The Peloton instructor is correct. No one can take your energy. However, they can make it more expensive. 🤔
That’s precisely what OPEC+ aims to do by cutting oil production by 2 million barrels per day. Analysts expected a 1 million barrel cut, but the ministry is looking to shore up prices despite calls from the U.S. and other western countries to support the global economy. 🛢️
Oil prices had already been rising in anticipation of the cut but continued their 15% rise in seven trading days. Meanwhile, the energy sector of the stock market rallied alongside oil prices, up 12% over the last five days. It remains this year’s best-performing sector across most timeframes.
Additionally, the European Union countries finally agreed on a controversial plan to place a price cap on Russian oil. The countries moved forward with the plan despite concerns that it would simply drive much-needed energy supplies away from the region. However, diplomats argue it, along with new sanctions, will punish Moscow for illegally annexing four regions in Ukraine.
We’ll have to see how this plays out as Europe prepares for a potentially ice-cold winter season. 🥶