Chapter 1769: Production Is About to Increase

King Abdullah of Saudi Arabia was sitting with the heads of state of other OPEC member states at this time. Everyone looked at each other, but no one spoke.

The reduction in crude oil production has indeed increased the price of crude oil, and the income of each of their countries has not only not decreased, but has also increased.

But the trade of these countries has serious problems. Not only the United States, China, Japan, Russia, etc. have imposed economic sanctions on it, but even the European Union has also participated in it.

It can be said that OPEC has touched the interests of most countries.

OPEC's reserves and production only account for about 40% of the world. At this time, other countries join hands to start suppressing crude oil prices, and they may not be able to bear it.

The current trade blockade has caused them a lot of losses. The prices of many domestic necessities have risen, so inflation will occur in these countries.

Then even if they make more money, the living standards of the Chinese people will decline, and the gains outweigh the losses.

There is also debate within their organization at this time, whether to compromise and restore crude oil production in exchange for other countries to lift their trade blockade.

These big power organizations join forces, and OPEC really can't stand it. Now it seems that the price of crude oil keeps rising, but in fact it is mainly driven by international speculators.

How high would crude oil prices be without these funds? The point is that they have made money now, but they can't get back the necessities of life. This is the most troublesome thing.

Which of these countries is an agricultural country? Except for water, which is produced by themselves, everything else is imported from food, clothing, housing and transportation.

But if they compromise at this time, other countries will definitely ask them to increase production, thereby pushing the price of crude oil back below $60 again.

And the shale oil obtained by the United States, if it can be produced in large quantities, will have a great impact on them. Do they have any valuable commodities besides energy such as oil?

That shale oil will greatly increase the production of crude oil, thereby driving down the price of crude oil.

"Everyone doesn't talk, so let me talk. The price of a piece of flour for making bread in our country has tripled, and it is all relying on government subsidies. Otherwise, the country will inevitably be overwhelmed by inflation." Ah Abdullah said.

Money is worthless, and many lives will inevitably undergo major changes, which will lead to chaos.

"The United States, Europe and other countries get this shale oil out, and our crude oil price will definitely drop, but it must not drop too low."

"The international demand for crude oil is still increasing. We maintain the output of last year, which will still allow us to have a high income."

"No, if the price of crude oil falls and our output remains the same, then the income will definitely decrease." Someone said.

"The price of crude oil will not fall below $60. Do you really think that the cost of shale oil can be lower than ours? The cost of a barrel of oil must be more than $60."

"So if the oil price is very low, then they are producing at a loss, then they will cut production or even stop production, and then crude oil production will return to the normal track." Abdullah said confidently.

The cost of shale oil? They hadn't considered this issue carefully before. But they also believed in Abdullah's words, how could it be cheaper to extract oil from oil shale than their direct extraction? Moreover, it is also a huge investment to build oil pipelines and refineries.

On average, their costs will be higher. If this is the case, maybe after the appearance of this shale oil, the price of crude oil will remain high!

Everyone suddenly felt that it was not impossible to make concessions on shale oil. Just like if there are one or two more OPEC members, they will welcome them with raised hands, so that the influence of their organization will be even greater.

It's just that the United States is the country that wants to vigorously develop shale oil and is the largest importer of crude oil. This makes them very worried.

If the production of shale oil is very large, will the United States really not be able to import from them in the future?

I also heard that Huaxia also has this oil shale mine, Russia also has it, and many European countries also have it. If they all start to get this shale oil, they will be self-sufficient, and their status will definitely drop a lot.

For example, Saudi Arabia is now a well-developed country. Even in developed countries, all kinds of benefits and benefits are top-notch. They are rich.

If incomes fall, many of their welfare benefits will not be implemented, which may shake the rule ~.

"Then let's talk to other countries to resume production? But they ask us to increase production, which may cause the price of crude oil to plummet." Someone said worriedly.

"It doesn't matter, we only promised to increase production this year. As long as it comes to January 1 next year, we can limit production again. And the increase in production will lower the price of crude oil, which can just stop them from getting this shale oil."

With $50 a barrel of oil, is it worth spending $70 a barrel to produce it? Isn't that crazy!

"Yes, it happened that we used the increase in production to negotiate with them, asking them to immediately resume trade with us and sign a long-term contract to ensure that we will no longer be threatened in the future!"

Everyone was chattering, thinking about how to fight for the interests of their own country after taking a step back.

The sharp rise in crude oil prices during this period has eased the economic pressure of many countries. There are local tyrants like Saudi Arabia in OPEC, but there are also Iran and others who owe a lot of debt.

Just now, the price of crude oil has skyrocketed, which has caused their income to skyrocket, and the use of some crude oil to pay off debts has eased their foreign debt pressure.

If the price of crude oil had been kept at such a high level, they would have paid off their debts and gotten out of poverty long ago!

They also know that this is impossible. Crude oil has now exceeded $140/barrel, which is definitely beyond a rational price.

But they believe that it is very possible to maintain the price above 80 US dollars for a long time in the future. If the U.S. produces shale oil, maybe the U.S. will also raise the price of crude oil.

After they discussed some conditions that everyone could accept, they began to send representatives to negotiate with countries and regions that import the most crude oil, such as the United States, China, Japan, Russia, and the European Union.

As long as they agree, the matter is settled.

Feng Yu was swimming in the swimming pool, when he heard the phone ringing, he climbed ashore and connected the phone.

"Feng Yu, now we are negotiating with the representatives of the United Arab Emirates. The other party represents the OPEC organization. They have proposed a good condition. I think it will take a few days. I am afraid that OPEC will announce that crude oil will resume or even increase production!"

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