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☆ OPEC+ postpones meeting to decide oil production strategy to Dec. 5, sources say
▼ + stars: | 2024-11-28 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

A view shows the logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. The OPEC+ oil alliance postponed a meeting to decide the next steps of its crude production strategy to Dec. 5, two delegate sources told CNBC. The coalition, made up of the Organization of the Petroleum Exporting Countries and its allies, was initially scheduled to meet on Dec. 1. The OPEC+ coalition is currently operating three sets of separate oil production cuts, in response to an uncertain demand outlook. Under its formal output strategy, member nations are curtailing their combined production to 39.725 million barrels per day (bpd) into next year.

Organizations: Organization of, Petroleum, CNBC Locations: United Nations, Baku, Azerbaijan, OPEC, Kuwait City, Kuwait

☆ Oil prices steady amid focus on Israel-Hezbollah ceasefire, OPEC+ policy
▼ + stars: | 2024-11-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices steadied in early trade on Wednesday, with markets assessing the potential impact of a ceasefire deal between Israel and Hezbollah, and ahead of Sunday's OPEC+ meeting. Both benchmarks settled lower on Tuesday after Israel agreed to a ceasefire deal with Lebanon's Hezbollah. Israeli Prime Minister Benjamin Netanyahu said he was ready to implement a ceasefire deal with Lebanon and would "respond forcefully to any violation" by Hezbollah. Crude oil would not be exempt from the trade penalties, two sources familiar with the plan told Reuters on Tuesday. Meanwhile, U.S. crude oil stocks fell while fuel inventories rose last week, market sources said, citing API figures on Tuesday.

Persons: Israel, Joe Biden, Benjamin Netanyahu, Hiroyuki Kikukawa, Donald Trump Organizations: Hezbollah, Brent, U.S, West Texas, Lebanon's Hezbollah, NS, Nissan Securities, Organization of, Petroleum, Reuters Locations: Israel, United States, France, U.S, Lebanese, Gaza, Lebanon, China, OPEC, Russia, Mexico, Canada

☆ Can Saudi Arabia keep pace with its ambitious mega-project spending spree?
▼ + stars: | 2024-11-25 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Digital render of NEOM's The Line project in Saudi Arabia The Line, NEOMIn Saudi Arabia's northwestern desert, a sprawling construction site replete with cranes and pile drivers sits encircled by a recently-built road. The changes come as the Saudi deficit grows and the outlook for oil demand, along with global oil prices, sees sustained lows. Construction for The Line project in Saudi Arabia's NEOM, October 2024 Giles Pendleton, The Line at NEOMThat begs the question: does Saudi Arabia have enough money to meet its lofty goals? Saudi Arabia has poured tens of billions into projects that have yet to hint of any financial returns." Saudi Arabia has an A/A-1 credit rating with a positive outlook from S&P Global Ratings and an A+ rating with a stable outlook from Fitch.

Persons: Prince Mohammed bin Salman, Saudi Arabia's NEOM, Giles Pendleton, Andrew Leber, Leber, Mohammed Al, Jadaan Organizations: Saudi, Public Investment Fund, CNBC, Tulane University, Saudi Finance, Fitch, —, P Global, Al Locations: Saudi Arabia, NEOM, Saudi, Neom, Saudi Arabia's, Riyadh

☆ Oil rises as intensifying Ukraine war increases supply risk
▼ + stars: | 2024-11-22 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of Phillips 66 oil refinery is seen in Linden, New Jersey, United States on March 8, 2022. Oil prices rose on Friday after Russia said it had fired a ballistic missile at Ukraine and warned of a broadening conflict, raising the prospect of tightening crude supplies. Russia is among the world's top crude oil producing countries, even with output declines following import bans tied to its invasion of Ukraine and supply curbs by producer group OPEC+. Russia this month said it produced about 9 million barrels of oil a day. Ukraine has used drones to target Russian oil infrastructure, including in June, when it used long-range attack drones to strike four Russian refineries.

