It’s Friday — Phil Rosen here. I’m happy to report we’ve made it to the weekend, but that doesn’t mean relief …
It’s Friday — Phil Rosen here. I’m happy to report we’ve made it to the weekend, but that doesn’t mean relief for global energy markets. Crude oil prices continue to show
volatility, and OPEC’s big move may not be big enough to make a dent in the supply gap. Here we go. Launching Monday: If you dig this email, you’ll love 10 Things on Wall Street, which will cover the biggest stories in banking, private equity, hedge funds, and fintech. Launching next week — sign up here. If this was forwarded to you, sign up here. Download Insider’s app here.
1. OPEC+ announced a big boost to oil output Thursday. Even though it was larger than expected, the 648,000 barrel-per-day increase may not be enough to offset missing Russian barrels in the global market, according to the CEO of Hess. The release comes as US crude inventories have slipped, with EIA data showing that current stockpiles are some 15% below the five-year average for this time of year. Still, the OPEC+ announcement clears the way for Saudi Arabia to ramp up oil production to try and fill in for Russia’s absence from the market. As concerns mount over a dire supply squeeze, sources told the Financial Times that the Kingdom is prepared to pump more crude.
