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☆ Why Are Oil Prices Falling While War Rages in the Middle East?
▼ + stars: | 2023-11-09 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +5 min

Yet, after a few days of anxiety following the bloody Oct. 7 raids by Hamas militants in Israel, energy markets have been slumping. Mr. Alkadiri said that traders are unlikely to bid up prices unless they see “actual barrels removed” from the market. Saudi Arabia and other producers have been trying to support prices by reducing their oil output. Forecasters are warning that 2024 could be a difficult year in the oil markets. Haves and Have-notsAs the fighting continues, traders have figured out that when it comes to oil there are haves and have-nots in the Middle East.

Persons: Brent, hasn’t, ”, Richard Bronze, Raad Alkadiri, Alkadiri, Helima Croft, Croft, “, Biden, “ It’s Organizations: Eurasia Group, U.S . Energy Information Administration, ”, Group, American, RBC Capital Markets, Central Intelligence Agency Locations: Israel, London, China, Saudi Arabia, United States, East, Gaza, Iraq, Iran, Saudi, Hormuz, Ukraine, ”, Persian

☆ As Price of Oil Slides, OPEC Plus May Weigh Further Production Cuts
▼ + stars: | 2023-06-02 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

Just two months after surprising markets by announcing oil output cuts, officials from OPEC, Russia and other countries meeting in Vienna this weekend find themselves pondering whether they need to dial down production again. Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percentpushing Brent crude to about $76 a barrel and West Texas Intermediate to $71.70. The main reason for the slump: Persistent fears of a slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities. “They are faced with a market that is doggedly bearish,” said Raad Alkadiri, managing director for energy, climate and resources at Eurasia Group, a political risk firm.

Persons: Brent, ”, Raad Alkadiri Organizations: West Texas, Eurasia Group Locations: OPEC, Russia, Vienna

[1/2] A general view shows a special ship, "Neptune", the floating liquefied natural gas terminal, during the inauguration of the Liquefied Natural Gas (LNG) terminal 'Deutsche Ostsee' in the port of Lubmin, Germany January 14, 2023. Northweat Europe LNG imports Northwest Europe LNG importsAnalysts estimate that Europe accounted for more than a third of global spot market trades in 2022, from around 13% in 2021. Such exposure could reach more than 50% this year if no long-term contracts were signed. Morten Frisch, senior partner at Morten Frisch Consulting, said Europe ideally needs about 70-75% of its LNG supply under firm long-term sale and purchase agreements (SPAs). LNG spot market prices LNG spot market pricesBut they are expected to rise again, with a hot summer that could cut hydro levels, a cold 2023-2024 winter and a rebound in Chinese LNG demand all seen as among the risk factors for price.

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