CNBC Oil prices edged higher on Tuesday ahead of a trip by U.S. President Joe Biden to the Middle East that is likely to involve balancing support for Israel with trying to prevent any regional escalation of its war with Hamas. Following a drop of more than a dollar on Monday, Brent futures fell 0.2% to $89.44 a barrel at 11:52 a.m.
Oil Price Saudi Arabia’s crude exports plunged to a 28-month low in August as the world’s largest crude oil exporter continued to cut its production to “stabilize” the market, data from the Joint Organizations Data Initiative (JODI) showed on Monday. Saudi crude oil exports fell to 5.58 million barrels per day (bpd) in August, down by 428,000 bpd from July—the lowest level
Nasdaq LONDON – A war between Islamist group Hamas and Israel poses one of the most significant geopolitical risks to oil markets since Russia’s invasion of Ukraine last year. While oil flows have not yet been affected, analysts and market observers point to two major implications if the conflict escalates. First, the U.S. could tighten or step up enforcement of
CNBC Oil prices fell on Wednesday, as fears of disruption to supplies due to conflict in the Middle East receded a day after top OPEC producer Saudi Arabia pledged to help stabilize the market. Brent crude last fell $2.06, or 2.35%, to $85.59 a barrel U.S. West Texas Intermediate (WTI) crude fell by $2.48, or 2.95%, to $83.43. Brent and WTI
Oil Price War premium returned to the oil market on Monday after the weekend attack by Hamas on Israel, which upended—again—the geopolitical landscape in the world’s most important oil-exporting region, the Middle East, and buried hopes of an imminent Saudi-Israel rapprochement that could ease the tight oil market. The Hamas attack on Saturday took place just as several Middle Eastern
Nasdaq LONDON – Saudi Arabia and Russia’s crude supply cuts in tandem with U.S. interest rate rises have disrupted oil’s tendency to move in the opposite direction to the U.S. dollar, although analysts say the darkening economic outlook will eventually restore the equation. A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders
BOE Report Goldman Sachs does not see any immediate major effect on near-term oil market inventories from the attacks in Israel over the weekend, it said in a note. It added, however, that the attacks reduce the likelihood of normalization of the country’s relations with Saudi Arabia, and the associated boost to Saudi production over time. Hamas’ assault on Israel drove
Oil Price Following this weekend’s attack by Hamas on Israel, Chevron, the operator of the Tamar gas field offshore southern Israel, has shut down production at the field per instructions from the Israeli energy ministry. “Chevron Mediterranean Limited was instructed by Israel’s Ministry of Energy to shut in production at the Tamar Production Platform,” the local unit of the U.S.
Investing LONDON – Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears that a wider conflict could impact oil supply from the Middle East. Brent crude was up $3.07, or 3.6%, to $87.65 a barrel by 1341 GMT, while U.S. West Texas Intermediate crude was at $86.15 a barrel,
World Oil (Bloomberg) – Saudi Arabia’s economic output is expected to contract this year as a series of oil-production cuts pose a risk to the kingdom which is heavily reliant on energy prices and crude production, according to the World Bank. Gross domestic product in the OPEC+ member is now seen shrinking 0.9% this year, according to the World Bank’s
Oil Price Abu Dhabi National Oil Company (ADNOC), one of the largest NOCs around, has been directed to expand internationally. The NOC, already making headlines with its plans to potentially acquire Germany’s Covestro and a major stake in Israel’s NewMed Energy, is now openly going to put in place a direct internationalization strategy, as ordered by the Abu Dhabi Executive
World Oil (Bloomberg) – Saudi Arabia and Russia reaffirmed that they will stick with oil production curbs of more than 1 MMbpd until the end of the year as a rally in prices falters. The leaders of the OPEC+ coalition announced the plans in separate official statements on Wednesday. Riyadh has slashed crude oil production by 1 MMbpd, and Moscow
