The OPEC announcement of a 2 million barrel a day production cut of crude oil, while the EU said that they will impose a price cap on Russian crude oil. The crude oil production cut will help Russia fund their war according to the White House. The announced 2 million barrel production cut will actually result in a cut of more like 600K to 1 million barrels. The OPEC cut is a response to the recent drop in crude oil prices that fell below the price before the Russian invasion of Ukraine.
With the US releasing a million barrels a day from the Strategic Petroleum Reserve to reduce US gas prices, this OPEC cut adds pressure to gas prices right before the US elections.
Adding to that the EU agreement to attempt to put a price cap on Russian crude oil no matter where in the world they sell it, the energy markets are in for some serious turmoil in the months ahead.
Be aware of the financials of any stock or any other investment before you consider investing in it. Disclaimer: I am not a financial advisor, and nothing on this channel is meant to be financial advice. The ideas expressed on this channel are purely opinions and should not be regarded as objective information. Nothing on this channel is a recommendation to buy or sell securities. Do not assume that facts and numbers in any video are accurate. Always do your own due diligence.
