Oil prices rise on uncertainty over OPEC+ cuts and Middle East tensions
Tuesday, 5 December 2023 Oil prices rise on uncertainty over voluntary output cuts by OPEC+ group, Middle East tensions, and positive economic signals in Europe. Saudi Arabia's energy minister suggests OPEC+ production cuts may continue beyond Q1 2024. Kremlin states that OPEC+ cuts will take time to take effect. Resumption of Israel-Hamas war and attacks on commercial vessels in the Red Sea raise supply concerns. European Central Bank rules out interest rate hikes due to fall in inflation, while US factory orders decline, raising concerns about demand in US.
Potential 2024 OPEC , Production Cuts Cause , Brief Spike in Oil Prices.
On December 5, oil prices briefly
spiked after Russia suggested
continued OPEC production cuts in 2024.
Markets Insider reports that Russian Deputy
Prime Minister Alexander Novak warned of more
potential production cuts...
Initially, concerns about the impact of the Israel-Hamas conflict on the global economy were dismissed, as nearby oil-exporting regions continued their production without disruption. Despite efforts by..
We look at how Israel's war on Gaza has inflamed tensions in the Middle East and threatens to pull other countries into the fighting, including the United States. The Pentagon says it has..
Russian President Putin meets Saudi Crown Prince Salman to discuss oil cooperation in OPEC+. Amid oil price concerns, talks address market stability. Speculation arises over potential ties to the..
Oil prices stabilised as major shippers resumed passage through the Red Sea despite attacks and Middle East tensions. Brent crude futures down at $80.90 a barrel... IndiaTimes
Tuesday, 5 December 2023
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