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[Quick Facts]

1. OPEC+ may consider an additional 1 million bpd output cut.

2. Fed officials are open to further rate hikes.

3. Russia lifts ban on gasoline exports.

4. SEC delays decisions on two spot Bitcoin ETF applications.

5. The Israeli-Palestinian conflict has killed over 13,400 people on both sides.

[News Details]

OPEC+ may consider an additional 1 million bpd output cut

Oil prices fell to a four-month low of $77 a barrel last week and growing anger among member states over Gaza may prompt Saudi Arabia's decision to cut oil supplies further, people familiar with the Saudi government's thinking said. Saudi Arabia is highly likely to extend its 1 million bpd production cuts which are set to expire at the end of this year until at least next spring. OPEC+ is preparing to meet in Vienna on Nov. 26 and is discussing further production cuts, which could heighten tensions with the United States.

Fed officials are open to further rate hikes

Recently, Boston Fed President Susan Collins said that he would not rule out the possibility of further rate hikes; Chicago Fed President Austan Goolsbee argued that inflation has improved but is still too high and that every effort will be made to beat it; San Francisco Fed President Mary C. Daly reiterated that the Fed is unsure if inflation will reach its 2% target and patience should be maintained in the face of economic uncertainty; and Fed Vice President Michael S. Barr noted the Fed's concern about hedge funds' highly leveraged basis trades.

Russia lifts ban on gasoline exports

Russia's Ministry of Energy said last Friday that it had lifted restrictions on gasoline exports due to oversupply, while wholesale prices fell. Last month, Russia lifted most restrictions on diesel exports. Its energy ministry said it could reimpose the export ban if necessary, adding that gasoline stocks had risen to about 2 million tons. Russia is the world's largest seaborne exporter of diesel, and it introduced a ban on fuel exports on Sept. 21 to address high prices and shortages at home. The lifting of the ban could complicate Russia's efforts to cut oil and petroleum product exports by 300,000 barrels per day by the end of the year. However, Russia has confirmed that it will continue its additional voluntary production cuts until the end of December, as previously announced by OPEC+.

SEC delays decisions on two spot Bitcoin ETF applications

The U.S. Securities and Exchange Commission (SEC) has again pushed back its decision on whether to approve the listing of the first U.S. ETF that invests directly in Bitcoin, with Franklin Templeton and Globe X among the issuers put on hold on Nov. 17. Before that, applications for spot Bitcoin ETFs from a number of issuers also had been put on hold.

The Israeli-Palestinian conflict has killed over 13,400 people on both sides

More than 12,000 people, including about 5,000 children, died in the Gaza Strip since the outbreak of the current round of the Israeli-Palestinian conflict, the Palestinian Islamic Resistance Movement (Hamas) media office said in a statement last Friday night, local time. The number of people injured in the Gaza Strip has exceeded 30,000, more than 75% of whom are women and children. There were 205 Palestinians killed and about 2,780 injured in the West Bank, according to another statement issued by the Palestinian Ministry of Health on Nov. 17. Data from the Israeli government showed that about 1,200 people died on the Israeli side. According to current statistics, the current conflict has resulted in more than 13,400 deaths on both sides.

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