Oil prices rose on Monday due to renewed geopolitical tensions in the Middle East, raising concerns about the supply from the region. However, uncertainty surrounding OPEC+ voluntary output cuts and the global fuel demand growth continues to cloud the sector’s outlook. Brent crude futures increased by 0.4% to reach $79.16 a barrel, while U.S. West …
Photo by Christian Ender/Getty Images Saudi Arabia may “flush” the market with a flood of supply that would sink prices, an expert said. That comes as OPEC+ concluded its latest meeting where members pledged voluntary production cuts without giving firm commitments. Meanwhile, US crude output has been on a tear this year, hitting new record …
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An oil terminal off Waidiao island in Zhejiang province, China was captured in stunning aerial footage on January 4, 2023. This unique view of the crude oil tanker was made possible by China Daily via REUTERS/File Photo. OPEC+ producers made headlines this November with a groundbreaking agreement to impose significant voluntary oil output cuts for …
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FILE PHOTO: OPEC’s logo is seen in this illustration taken, October 8, 2023. REUTERS/Dado Ruvic Producers Discussing 2024 Output OPEC+ producers held a virtual meeting to discuss 2024 output, with Saudi Arabia and Russia among those agreeing to substantial cuts. The meeting was initially postponed from November 26 due to disagreements. According to delegates, the …
In advanced discussions ahead of an OPEC+ ministerial meeting on Thursday, the focus is on an additional oil supply cut to bolster the market, according to sources close to the group. However, the specifics of the cut are yet to be determined. Current members of OPEC+ including Saudi Arabia and Russia are responsible for more …
sefa ozel/Getty Images Oil prices fell on Thursday after OPEC delayed its meeting from November 26 to November 30. It’s set to take place virtually, suggesting members have made an agreement, says Anas Alhajji. There could be additional cutbacks not anticipated by the markets, he added. As the US Thanksgiving holiday puts the stock market …
By Florence Tan In Singapore, oil futures saw a slight uptick on Monday as the market believed OPEC+ would deepen supply cuts to support prices. This comes after a four-week decline in prices due to easing concerns over supply disruption from the Israel-Hamas conflict in the Middle East. At 0012 GMT, Brent crude futures increased …
<h1>Oil Prices Soar After Hamas Attack, Should You Invest in McDonald’s and Caterpillar?</h1> <p>In a shocking development, oil prices surged over 4% today (Oct. 9) following an attack by terrorist group Hamas on Israel. The attack, which occurred two days prior, involved infiltrating the country by land, sea, and air. This ongoing conflict has already …
In an effort to stabilize oil prices, Saudi Arabia, the leading nation in the Organisation for Petroleum Exporting Countries (OPEC), reduced its production by one million barrels per day in July and announced its intention to extend this cut through September. Russia, as an OPEC ally, also joined in by extending its export cuts for …
Saudi Arabia and Russia have decided to extend their cuts in oil production in order to stabilize prices and boost their income from the fossil fuel. Despite a weakened demand due to the economy, these two major oil producers are taking steps to support the stability and balance of oil markets. The Saudi Energy Ministry …