• 4 minutes Energy Armageddon
  • 6 minutes How Far Have We Really Gotten With Alternative Energy
  • 10 minutes Wind droughts
  • 2 days "Biden Is Running U.S. Energy Security Into The Ground" by Irina Slav
  • 2 days GREEN NEW DEAL = BLIZZARD OF LIES
  • 1 day "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 1 day "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 1 day Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 8 days "Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left" by Zero Hedge - 5 Stars *****
  • 1 day The Federal Reserve and Money...Aspects which are not widely known
  • 5 days Is Europe heading for winter of discontent with extensive gas shortages?
  • 1 day "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 1 day "Dodgy Demand Data? The Oil Price Collapse Conspiracy" by Alex Kimani
  • 8 days "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 9 days Goldman Betting on Cryptocurrencies
  • 12 days Сryptocurrency predictions
How Putin Is Stopping A Revolution At Home

How Putin Is Stopping A Revolution At Home

Putin is actively attempting to…

Europe Remains Russia's Biggest Diesel Buyer

Europe Remains Russia's Biggest Diesel Buyer

Nearly half of all seaborne…

Editorial Dept

Editorial Dept

More Info

Premium Content

Does The OPEC+ Oil Price Rally Have Legs?

U.S. West Texas Intermediate crude oil futures are up sharply late Thursday and for the week after OPEC and its allies (OPEC+) agreed to tighten global supply with a deal to cut production targets by 2 million barrels per day (bpd), the largest reduction since 2020.

The agreement comes ahead of a European Union Embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation, according to Reuters.

Saudi Energy Minister Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd. Saudi Arabia’s share of the cut is about 0.5 million bpd.

Biden Administration Calls OPEC+’s Decision Shortsighted

The White House said President Joe Biden would continue to assess whether to release further strategic oil stocks to lower prices.

“The President is disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of (Russian President Vladimir) Putin’s invasion of Ukraine,” the White House said.

U.S. Crude and Fuel Stockpile Drawdowns Provide Additional Support

U.S. crude oil, gasoline and distillate inventories fell last week, the Energy Information Administration said on Wednesday.

Crude inventories fell by 1.4 million barrels in the week ended September 30 to 429.2 million barrels. Analysts in a Reuters poll had expected a 2.1 million-barrel rise.

U.S. gasoline…





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News