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Started By
Message
More pain?
Posted on 9/29/22 at 11:07 am
Posted on 9/29/22 at 11:07 am
Zero Hedge tweet
Depending on the cut, that could push oil up enough to significantly raise prices at the pump again before the election. This would also add to the price increases which will naturally occur from the end of the SPR drawdown, meaning a drag on CPI drop for Q4 or even a reversal (which could mean more than the expected .5 hikes set for 2023).
Let's hope this is just saber-rattling.
quote:
OPEC+ is discussing a potential output cut at next week’s meeting, said a delegate
Depending on the cut, that could push oil up enough to significantly raise prices at the pump again before the election. This would also add to the price increases which will naturally occur from the end of the SPR drawdown, meaning a drag on CPI drop for Q4 or even a reversal (which could mean more than the expected .5 hikes set for 2023).
Let's hope this is just saber-rattling.
5
Posted on 9/29/22 at 11:10 am to Bard
Biden will totally deplete our strategic reserves the keep the price artificially low before the elections.
Posted on 9/29/22 at 11:32 am to Bard
Can someone explain why they would cut production while gas is still high?
Posted on 9/29/22 at 11:40 am to Civildawg
quote:
Can someone explain why they would cut production while gas is still high?
It could always go higher. Plus, gaining leverage against a potential Iran deal.
Posted on 9/29/22 at 11:54 am to Civildawg
quote:
Can someone explain why they would cut production while gas is still high?
To gain leverage, reiterate OPEC's global relevance, or simply to increase prices for their benefit. OPEC has been releasing statements the past few weeks regarding oil prices leading one to believe they are favoring a higher price right now.
They are NOT working with Biden, basically ignoring his pleas for them to increase production.
Posted on 9/29/22 at 12:09 pm to Civildawg
quote:
Can someone explain why they would cut production while gas is still high?
Your view of the issue is incorrect, you have to look at it from their standpoint if you want to understand their actions.
For the OPEC+ nations, gasoline is well below what we're paying here in the US. While oil is priced internationally, their domestic capacity comes deeply into play at the gas pumps.
Also, gasoline is not the only thing oil is used for (see: plastics, for just one other item).
So as long as the increase in the price of oil (from cutting supply) isn't causing strong inflationary problems around the world (like we saw when post-COVID demand tore through surpluses), they likely see this as a smart business move to make more money.
Posted on 9/29/22 at 12:16 pm to Bard
Y’all still think the stock market is ever gonna go up again 
Posted on 9/29/22 at 12:20 pm to PotatoChip
quote:
Biden will totally deplete our strategic reserves the keep the price artificially low before the elections.
basically already emptied
Posted on 9/29/22 at 12:22 pm to TigerDeBaiter
Down 30% from 1 year ago.
This post was edited on 9/29/22 at 12:25 pm
Posted on 9/29/22 at 12:48 pm to Bard
More pain?
Posted on 9/29/22 at 12:56 pm to Bard
OPEC+ record of actually controlling its members is extremely low these days. They may talk cuts, but unlikely member states actually implement them
Posted on 9/29/22 at 1:39 pm to UltimaParadox
Only one member matters.
Posted on 9/29/22 at 4:01 pm to UltimaParadox
quote:
OPEC+ record of actually controlling its members is extremely low these days. They may talk cuts, but unlikely member states actually implement them
Most OPEC members are under producing. Saudi/UAE/Russia want/need $100 oil. Some sort of cut is coming even if it is just window dressing.
This is probably a buy signal for O & G stocks.
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