Some members of the OPEC+ group, made up of the Organization of the Petroleum Exporting Countries (OPEC) and its allies led by Russia, agreed on Sunday to extend a voluntary cut in oil production until the end of the second quarter. This was reported by the Reuters agency, citing informed sources. OPEC+ has imposed a … Read more
Oil prices are falling today. This is due to a significant price cut by Saudi Arabia, the world’s largest exporter, and an increase in production by the OPEC group, which offset supply concerns caused by escalating geopolitical tensions in the Middle East. Around 18:00 CET, the price of Brent North Sea crude fell by 3.96 … Read more
The Yom Kippur War was the fifth Arab-Israeli war since the establishment of the State of Israel in 1948. It began with a surprise attack by Syria and Egypt, launched on the day of the greatest Jewish holiday (Yom Kippur) on October 6, 1973. The Israelis managed to stop the attack, largely also thanks to … Read more
The Saudis announced this after Sunday’s meeting in Vienna. The rest of the countries agreed to extend earlier supply cuts until the end of 2024. OPEC+ accounts for roughly 40 percent of global oil production and 60 percent of exports. The group’s political decisions can therefore have a major impact on prices. At the beginning … Read more