Economics
WTI Breaks Out To New Nov Highs After OPEC Data Shows Huge Supply Shortfall
WTI Breaks Out To New Nov Highs After OPEC Data Shows Huge Supply Shortfall
Oil prices had been coiling for a few days ahead of this data…
WTI Breaks Out To New Nov Highs After OPEC Data Shows Huge Supply Shortfall
Oil prices had been coiling for a few days ahead of this data and are breaking out now after OPEC reports that global oil markets face a supply shortfall of more than 3 million barrels a day next quarter – potentially the biggest deficit in more than a decade.
If realized, it could be the biggest inventory drawdown since at least 2007, according to a Bloomberg analysis of figures published by OPEC’s Vienna-based secretariat.
OPEC’s 13 members have pumped an average of 27.4 million barrels a day so far this quarter, or roughly 1.8 million less than it believes consumers needed, according to the report.
WTI pushed above $88 on the news, its highest since Nov 2022…
As Bloomberg reports, The kingdom’s hawkish strategy, aided by export reductions from fellow OPEC+ member Russia, threatens to bring renewed inflationary pressures to a fragile global economy.
Diesel prices have surged in Europe, while American airlines are warning passengers to brace for increased costs.
It could even become a political issue for President Biden as he prepares for next year’s reelection campaign, with national gasoline prices nearing the sensitive threshold of $4 a gallon.
Tyler Durden
Tue, 09/12/2023 – 08:23
markets
inflationary
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