Persons: Phillips, Vladimir Putin, Putin, Joe Biden, Jim Ritterbusch, meanwhile, Donald Trump's Organizations: Brent, . West Texas, British Storm Shadow, Ritterbusch, Associates Locations: Linden , New Jersey, United States, Russia, Ukraine, U.S, Britain, British, Ukrainian, Moscow, Florida, China

☆ Oil prices firm as geopolitical tensions raise supply concerns
▼ + stars: | 2024-11-21 | by ( ) www.cnbc.com time to read: +2 min

A pump jack at an oil lot connected to the Petroleos del Peru SA Talara refinery in Piura, Peru, on Wednesday, Dec. 13, 2023. Oil prices edged higher on Thursday due to supply concerns triggered by escalating geopolitical tensions amid the ongoing war between Russia and Ukraine. Gasoline inventories last week rose more than forecast, while distillate stockpiles posted a larger-than-expected draw. Adding to supply, Norway's Equinor said it had restored full output capacity at the Johan Sverdrup oilfield in the North Sea following a power outage. However, a slowdown in Chinese and global demand, coupled with rising output outside the group, have potentially thwarted this plan.

Persons: Norway's Equinor, Johan Sverdrup Organizations: del, del Peru SA Talara, Brent, . West Texas, Storm, ATACMS, Energy Information Administration, Organization of, Petroleum Locations: del Peru, Piura, Peru, Russia, Ukraine, Moscow, Kyiv, OPEC

☆ Oil prices edge higher after Russia-Ukraine tensions escalate
▼ + stars: | 2024-11-18 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. Oil prices edged up on Monday after fighting between Russia and Ukraine intensified over the weekend, although concerns about fuel demand in China, the world's second-largest consumer, and forecasts of a global oil surplus weighed on markets. Russia unleashed its largest air strike on Ukraine in almost three months on Sunday, causing severe damage to Ukraine's power system. Investors also fretted over the pace and extent of interest rate cuts by the U.S. Federal Reserve that has created uncertainty in global financial markets. In the U.S., the number of operating oil rigs fell by one to 478 last week, the lowest since the week to July 19, Baker Hughes data showed.

Persons: Joe Biden's, Biden, Tony Sycamore, Brent, WTI, Baker Hughes Organizations: Brent, U.S, West Texas, IG, International Energy Agency, U.S . Federal Reserve Locations: Cushing , Oklahoma, Russia, Ukraine, China, Kursk, U.S

☆ Trump’s pick for fracker-in-chief will have a tough time pumping a lot more oil
▼ + stars: | 2024-11-18 | by ( Auzinea Bacon | Chris Isidore | ) edition.cnn.com time to read: +4 min

Trump has said he wants to lower gas prices — which currently average $3.07 per gallon — to below $2 a gallon. But the American oil industry is already booming and increasing output doesn’t mean gas prices will drop. After oil prices shot up in 2022 in the wake of Russia’s invasion of Ukraine and the sanctions on Russian oil imposed by western countries, major oil companies reported record profits. But are we going to increase oil production by another 50%? OPEC+, a group of leading oil-producing countries, even delayed plans to increase production because of concerns about excess supply.

Persons: Donald Trump, ” Trump, Trump, Chris Wright, Wright, Andy Cross, Andy Lipow, ” Lipow, “ It’s, Biden, ”, Bob McNally, George W, Bush, CNN’s David Goldman, Matt Egan Organizations: CNN, Liberty Energy, Liberty, Denver Post, US Energy Information Administration, P, Insights, Eurasia Group, Texas Intermediate, OPEC, Lipow Oil Associates, Energy, Oil Locations: Denver, States, Saudi Arabia, Russia, Eurasia, Ukraine, China, OPEC

☆ America's defeat in Vietnam offers a game plan for Ukrainian victory
▼ + stars: | 2024-11-16 | by ( ) www.businessinsider.com time to read: +7 min

Ukraine can defeat Russia if it and its Western backers learn from America's failure in the Vietnam War, a Ukrainian security expert argues. Danylyuk attributes America's failure in Vietnam to a "protracted multi-dimensional strategy by the Soviet Union, on whose help it was completely dependent." Crucial ways to defeat Russia's invasion can be found in the Soviet Union's multi-pronged strategy in Vietnam, analyst Oleksandr Danylyuk says. AP Photo/John T. WheelerThe first prong of this strategy would be to "stabilize the frontline and to render any successful offensive actions by Russian troops impossible." "The only explanation for the lack of a mass anti-war movement and large-scale protests is the absence of an organized and popular opposition in Russia," Danylyuk said.

