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Yishun123
2022-10-06

Oil Extends Rally on OPEC+ Output Cut and Russian Supply Warning

OPEC+ agrees to reduce production by 2 million barrels a dayWTI futures have advanced 10% over the p

Oil Extends Rally on OPEC+ Output Cut and Russian Supply Warning

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The Biden administration has previously sought more supply from producers as it battles energy-driven inflation.</p><p>Goldman Sachs Group Inc.raisedits fourth quarter price forecast for Brent crude to $110 a barrel after the OPEC+ action and said the reduction could prompt the International Energy Agency to coordinate a release of oil reserves. The cut has halted a prolonged slide in crude prices, with the US benchmark capping a 25% loss in the previous quarter.</p><p><img src=\"https://static.tigerbbs.com/782c69d4bb588b60749267266b5afb1e\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Saudi Arabia’s energy minister said the real-world impact of the cuts will likely be around 1 million to 1.1 million barrels a day given some alliance members are already pumping well below their quotas. That stillequatesto the biggest reduction since the start of the pandemic.</p><p>Speaking after the OPEC+ announcement, Russian Deputy Prime Minister Alexander Novak said moves to cap the price of his country’s oil will backfire and could lead to a temporary reduction in its output. The European Union on Wednesday approved a fresh package ofsanctionson Moscow that includes the US-led measure to put a price limit on Russian oil.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oil Extends Rally on OPEC+ Output Cut and Russian Supply Warning</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOil Extends Rally on OPEC+ Output Cut and Russian Supply Warning\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-06 08:31 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-10-05/oil-extends-rally-on-opec-output-cut-and-russian-supply-warning><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>OPEC+ agrees to reduce production by 2 million barrels a dayWTI futures have advanced 10% over the past three sessionsOil rose for a fourth session after the OPEC+ alliance agreed to the biggest ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-10-05/oil-extends-rally-on-opec-output-cut-and-russian-supply-warning\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/articles/2022-10-05/oil-extends-rally-on-opec-output-cut-and-russian-supply-warning","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1185723829","content_text":"OPEC+ agrees to reduce production by 2 million barrels a dayWTI futures have advanced 10% over the past three sessionsOil rose for a fourth session after the OPEC+ alliance agreed to the biggest production cut since 2020 and Russia reiterated a warning that it won’t sell crude to any countries that adopt a price cap.West Texas Intermediate futures traded over $88 a barrel after jumping 10% over the previous three sessions. OPEC+said it would reduce its output by 2 million barrels a day from November, a move that drew a swift rebuke from the US. The Biden administration has previously sought more supply from producers as it battles energy-driven inflation.Goldman Sachs Group Inc.raisedits fourth quarter price forecast for Brent crude to $110 a barrel after the OPEC+ action and said the reduction could prompt the International Energy Agency to coordinate a release of oil reserves. The cut has halted a prolonged slide in crude prices, with the US benchmark capping a 25% loss in the previous quarter.Saudi Arabia’s energy minister said the real-world impact of the cuts will likely be around 1 million to 1.1 million barrels a day given some alliance members are already pumping well below their quotas. That stillequatesto the biggest reduction since the start of the pandemic.Speaking after the OPEC+ announcement, Russian Deputy Prime Minister Alexander Novak said moves to cap the price of his country’s oil will backfire and could lead to a temporary reduction in its output. 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