Oil 12 (Feb 21 - Sep 23)

[winston]

Oil falls but notches weekly gain as Opec+ considers output cut

Opec+ may agree to cut crude output when it meets on Oct 5.

Opec’s oil output rose in September to its highest since 2020, surpassing a pledged hike for the month.

Opec+ considering cutting production quotas by between 500,000 and 1 million barrels per day (bpd) at their Oct 5 meeting.

Source: Reuters

https://www.businesstimes.com.sg/energy ... output-cut

[behappyalways]

OPEC+ agrees on 2 million-barrel-a-day cut to output limit
https://www.theedgesingapore.com/news/o ... tput-limit

[winston]

US To Release 10M Barrels of Oil from Strategic Petroleum Reserve Next Mth

Hours after the OPEC+ decided to cut output by 2 million bpd next month, the administration of U.S. President Joe Biden announced that it would release 10 million barrels of oil from the Strategic Petroleum Reserve next month, Fox Business reported.

The White House spokesman said that Biden will continue ordering the release of the Strategic Petroleum Reserve as an appropriate measure to protect American consumers and promote energy security.

He is also directing the Secretary of Energy to explore any additional responsible steps to keep increasing domestic production in the immediate term.

Related News: OPEC+ to Cut Oil Output by 2M Barrels/ Day from Next Mth; Biden Criticizes Decision as Shortsighted

Source: AAStocks Financial News

http://www.aastocks.com/en/stocks/news/ ... t-news/HK6

[winston]

Oil: 'We're going to see $65 before we see $100 ' in WTI, says analyst

by Ines Ferré

If we get the global recessions that are being predicted, you're going to get a continued fall in demand because this particular cut is going to last all the way into December 2023" .

Source: Yahoo Finance

https://finance.yahoo.com/news/oil-were ... 58926.html

[winston]

6,000 everyday products get their start from oil

More than 6,000 everyday products get their start from oil like…

1. Electronics – heat-resistant plastics used in smartphones, computers, and more are made from petroleum.

2. Textiles – fibers used in clothing materials like acrylic, rayon, nylon, and spandex.
Sporting Goods – sports equipment like golf balls, skis, tennis racquets, helmets, and more.

3. Health & Beauty Products – personal care items like toothpaste, soap, deodorant, cosmetics, and on and on.

4. Medical Supplies – devices and medicines, including hospital equipment, dentures, IV bags, antihistamines, and countless more.

5. Household products – heavy duty items like roofing and insulation, to pillows and curtains, to dishes and nonstick pans.

We clearly can’t live without oil. Demand is expected to increase for 30 more years before alternative energy sources finally begin to take over.

Source: Investor Place

[behappyalways]

"World Risks Living With Oil Shortage For A While," Warns Occidental CEO
https://www.zerohedge.com/markets/world ... dental-ceo

[behappyalways]

OPEC Humiliates President Biden On A Global Stage
https://www.zerohedge.com/markets/opec- ... obal-stage

[behappyalways]

"All Tools On Table" To Respond To OPEC+ Including More SPR Releases, White House Says
https://www.zerohedge.com/markets/all-t ... house-says

[behappyalways]

Biden Admin To Announce Another 15 Million Barrel SPR Release Before Midterms
https://www.zerohedge.com/commodities/b ... e-midterms

[behappyalways]

Forget Oil, The Real Crisis Is Diesel Inventories: The US Has Just 25 Days Left
https://www.zerohedge.com/markets/forge ... -days-left