Persons: Ukraine's, Oleksandr Danylyuk, Danylyuk, Johnson, Nixon, John T, Wheeler, Vladimir Putin's, Michael Peck Organizations: Ukraine, Royal United Services Institute, Ukrainian, Soviet, Communist bloc, AP, Gripen, Meteor, MiG, Defense, Foreign Policy, Rutgers Univ, Twitter, LinkedIn Locations: Soviet, Vietnam, Ukraine, Russia, Ukrainian, British, China, Soviet Union, Hanoi, Saigon, South Vietnam, Vietnam's, Viet, Moscow, Saudi Arabia, Russian, Kabul, Forbes

☆ Oil dips on oversupply concerns, heads for weekly loss
▼ + stars: | 2024-11-15 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down early on Friday as oversupply concerns and demand worries stemming from a stronger dollar outweighed a steep draw in U.S. fuel stocks. Distillate stockpiles, which include diesel and heating oil, also fell unexpectedly by 1.4 million barrels, the data showed. Signs of stronger demand supported oil prices, ANZ analyst Daniel Hynes said. The Paris-based agency raised its 2024 demand growth forecast by 60,000 barrels per day to 920,000 bpd, and left its 2025 oil demand growth forecast little changed at 990,000 bpd. Also pressuring oil prices, the dollar surged on Thursday to a one-year high and headed for a fifth-straight daily gain fueled by higher yields and Donald Trump's presidential election victory in the United States.

Persons: Brent, Daniel Hynes, group's, Donald Trump's Organizations: Brent, . West Texas, Energy Information Administration, EIA, ANZ, International Energy Agency, Organization of, Petroleum, greenback Locations: Russia, U.S, Paris, China, India, United States

☆ Crude oil heads to weekly loss as looming surplus depresses market
▼ + stars: | 2024-11-15 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures were on pace Friday for loss for the week, as a supply gut and a strong dollar depresses the market. U.S. crude oil is down more than 2% this week, while Brent has shed nearly 2%. Here are Friday's energy prices:The International Energy Agency has forecast a surplus of more than 1 million barrels per day in 2025 on robust production in the U.S. OPEC revised down its demand forecast for the fourth consecutive month as demand in China remains soft. A strong dollar also hangs over the market, as the greenback has surged in the wake of President-elect Donald Trump's election victory.

Persons: Brent, Donald Trump's Organizations: International Energy Agency, U.S, greenback Locations: OPEC, China

☆ U.S. crude oil edges higher but closes below $69 as large surplus expected next year
▼ + stars: | 2024-11-14 | by ( Spencer Kimball | ) www.cnbc.com time to read: 1 min

Crude oil futures edged higher on Thursday, though the U.S. benchmark closed below $69 per barrel, as a large surplus is expected in 2025. Here are Thursday's closing energy prices:UBS slashed its price forecast for global benchmark Brent to $80 per barrel from $87 previously on weakening demand in China, the world's largest crude importer. OPEC on Tuesday cut its demand growth forecast for the fourth month in a row earlier this week. Oil prices have fallen more than 4% since Donald Trump won the U.S. presidential election as the dollar has surged. A stronger greenback can depress oil demand among buyers that hold other currencies.

Persons: Donald Trump Organizations: International Energy, UBS, Brent, U.S Locations: U.S, China

☆ Oil could plunge to $40 in 2025 if OPEC unwinds voluntary production cuts, analysts say
▼ + stars: | 2024-11-13 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

A decline to $40 a barrel would mean around a 40% erasure of current crude prices. Martoccia Francesco Energy strategist at CitiThe oil cartel has been exercising discipline in maintaining its voluntary output cuts, to the point of extending them. In September, OPEC+ postponed plans to begin gradually rolling back on the 2.2 million barrels per day of voluntary cuts by two months in an effort to stem the slide of oil prices. Oil prices have been weighed by a sluggish post-Covid recovery in demand from China, the world's second-largest economy and leading crude oil importer. In its monthly report released Tuesday, OPEC lowered its 2025 global oil demand growth forecast from 1.6 million barrels per day to 1.5 million barrels per day.

