All articles tagged with #supply demand fundamentals
The conflict between Iran and Israel is increasing geopolitical risks in the already tight oil market, prompting oil traders to reassess the risk premium. Iran's direct attack on Israel signifies a significant escalation in hostilities, with both nations now engaged in direct conflict. Iran claims the attack was in retaliation for the bombing of its embassy in Syria, while Israel has reserved the right to respond.
OPEC+ has decided to stick to its planned oil production cuts for this year, with Saudi Arabia announcing further voluntary declines. The alliance will limit combined oil production to 40.463 million barrels per day over January-December 2024. All voluntary cuts, which were initially set to expire after 2023, will now be extended until the end of 2024. Saudi Arabia will implement an additional voluntary one-month 1 million-barrel-per-day cut starting this July, which can be extended. The move follows contentious talks and a more-than four-hour Sunday meeting of the alliance's Joint Ministerial Monitoring Committee.