Crude Oil Soars 5% As OPEC+ Weighs Cut to Production

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Crude Oil Soars 5% As OPEC+ Weighs Cut to Production

Seeking Alpha2022-10-03

WTI crude prices (CL1:COM)rocketed 4.7% to over $83.20/bbl early Monday as OPEC+considers cutting production by 1M bbl/day or more at the group's meeting this week. The move would help prop up ...

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neok_S
·2022-10-03
I await this good news to filter down to Occidental when US market opens! It's time to rise to a nice high!!! [Cool]
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The move would help prop up ...</p>\n\n<a href=\"https://seekingalpha.com/news/3887828-crude-oil-soars-4-as-opec-weighs-cut-to-production\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://seekingalpha.com/news/3887828-crude-oil-soars-4-as-opec-weighs-cut-to-production","article_id":"1185350220","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1185350220","pubTimestamp":1664788537,"sourceInfo":null,"weMediaInfo":null,"summary":"WTI crude prices (CL1:COM)rocketed 4.7% to over $83.20/bbl early Monday as OPEC+considers cutting pr","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"欧佩克+减产令原油大涨5%","themeId":"","isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BZmain":0.9,"CLmain":0.9},"content_text":"WTI crude prices (CL1:COM)rocketed 4.7% to over $83.20/bbl early Monday as OPEC+considers cutting production by 1M bbl/day or more at the group's meeting this week. The move would help prop up declining oil prices, which have been on a steady descent since hitting more than $120/bbl in late June. It would also mark the cartel's second consecutive monthly cut - after it reduced production by 100K bbl/day in September - and the biggest since the early days of the pandemic.Bigger picture: As gasoline prices in the U.S. soared to over $5 a gallon this summer, the Biden administration asked the Saudis and OPEC+ to pump more to bring down prices. The president also unleashed a record amount of barrels from the Stategic Petroleum Reserve to help put a lid on energy costs, and those efforts beared some fruit, especially when compounded with a slowing global economy. Growth worries are now everywhere, like in China, where COVID-19 lockdowns are hurting demand, as well as other economies that are suffering from consequences of rapidly rising rates and a surging U.S. dollar.\"OPEC+ are very focused on stronger U.S. interest rates and its impact on emerging-market demand,\" added Amrita Sen, Director of Research at Energy Aspects. \"Hence, they want to pre-empt any possible surpluses.\"Thought bubble: The latest dynamics once again show the key relationship between OPEC+ heavyweights - Saudi Arabia and Russia. The ties have been able to survive Russia's invasion of Ukraine, and the country's oil chief - Alexander Novak - may even show up in-person in Vienna despite being sanctioned by the U.S. on Friday. 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