered":"Why OPEC\u2019s cuts shouldn\u2019t have been a surprise \u2014 and may not hurt as much as you might think"},"content":{"rendered":"\n<p>\n\n&#8220;Gross\u2019s take is straightforward: Arab states are simply pursuing their self-interest in keeping oil prices high. She cautioned against seeing the OPEC+ decision as a choice by the group between the US and Russia. Today is not like the Cold War, when many Middle Eastern states balanced between Washington and Moscow, seeking to extract maximum benefits from both superpowers and hedging in case either bloc won.<\/p>\n\n\n\n<p>Besides, although the cut might boost oil prices, Gross says the prospects for Russia\u2019s future oil revenues are potentially quite dim, as the G7 and the European Union prepare to implement new measures that could substantially reduce Putin\u2019s proceeds from oil. Moreover, the actual production cut is likely to be around 1 million barrels per day \u2014 not 2 million \u2014 because many OPEC+ members weren\u2019t meeting their quotas anyway, according to Gross.&#8221;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.vox.com\/2022\/10\/14\/23402895\/opec-saudi-arabia-oil-price-russia-ukraine\">https:\/\/www.vox.com\/2022\/10\/14\/23402895\/opec-saudi-arabia-oil-price-russia-ukraine<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;Gross\u2019s take is straightforward: Arab states are simply pursuing their self-interest in keeping oil prices high. She cautioned against seeing the OPEC+ decision as a choice by the group between the US and Russia. Today is not like the Cold War, when many Middle Eastern states balanced between Washington and Moscow, seeking to extract maximum benefits from both superpowers and hedging in case either bloc won.<br \/>\nBesides, although the cut might boost oil prices, Gross says the prospects for Russia\u2019s future oil revenues are potentially quite dim, as the G7 and the European Union prepare to implement new measures that could substantially reduce Putin\u2019s proceeds from oil. Moreover, the actual production cut is likely to be around 1 million barrels per day \u2014 not 2 million \u2014 because many OPEC+ members weren\u2019t meeting their quotas anyway, according to Gross.&#8221;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[13],"tags":[1007,391,576,578,577],"class_list":["post-9384","post","type-post","status-publish","format-standard","hentry","category-article-share","tag-arab","tag-middle-east","tag-oil","tag-oil-price","tag-opec"],"_links":{"self":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9384","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=9384"}],"version-history":[{"count":1,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9384\/revisions"}],"predecessor-version":[{"id":9385,"href":"https:\/\/lonecandle.com\/index.php?rest_route=\/wp\/v2\/posts\/9384\/revisions\/9385"}],"wp:attachment":[{"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=9384"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=9384"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lonecandle.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=9384"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}