LONDON - This week’s surprise decision by Saudi Arabia and other top oil producers to broadly stick with output cuts despite rising crude prices was influenced by events in an unexpected place - Italy.
“These things, they don’t keep you at ease with the idea of venturing, leaping into an unknown future,” he added. Russia which had publicly called for higher output was allowed to hike production slightly, along with Kazakhstan. Countries such as Iraq and the United Arab Emirates, which at previous meetings had favoured production hikes, did not raise any objections this time, sources close to the matter said.The bank, like many others, was expecting OPEC+ to raise output.
Oil producers have a window into the future, making them something of a leading indicator, in that their customers have to order cargoes a few months out.
Joe is going after the Saudi’s and this is their response. Seems simple to me.
😂 it’s easy to have a recovery when oil can set its own price. 😂 deciding when it wants more or less product on the market. Must be nice 👍🏾. I thought price fixing was illegal. Just not for oil I guess.
GreenNewDeal
You see they are very smart.. they know corruption very well these days.. they understand everything, more than UAE!!
Little tribe King keep killing inicint. Special in ambasy.nazi criminals Israel, usa got human rights but only those live in place rest humanity suffering under nazi refugees camps. These r usa democracy sickness
Meanwhile the price of oil soars and their profits are skyrocketing. We're witnessing the big oil squeeze which artificially inflates the price of crude oil.
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