OPEC+ has extended its production cuts totaling 3.66 million bpd until 2025. Further production cuts by OPEC+ could impact global oil prices and economic stability, particularly affecting China and the U.S. Prominent OPEC countries may be reluctant to risk lower oil prices, as doing so could jeopardize the budgets for their ambitious national spending programs. …
Continue reading “As Oil Struggles To Hit $90, Will OPEC+ Cut Production Again Soon?”
The Israel Defense Forces (IDF) said on Wednesday that they destroyed 50 Hamas sites in the Shejaiya neighborhood of Gaza City in the last 24 hours. The IDF said it found operational tunnels in the area, as well as “Kalashnikov-type weapons, grenades, cartridges and other combat equipment.” They also said they killed a number of …
The price of crude oil for front-month settlements continued to climb on Tuesday as concerns of a wider conflict in the Middle East increased the uncertainty about the commodity’s supply. In addition, Hurricane Beryl heightened concerns about potential disruptions to offshore crude production in the Gulf of Mexico. West Texas Intermediate (WTI) for August deliveries rose 1.00% …
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President Joe Biden’s campaign is going on the attack against a chorus of donors, consultants, officials and media voices calling on him to drop out of the 2024 race after his devastating debate performance. The strategy will be remembered as a display of either remarkable foresight or incredible hubris. Aides spent the weekend publicly dismissing …
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Israeli Foreign Minister Israel Katz responded to Iranian warning of “obliterating war” if Israel launches a full-scale war against Hezbollah, stressing that “a regime that threatens destruction deserves to be destroyed.” In a post on X, formerly known as Twitter, Katz underlined that if the Iran-backed militant group “does not cease its fire and withdraw …
Standard Chartered has been plotting the path of the oil price rally in what it terms as an “incorrect market reaction to the 2 June OPEC+ meeting”, telling investors in a note on Wednesday that the rally has “significantly further to run”. Since reaching a low point after June 2, Brent crude has rallied by …
Continue reading “StanChart Eyes “Strong Q3 Fundamentals” for Oil Price Rally”
Democratic questions swirl over whether he’ll stay in the presidential race WashingtonCNN — President Joe Biden’s campaign insisted Friday he will not drop out of the 2024 race, but fractures between those in the president’s orbit insisting on trudging forward and the broader Democratic world seeking a last-minute change were growing after Biden’s disastrous debate performance. Biden acknowledged the weak …
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The US military will dismantle the pier built to deliver aid to Gaza due to weather concerns, but the US is considering not reinstalling it, AP reported on Friday. The pier may not be reinstalled unless aid distribution resumes effectively. US officials, speaking anonymously, confirmed that rough seas had previously damaged the pier, and ongoing …
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Washington is said to have proposed new terms in an effort to secure an agreement on the ceasefire in the Gaza Strip, sources told Axios. People familiar with the matter shared that United States officials drafted new language for Article 8 of the proposal concerning ceasefire negotiations to determine the conditions for the second phase …
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IDF says it hit significant Hezbollah site deep in Lebanon; 50 rockets fired at Golan 3 members of terror group killed in attack in Hermel District; Israel says strike a response to UAV downed in south Lebanon Monday; suspected drone intercepted near Haifa An Israeli airstrike is seen in northeastern Lebanon’s Hermel District, early June …