Energy Stocks Are A Big Buy Right Now

Oil prices climbed on Monday morning after OPEC+ resolved on Sunday to stay the course on oil production cuts ahead of the implementation of a $60 price cap on Russian-origin crude oil negotiated by the EU, the G7, and Australia. OPEC+ had earlier agreed to cut output by two million bpd, about two per cent of world demand, from November until the end of 2023.

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Europe Can’t Count On U.S. Shale To Make Up For Russian Crude

OPEC+ yesterday decided to leave its production quotas where they are, at 2 million bpd lower than they were in October, which is an effective cut of 1 million bpd of production. Three days earlier, the European Union reached an agreement to set a price cap on Russian crude oil at $60 per barrel—lower than market prices but not as low as some EU members, such as Poland and Estonia, would have liked the cap to be.

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