OPEC

Pull up a chair as the chunky OPEC production cut is bound to turn into a political hot potato. MARKETS. US equities were a touch weaker Wednesday, ...

The FX market is running with signs the US rates are topping, so as long as cross-assets risks perform well, the dollar safe-haven premium will erode, causing traders to pare back long dollar bets, but the opposite will continue to hold. But the highest estimate is 389k while the lowest is 199 Right now, the oil complex is busy gauging the complexities of the actual cut while factoring in the misalignments between the production and quota. Second, they maintain that the world is too short of spare capacity and that oil prices must be higher (especially relative to other energy prices) to incentivize appropriate investment. Energy stocks benefited from OPEC production cuts announced in Vienna, boosting the oil rally further. US10yr yields closed 11bps higher to 3.74% as the oil price inflation premium weighs on fixed income concerns.

The decision to cut oil output by a larger-than-expected 2 million barrels per day starting in November is expected to increase the price of petrol around ...

The trip saw Biden meet Crown Prince Mohammed bin Salman despite his promise to make Riyadh a "pariah" following the 2018 killing of journalist Jamal Khashoggi. OPEC+ began to raise production last year after the market improved. Mr Biden travelled to Saudi Arabia in July in part to convince the kingdom to loosen the production taps. The oil production cut could give sanctions-hit Russia a boost ahead of a European Union ban on most of its crude exports later this year and as the Group of Seven wealthy democracies mull a cap on the country's oil prices. Saudi Arabia, Russia and other top oil producers agreed on a major cut in production to boost crude prices - a move denounced by the United States as a concession to Moscow that will further hurt the global economy. The 13-nation OPEC cartel headed by Riyadh and its 10 allies led by Moscow agreed to reduce output by two million barrels per day from November at a meeting in Vienna, the group said in a statement.

The 45th Meeting of the Joint Ministerial Monitoring Committee (JMMC) and the 33rd OPEC and Non-OPEC Ministerial Meeting took place in person at the OPEC ...

Oil prices have been rising since the pandemic-related production disruption in 2020. That price rise accelerated when Russia invaded Ukraine. In an effort to ...

At a time when maintaining a global supply of energy is of paramount importance, this decision will have the most negative impact on lower- and middle-income countries that are already reeling from elevated energy prices." Further — at least with the Saudis — they would probably rather deal with Republicans. Their objective is to maximize the value of the oil they have in the ground. Further — with 35% of the world’s 2021 oil production — OPEC holds the trump card. OPEC and non-OPEC allies — generally referred to as OPEC+ — agreed at this week’s meeting in Vienna to reduce production by 2 million BPD from November levels. To the extent that the SPR drawdown reduced oil prices, it cost OPEC money.

Senior figures see decision as a slight on the US and a sign that the oil producers club is aligning with Russia.

“It’s not a break with the west because relations were broken already. “So I think the Saudis know that the US isn’t going to be pleased with this, but they don’t much care.” It is possible that the production cut will not have a big impact on prices. “The Opec nations do not want to be in a position of providing too many barrels to a global economy that goes soft on them,” Hirs added. And good luck with that,”” Malinowski “I think it is a mistake on their part.

Resilient US economic data dashed hopes the Federal Reserve would temper its aggressive tightening, while a drop in oil production will boost inflation.

Against its US counterpart, the $A rose 0.7 per cent to US65.30¢. “We consider the FOMC will increase interest rates high enough to push the US economy into recession next year,” said Mr Capurso. [slowing the pace of interest rate rises with a smaller-than-expected quarter-percentage-point lift. San Francisco Federal Reserve Bank president Mary Daly said the central bank was “resolute” on raising rates to bring down inflation and sees a high bar to delivering less than another 0.75-percentage-point increase next month. Meanwhile, the ISM employment gauge jumped to 53, from 50.2, in the prior month. The central bank raised interest rates by 0.75 percentage point at its last three policy meetings. Economists expect the US economy to have created 260,000 new jobs last month. When short-term borrowing costs exceed those in the longer-term, that reliably suggests an economic contraction within one to two years. Email Cecile at [[email protected]](mailto:[email protected]) US Treasury yields regained ground with the 2-year government bond rate, which is sensitive to interest rate expectations, up 6 basis points to 4.15 per cent. The 10-year yield jumped 13 basis points to 3.75 per cent. [Cecile Lefort](/by/cecile-lefort-p4ywcg)is a markets reporter based in the Sydney newsroom.

