OPEC+ on Sunday agreed to extend all production curbs into next year, a deal that likely signals oil prices will remain elevated through the U.S. presidential election.
The latest oil price-tracking data suggests Russian crude oil is currently selling for about $75 per barrel, which is far above the $60 cap imposed by the Group of Seven nations (G7) in 2022.
President Biden’s unprecedented release of oil from America’s petroleum reserves in 2022 turned the White House into an unusually active player in the volatile crude market.
…the Biden administration has “acknowledged that they’re going to continue to allow” Iranian oil to be sold elsewhere because they don’t want oil prices to go up.
It largely slipped under the radar, but there was a rare bit of good news for hard-pressed consumers and businesses this week: the next meeting of Opec+, originally scheduled for today, has been pushed back almost a week amidst rumours of splits between its members.
With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply.
A survey published in July found that 72% of Americans say they’re experiencing financial insecurity, and many are living paycheck to paycheck. Americans are increasingly going into more debt, and the country’s national debt is currently over $32.8 trillion, translating to an excess of $253,000 of debt per U.S. taxpayer.
The U.S. government’s attempt to refill the skyscraper-sized caverns that hold the country’s emergency oil reserves is coming with a crash course in energy markets: How to think more like a trader.
OPEC+ cuts output by about 1.16 million bpd
Oil posts biggest daily rise in nearly a year
Producer group acted after oil hit $70 a barrel
Goldman Sachs raises Brent price forecast to $95 for 2023
Saudi Aramco stands ready to raise crude oil output to its maximum capacity of 12 million barrels per day (bpd) if requested to do so by the Saudi Arabian government, Chief Executive Amin Nasser told reporters on Sunday.
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