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Strategies & Market Trends : Dino's Bar & Grill

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To: Goose94 who wrote (126591)	10/7/2022 10:25:25 AM
From: Goose94	Read Replies (1) of 202716

Cenovus Energy (CVE-T) tied it's three month high White House says President Joe Biden is disappointed by OPEC+'s short-term decision to cut production quotas while the global economy is dealing with the negative impact of Russia's unprovoked invasion of Ukraine. Mr. Biden faces low approval ratings ahead of midterm elections due to soaring inflation and has called on Saudi Arabia, a long-term U.S. ally, to help lower prices. U.S. officials have said part of the reason Washington wants lower oil prices is to deprive Moscow of oil revenue. Mr. Biden travelled to Riyadh this year but failed to secure any firm co-operation commitments on energy. Relations have been strained as Saudi Arabia has not condemned Moscow's actions in Ukraine. Saudi Energy Minister Abdulaziz bin Salman said OPEC+ had needed to be proactive as central banks around the world moved to "belatedly" tackle soaring inflation with higher interest rates. Wednesday's production cuts of two million barrels per day are based on existing baseline figures, which means the cuts would be less deep because OPEC+ fell about 3.6 million barrels per day short of its output target in August..

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