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Politics : President Joe Biden

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To: Wharf Rat who wrote (9393)	9/10/2023 3:06:27 AM
From: Broken_Clock	Read Replies (1) of 12185

finance.yahoo.com Biden - the Manchurian President Grant Smith, Sarah Chen, Alex Longley and Devika Krishna Kumar Sat, September 9, 2023 at 1:00 AM PDT·6 min read Oil Price Resurgence Has Further to Run After the Saudis Turn the Screw (Bloomberg) -- When crude surges above $90 a barrel and the leaders of Saudi Arabia and Russia get on the phone to congratulate each other on a job well done, oil consumers should take note. Most Read from Bloomberg After half a year in the doldrums, the price of the world’s most important commodity is on a tear as the biggest players in OPEC+ get serious about making sure supply doesn’t exceed demand. The 1 million barrel-a-day output cut the Saudis initially pledged solely for the month of July will now be in place until year-end, alongside a smaller export reduction from Russia. It’s not just the size of the supply deficit likely to result from this — about 2.7 million barrels a day in the fourth quarter according to Rystad Energy A/S — that should worry consumers. It’s the fact that the West’s somewhat-estranged ally Riyadh, and its outright foe Moscow, are now bound so firmly together in their push for higher prices.

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