OPEC+ to hold its ground amid oil tumult caused by bank crisis
- Date: 02-Apr-2023
- Source: Gulf News
- Sector:Oil & Gas
- Country:Saudi Arabia
- Who else needs to know?
OPEC+ to hold its ground amid oil tumult caused by bank crisis
OPEC+ is still finding that the best response to growing oil market uncertainty is to hold its ground. When last month’s banking crisis dragged crude futures to a 15-month low near $70 a barrel in London, speculation swirled that Saudi Arabia and its partners might intervene with fresh production cuts to shore up the market. But despite all the upheaval, OPEC+ shows every sign of sitting tight. The Saudis have said publicly that the 23-nation coalition should keep output levels steady all year. Delegates privately predict that, when key members hold a monitoring meeting on Monday, they won’t make any adjustments. Fears over financial contagion are receding and the focus is returning once again to China’s resurgent oil demand, coupled with pressure on Russian output since its war against Ukraine. Crude futures have recovered sharply to almost $80 a barrel, buttressing revenue for Riyadh and its allies. “OPEC can intervene with markets when it feels there’s an oversupply,” said Marco Dunand, CEO of commodities trader Mercuria Energy Group Ltd. But “it’s more likely that once we go through this, we’re going to see the market coming back up”. The oil-market outlook confronting the Organisation of Petroleum Exporting Countries and its
"Crude oil futures rose as much as 8% on the news. They had tumbled in March due to the bank crisis."
https://markets.businessinsider.com/news/commodities/oil-prices-crude-banking-crisis-saudi-opec-shock-production-cut-2023-4?utm_source=Business+Insider+Espa%C3%B1a&utm_campaign=3537a6d0ce-EMAIL_CAMPAIGN_2018_10_19_COPY_01&utm_medium=email&utm_term=0_74c16e9a4a-3537a6d0ce-408840889
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#OPEC #oil #BankingCrisis #investment
Oil's on track for its first three-week gain this year. Easing bank-crisis concerns, lower US inventories, and -- of course -- the shock OPEC+ production cut all added up https://www.bloomberg.com/news/articles/2023-04-06/oil-set-for-third-weekly-gain-on-opec-cuts-inventory-draws?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
OPEC production cut overnight. The massive injection of liquidity by the FED/Treasury to fight off the bank crisis has just been mitigated…. Job market weakening as well.
OPEC spiking up oil into a bank crisis is some next level economic warfare for sure.
OPEC+ nations announced oil output cuts totalling 1.2 million barrels a day on Sunday.
They had tumbled in March due to the bank crisis.
Thanks to the shock production cuts totalling around 1.15million barrels per day, crude oil prices rose
https://mfame.guru/opec-moved-with-a-surprise-production-cut-of-1-million-barrels-per-day/
Despite all the upheaval, OPEC+ shows every sign of sitting tight https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis?utm_source=website&utm_medium=share&utm_campaign=twitter @marketsより
OPECによる原油値上げ、米国では戦略石油備蓄が底をつくか、CPIに影響しそう。インフレ高止まりとなるか?
امریکن بنکوں کا دیوالیہ تیل کٹ کی وجوہات ؟؟ ہم کہاں کھڑے ہیں
Did Silicon Valley Bank’s poor asset-liability management prompt Saudi Arabia to drill less oil?
“Opec+ have made a pre-emptive cut to get ahead of any possible demand weakness from the banking crisis
#OPEC/#BRICS Nations Dedollarisation, & Bank Crisis defunds Ukraine..Russia now leads UN Security Council & just took Bakhmut to end the war..We‘ll learn why the Swamp panicked & tried impeaching Trump just for asking Zelensky about corruption. #Covid #Biolabs #HumanTrafficking
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis
https://www.bocvip.com/319130/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis/
#Energy
Despite all the upheaval, OPEC+ shows every sign of sitting tight https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis?utm_source=website&utm_medium=share&utm_campaign=twitter via @markets
Oil selling nations just told 🇺🇸 Biden you didn't put in a floor (from something you caused - rate hikes / bank crisis / weaker economy) so we will.
Equal & opposite response.
Would have been smarter to have spare SPR instead of opec spare capacity. USA holds no cards now.
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis - Bloomberg http://dlvr.it/SlszlM
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
What are your predictions of crude oil prices ?
A boom in travel, China economy back to precovid levels,
possible usa / EU recession, Russian sanctions
🤔 https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
Despite all the upheaval, OPEC+ shows every sign of sitting tight https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis?utm_source=website&utm_medium=share&utm_campaign=twitter?sref=Z8EB6Ww9 via @markets
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis.
https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
Opec+ to hold its ground amid oil tumult caused by bank crisis https://tradeforprofit.net/2023/04/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis/
Opec+ to hold its ground amid oil tumult caused by bank crisis https://tradeforprofit.net/2023/04/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis/
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis https://www.bloomberg.com/news/articles/2023-04-02/opec-to-hold-its-ground-amid-oil-tumult-caused-by-bank-crisis
OPEC+ To Hold Its Ground Amid Oil Tumult Caused By Bank Crisis http://dlvr.it/SlsZgH #digitalhealth #socialmedia #digitalmarketing #industry40 #healthtech #mhealth #AI #IoT
📰 OPEC+ to Hold Its Ground Amid Oil Tumult Caused by Bank Crisis - Bloomberg
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