Yemen-based Houthi rebels claimed responsibility on Friday for the attacks on two vessels in the southern Red Sea when the crews disregarded warnings by the armed faction. The group has previously stated its intention to stop all ships en route to Israel until its conflict with Hamas is resolved. “The naval forces of the Yemeni …
Hedge funds have cut their bullish bets on crude oil to record lows. Money managers have slashed their net long positions in both WTI and Brent crude oil by 59,094 lots to just 149,272 in the week ending December 12. Crude oil prices have been on the decline over the last month, although spot prices …
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This week, the oil market witnessed a significant rebound, driven by a confluence of factors including a weaker dollar and revised demand forecasts from major energy organizations. After a period of decline that saw prices reaching a six-month low, the market’s recovery highlights its dynamic nature and sensitivity to global economic indicators. The International Energy …
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Global observed oil inventories fell in October, with the first drop in oil product stocks for the first time in four months, the International Energy Agency (IEA) said on Thursday.Global observed oil inventories dropped by 19.6 million barrels in October, with crude inventories largely unchanged, but with the first decline in refined petroleum stocks in …
Russia’s economy is under significant stress due to the war in Ukraine, a new Financial Times report said Thursday. Based on a draft text conducted by the US Treasury Department, the report mentions that the Russian economy would have grown by 5% if it had not invaded its neighbor. Besides, the invasion of Ukraine has …
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The Organization of Petroleum Exporting Countries (OPEC) revised up its 2023 global economic growth forecast by 0.1 percentage points to 2.9%, according to its monthly report released on Wednesday. The 2024 global economic growth projections were left unchanged at 2.6%. The United States gross domestic product (GDP) growth is anticipated to stand at 2.4% in …
With oil plunging an (almost) unprecedented 7 weeks in a row, the longest such stretch since 2018… and many momentum chasing experts – the same ones who two months ago were calling for triple digit oil – already predicting that Saudi Arabia will soon be forced to do what it did in March 2020 when …
Continue reading “Oil Rebounds as DOE Looks To Buy 3 Million Barrels For SPR In March”
Iranian Foreign Minister Hossein Amir-Abdollahian (pictured) on Saturday warned about the situation in the Gaza Strip, citing the risk of an “uncontrollable explosion” after the US vetoed a UN Security Council resolution for a ceasefire, the Agence France-Presse reported. The diplomat reportedly called for an immediate opening of the Rafah border crossing for humanitarian aid …
Putin arrives in Riyadh to meet MbS Putin met Sheikh Mohammed Bin Zayed Al Nahyan in UAE Russian fighters escort Putin’s plane Oil, OPEC+, Gaza, Ukraine on agenda of rare foreign trip Putin to meet Iran President Raisi in Moscow RIYADH, Dec 6 (Reuters) – Russian President Vladimir Putin landed in Saudi Arabia on Wednesday …
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Novak: “The timely actions of OPEC+, thanks to which about 2.2 million barrels per day will be held off the market in the first quarter of next year, will allow the period of low demand to pass painlessly in the first quarter of 2024,”. The OPEC+ supply decision, which the market found unconvincing, will likely …
Continue reading “Russia Says OPEC+ Ready To Deepen Oil Output Cuts If Needed”