OPEC+ will be considering a reduction in oil production of more than a million barrels per day (bpd), OPEC sources stated on Sunday.
The week ended with oil prices at multi-month lows due to recession fears
On Friday, oil prices closed higher, recovering some of the losses from this week’s weak U.S. job growth data. However, they closed the week at their lowest level since February
OPEC+ effectively snubs US president Joe Biden’s push to get more oil pumped.
Analysts believe that OPEC+ will increase oil production by a small 100,000 barrels per hour. This is in direct insult to President Joe Biden, who travelled to Saudi Arabia last
The UK economy grew by more than expected in May
Despite a rising inflation rate and an ever-increasing cost of living crisis, it is still thriving.
JPMorgan Is Bracing Itself for Economic ‘Hurricane’
Jamie Dimon advised investors to be prepared for an economic “hurricane”, as the economy faces unprecedented challenges.
Russian gas deliveries to Slovakia via Ukraine are down
On Friday morning, delivery of Russian gas to Europe via Ukraine was slightly lower while flows from Germany and Poland via the Yamal Pipeline were also lower.
UK says Russia has lost a third of its forces in Ukraine
Russia is likely to have lost about a third of the ground forces that it sent to Ukraine, and its offensive in Donbas “has lost momentum” and “has fallen significantly
Russia Cuts Gas Supplies to Germany, Warning for Europe
Germany claimed Russia was using energy as a weapon after Moscow cut natural gas supplies to retaliate for Europe’s sanctions over the war in Ukraine.
Russia’s economy set for biggest contraction since 1994, Alexei Kudrin said on Tuesday.
Russia’s economy will contract by more than 10% in 2022, according to Alexei Kudrin, former finance minister. This would be the largest drop in the gross domestic product since 1991,
Putin places Russia’s nuclear deterrence forces at high alert
Russian President Vladimir Putin ordered his military to place the country’s nuclear defence forces on high alert as a response to “aggressive remarks” made by NATO members.
Russia’s economic defenses are likely to collapse under the sanctions.
Russia has spent seven years building formidable financial defenses. However, Russia’s economy will not be able to withstand coordinated sanctions from the West over the long term.