Persons: Anthony Prieto, Tom Kloza, They've, Kloza, Henning Gloystein, Saul Kavonic, Francesco Organizations: Bloomberg, Getty, OPEC, Brent, U.S, West Texas, Eurasia Group, CNBC, Francesco Energy, Citi Locations: Midland , Texas, OPEC, China, U.S, Canada, Guyana, Brazil

☆ Who’s Attending COP29, the International Climate Summit?
▼ + stars: | 2024-11-13 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +9 min

Over 50,000 people are gathered in Baku, Azerbaijan, for the United Nations climate conference known as COP29. This is the second largest of the annual gatherings in their history, according to official estimates and recently published data. Diplomats from nearly 200 member countries will seek a deal on climate financing to support the clean energy transition in developing economies. Recent years have seen a spike in the number of guests, particularly from Europe, sub-Saharan Africa and the Middle East. Politicians started to take more interest in the climate talks in 2009, when they were held in Copenhagen.

Persons: Donald J, Trump, COP6, Keir Starmer, ”, Richard Kinley, they’ve, They’ve Organizations: Climate, United Nations, Diplomats, Paris Copenhagen, Berlin, COP3, Dubai, New York, Paris Copenhagen Official, CENTRAL, NORTH, NORTH AFRICA EAST, NORTH AFRICA Official, EAST ASIA, COP1, CENTRAL ASIA, EAST, PACIFIC, Copenhagen COP15, United, United Arab Emirates, Azerbaijan Russia United Arab, Swarthmore, Ivory, Ivory Coast Democratic Locations: Baku, Azerbaijan, United States, Europe, Saharan Africa, COP28, Dubai, Paris, Copenhagen, United Kingdom, China, SAHARAN AFRICA, NORTH AFRICA, NORTH AFRICA EAST ASIA, Berlin, ASIA, EUROPE, EAST ASIA, AFRICA, Russia, United Arab, Qatar, Doha, Azerbaijan Russia, Azerbaijan Russia United Arab Emirates Qatar, Ivory Coast, Ivory Coast Democratic Republic of Congo Senegal Ghana

☆ Trump said he'll unleash an oil boom. Exxon Mobil CEO says not so fast.
▼ + stars: | 2024-11-12 | by ( Catherine Boudreau | Jacob Zinkula | ) www.businessinsider.com time to read: +4 min

Trump has said he plans to bring down gas prices by boosting US oil production. AdvertisementDuring the presidential campaign, Trump said that he planned to lower energy prices — including the cost of gas — by increasing US oil production. Cahill added that he expects the US to increase oil production, but it will happen gradually. However, he said boosting oil production while keeping prices at a desired level is a "delicate balance" for the industry. "If oil prices drop, you're likely to see a natural decline in US oil production over the long run," he said, adding, "Oil companies have shareholders to be accountable to."

Persons: Trump, Darren Woods, —, Donald Trump's, Semafor, Ben Cahill, Cahill, Woods, Patrick De Haan, Joe Biden Organizations: ExxonMobil, Service, Energy, University of Texas, US Energy Information Administration, CNBC, Trump, OPEC, US, Wall Street, Exxon Locations: China, Austin, Gulf, Mexico, Paris

☆ Oil slips as U.S. storm threat eases, China stimulus disappoints
▼ + stars: | 2024-11-11 | by ( ) www.cnbc.com time to read: +2 min

Oil prices extended declines on Monday as the threat of a supply disruption from a U.S. storm eased and after China's stimulus plan disappointed investors seeking fuel demand growth in the world's No. Oil consumption in China, the world's driver of global demand growth for years, has barely grown in 2024 as its economic growth has slowed, gasoline use has declined with the rapid growth of electric vehicles and liquefied natural gas has replaced diesel as a truck fuel. Oil prices have also eased after concerns about supply disruption from storm Rafael in the U.S. Gulf of Mexico subsided. More than a quarter of U.S. Gulf of Mexico oil and 16% of natural gas output remained offline on Sunday, according to the offshore energy regulator. Looking ahead, uncertainty from policies under U.S. President-elect Donald Trump have clouded the global economic outlook although expectations that he could tighten sanctions on OPEC producers Iran and Venezuela and cut oil supply to global markets partly caused oil prices to gain more than 1% last week.

