OPEC+ to cut oil production by 2mil barrels per day to shore up prices, defying USA
#1

OPEC+ heads for deep supply cuts, clash with U.S.

October 5, 20225:32 PM GMT+8Last Updated 2 hours ago
By Ahmad Ghaddar, Alex Lawler and Rowena Edwards


VIENNA/LONDON, Oct 5 (Reuters) - OPEC+ looks set for deep cuts to its oil output targets when it meets on Wednesday, curbing supply in an already tight market despite pressure from the United States and others to pump more.

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"Higher oil prices, if driven by sizeable production cuts,

would likely irritate the Biden Administration ahead of U.S. mid-term elections," Citi analysts said in a note.

"There could be further political reactions from the U.S., including additional releases of strategic stocks along with some wildcards including further fostering of a NOPEC bill," Citi said, referring to a U.S. anti-trust bill against OPEC.


https://www.reuters.com/business/energy/...022-10-04/
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#2

OPEC+ to cut oil production by 2 million barrels per day to shore up prices, defying U.S. pressure

PUBLISHED WED, OCT 5 202210:45 AM EDTUPDATED 2 HOURS AGO

Sam Meredith

  • OPEC and non-OPEC partners on Wednesday agreed to impose deep output cuts, seeking to spur a recovery in oil prices despite U.S. pressure to pump more.
  • Crude prices have fallen to roughly US$80 a barrel from more than US$120 in early June amid growing fears about the prospect of a global economic recession.


https://www.cnbc.com/2022/10/05/oil-opec...rices.html
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#3

The last tike OPEC squeeze Americans dry in 70s until kena jnflation crisis by creating artificial shortage.

I, being poor, have only my dreams; I have spread my dreams under your feet; Tread softly because you tread on my dreams.
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#4

Oh No, US high inflation is going rise back to 9%. Rotfl

“Be who you are and say what you feel, because those who mind don't matter and those who matter don't mind"
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#5

(06-10-2022, 08:11 AM)sgbuffett Wrote:  The last tike OPEC squeeze Americans dry in 70s until kena jnflation crisis by creating artificial shortage.

The Arabs were angered by the US going against them and siding with Israel in the Yom-Kippur War back then. They only had slightly over half the market back then unlike OPEC+ now but it still created a crisis.

It was the US' actions that led to this rare cooperation between the 12 OPEC countries. They don't cooperate much as they each have their own agenda before then.

US then persuaded Israel to withdraw its troops from the Sinai peninsula and only then did OPEC stop the oil embargo.
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