Blackmask blog: dangerous Markets: The benchmark Brent crude, which had initially rallied on the news close to $85.00 a barrel, plunged into the $78 a barrel area, close to a $7.00 a barrel plunge in panic liquidation Crude oil prices plunged Friday after the Organization of Petroleum Exporting Countries and their allies (OPEC+) voluntarily agreed …
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OPEC+ Agrees on Significant Output Cuts Amid Market Uncertainty In a decisive move, OPEC+ members, led by Saudi Arabia, have agreed to substantial voluntary output cuts totaling about 2.2 million barrels per day (bpd) for early next year. This announcement, which emerged from the group’s online meeting, has sent ripples through the global oil markets. …
The ceasefire between Israel and Hamas expired on Friday with neither side confirming another extension. Meanwhile, Palestinian media reported explosions and gunfire in northern Gaza, and rocket sirens sounded in southern Israel. Hamas-controlled Palestinian Interior Ministry said Israeli “aircraft fly over Gaza and its vehicles open fire in the northwest of the Strip.” Hamas also …
Israeli Prime Minister Benjamin Netanyahu told United States Secretary of State Antony Blinken on Thursday that they “swore to destroy Hamas, and nothing is going to stop” Israel from that. The remark came ahead of a meeting between both parties in Tel Aviv to discuss the latest developments in the war. Furthermore, Netanyahu told reporters …
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The Organization of the Petroleum Exporting Countries formally confirmed on Thursday that total voluntary cuts to the joint total production of the group and its allies will amount to 2.2 million barrels per day until the end of March 2024. Saudi Arabia’s one million bpd and Russia with 500,000 bpd will be leading the way, …
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The meeting of the Organization of Petroleum Exporting Countries and its allies, also known as OPEC+, is set to begin virtually on Today with member states to decide on the future oil production volumes amid a tumultuous geopolitical stage, which further fueled concerns about the stability of the oil market. Crude prices experienced declines during …
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Energy Information Administration reported an estimated inventory increase of 1.6 million barrels for the week to November 24. This compared with a sizeable build for the previous week, at 8.7 million barrels, which pushed prices lower last week, contributing to other bearish factors. A day earlier, the American Petroleum Institute estimated a crude oil inventory dip …
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An OPEC+ source told Reuters on Monday that the expanded cartel is considering bigger oil output cuts during its November 30 meeting, which was originally delayed for four days over a production quota dispute between OPEC leaders and African nations. The unnamed OPEC+ source told Reuters he expected an option for a “collective further reduction” in oil …
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Despite the dramatic reaction of oil markets to news that the OPEC+ meeting would be postponed, oil prices are set to end the week with little real change as traders now await the outcome of the November 30th meeting. The seesawing in oil prices seen over the past weeks has wound down as the market …
The OPEC+ group has made progress in talks with its African producers over their oil output quotas next year, three OPEC+ sources told Reuters on Friday, after the alliance had to postpone this weekend’s meeting over the spat. On Wednesday, OPEC said that the OPEC+ meeting scheduled for this weekend would be postponed to …
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