The Biden administration has accused OPEC+, a cartel of top oil producers, of siding with Russia after the group decided to slash oil production in order to ...

[humanitarian consequences](https://www.theguardian.com/global-development/2022/oct/04/yemen-ceasefire-truce-deadline-charities-houthis). Afterward, officials apologized and vowed to [investigate](https://www.washingtonpost.com/world/2022/10/05/south-korea-missile-drill-crash-gangneung/?utm_source=feedly&utm_medium=referral&utm_campaign=wp_world) what happened. [abducted](https://www.washingtonpost.com/world/23-hostages-from-nigeria-passenger-train-reported-freed/2022/10/05/b17ae2b6-44d9-11ed-be17-89cbe6b8c0a5_story.html) more than half a year ago while aboard a train in Nigeria have now been released, Nigerian officials said on Wednesday. [Houthi rebels](https://apnews.com/article/middle-east-yemen-sanaa-houthis-308e604fabc9ed568c4d9cfed1aa7e79) to [compromise](https://www.reuters.com/world/middle-east/yemens-houthis-should-be-more-flexible-over-truce-deal-says-us-envoy-2022-10-05/) in cease-fire negotiations, after the involved parties missed the [Oct. 2 deadline](https://apnews.com/article/middle-east-united-nations-yemen-civil-wars-sanaa-ba7d97673e3330ba85a34e6b11560c31) to extend the original truce. “In our culture you give a girl you like a cow.” [Nika Shahkarami](https://www.wsj.com/articles/iran-protests-erupt-anew-after-a-teenage-protesters-death-11664993771), was found dead after attending a protest. After facing backlash, he encouraged Kenyans to “relax.” No one has owned up to the March train attack, which killed seven people. In July, he made a controversial trip to Saudi Arabia that ended with a highly criticized [fist bump](https://www.bbc.com/news/world-middle-east-62189543) with Crown Prince Mohammed bin Salman, who spearheaded OPEC+’s latest move. Lots of police vans are waiting outside to arrest students,” a student told [CNN](https://www.cnn.com/2022/10/04/politics/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms/index.html) reported.

European economists worried about a heightened risk of recession and a bolstered Russia, after OPEC Plus said it will slash oil production.

In Greece, a top government member expressed public admiration for the crown prince’s “leadership” and “vision.” And German Chancellor Olaf Scholz [visited the kingdom](https://www.france24.com/en/live-news/20220924-germany-s-scholz-in-saudi-arabia-on-gulf-energy-hunt) only days ago. and G-7 officials will meet to set the price, adjusting the level in response to market conditions, according to E.U. [blackouts](https://www.washingtonpost.com/world/2022/10/05/europe-blackouts-energy-crisis-ukraine-russia/?itid=lk_inline_manual_15) and the narrowing of European companies’ profit margins. In the medium-term, those setbacks could test Europe’s resolve to support Ukraine. Russia may decide to keep its oil off the market rather than selling at the cap price, further curtailing supply. But as “global oil prices will increase with this OPEC Plus decision, some countries might have greater incentive to go for discounted Russian crude,” wrote Tagliapietra. While the production cut is expected to increase prices at European gas stations, the extent of the rise was not immediately clear. The U.S. [tried to shield consumers ](https://www.washingtonpost.com/world/interactive/2022/gas-prices-around-the-world/?itid=lk_inline_manual_12)from rising gas prices through subsidies and tax breaks. Member states will need to unanimously approve the decision. Just hours before the OPEC Plus decision, E.U. The E.U.'s industrial powerhouse, Germany, reported a worse-than-anticipated decline in

This move will likely see increased prices for gasoline and diesel fuel as well over the winter of the price of heating oil. The North American benchmark West ...

