Money

OPEC+ agreed to its deepest cuts to oil production since 2020

Published

3 years ago

October 6, 2022

Reuters

OPEC+ agreed its deepest cuts to oil production since the 2020 COVID pandemic at a Vienna meeting

OPEC has agreed to the biggest cuts in oil output since the height of the global health crisis.

Ministers from the group of oil-producing nations, and allies including Russia, met in Vienna on Wednesday.

That marked their first in-person get-together since lockdowns made them impossible.

They agreed to slash production by 2 million barrels per day. This move could spur a recovery in oil prices.

They’ve fallen from $120 per barrel three months ago, to about $90 now.

But the decision is unlikely to go down well in Washington.

After OPEC+ agreed to cut oil production, U.S. Secretary of State Antony Blinken said that the United States is working to ensure energy supply is on the market and that prices are low.

Asked if he was disappointed in U.S. ally Saudi Arabia agreeing to the cuts, Blinken said Washington has a “multiplicity of interests with regard to Saudi Arabia.”

“We are working every single day to make sure to the best of our ability that, again, energy supply from wherever is actually meeting demand in order to ensure that energy is on the market and the prices are kept low,” Blinken said.

It wanted OPEC to pump more oil, to help reduce prices ahead of U.S. midterm elections.

The Biden administration also wants to limit revenues for Russia, as part of moves to punish it for the conflict in Ukraine.

However, Saudi Arabia has refused to condemn Moscow, which is part of the broader OPEC+ grouping.

Market watchers at JPMorgan expect Washington to react with countermeasures by releasing more oil stocks.

The UAE energy minister said Wednesday’s decision was technical, not political.

The Saudis and other OPEC members say it’s aimed at calming market volatility, not targeting any particular price for oil.

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Why most Australians aren’t ready for retirement

Australians’ retirement readiness declines as super fund trust wanes; expert shares insights and solutions for financial confidence.

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Australians’ retirement readiness declines as super fund trust wanes; expert shares insights and solutions for financial confidence.

Fewer than one in three Australians feel financially prepared for retirement, with trust in super funds falling and planning gaps widening. In this episode, Dale Gilham from Wealth Within explains why the nation is struggling with financial confidence.

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Bitcoin rises as a safe asset during shutdown

Bitcoin reaches near all-time high as investors seek safe havens amid US government shutdown

Published

8 hours ago

October 4, 2025

Ahron Young

Bitcoin reaches near all-time high as investors seek safe havens amid US government shutdown

In Short:
– Bitcoin nears all-time high amid U.S. government shutdown, trading at $123,685.87 on October 3rd.
– In South Korea, Bitcoin surpassed 170 million KRW, reaching 170.96 million KRW on October 3rd.

Bitcoin has reached near its all-time high during the U.S. government shutdown, establishing itself as a safe asset.

On October 3rd, at the U.S. cryptocurrency exchange Coinbase, Bitcoin traded at $123,685.87, closely approaching the record high of $124,290 set in August. This marks a 1.89% increase in just 24 hours and the first time in two months that Bitcoin has surpassed $123,000.In South Korea, Bitcoin’s value also surged, surpassing 170 million KRW for the first time on the night of October 2nd.

The price climbed to 170.96 million KRW at Bithumb on October 3rd, breaking the previous record of 169.90 million KRW from August 14th.

The surge in Bitcoin’s price is driven by increased interest in safe-haven assets amid the government shutdown. Since October 1st, 750,000 federal employees have been placed on unpaid leave, leading investors to consider alternative assets.

Jeff Kendrick of Standard Chartered remarked that the current market situation differs from the 2018-2019 shutdown, as Bitcoin now closely correlates with U.S. government risk.

Bitcoin’s Future

Forecasts suggest Bitcoin’s upward momentum will persist. Standard Chartered predicts Bitcoin could break its all-time high and reach $135,000. JP Morgan analysts foresee a potential rise to $165,000 by year-end.

Historically, October has been a bullish month for Bitcoin, coining the term ‘Uptober’ due to average returns of 20.63% over the last decade. Ethereum is also on the rise, trading around $4,500, contributing to a larger $4.12 trillion cryptocurrency market.