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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (134606)	10/7/2022 8:51:20 AM
From: Goose94	Read Replies (1) \| Respond to of 202616

Crude Oil: The OPEC+ Cut Is A Disaster For President Biden Any doubt about the cohesion of OPEC+ was put to bed this week as the group's summit in Vienna ended with a 2 million bpd production cut. This cut appears to have achieved exactly what the participating members wanted, namely higher oil prices. It appears that fears of a global economic slowdown have taken a back seat to oil market fundamentals and geopolitical uncertainty. Saudi Arabia, the country that will spearhead the production cuts (Russia is already producing at its decreased target), has put the Biden Administration between a rock and a hard place only several weeks before the midterm elections. Confronted with the prospect of rising gasoline prices, the White House needs to react swiftly if it does not want to be seen as weak. White House Mulls Antitrust Case Against OPEC+. On the back of the OPEC+ 2 million bpd production cut, the Biden Administration threatened to trigger anti-trust action against the alliance, with legal committees in both chambers of Congress approving legislation that would allow the White House to do so. EU Publishes Eighth Russia Sanctions Package. The European Union issued its new set of sanctions against Russia, including a ban on almost all steel products, a legal basis for a price cap on oil exports to third countries, as well as a further tightening on services involved in the seaborne transport of Russian oil. Oilprice.com