Persons: Tony Sycamore, Rafael, Donald Trump, refiners Organizations: Brent, West Texas, National People's Congress, ANZ, Central Economic Work Conference, U.S Locations: U.S, China, U.S . Gulf, Mexico, Iran, Venezuela

Saudi state oil giant Aramco reported a 15.4% drop in net profit in the third-quarter on the back of "lower crude oil prices and weakening refining margins," but maintained a 31.05 billion dividend. The company reported net income of $27.56 billion in the July-September period, topping a company-provided estimate of $26.9 billion. The print is also a 5% drop from the previous quarter, which came in at $29.1 billion, as lower global oil prices, weaker demand and prolonged OPEC+ production cuts led by Saudi Arabia continue to impact crude prices. Earnings before Interest and Taxes (EBIT) came in at $51.45 billion in the third quarter, down 17% year-on-year. The earnings align with a broader trend across oil majors, whose third-quarter profits have also suffered from declines in crude prices and refining margins.

Organizations: Aramco, Al Locations: Saudi, Saudi Arabia, Al Rajhi, OPEC

☆ OPEC always plays the long game, Energy Aspects' Amrita Sen says
▼ + stars: | 2024-11-05 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC always plays the long game, Energy Aspects' Amrita Sen saysAmrita Sen, founder and director of research at Energy Aspects, says OPEC always plays the long game, after the group delayed its December output hike.

Persons: Amrita Sen Locations: OPEC

☆ 'Too much doom and gloom': OPEC chief is bullish on oil demand despite extended production cuts
▼ + stars: | 2024-11-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +2 min

"Well, for OPEC, we have demand growth this year at 1.9 million barrels a day," OPEC Secretary-General Haitham Al Ghais told CNBC's Dan Murphy Monday at the Adipec energy conference in Abu Dhabi. watch nowThe Vienna-based oil producer group in mid-October downwardly revised its projections for oil demand growth in the near-term, forecasting growth of 1.93 million barrels a day this year and 1.64 million barrels a day in 2025. This compared to previous forecasts of 2.03 million and 1.74 million barrels a day, respectively. The forecasts come amid a slowing Chinese economy, which has significantly hit oil demand and abundant global supply. When asked about concerns over China's economic trajectory, the OPEC chief replied: "We have China growing at 0.6 million barrels a day this year ...

Persons: Haitham Al Ghais, CNBC's Dan Murphy, Al Ghais Organizations: OPEC, International Energy Agency Locations: Abu Dhabi, Vienna, Paris, China, United States, U.S

☆ Oil prices rise by over $1 on OPEC+ output hike delay
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: 1 min

A pumpjack pumps oil in the Inglewood Oil Field as seen from the Kenneth Hahn State Recreation Area on July 13, 2022 in Los Angeles, California. Oil prices rose by more than $1 in early trading on Monday after OPEC+ said on Sunday it would delay a planned December output hike by one month. Brent futures rose by $1.14 per barrel, or 1.56%, to $74.24 a barrel. U.S. West Texas Intermediate crude also rose by $1.14 a barrel, or 1.64%, to $70.63. OPEC+, which includes the Organization of the Petroleum Exporting Countries plus Russia and other allies, was due to increase output by 180,000 barrels per day in December.

Persons: Kenneth Hahn, Brent Organizations: Inglewood Oil, Recreation Area, . West Texas, Organization of, Petroleum Locations: Inglewood, Los Angeles , California, Russia

☆ OPEC chief says delayed December output hike is 'nothing unusual'
▼ + stars: | 2024-11-04 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC chief says delayed December output hike is 'nothing unusual'Haitham Al Ghais, the OPEC secretary general, says "we're always very proactive, precautionary when necessary," after delaying its December output hike.

