OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day 

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    OPEC+ agreed on a 2 million barrel per day crude oil production cut at the October meeting Wednesday. The oil production cut is the biggest from OPEC+
    [See the full post at: OPEC+ To Cut Crude Oil Production 2 million Barrels Per Day ]


    S&P 500 energy sector $XLE closed up 2.1% boosted by WTI crude #oil futures rising 1.5% to $87.64/bbl after OPEC+ agreed to cut 2mbpd production starting in November.


    Goldman Sachs raise Brent #oil price forecast after ‘very bullish’ #OPEC+ output cut
    2022 $104bbl from $99
    2023 $110bbl from $108
    Q4 2022 by $10 per barrel to $110
    Q1 2023 by $10 per barrel to $115


    Saudi foreign minister winning friends in the White House:
    “OPEC+ decision was purely economic and taken unanimously”
    “Members of OPEC+ acted responsibly and made the appropriate decision” via


    OPEC+ oil supply cuts could push global economy into recession, says IEA
    IEA remarks in its latest oil outlook report

    “The relentless deterioration of the economy and higher prices sparked by an OPEC+ plan to cut supply are slowing world oil demand”

    “With unrelenting inflationary pressures and interest rate hikes taking their toll, higher oil prices may prove the tipping point for a global economy already on the brink of a recession”


    International Energy Agency (IEA) Executive Director Dr Fatih Birol.

    the world is in the middle of the first truly global energy crisis.
    the decision from OPEC+ to cut output by 2mn bbl/day is a risky one, especially as several economies are on the brink of recession
    global LNG markets will tighten further in the next year as Europe’s imports will increase and demand from China may rebound

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