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.
Saudi Arabia's Foreign Minister emphasized Russia's critical participation is needed for credible Ukraine peace negotiations, while reiterating Saudi's commitment to supporting efforts for sustainable peace. However, Saudi appears unwilling to go against its OPEC ally Russia, as evidenced by Zelensky's failed attempt to woo Saudi's Crown Prince for a peace summit excluding Moscow.
#SaudiArabia #RussiaUkraine #Ukrainewar #RussiaUkrainewar #OPEC #UkrainePeacesummit #Zelenskynews #Ukrainewarlive #Ukrainelive #Worldnews #Oneindia #Oneindianews
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Prime Minister Narendra Modi's visit to Austria at the beginning of his third term focuses on discussions with Chancellor Karl Nehammer. They address global.. IndiaTimes
Keir Starmer, the new Prime Minister of the United Kingdom, has taken a definitive stance on the ongoing Israel-Hamas conflict. This pivotal change in leadership raises questions about the future strategies and implications for Hamas, the Houthis, and Hezbollah. Join us as we delve into how the UK's foreign policy under Starmer might impact these groups and the broader geopolitical landscape in the Middle East. Stay tuned for an in-depth analysis of what lies ahead.
#KeirStarmer #UKPrimeMinister #IsraelHamasConflict #MiddleEastPolitics #Hamas #Houthis #Hezbollah #ForeignPolicy #OneindiaNews
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In a dramatic and ruthless show of force, Hezbollah launched a relentless barrage of over 200 missiles, overwhelming the Iron Dome and wreaking havoc on IDF bases. This significant escalation has raised tensions in the region and left a trail of destruction. Join us as we delve into the details of this powerful offensive, analyzing the impact and potential repercussions for future conflicts in the Middle East.
#Hezbollah #IronDome #IDF #MissileAttack #MiddleEastConflict #Israel #Defense #Military #War #BreakingNews #RegionalTensions #Security #NewsUpdate #MilitaryNews #InternationalRelations
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In a dramatic and ruthless show of force, Hezbollah launched a relentless barrage of over 200 missiles, overwhelming the Iron Dome and wreaking havoc on IDF bases. This significant escalation has raised tensions in the region and left a trail of destruction. Join us as we delve into the details of this powerful offensive, analyzing the impact and potential repercussions for future conflicts in the Middle East.
#Hezbollah #IronDome #IDF #MissileAttack #MiddleEastConflict #Israel #Defense #Military #War #BreakingNews #RegionalTensions #Security #NewsUpdate #MilitaryNews #InternationalRelations
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Reports suggest Russia plans to arm Yemen's Houthi rebels with advanced anti-ship ballistic cruise missiles, potentially shifting Middle East power dynamics. This move could threaten Western interests, especially commercial shipping in the Red Sea. The Houthis, aligned with Iran, have increased attacks on vessels recently. Russia's closer ties with Iran and anti-Western alliances drive this cooperation. U.S. officials worry about escalating conflicts, particularly between Israel and Hezbollah, potentially deepening Iran-Russia military collaboration.
#RussiaUkrainewar #Ukrainewar #YemenHouthiRebels #HouthiRebels #PutinIran #Iranattack #Putinnews #Oneindia #Oneindianews
Q1 Update Reveals , US Economy Grew Slower , Than Initially Thought.
Yahoo Finance reports that the United States economy grew at a slower rate than initially thought during the first quarter of 2024.
According to the Bureau of Economic Analysis' (BEA) second
estimate of the Q1 gross domestic product (GDP), the
economy grew at 1.3%, down from 1.6% reported in April.
The BEA said the updated numbers , "primarily reflected a downward
revision to consumer spending.".
Personal consumption in Q1 grew at just 2%,
down from the 2.5% previously reported. .
The weaker headline growth
statistic looks discouraging, but it
belies solid underlying momentum
as the economy’s core — private
domestic sales to domestic
purchasers — showed a healthy
expansion of 2.5% annualized, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
Yahoo Finance reports that many
economists do not perceive the slowdown
as the beginning of a broader trend. .
Before the latest numbers were released,
Goldman Sachs had forecast 3.2%
annualized growth in Q2. .
At the same time, the Atlanta Fed's GDPNow
has projected Q2 annualized growth of 3.5%. .
Monthly data beyond
March generally point
to a continued, albeit gently
cooling, economic expansion, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance.
We anticipate continued
GDP gains this year
and a healthy advance
in 2024 overall, Oren Klachkin, Nationwide financial
markets economist, via Yahoo Finance
Credit: Wibbitz Top Stories Duration: 01:30Published
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