This move will likely see increased prices for gasoline and diesel fuel as well over the winter of the price of heating oil. In this move to cut oil production, OPEC is hoping to see the price of oil increase. This move by the twenty-three member alliance of oil producing countries to reduce production by two million barrels per day could increase crude oil prices globally.

Energy analysts believe the deep production cuts could yet backfire for OPEC kingpin and U.S. ally Saudi Arabia.

[In a statement](https://www.whitehouse.gov/briefing-room/statements-releases/2022/10/05/statement-from-national-security-advisor-jake-sullivan-and-nec-director-brian-deese/), the White House said Biden was "disappointed by the shortsighted decision by OPEC+ to cut production quotas while the global economy is dealing with the continued negative impact of Putin's invasion of Ukraine." The trip was part of an effort to improve diplomatic ties with Riyadh, which collapsed after the murder of journalist Jamal Khashoggi in 2018. And so perception is 90% of the law. And the perception is the Saudis are not holding up their end of the bargain," he said. Secretary of State Antony Blinken said Wednesday that Washington has made its views clear to OPEC members. White House opposition to NOPEC has served as a restraining influence on Congressional leaders," they continued. OPEC and non-OPEC allies, a group often referred to as OPEC+, agreed on Wednesday to reduce oil production by 2 million barrels per day from November. Asked whether he was specifically disappointed with U.S. Energy security has a price as well." Strategists led by Helima Croft at RBC Capital Markets said that while the U.S. The U.S. [Brent](/quotes/@LCO.1/) crude futures traded at $93.55 a barrel during Thursday morning deals in London, up around 0.2%.

Analysts say the decision by Saudi-led OPEC — and the Biden administration's reaction — underscores the depths of a widening rift between the countries.

“If you accelerate the technology shift away from oil and reduce the cost of that shift, all the world will be able to afford it — not just the rich countries.” Attempts by oil-consuming countries to try and set the price of oil represents a direct threat to OPEC’s ability to direct oil markets, they said. “To do that a month before the election in the U.S. In a note, ClearView said the bill could attract enough support to overcome a filibuster. Prince Abdulaziz bin Salman, the Saudi minister of energy, bristled at a question about whether OPEC was weaponizing oil prices. Roger Diwan, an analyst who tracks oil markets at IHS Markit, said OPEC had an economic rationale for cutting production amid rising interest rates in the United States, sky-high energy prices in Europe and mounting fears of a global recession. OPEC has met virtually since the onset of the pandemic. Its relationships in Asia have become a lot more important, and I think the U.S. Analysts said the moves underscored the depths of the gulf between Washington and Riyadh. But recent years have flipped the relationship on its head, and relations have been strained by differences over the Arab Spring, the killing of Jamal Khashoggi and conflicting approaches to a spiraling energy crisis. Biden administration officials expressed disappointment in the move and signaled they were open to working with Congress on legislation that would enable the government to bring an antitrust suit against the oil cartel. “The assumptions have changed.”

Sen. Bernie Sanders accused Saudi-led OPEC of a "blatant attempt to increase gas prices at the pump."

A month earlier, Reuters reported that the Biden administration was [considering](https://www.commondreams.org/news/2022/07/11/outrage-biden-reportedly-considers-lifting-ban-offensive-arms-sales-saudi-arabia) lifting its ban on "offensive" weapons sales to the Saudis. Free to share. military support for Saudi Arabia in response to OPEC's coming production cut, blasting the petrostate as a "third-rate power" that is "hurting the American people." Free to republish. Free to read. military assistance to the Saudis. "As we build our clean energy future, we must stand up to the oil-soaked global cartel that seeks to abuse its power to raise prices and boost their profits," Markey said in a statement. troops and missile defense systems from Saudi Arabia and the United Arab Emirates (UAE), another OPEC member. military aid to Saudi Arabia after the kingdom and other major oil-producing nations agreed to slash output by two million barrels a day, a move that could significantly drive up gas prices worldwide as a To inspire. To inform. Bernie Sanders on Wednesday called for an end to U.S.

