Gold Silver Reports (GSR) – Crude Oil prices could potentially rise as much as 12% from current levels, though the rally may prove fleeting, according to Goldman Sachs Group Inc.
Oil Supply
Russia is Expected to Announce Oil Supply Cuts at its Upcoming Meeting on Dec. 6.
U.S. crude prices were further pushed up by an announcement from Canada that Alberta province will force producers to cut output by 8.7 percent, or 325,000 barrels per day (bpd), to deal with a pipeline bottleneck that has led to crude building up in storage. Most of Alberta’s oil is exported to the United States.
Saudi Arabia, Russia Agreed in September to Lift Oil Output, Told US – GSR
US President Donald Trump has blamed the Organization of the Petroleum Exporting Countries (OPEC) for high crude prices and called on it to boost output to bring down fuel costs before the US Congressional elections on 6 November.