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Summary Saudi Arabia, UAE the only OPEC+ members that can raise output Global spare capacity may be as low as 3 million bpd Global supply cushion roughly equals Iranian output Iran pledges to retaliate for Israeli strikes (Reuters) – Oil market participants have switched to dreading a shortage in fuel from focusing on impending oversupply …
OPEC+ Would Struggle to Cover Major Iranian Oil Supply Disruption Read More »
Traders on Friday exchanged the most $80 West Texas Intermediate (WTI) crude oil call options since January, expecting more upside to prices after Israeli airstrikes on Iran sparked fears of a wider Middle East conflict. Call options grant the holder a right to buy futures contract at the preset price and date, and a rise …
Traders Pile into $80 US Oil Bets as Tensions Rise in Middle East Read More »
U.S. Energy Secretary Chris Wright said on Friday he and his team are working with the White House’s National Security Council to monitor the situation in Middle East and any potential impacts to global energy supply. Wright said on X, after Israel’s strikes on Iran’s nuclear sites and Iran’s response, that President Donald Trump’s policy …
US Energy Chief Monitoring Any Impacts to Global Energy Supply Read More »
(Reuters) – The West’s energy watchdog said on Friday it was ready to release oil stocks should the market experience shortages following Israel’s attack on Iran, drawing criticism from rival OPEC which said the statement would only create fear in the market. The International Energy Agency, representing oil consumers, and the Organization of the Petroleum …
IEA Says it Stands Ready to Tap Emergency Oil Stocks, OPEC Sees No Need Read More »
By Erwin Seba Oil gains of up to 14% were largest intraday move since 2022 Iran’s nuclear facility in Natanz damaged in Israeli attack No impact to oil flows in the region so far -analysts Israeli attacks kill key Iranian military commanders Trump urges Iran to make a deal over its nuclear programme HOUSTON, June …
Oil Up 6%, Paring Sharp Gains as Israel Strikes Avoid Iran Oil Sites Read More »
(Reuters) – U.S. energy firms this week cut the number of oil and natural gas rigs operating for a seventh week in a row to the lowest since November 2021, energy services firm Baker Hughes said in its closely followed report on Friday. The oil and gas rig count, an early indicator of future output, …
US Drillers Cut Oil & Gas Rigs For 7th Week to Lowest Since 2021, Baker Hughes Says Read More »
By Kevin Crowley and Kailey Leinz US Energy Secretary Chris Wright Photographer: Pete Kiehart/Bloomberg US Energy Secretary Chris Wright said it’s “unlikely” the country’s oil production will drop next year, contrary to the expectations released this week by a government agency. Much will depend on oil prices and whether producers will follow through on pledges …
US Energy Secretary Says Oil Output Drop in 2026 ‘Unlikely’ Read More »
By Heidi Taksdal Skjeseth An offshore oil drilling platform in Norway. Photographer: Carina Johansen/Bloomberg Of all the world’s sovereign wealth funds, Norway’s is one of the most unusual. These giant, state-linked investment vehicles tend to pick and choose what assets they hold to manage risk, maximize returns and further national strategic interests. Not so with …
How Sparsely Populated Norway Amassed $1.8 Trillion Read More »
It’s clear that a boom is following the bust, and the timing couldn’t be worse for the Saudi-led oil cartel. By Javier Blas Moving right along. Photographer: Mauro Pimentel/AFP/Getty Images The Brazilian coffee and oil industries have something in common. Espresso connoisseurs know the country’s coffee production follows a natural biennial cycle, alternating periods of …
COMMENTARY: With Friends Like Brazil, OPEC+ Doesn’t Need Enemies – Javier Blas Read More »
Oil prices jumped more than 5% on Friday to hit the highest in more than two months after Israel said it struck Iran, raising concerns of escalating tensions in the Middle East that could disrupt oil supplies. Brent crude futures rose $3.91, or 5.64%, to $73.27 a barrel by 0146 GMT, the highest since April …
Oil Prices Jump More Than 5% After Israel Strikes Iran Read More »
