Tag

Opec

All articles tagged with #opec

world10 days ago•8 min saved

Carlos the Jackal: Rise of the First Global Super-Terrorist and His Fall

Journalist Warrick’s account traces Ilich Ramírez Sánchez—aka Carlos the Jackal—from Venezuelan playboy to the era’s first global ‘super-terrorist,’ who orchestrated the 1975 Vienna OPEC hostage-and-killings spree, lived lavishly under protection and with multiple girlfriends, and evaded capture for years before a Sudanese-extradited arrest in France in 1994. He personally killed 83 and claimed thousands more by orders. After three trials he received three life sentences, with Warrick painting him as a narcissistic criminal rather than a glamorous anti-hero.

via New York Post|

#carlos-the-jackal #cia #ilic-ramirez-sanchez

business23 days ago•3 min saved

OPEC+ OKs September Output Rise, Finishes Unwinding Voluntary Cuts

OPEC+ approved a September production increase of about 188,000 barrels per day, completing the unwinding of voluntary cuts dating back to 2023. The market has largely felt little impact so far due to export disruptions tied to the Iran and Ukraine wars. The group did not commit to 2027 quotas or a fixed plan for the fourth quarter, though a pause in Q4 remains a possibility. A Joint Ministerial Monitoring Committee warned about the cost of attacks on energy assets, and about 2 million barrels per day of older cuts remain in place through year-end while a capacity review for 2027 baselines proceeds; Iraq seeks higher individual quotas. The next core meeting is September 6.

via New York Post|

#business #oil #opec

energy1 month ago•23 min saved

Oil Rally May Persist as Key Straits Tighten Global Flows

Disruptions to the Strait of Hormuz and the Bab el-Mandeb are tightening global oil flows and boosting transport costs, helping push Brent and WTI higher and fueling expectations that prices could reach $100/barrel. OPEC+ is seen pushing to unwind 2023 voluntary cuts, while Houthis’ Red Sea actions threaten Saudi exports and force routes to circumnavigate Africa, reinforcing the rally’s momentum even as China and other markets show some supply resilience.

via Crude Oil Prices Today | OilPrice.com|

#bab-el-mandeb #energy #hormuz

business1 month ago•7 min saved

Oil markets cool as production rebounds and new routes limit Iran's leverage

Iran's ability to use disruptions in the Strait of Hormuz to push oil prices appears to be waning as global crude output recovers and alternative export routes expand. While attacks still cause brief price spikes, rising supply and diversified shipping patterns suggest Iran's leverage over Washington is diminishing, though volatility could linger if conflict escalates.

via Fox News|

#business #eia-forecast #iran

commodities1 month ago•142 min saved

Oil Hold Ground Near Pre-Iran War Levels as OPEC+ Boosts Output Plan

Oil prices hovered around levels seen before the Iran conflict as OPEC+ agreed to lift output targets from August and Saudi price cuts signaled more supply, with Brent near $72 and WTI around $68 amid recovering Gulf exports and ongoing Hormuz shipping talks.

via Investing.com|

#commodities #iran #oil

business1 month ago•3 min saved

OPEC+ nudges output up again amid tentative oil-market rebound

Seven OPEC+ members (Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria, and Oman) will raise output by 188,000 barrels per day from August, the fifth consecutive monthly increase in a gradual unwind of 2023 cuts; they will reconvene on Aug. 2 to review conditions, while market dynamics—still influenced by past supply disruptions—have kept prices near pre-war levels.

via Al Jazeera|

#business #oil-prices #oil-production

world1 month ago•2 min saved

OPEC+ Nudges Oil Output Higher as Market Watches Hormuz and UAE Exit

OPEC+ decided to raise August oil output targets by 188,000 barrels per day, continuing the series of quota hikes since June and moving the seven core members closer to unwinding the 2023 cuts, though actual production remains below pre-war levels due to disruptions and the Strait of Hormuz, with prices near $72 a barrel. UAE’s exit and Iraq’s push for higher quotas add complexity ahead of a potential September increase, while the broader market weighs supply constraints against easing demand signals.

via CNBC|

#oil #oil-prices #opec

business1 month ago•20 min saved

Oil Reverses Course, Sparks Glut Fears as Supply Unfreezes

Oil prices slide after a US–Iran peace deal frees supply, reviving fears of a global glut even as demand remains weak. Brent trades near $70 and the physical market shows unusual weakness as Hormuz flows resume and Iranian crude returns under sanctions waivers. China’s demand remains tepid, U.S. SPR releases slow, and contango in futures suggests storage builds. The near-term outlook hinges on whether the peace deal holds, if OPEC+ curbs output to defend prices, and when Chinese demand rebounds.

