OPEC+ just made the Fed’s job more complicated. Here’s what it did — and what could be next

[excalibur]

Just further evidence of Biden's incredible weakness and how the world is using him as a doormat.

Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader output strategy from political pressures.

Washington has stepped in to criticize Sunday’s announcement where eight OPEC+ producers — including group leader Saudi Arabia and key allies Kuwait and the UAE — said they would remove more than a combined 1 million barrels per day from global oil markets, as part of an independent initiative unlinked to the broader OPEC+ policy.

This adds to Russia’s existing intentions to trim 500,000 barrels per day of its own production from February output levels, now until the end of the year — bringing the combined voluntary cuts of OPEC+ members in excess of 1.6 million barrels per day.

“We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” a spokesperson for the U.S. National Security Council said, according to Reuters.

U.S. President Joe Biden’s administration has repeatedly lambasted the OPEC+ group for its production cuts, citing the inflationary toll on households and flinging accusations of camaraderie with sanctions-struck Russia. Curbs in production lead to smaller supply, causing higher prices at the pump in importing countries which then provides a boost for headline inflation figures.

...​

OPEC+ just made the Fed's job more complicated. Here's what it did â and what could be next

Several OPEC+ members' decision to further cut oil supplies adds to the global challenge of reining in firm inflation rates.

www.cnbc.com

 

[1srelluc]

Stolen elections have consequences.

 

[Manonthestreet]

Private bankruptcy filings are blowing past their COVID-era peaks as credit stress builds for small businesses

Some of the smallest of companies in the US are facing "severe pressure from rising interest rates and slowing growth," UBS said.

finance.yahoo.com

 

[struth]

the + in OPEC+ stands for Russia…Xiden’s Putin’s bitch…we all know this

 

[Winston]

Just further evidence of Biden's incredible weakness and how the world is using him as a doormat.

​

Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader output strategy from political pressures. ​

​

Washington has stepped in to criticize Sunday’s announcement where eight OPEC+ producers — including group leader Saudi Arabia and key allies Kuwait and the UAE — said they would remove more than a combined 1 million barrels per day from global oil markets, as part of an independent initiative unlinked to the broader OPEC+ policy.​

​

This adds to Russia’s existing intentions to trim 500,000 barrels per day of its own production from February output levels, now until the end of the year — bringing the combined voluntary cuts of OPEC+ members in excess of 1.6 million barrels per day.​

​

“We don’t think cuts are advisable at this moment, given market uncertainty — and we’ve made that clear,” a spokesperson for the U.S. National Security Council said, according to Reuters.​

​

U.S. President Joe Biden’s administration has repeatedly lambasted the OPEC+ group for its production cuts, citing the inflationary toll on households and flinging accusations of camaraderie with sanctions-struck Russia. Curbs in production lead to smaller supply, causing higher prices at the pump in importing countries which then provides a boost for headline inflation figures.​

​

...​

OPEC+ just made the Fed's job more complicated. Here's what it did â and what could be next

Several OPEC+ members' decision to further cut oil supplies adds to the global challenge of reining in firm inflation rates.

www.cnbc.com

And here we have another dumbass, blaming OPEC plus production cuts on Biden. First, who gives a happy shit if Russia cuts production, they have already pretty much been closed out from supplying the world due to sanctions. Their production levels are down by more than four million barrels already, what the hell is another half million.

You want to cast blame, then blame it on China, whose economy is tanking bigger than shit. But you stupid shits don't know that, you have no clue.

 

[struth]

And here we have another dumbass, blaming OPEC plus production cuts on Biden. First, who gives a happy shit if Russia cuts production, they have already pretty much been closed out from supplying the world due to sanctions. Their production levels are down by more than four million barrels already, what the hell is another half million.

You want to cast blame, then blame it on China, whose economy is tanking bigger than shit. But you stupid shits don't know that, you have no clue.

China economy will expand by 5.2 percent this year

 

[Winston]

China economy will expand by 5.2 percent this year

I am going to need you to source that because I ain't seeing it. I am looking at a little over three, which is at a four decades low for them.

 

[struth]

I am going to need you to source that because I ain't seeing it. I am looking at a little over three, which is at a four decades low for them.

yeah they are coming out of the pandemic and rebounding

 

[Cougarbear]

I am going to need you to source that because I ain't seeing it. I am looking at a little over three, which is at a four decades low for them.

You seem to not see much. All this problem with OPEC, Russia, China, Iran, NK is all Biden's fault. Trump had all this in check with the U.S. energy self sufficient and exporting energy. Inflation under wraps and the warmongering nations silenced! Then, without thought, Biden signs away all the things that got us energy self sufficient, Russia inconsequential and no wars started under Trump and inflation under control. All because of Trump Derangement Syndrome which is still alive and well.

 

[1srelluc]

yeah they are coming out of the pandemic and rebounding

Yep, and their energy needs are going to go through the roof when it does rebound.....Putin will find a ready buyer for all he can pump to the chi-coms while we get the rue-rue from OPEC+ and Tater stands there with a depleted oil reserve with his dick in his hand.....$5.00+ a gallon by the end of summer is my guess.

 

[Doc7505]

I am going to need you to source that because I ain't seeing it. I am looking at a little over three, which is at a four decades low for them.

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IMF raises China's growth forecast to 5.2%

The International Monetary Fund has raised its forecast for China's economic growth to 5.2 percent in 2023, up 0.8 percentage point from its projection in October, as it said the country's recent reopening has paved the way for a faster-than-expected recovery.

www.chinadaily.com.cn

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Goldman Sachs Lifts China’s Economic Growth Forecast to 5.5%

Goldman Sachs Group Inc. upgraded its forecast for China’s gross domestic product growth this year after the government reported stronger-than-expected economic data and the recovery gathers pace.

www.bloomberg.com