Lawmakers are demanding that the US withdraw its military from the cartel leader over its decision, which stands to put Russia on better footing.

[steadily increase](https://apnews.com/article/biden-approval-rating-poll-bf41fe8b0016bf8aaf144e7310c6539f). We haven’t made up our mind yet.” His comments come one day after White House press secretary Karine Jean-Pierre [accused](https://www.ft.com/content/64d35a40-5144-44f6-afca-c8b88c9d0ad5) OPEC of “aligning with Russia.” Shortly before OPEC announced its decision on Wednesday, the White House reportedly [sought to dissuade](https://www.cnn.com/2022/10/04/politics/white-house-lobby-opec-oil-production-cuts-gasoline-prices-midterms/index.html) OPEC from production cuts, warning the bloc that such a move could qualify as a “hostile act.” [boon for Russia](https://www.bloomberg.com/opinion/articles/2022-10-05/opec-output-cut-putin-finally-finds-a-true-friend-saudi-arabia), the world’s third-largest oil producer. [remarks](https://finance.yahoo.com/news/biden-energy-adviser-downplays-opec-135944725.html) at the White House on Thursday, the president described OPEC’s decision as a “disappointment” but stood by his diplomatic visit to Saudi Arabia over the summer to address the energy crisis. [introduced a bill](https://twitter.com/seancasten/status/1578005749871026177?s=12&t=xkUXfgylnigLQhyCbnKsSg) on Thursday that would pull US troops and weapons systems out of Saudi Arabia, the de facto leader of OPEC, and the United Arab Emirates, another top oil producer. Americans could feel the effects of the decision around [roughly the same time](https://www.nbcnews.com/meet-the-press/first-read/opec-decision-raise-gas-prices-home-midterm-elections-approach-rcna50990) they will be casting their midterm ballots. “I’m deeply disappointed by the Saudi decision and wish they would act more like an ally during current conditions, but this is Joe Biden's fault.” GOP representative Jim Jordan echoed, [tweeting](https://twitter.com/jim_jordan/status/1577752052956119053) that the US would not “need to rely on OPEC if Joe Biden opened up American oil and drilled domestically.” With US gas prices hitting a new record high earlier this year, Republicans have used the issue as a political cudgel throughout the midterms, blaming the spike on Biden’s federal policies despite the numerous global factors that determine the cost of oil. [Lessons From the Latest Celebrity Cheating Scandal](https://www.vanityfair.com/style/2022/09/no-more-mr-wife-guy?itm_content=footer-recirc&itm_campaign=more-great-stories-092822) [Emma D’Arcy Takes the Targaryen Crown](https://www.vanityfair.com/hollywood/2022/09/house-of-the-dragon-emma-darcy-rhaenyra?itm_content=footer-recirc&itm_campaign=more-great-stories-092822) But OPEC’s sudden 2% drop in global oil production could counteract this plan by driving the price of oil up and making desperate consumers more reliant on Russian gas. [originates](https://twitter.com/SeanCasten/status/1578006101123104769) from. [concluded](https://twitter.com/SeanCasten/status/1578006101123104769).

President Joe Biden calls the decision by OPEC+ to cut oil production a "disappointment," but says the White House is exploring "alternatives.

Biden made the comments as he departed the White House for New York, where he will tour and IBM facility and deliver remarks on jobs. The comments come as major oil producing countries led by Saudi Arabia and Russia have decided to slash the amount of oil they deliver to the global economy. Biden didn't expand on what the alternatives might include as he departed the White House for New York, saying only, "There's a lot of alternatives.

Analysts say the decision by Saudi-led OPEC — and the Biden administration's reaction — underscores the depths of a widening rift between the countries.

