With OPEC+ having a much lower cost per barrel of oil, the decades-old MAGA chant of "drill, baby, drill" was never a path to American energy independence. Now, after TACO Trump's Middle East tour, the reality has set in. Not for MAGA, of course, they have no clue. Besides picking up a plane for his presidential library, it appears he has struck a deal to lower oil prices at the expense of US production.
Who was that guy who's been posting about this for the last year? Pretty smart fella, at this point.
US Oil Drillers Continue to Pull Back As Prices Bite | OilPrice.com
"The total rig count in the US fell by 3 to 563 rigs, according to Baker Hughes, down 37 from this same time last year."
US oil production is down: "The figure is 230,000 bpd down from the all-time high reached during the week of December 6, 2024."
OPEC+ July oil output
"The world’s largest group of oil producers, OPEC+, stuck to its guns on Saturday with another big increase of 411,000 barrels per day for July as it looks to wrestle back market share and punish over-producers."
"Its increased supply is weighing on crude prices, squeezing all producers, but some more than others, including a key group of rivals - U.S. shale producers, analysts say."
MSAG - Make Saudi Arabia Great, maybe I'll get a ballcap made.
