U.S. Oil CEO Tells Biden to Focus on Local Production Instead of OPEC
“The world’s biggest oil and gas companies and many OPEC+ energy ministers are meeting in Abu Dhabi this week for the Adipec conference — one of the first major in-person events for the industry since the onset of the coronavirus pandemic. The Organization of Petroleum Exporting Countries and its allies are likely to maintain their plan of raising output by 400,000 barrels a day, according to the United Arab Emirates. The group has so far ignored calls from some nations, including the U.S., to increase production faster in an attempt to control surging prices. Saudi Arabia expects inventories to rise over the next few months, reducing the need for OPEC+ to boost supply quicker.”
ECB Stimulus Uses Operational Ceiling of 50% of National Bonds
“European Central Bank policy makers are conducting stimulus with an operational ceiling of just under 50% of each country’s debt issuance, according to officials familiar with the matter, an extent never previously revealed. The overall bond-buying restriction being followed is higher than the 33% limit applied to normal quantitative easing via the Asset Purchase Program, said the officials, who declined to be identified discussing confidential market matters. The ceiling for supranational debt is 60%, compared with a 50% maximum for the APP, they said.”
China Economy Stabilizes as Spending, Power Supply Picks Up
“China’s economy performed better than expected in October as retail sales climbed and energy shortages eased, though a slump in property and rising Covid outbreaks show the recovery isn’t on solid ground yet. Industrial output rose 3.5% in October from a year earlier, while retail sales growth accelerated to 4.9%, beating economists’ forecasts. Growth in fixed-asset investment eased to 6.1% in the first 10 months of the year, with tighter curbs on the real estate market continuing to weigh on the sector. The surveyed jobless rate was steady at 4.9%.”
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