Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices
Video Credit: Wibbitz Top Stories - Duration: 01:31s - Published
Potential 2024 OPEC Production Cuts Cause Brief Spike in Oil Prices
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 through Q1 of next year.
.
Markets Insider reports that Russian Deputy
Prime Minister Alexander Novak warned of more
potential production cuts through Q1 of next year.
.
The warning to energy markets
caused both Brent crude and West Texas
Intermediate to initially rally around 1%.
However, oil prices turned lower
shortly after that initial climb, with both
Brent and WTI falling approximately 0.8%.
OPEC has already committed to
cutting production by 2.2 million
barrels per day through Q1 of 2024.
The news comes after OPEC slashed
production multiple times in 2023.
.
Markets Insider reports that Saudi Arabia's energy
chief previously said the cuts were meant to boost
crude prices and smooth out volatility in the oil market.
.
In September, Russia and Saudi Arabia took extra
steps to apply pressure to the oil supply, agreeing
to cut production by an additional 1.3 million barrels.
.
That news briefly shot oil prices up to a 10-month
high, however, crude prices have fallen a total
of about 20% amid slowing global growth.
.
Last week, Goldman Sachs strategists suggested
that supply disruptions in the Middle East could
drive oil prices back up to $100 a barrel in 2024.
Oil prices surged as the U.S. joined Israel in striking Iran's nuclear sites, sending shockwaves across global markets. Tehran warned that U.S. aggression has widened its range of legitimate targets, with threats to close the Strait of Hormuz looming large. China condemned the attacks, calling U.S. credibility “damaged.” Investors fear disruptions to global oil flow, with Brent briefly spiking to $81.40. Analysts say the mere threat of retaliation could keep prices volatile and inflated. Iran, OPEC’s third-largest producer, now holds global energy markets at the edge of uncertainty.
#IranOil #StraitOfHormuz #OilPriceSurge #IranUSConflict #IsraelIranTensions #USIsraelIran #MiddleEastCrisis #OilMarketVolatility #TehranResponds #OilSupplyFears #BrentCrude #TrumpIranStrikes #IranRetaliation #ChinaSlamsUS #GeopoliticalRisk #OPECWatch #IranianResistance #HormuzClosureThreat #OilDisruption #IranStrikesBack
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A global wave of condemnation is rising after the U.S. launched strikes on Iranian nuclear sites, sparking fears of a wider war. Nations including Pakistan, Iraq, Venezuela, Cuba, Saudi Arabia, and Oman condemned the move, calling it a violation of international law. UN Chief Antonio Guterres warned of “catastrophic consequences,” urging diplomacy over force. As international pressure mounts on Washington and Israel, Iran gains growing diplomatic support, shifting the global narrative. A call for de-escalation echoes worldwide as the Middle East teeters on the brink.
#IranUnderAttack #USStrikesIran #WorldCondemnsUS #MiddleEastCrisis #IranNuclearSites #UNCharter #StopTheWar #InternationalLaw #TehranSupport #IranAllies #UNStatement #GuterresWarning #QatarIran #PakistanIranSupport #GlobalCondemnation #NoToWar #DiplomacyNotWar #SaudiConcern #IraqStatement #IranSolidarity
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Israel and Iran have traded strikes for the fifth consecutive day, raising fears of a wider regional conflict. Former President Trump, speaking after leaving the G7 summit early, issued a stark warning to Iran, urging civilians to evacuate Tehran amid signals of massive U.S. military action. Explosions rocked Tehran as Israel bombed the Natanz nuclear facility, triggering fears of nuclear contamination. Iran responded with missile strikes on Tel Aviv. Peace efforts are underway via Oman, Qatar, and Saudi Arabia, but the region teeters on the edge of all-out war.
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Four major Arab nations — Saudi Arabia, UAE, Kuwait, and Jordan — have strongly condemned Israel’s military strikes on Iran, labeling them as violations of sovereignty and international law. Riyadh has called for urgent UN Security Council intervention, while the UAE urged maximum restraint. Kuwait and Jordan warned the strikes threaten Middle East stability. All four nations demand immediate global action to prevent the outbreak of a larger regional war, as fears of a wider Islamic world backlash begin to grow.
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UN conference on Palestinian statehood postponed following Israeli strikes on Iran
France and Saudi Arabia were due to co-chair a top-level UN conference on a two-state solution in New York next week, but French President Emmanuel Macron said it has been postponed due to surging tensions in the Middle East.
READ MORE : http://www.euronews.com/2025/06/14/un-conference-on-palestinian-statehood-postponed-following-israeli-strikes-on-iran
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Credit: euronews (in English) Duration: 01:00Published
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Iran’s judiciary has reported that 935 people were killed during the 12-day Israeli aerial bombardment, according to forensics data cited by state media. Among the dead are 132 women and 38 children, indicating the significant civilian toll. The Israeli military has stated it targeted Iranian military leaders, nuclear scientists, and facilities, including suspected nuclear development sites.
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