Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports.
Meanwhile,... Oil futures ticked lower Friday as investors awaited a pair of events: a Sunday meeting of the Organization of the Petroleum Exporting Countries and its allies, and the Monday kickoff of European Union ban on Russian crude imports. Meanwhile, OPEC+ meets Sunday. Many analysts look for the group to hold production steady amid uncertainty over how a EU ban on vessel-borne Russian crude that begins Monday will affect the market.
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OPEC+ to consider deeper oil output cuts ahead of Russia sanctions and proposed price capOPEC+, a group of 23 oil-producing nations led by Saudi Arabia and Russia, will convene on Sunday to decide on the next phase of production policy. Russian oil price cap + US sale from SPR have/will have a short term effect but will not affect prices long term. OPEC holds all d cards. With demand rise from Asia, I will not be surprised to see oil claim to $115 by Q1 2023. Why we need to electrify and reduce OPEC's power in the world. President Jimmy Carter was right 43 years ago. Simply no one wanted to hear it. Good
Source: CNBC - 🏆 12. / 72 Read more »
Oil-price volatility complicates Sunday's OPEC+ decision on production levelsOil has been particularly volatile, making an OPEC+ decision this weekend even more difficult.
Source: MarketWatch - 🏆 3. / 97 Read more »
Oil prices rise as traders eye China COVID curbs, OPEC+ meetingOil futures rise Thursday, finding support as China moves to relax some of its COVID-19 restrictions and investors await a weekend meeting of OPEC+. We don't need oil. We go green, solar panels
Source: MarketWatch - 🏆 3. / 97 Read more »
Oil prices could fall without further OPEC+ cut, analysts sayOPEC+ is widely expected to stick to its latest target of reducing oil production by 2 million barrels per day (bpd) when it meets on Sunday, but some analysts believe that crude prices could fall if the group does not make further cuts. Ohhhhh noooooooooo and god forbid they lower their profitmargin... Who would have guessed…oil companies spent all summer price gouging the f*ck out of everyone and now that they recouped what they lost in 20/21 they’re going back to normal-ish.
Source: Reuters - 🏆 2. / 97 Read more »
Oil dips on OPEC+ uncertainty; easing China COVID curbs limit lossesOil prices dipped in Asia trade on Thursday as uncertainty lingered ahead of Sunday's OPEC+ meeting, though easing COVID curbs at the world's top crude importer China capped price declines. But…but…where are America’s strategic oil reserves? Oh, wait. They were tapped almost dry in the run up to the Midterms. Pathetic.
Source: Reuters - 🏆 2. / 97 Read more »
WSJ News Exclusive | EU Asks Members to Set Russia Oil-Price Cap at $60The price cap is the West’s attempt to squeeze the Kremlin’s oil revenues while keeping global oil supplies steady and avoiding an increase in global energy prices. What people? you lying scumbags EU indeed is the 52nd state.. 51st being NATO.. My wife and I have approved a price cap on rib eye steak of $2.50 per pound. I expect my local grocery to comply
Source: WSJ - 🏆 98. / 63 Read more »