Oil hits 3-week highs as OPEC+ agrees deep cuts and US inventories fall

Oil hits 3-week highs as OPEC+ agrees deep cuts and US inventories fall

OPEC+ met on Wednesday and cut production despite tight supply U.S. crude and fuel stocks fell last week – EIA Price around $90 vs $120 in July US opposed to OPEC cuts wants lower prices NEW YORK, Oct 5 (Reuters) – Oil prices rose to three-week highs on Wednesday as OPEC+ agreed to its biggest … Read more

It’s time for the US to reassess Saudi relations, says Sen. Chris Murphy

OPEC+’s plan to cut oil production is a “mistake”, according to US Senator Chris Murphy, who said the alliance between the group’s de facto leader and the United States needed to be reassessed. The influential alliance of some of the world’s most powerful oil producers is reportedly considering its biggest production cut since the start … Read more

Russian oil price cap will give buyers leverage – US official

The United States held a “positive dialogue” with China and India -Ben Harris Cap will maintain the incentive to produce LONDON, Oct 5 (Reuters) – The price caps the Group of Seven (G7) countries want to impose on Russian oil will give buyers leverage to secure better prices, a U.S. Treasury official said on Wednesday. … Read more

German minister criticizes “astronomical” natural gas prices in the United States

A photo of a burning natural gas flare near an oil pump jack at the New Harmony oilfield in the United States on June 19, 2022. Luke Sharett | Bloomberg | Getty Images Germany’s economy minister accused the United States and other “friendly” gas-supplying states of astronomical prices for their supplies, suggesting they were profiting … Read more

OPEC+ heads for deep supply cuts, clashes with US

VIENNA/LONDON, Oct 5 (Reuters) – OPEC+ appears poised to slash its oil production targets when it meets on Wednesday, limiting supply in an already tight market despite pressure from the United States and others to pump more. The potential OPEC+ cut could spur a recovery in oil prices which fell to around $90 from $120 … Read more

Europe made a mistake with Russian energy, now it has to spend big

US Senator Chris Murphy on Tuesday criticized Europe’s overreliance on Russian energy, saying it has been expensive and called on the region to start investing heavily in alternative supplies. “What a mistake for Europe to have been welded to Russia on energy,” Murphy, a Democratic Party member, told CNBC’s Hadley Gamble at the Warsaw Security … Read more

Oil rebounds 3% as OPEC+ weighs biggest production cut since 2020

OPEC+ eyes cut of more than 1 million bpd – sources China issues largest quota of petroleum products this year SINGAPORE, Oct 3 (Reuters) – Oil prices jumped more than 3% at the start of Asian trading on Monday as OPEC+ plans to cut production by more than a million barrels a day for its … Read more

Elon Musk sends a scathing message to Tesla investors

Elon Musk is not a CEO like the others. from Tesla (TSLA) the boss is atypical. He refuses to obey the rules often imposed on the managers of public companies. The billionaire did not hesitate to relaunch the showdown with the American Security and Exchange Commission (SEC) despite an agreement reached in 2018 with the … Read more

OPEC+ eyes oil cut of over 1 million barrels a day

Cuts could include Saudi voluntary cut Biggest reduction since pandemic reduction Oil fell on Fed rate hike and weak economy DUBAI, Oct 2 (Reuters) – OPEC+ will consider an oil production cut of more than one million barrels per day (bpd) next week, OPEC sources said on Sunday, in what would be the biggest move … Read more

Italian Eni works with Gazprom to resolve Russian gas flow stoppage

MILAN, Oct 1 (Reuters) – Italy’s Eni (ENI.MI) said it would not receive the gas it had requested from Russia’s Gazprom (GAZP.MM) for delivery on Saturday, but the companies said the they were working to solve this problem. . The supply of Russian gas through the Tarvisio entry point will be zero by October 1, … Read more