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RSM Chief Economist Joseph Brusueras: Warsh delivered the right hawkish signals at the press conference and attempted to reinforce the Fed’s credibility in restoring price stability, while also enhancing his own credibility.U.S. stocks continued to decline after the Walsh press conference, with the S&P 500 falling 1%, its biggest drop since July 29, the Dow Jones Industrial Average down 1.65%, and the Nasdaq Composite down 0.6%.On September 17th, Federal Reserve Chairman Warsh declined to answer questions at a press conference regarding his interactions with US President Trump. Trump has been calling for lower interest rates in recent months. Warsh stated, "I have no comment on my discussions with the president." White House Council of Economic Advisers Chairman Christopher Phelan said on Tuesday that raising interest rates would be a "mistake."On September 17th, Federal Reserve Chairman Warsh stated that he would not disclose details of future interest rate decisions by the Federal Open Market Committee (FOMC). He said, "I am not responsible for providing forward guidance. Our decision today (to raise interest rates) is a carefully considered, serious, and responsible one. We have been preparing for and thinking about this decision for the past 110 or 120 days." Warsh also stated that this decision was not market-driven. He said, "Our decision today is based on our assessment of the current situation, our judgment of the employment trend, and our assessment of the strength of the economy. Sometimes, the market tries to anticipate our decisions. I watch market prices to see what information the market is sending. But todays decision is our own."On September 17th, Warsh stated that while the Federal Reserve cannot prevent price shocks in commodities such as oil on its own, the central bank can use policy tools to prevent further spread of inflationary pressures. Warsh said, "We cannot influence the price of any single commodity, such as oil or groceries." However, he pointed out, "We can and will ensure that any changes in relative prices do not spread further, and do not have second- or third-order effects on the economy. Thats our responsibility, and thats what were doing." Warsh made these remarks as U.S. diesel prices hit a record high due to the Iran war.

Oil prices decrease as Saudi Aramco expresses its ready to boost oil output

Haiden Holmes

Aug 15, 2022 10:48

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Oil prices declined for a second straight session on Monday after the president of the world's largest exporter, Saudi Aramco (TADAWUL:2222), declared that the business is prepared to raise output and three offshore U.S. Gulf of Mexico rigs restarted operations following a weeklong outage.


Saturday at 00:34 GMT, Brent crude futures declined by 27 cents, or 0.3%, to $97.88 a barrel, following a 1.5% decline on Friday. Following a recent fall of 2.4%, the price of a barrel of U.S. West Texas Intermediate crude was $91.87, down 22 cents, or 0.2%.


If ordered by the Saudi Arabian government, Saudi Aramco is prepared to boost crude oil production to its maximum capacity of 12 million barrels per day (bpd), according to Saudi Aramco CEO Amin Nasser.


Nasser stated, "We are confident in our ability to expand production to 12 million barrels per day (bpd) if the government or energy ministry seeks an increase." He stated that China's easing of COVID-19 restrictions and a rise in the aviation industry could increase demand.


China's economic figures will provide investors with insight into crude oil demand in the world's largest crude oil importer on Monday.


Last week, oil prices climbed by more than 3% as a result of a damaged oil pipeline component that halted production at numerous offshore Gulf of Mexico sites.


According to a Louisiana official, once repairs were completed late on Friday, producers tried to revive some of the halted output.


Last week, the number of oil rigs in the United States grew by three to 601, as reported by Baker Hughes Co on Friday. The number of oil rigs, an early indicator of future output, has increased slowly, and it is anticipated that oil production will not recover from pandemic-related decreases until the following year.


Ahead of EU sanctions on Russian crude oil and refined product exports this winter, constrained supplies continued to bolster global oil markets.

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