“If you accelerate the technology shift away from oil and reduce the cost of that shift, all the world will be able to afford it — not just the rich countries.” Attempts by oil-consuming countries to try and set the price of oil represents a direct threat to OPEC’s ability to direct oil markets, they said. “To do that a month before the election in the U.S. In a note, ClearView said the bill could attract enough support to overcome a filibuster. Prince Abdulaziz bin Salman, the Saudi minister of energy, bristled at a question about whether OPEC was weaponizing oil prices. Roger Diwan, an analyst who tracks oil markets at IHS Markit, said OPEC had an economic rationale for cutting production amid rising interest rates in the United States, sky-high energy prices in Europe and mounting fears of a global recession. OPEC has met virtually since the onset of the pandemic. Its relationships in Asia have become a lot more important, and I think the U.S. Analysts said the moves underscored the depths of the gulf between Washington and Riyadh. But recent years have flipped the relationship on its head, and relations have been strained by differences over the Arab Spring, the killing of Jamal Khashoggi and conflicting approaches to a spiraling energy crisis. Biden administration officials expressed disappointment in the move and signaled they were open to working with Congress on legislation that would enable the government to bring an antitrust suit against the oil cartel. “The assumptions have changed.”

With the future of work undeniably hybrid and remote, employers need to look at how they can better support their teams to work to their...

Hattingh continued: “In saying that, working from the office some of the time is not without value. "Our latest report supports this as 78% of knowledge workers agree that these arrangements help to ease the cost of living. It is important to care about employees' financial health and overall wellbeing in the current economic climate, and one of the ways to do this is by giving trust and freedom,” Employment Hero chief people officer Alex Hattingh said. They are also more likely to have investments in stock and/or cryptocurrency (27%). “Currently, we’re seeing renewed interest in our crude oil CFDs as speculators try to get ahead of a potential supply squeeze. "No responsible government can ignore a high and rising inflation, a deteriorating global situation, or the fact that we have got these persistent structural pressures on the budget … According to our research, some employees still see the benefit of working in an office environment, with 37% of employees stating that their productivity levels are better when working in a hybrid environment and 33% saying their productivity benefits from working in the office. 61% of millennials said they would quit. The S&P/ASX200 was down just 1.80 points to 6,817.50. This trend could potentially not continue following OPEC’s overnight decision to cut production by two million barrels. There is evidence that remote work provides benefits that an office attendance mandate simply can’t match. "My job, as the treasurer of this country, is to make sure that the budget is on as sustainable footing as it can be to deal with the challenges that we anticipate.

The announcement by the Saudi-led OPEC Plus energy cartel that it would slash oil production was widely seen in Washington as a stab in the back of ...

“And the president needs to encourage investors to invest in the oil business.” The bill was more a statement than anything else since Congress is out of session until the election, but Mr. He introduced a bill with Representatives Sean Casten and Susan Wild, Democrats from Illinois and Pennsylvania, requiring the removal of American troops and defensive systems from Saudi Arabia and the United Arab Emirates. But in a statement, the White House emphasized that “there are no plans to change our sanctions policy without constructive steps from the Maduro regime.” “The trip was not essentially for oil,” the president said. Easing sanctions on Iran and Venezuela could free up more than a million barrels of oil a day, which would help lower prices and potentially replace some of the Russian barrels now sold to Chinese and Indian refineries. He has already ordered more oil to be released from the Strategic Petroleum Reserve, but since the reserve is now at its lowest level in four decades, that risks shortages in case of war or a natural disaster like another hurricane. The Saudis maintain that the production cut was not meant as a shot at Mr. Ron Klain, the White House chief of staff, has methodically tracked the price at the pump for months as it has declined, and Democrats felt renewed momentum as a result. “We’re not announcing any steps on that front, but there are measures that we will continue to assess,” Brian Deese, the president’s national economic adviser, told reporters. “We are looking at all the legislative tools to best deal with this appalling and deeply cynical action.” Biden said that “we are looking at alternatives” to oil from OPEC Plus countries.