via Yahoo Finance|

#business #glut #iran

world1 month ago•3 min saved

Gulf Geopolitics Reshape Global Oil Order

Analysts say the Persian Gulf is destabilizing the old international order: Iraq contemplates leaving OPEC amid a Saudi–Iraq rift after the UAE quit, while Iran’s recent ship strike and threats to restrict transit challenge maritime norms in the Strait of Hormuz. Coupled with US shale growth and the energy transition, OPEC’s governance is fraying, risking more volatile oil prices and broader disruption to shipping and global norms.

via UnHerd|

#gulf #iran #opec

world2 months ago•5 min saved

Nigeria’s Ex-Oil Minister Cleared in UK Bribery Case

Former Nigerian oil minister Diezani Alison-Madueke was cleared of five counts of accepting bribes and a conspiracy to commit bribery in a London court after a 13-year National Crime Agency probe. The jury acquitted her and two co-defendants, with prosecutors arguing bribes funded a lavish lifestyle. The defense contended evidence and delays were flawed. Alison-Madueke called the ruling a long-overdue end to a decade-long nightmare, while the verdict marked a setback for the NCA.

via BBC|

#bribery-trial #diezani-alison-madueke #nigeria

business2 months ago•2 min saved

OPEC+ hikes oil output targets for fourth time as Hormuz disruption persists

OPEC+ approved a fourth consecutive increase in its oil-output targets, lifting July quotas by 188,000 barrels per day as the bloc unwinds most of a 1.65 million bpd cut, even though Hormuz Strait disruptions and the UAE’s exit keep actual supply constrained; the seven core members (Saudi Arabia, Iraq, Kuwait, Algeria, Kazakhstan, Russia, Oman) have boosted quotas, but production remains well below February levels and prices eased with Brent near $93 and WTI near $90 as traders weigh the risk of a reopened strait and the policy remains in place through 2026 with a review of 2027 baselines.

via CNBC|

#business #hormuz #oil-output

business2 months ago•13 min saved

Oil Could Jump to $150–160 as Inventories Tighten in Coming Weeks

Global oil inventories are nearing critically low levels, making a spike to $150–160 per barrel plausible in the coming weeks, according to Exxon Mobil’s Neil Chapman, who says we could be approaching “unheard of inventory levels” with a two-to-four week window to see really tight stocks. While prices have been hovering in the $90s, disruptions around the Strait of Hormuz and ongoing supply concerns could drive crude higher, though OPEC+ decisions and demand shifts could temper the move. The piece also suggests hedging risk by owning energy names such as Occidental Petroleum or Exxon Mobil amid potential volatility and inflationary pressure from higher oil prices.

via Yahoo Finance|

#business #exxonmobil #inventories

energy3 months ago•23 min saved

Oil Pressure Persists as Hormuz Disruptions Deepen Energy Crisis

Global oil markets stay under stress from Hormuz disruptions, weak data, and tightening inventories, with Brent around $105 and the IEA warning of a red zone by mid-summer. The largest US inventory drawdown sparked only a muted rally as diplomacy chatter with Iran continues, while OPEC+ is expected to hike July quotas despite a steep drop in Gulf output. Europe faces bunkering quality issues, Egypt’s gas production collapses, and China raises fuel-price caps, even as LNG projects move forward and major energy deals unfold, underscoring ongoing volatility amid a deepening energy crisis.

via Crude Oil Prices Today | OilPrice.com|

#energy #energy-markets #geopolitics

energy3 months ago•23 min saved

Oil Bulls Rebound as Hormuz Risks Overshadow Tepid Xi-Trump Talks

Oil prices rose about $7 for the week on renewed Hormuz tensions and Iran's vow to keep fighting, even as the Xi-Trump summit offered little guidance; OPEC cut its 2026 demand forecast, while EU ministers discuss a windfall tax on energy profits, Cuba faces an energy crunch, ADNOC plans a Hormuz bypass pipeline to boost exports by 2027, and a flurry of geopolitical and policy developments keep the market buoyant.

via Crude Oil Prices Today | OilPrice.com|

#energy #hormuz #iran

business3 months ago•2 min saved

OPEC output sinks 30% since war as 2026 oil demand is trimmed

OPEC says its members’ oil production has fallen more than 30% since the Iran war began, with April output down 1.7 million barrels per day and total losses around 9.7 mbpd. It trimmed its 2026 demand growth forecast to about 1.2 mbpd, while the IEA notes demand weakness and the Hormuz closure. The gap is being mitigated by stockpiles and redirected exports, but inventories are depleting and volatility is expected as summer demand approaches.

via CNBC|

#2026-demand-growth #business #iea