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Warnings of a worldwide recession have triggered traders to dump long positions on crude oil, but strong fundamentals and a new round of OPEC+ output cuts could make their decision look premature
OPEC+ concluded today’s Ministerial Meeting with the decision to cut production by 2 million bpd, with Russia and Saudi Arabia seeing the largest reduction from their baseline quotas
The OPEC+ meeting ended on Wednesday morning with the decision to cut production in November by 2 million barrels per day
A White House statement following the OPEC+ decision to defy the Biden administration with an output cut for November vows to find new ways to temper OPEC’s control over energy prices
OPEC+ may be considering an even larger cut than previously reported—at up to 2 million bpd, anonymous delegates told media on Tuesday