Oil Rises After OPEC+ Agrees To Delay October Output Hike

Less than a week ago, when Reuters published a bullshit fake news report meant to hammer the price of oil, “reporting” based on six anonymous sources that OPEC+ will hike oil production in October, we countered that this is “absolute idiocy, and we expect that OPEC+ will issue an official denial within minutes, especially since Saudi Energy Minister Prince Abdulaziz bin Salman previously said OPEC+ could pause or reverse the production hikes if it decides the market is not strong enough, which it clearly is not right now!”

We didn’t have long to wait for the denial, and as we reported yesterday, ironically enough it was Reuters who reported that contrary to its own so-called “reporting” just days earlier, OPEC+ would actually delay the planned oil hike, much to the shock and horror of anyone who actually believed Reuters and saw it as an objective news source instead of a conflicted, manipulative potentially criminal generator of price volatility with its own bullshit reporting.

And then it all came together less than 24 hours later when, as we expected, OPEC+ confirmed – and Reuters again reported -that not only was the original fake news report BS, but that the October hike was not coming, would be delayed for at least 2 months, and most likely will be delayed until such time as China’s middle class revolts, forcing Beijing to finally flood the economy with stimulus and sends oil back to $150.

For those curious, here is the full Reuters bullshit arc in under a week.

Of course, by the time the official denial hit, the selling and shorting momentum ignited by the original fake report had sent oil sharply lower, allowing the manipulating sources to load up at much cheaper prices; and since meanwhile sentiment was fully reset, the price of oil has barely bounced on the subsequent denial, just as whoever leaked the original “story” had intended.