05-10-2022, 07:59 PM
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/
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.
......
"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/