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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessMNI: PBOC Net Injects CNY37.3 Bln via OMO Wednesday
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WSJ: Saudi Arabia Rejected US Calls To Delay Oil Production Cut
The Wall Street Journal has reported that Saudi Arabia rejected petitioning from the US to delay an October 5 oil production cut by a month.
- WSJ: "Days before a major oil-production cut by OPEC... US officials called their counterparts in Saudi Arabia and other big Gulf producers with an urgent appeal—delay the decision for another month..."
- According to WSJ, Saudi officials dismissed the request as designed to avoid political fallout from higher energy prices with the US midterm elections looming.
- The revelation that the Biden administration tried and failed to influence OPEC policy may further damage US President Joe Biden's reputation as an effective negotiator with international energy producers.
- Biden made a highly publicised trip to Saudi Arabia in July to personally ask de facto Saudi ruler, Crown Prince Mohammad bin Salman to increase production.
- The failure of that trip prompted backlash from Democrats and Republicans alike, and the latest OPEC production cut has intensified calls from lawmakers to take action against Saudi Arabia.
- The White House confirmed today that the Biden is willing to work with Congress and re-evaluate the US relationship with Saudi Arabia. This may include a freeze of arms sales and a withdrawal of US troops stationed in the Kingdom.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.