Persons: Al Ghais, we're

☆ Oil climbs more than $1 per barrel on reports Iran preparing to strike at Israel
▼ + stars: | 2024-11-01 | by ( ) www.cnbc.com time to read: +3 min

Oil prices extended gains on Friday, climbing more than $1 a barrel to pare weekly losses, as geopolitical tensions in the Middle East rose following reports that Iran was preparing a retaliatory strike on Israel from Iraq in the coming days. Brent crude futures , which have rolled to the January contract, climbed $1.31, or 1.80%, to $74.12 a barrel by 0128 GMT. U.S. West Texas Intermediate crude futures rose $1.35, or 1.95%, to $70.61 a barrel after settling up 0.95% in the previous session. Oil prices were also supported by expectations that OPEC+ could delay December's planned increase to oil production by a month or more, four sources close to the matter told Reuters on Wednesday, citing concern about soft oil demand and rising supply. The world's largest oil producer pumped a monthly record high of 13.4 million barrels per day in August, EIA said.

Persons: Axios, Monday's, Tony Sycamore, Sycamore Organizations: Brent, . West Texas, U.S, Reuters, NPC, Energy Information Administration, EIA Locations: pare, Iran, Israel, Iraq, Sydney, Middle, U.S, China

☆ IMF's Jihad Azour discusses reasons behind the decline in growth in the MENA region
▼ + stars: | 2024-10-31 | by ( Dan Murphy | ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIMF's Jihad Azour discusses reasons behind the decline in growth in the MENA regionJihad Azour, the IMF's director of Middle East and Central Asia, says prolonged regional conflict and the extension of OPEC+ cuts led to the downgrade in growth in the Middle East.

Persons: Azour Organizations: Middle Locations: MENA, Jihad, Middle East, Central Asia

☆ Oil prices rise on optimism over solid U.S. fuel demand
▼ + stars: | 2024-10-31 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Oil prices rose on Thursday, extending the previous day's rally, driven by optimism over U.S. fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support. Nine analysts polled by Reuters had expected an increase in gasoline and crude inventories. "Expectations of a potential delay in the OPEC+ production increase were also supportive... A decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.

Persons: Toshitaka Tazawa Organizations: Brent, . West Texas, Energy Information Administration, Reuters, Fujitomi Securities, Organization of, Petroleum, OPEC Locations: U.S, OPEC, Russia, Israel

☆ U.S. crude oil gains 1% to trade above $68 after worst day in two years
▼ + stars: | 2024-10-29 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

U.S. crude oil rose more than 1% on Tuesday, one day after posting the worst daily loss in two years. Energy traders were relieved Monday after Israel's long-anticipated retaliatory strikes on Iran last Friday spared the Islamic Republic's oil and nuclear facilities. The benchmark U.S. crude oil contract sold off more than 6%, or $4.40, to $67.38 per barrel. Here are Tuesday's energy prices:Goldman Sachs expects the price of Brent to recover to $77 per barrel in the fourth quarter even without any oil supply disruptions in the Middle East. Demand is soft in China, U.S. production is robust and OPEC+ has plans to bring crude back to the market in December.

Persons: Goldman Sachs, Daan Struyven, CNBC's, Struyven, Brent Organizations: Energy, U.S . Strategic Petroleum Reserve Locations: Iran, U.S, China

☆ Oil slips more than 4% after Iran downplays Israeli strikes
▼ + stars: | 2024-10-28 | by ( ) www.cnbc.com time to read: +2 min

A pump jack operates in an oil field in Midland, Texas U.S. August 22, 2018. Oil prices tumbled more than $3 a barrel on Monday after Israel's retaliatory strike on Iran over the weekend bypassed Tehran's oil and nuclear facilities and did not disrupt energy supplies, easing geopolitical tensions in the Middle East. Both Brent and U.S. West Texas Intermediate crude futures hit their lowest levels since Oct. 1 at the open. The geopolitical risk premium that had built in oil prices in anticipation of Israel's retaliatory attack came off, analysts said. In October, the Organization of the Petroleum Exporting Countries and their allies, a group known as OPEC+, kept their oil output policy unchanged including a plan to start raising output from December.

Persons: Brent, WTI, Saul Kavonic, Tim Evans Organizations: Midland , Texas U.S, U.S . West Texas, Evans Energy, Organization of, Petroleum Locations: Midland , Texas, Iran, U.S, Tehran, OPEC

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