Today OPEC+ declared their intention to reduce oil supply by another 2 mln barrels per day. This rebellious act by Saudi Arabia is breaking pre-existing staus quo:
“After watching Biden liquidate the Strategic Petroleum Reserve in order to improve his polling numbers, while watching the Fed directly target their standard of living and that of their customers, OPEC has had enough. They’re going to do something about the Fed and its war on oil. OPEC has finally launched a counterattack. Last month, they agreed to cut output by 100,000 bbl/d. It was meant as a warning that went unheeded. Tomorrow, they’re going to Blitzkrieg the Fed.”
Read it here
