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United Arab Emirates officially withdraws from OPEC after 59 years… Decision follows brutal Saudi UAE rift over Yemen and production quotas… Move shatters the “Unified Front” against the US Israeli naval blockade… Brent Crude surges 4% as “OPEC discipline” evaporates …
EIA now sees Brent crude falling below $60 by the end of 2025 and averaging around $50 through 2026. https://www.eia.gov/pressroom/releases/press573.php The US rig count is already in freefall. It’s down to 411 this week, from 487 in January. Back in …
Even though oil prices are still near $70 a barrel, OPEC and Saudi Arabia have agreed to raise oil production by 547,000 barrels a day starting in September. “OPEC has agreed to boost oil production by 547,000 barrels per day …
Global shares sank on Monday and oil prices jumped as trade tensions and the Russian-Ukraine conflict ratcheted up geopolitical uncertainty. China blasted the U.S. for issuing AI chip export control guidelines, stopping the sale of chip design software to China, …
As oil prices face their fifth consecutive weekly loss, a trend not seen since December 2021, the market reacts with nearly a 5% decline attributed to OPEC’s decision to delay their meeting. The reported cause, “production disagreements,” marks a notable …
The tug-of-war btw global recession & Saudi Arabia continues. After wrestling control from demand via supply constraints, suddenly demand is back on the table. Plunging gasoline use in the US has spiked gasoline stocks threatening to spill over.https://t.co/bzQDDykYs1 pic.twitter.com/HmZ3O31SoA — …