#OPEC

#OPEC

Crude oil prices remained close to the levels seen during the last few days. Markets could continue to consolidate while hopes of the US government reopening helped stabilize demand prospects. Additionally, expectations of a pause in production increases from OPEC countries next year could help limit downside risks. US sanctions on Russian oil majors could also continue to support prices as they could disrupt crude volumes and tighten supply to a certain extent.

The U.S. Strategic Petroleum Reserve (SPR) was created in 1975 by the Energy Policy and Conservation Act, signed into law by President Gerald Ford. It was established in response to the 1973-1974 oil embargo, which highlighted the U.S. economy's vulnerability to oil supply disruptions. Those who were around at the time, like your author, witnessed long lines at the gas stations as the price of a gallon of gas jumped as much as 43%. In fact, the national average cost

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Expect oil to open with a sharp 7-10% gap up as risk premiums surge. But don't be fooled, this may not last...