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This compilation of financial-related insights includes videos from Sean Foo, Lena Petrova, Wall Street Journal, and Tech Revolution.
Sean Foo says Germany’s industrial collapse is worse than we thought. Lena Petrova talks about a record number of Americans being denied credit as banks tighten down on lending. Wall Street Journal reports how Goldman Sachs fumbled its consumer bet. Tech Revolution brings news of OPEC’s announcement that will disrupt the entire oil industry.
Sean Foo
Aug 19, 2023
The German economy is getting crushed and is expected to stagnate well into 2025. There is a confluence of storms that include higher energy prices, labour shortage and decoupling from China. Here’s why the once proud powerhouse of Europe is now facing their biggest economic crisis.
Lena Petrova, CPA – Finance, Economics & Tax
Aug 19, 2023
Record Numbers Of AMERICANS Are DENIED Credit As Banks Tighten Lending
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Wall Street Journal
Aug 19, 2023
When Goldman Sachs entered the credit card space in 2019 with a partnership with Apple, many consumer banks were concerned that a new competitor had emerged. But just four years later, the firm is pulling back. The banking giant’s move from Wall Street to Main Street came at a time when Goldman wanted to diversify its funding sources. It introduced a high-yield savings account with Marcus and rolled out personal loans. But what was the turning point that led them to start to retreat from this space?
WSJ explains why Goldman Sachs entered consumer finance and what the firm pulling back means for the company as a whole.
Tech Revolution
Aug 19, 2023
In a sudden shift that’s set to shake throughout the global energy landscape, OPEC+ has just dropped a surprise announcement that is sending shocks through the entire industry. Brace yourselves as we delve into the latest game-changing developments that are reshaping the way we perceive and interact with the world of energy.
These bold maneuvers have set the stage for a potential disruption that could reshape the very foundations of the energy industry. And the ripples of this momentous decision are already being felt. We’ll highlight how these deeper cuts have propelled OPEC’s crude output into the fastest decline seen in three years, sending Brent crude prices surging below the mark.
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As the market reacts to these unprecedented changes, investors, analysts, and enthusiasts alike are left grappling with the implications.
So, not so long ago, Saudi Arabia and Russia, two of the world’s foremost oil-exporting nations, further deepened their oil production cuts, triggering a surge in prices. Despite prevailing concerns regarding a potential global economic slowdown and potential interest rate hikes from the US Federal Reserve, these key players have taken significant steps to curb oil output.
Saudi Arabia, a prominent figure within OPEC, has announced the continuation of its voluntary oil production reduction, amounting to one million barrels per day, extending this measure into the month of August.
Moreover, the possibility of extending these cuts beyond August has been hinted at, underscoring the country’s commitment to rebalancing the market. Following suit, Russian Deputy Prime Minister Alexander Novak has unveiled plans to curtail the nation’s oil exports by 500,000 bpd in August.
So all in all, these combined cuts represent approximately 1.5% of the global oil supply, contributing to the total of 5.16 million bpd pledged by the OPEC+ alliance. It’s worth noting that OPEC+ had already initiated cuts amounting to 3.66 million bpd, equivalent to around 3.6% of global demand.
This encompasses the 2 million bpd reduction agreed upon last year, as well as the voluntary cuts of 1.66 million bpd, initially established in April and now extended until December 2024.
These developments have made a noticeable impact on oil prices, propelling Brent crude to an increase of 89 cents, reaching $76.30 per barrel as of 0950 GMT. The OPEC+ coalition, consisting of OPEC members and their allies led by Russia, collectively accounts for approximately 40% of the world’s crude oil production.
Since November of the previous year, this alliance has been actively limiting production to elevate prices, a response to a combination of subdued Chinese demand and escalating oil supply from the United States.
As for Saudi Arabia, a statement from the Ministry of Energy revealed that the country’s projected production for August 2023 would hover around 9 million barrels per day.
This step is in alignment with Saudi Arabia’s role as the de facto leader of OPEC, and it bolsters the overarching objective of the OPEC+ nations to ensure stability and equilibrium within the oil market.
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In tandem, Russia, the second-largest global oil exporter, has also committed to scaling back its output by 500,000 bpd, aiming to maintain an output of 9.5 million bpd from March until the culmination of this year.
These developments underscore the continued efforts of both Saudi Arabia and Russia to foster a balanced and resilient oil market amid a dynamic global economic landscape. Now, on a more recent note, Saudi Arabia is stepping up its game once again.
Get this, they’re continuing with their voluntary oil production cut of a whopping 1 million barrels per day. And guess what? This cut isn’t just a one-time thing. Nope, they’re extending it into September, and rumor has it that they might go even deeper or keep it rolling beyond that.
According to the speakers over at the state-run news agency SPA, Saudi Arabia’s oil production for September is looking to be around 9 million bpd. That’s like 75% of their total output capacity.
And you won’t believe why they’re doing this.They’re calling it an “additional voluntary cut,” all part of their master plan to keep the oil markets stable and balanced. Now, Russia isn’t one to be left behind. Deputy Prime Minister Alexander Novak swooped in with the news that they’re also reducing their oil exports by 300,000 bpd in September.
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