Oil prices are falling like crazy, and Saudi Arabia and Russia are threatening


https://www.youtube.com/watch?v=7EEN3eAybO0?si=Tet4cChZDfn5PeoS
The latest news about the conflict between Saudi Arabia, America and Russia regarding oil prices and the voluntary reduction in oil production and the impact of this on the American economy

Updates on the oil issue presented in this episode of Samri Channel.
The beginning of the significant declines in global oil prices. After reaching $96 per barrel, Brent crude fell to $85, which its analysis attributed to a group of factors, most notably the weak global demand for oil due to interest rate hikes in the United States of America, and also the significant decline in demand for gasoline in the United States with Increased supply caused by major floods in New York City, USA, resulting from Hurricane Ophelia.

Finally, a state of optimism prevailed in the market regarding an increase in the supply of crude following the Turkish Energy Minister’s announcement of the imminent restart of the Kirkuk-Ceyhan oil pipeline, which connects northern Iraqi oil to Turkish ports.

The OPEC+ group concluded its ministerial meeting by announcing the continuation of the voluntary reduction in production until the end of the year as a response to the pessimism prevailing in energy markets regarding the possibility of the global economy being exposed to a recession. Meanwhile, reports said that Russia may soon ease its ban on exporting diesel due to its lack of capacity to store it, which could paralyze the labor market in the Russian oil sector.

The episode also refers to the German Deutsche Bank report, which pointed to the combination of all the reasons that may cause the American economy to enter a state of recession. These are higher interest rates to confront rising inflation, rising oil prices, and finally increasing US government debt.

The episode also indicates that there are only 17 days left until the US strategic oil reserve, or the US strategic reserve, is empty of oil, which enters the United States into a risky process to refill the stock intended to confront emergencies that may surprise Washington.

Finally, the British newspaper The Economist expected that oil prices would continue to decline despite the tightening of production by Saudi Arabia and Russia, until the end of the year, with expectations of greater declines in crude prices during the first quarter of next year as a result of the increase in oil supply and weak global demand.

#Saudi Arabia
#Russia
#latest news

Do you expect a surprise to occur in global oil markets that contradicts the expectations of Western newspapers regarding the continued decline in oil prices? This is what we will discuss in the “Suicide” episode of the summary channel. Watch to know the story from the beginning