OPEC+ agrees to cut oil production by 2 mln barrels per day. WTI rallies into key trendline resistance, 50-day moving average. White House extremely disappointed with OPEC “alignment with Russia”
is continuing to rally late in the New York session following the decision by OPEC+ to cut production by 2 million barrels per day starting in November. The production cut comes as OPEC+ ministers look to inject life into crude markets that have slumped over the last few months. Global recession fears have taken oil prices from a yearly high of $129 per barrel to current levels around $87/bbl, as tighter monetary policy looks set to curb economic activity.
This morning’s announcement from Vienna came as an unwelcome surprise to Washington, with the White House working to increase oil supply in order to lower domestic prices at the pump. In a statement released following the OPEC+ decision, the White House indicated it was disappointed by the “shortsighted decision… to cut production quotas while the global economy is dealing with the continued negative impact of Putin’s invasion of Ukraine.
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