OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge
8 months ago

OPEC cuts and geopolitical tensions propel Brent crude up by over 13% in 2024; central banks face inflation challenge

Live Mint  

Brent crude futures have surged 13.4% this year so far to $87.26 per barrel, propelled by escalating tensions in the Middle East, OPEC supply cuts, attacks on energy infrastructure between Ukraine and Russia, and increased oil demand from major consuming nations, all of which have tightened the market. Iran is the third largest producer in the Organization of the Petroleum Exporting Countries cartel, which has already been a target of Western sanctions, however, if the supply is disrupted due to the ongoing war, it could cause a surge in international crude oil prices. Domestic brokerage firm Motilal Oswal in its latest report projects that if Iran successfully enforces a complete or partial blockade of the SoH, it will lead to a substantial increase in crude oil prices, refining gross refining margins, and spot LNG prices. Challenges for central bankers As crude oil prices continue to rise and expectations of an increase in gas prices mount, major central bankers confront challenges in guiding inflation towards target levels.

History of this topic

Oil prices ease on surplus concerns, dollar strength
1 day, 11 hours ago
Oil climbs as Assad's fall brings more uncertainty to Middle East
2 weeks, 1 day ago
Oil reports weekly loss on oversupply fears despite OPEC+ output extension; Brent down over 2% in 5 days
2 weeks, 3 days ago
Morgan Stanley, HSBC slash crude oil supply forecast; Brent average pegged near $70 for 2025 after OPEC+ verdict
2 weeks, 4 days ago
Brent nears $93, US WTI ticks higher after OPEC+ pushes back output hike, extends cuts through 2026
2 weeks, 5 days ago
'No surprises': OPEC+ considers extending supply cuts, likely to push output hike till next meeting
Trending News
2 weeks, 5 days ago
Oil Holds Drop as OPEC Decision on Supply Takes the Spotlight
2 weeks, 5 days ago
Oil ticks higher ahead of OPEC+ verdict; Israel-Lebanon tensions provide support: Brent nears $93/bbl
3 weeks ago
Brent shy of $73, US WTI sheds over 4% in 5 days on easing supply risk: Goldman Sachs in favor of OPEC+ cuts
3 weeks, 3 days ago
Oil Little Changed in Thin Trading After OPEC Delays Meeting
Trending News
3 weeks, 4 days ago
Oil rises after investors weigh escalation of Russia-Ukraine war amid rise in US crude stock; Brent at $73
1 month ago
Oil sheds 5% in five days on subdued China demand, slow pace of US Fed rate cuts; Brent sits 2% lower to $71
1 month, 1 week ago
China's weak oil demand may lead to global surplus of 1 mn barrels: How would crude prices react?
1 month, 1 week ago
Oil Holds Near November Lows as Traders Brace for Crude Glut
1 month, 1 week ago
Oil rises as investors take stock of Trump victory, US crude stocks rise
1 month, 2 weeks ago
Crude oil prices plummet 2.5% on strong US dollar; Brent slips below $74
1 month, 2 weeks ago
Oil hits one-week high on weak dollar ahead of US election results; Brent nears $76/bbl, WTI extends five-day streak
1 month, 2 weeks ago
Oil Prices Fall as Reality of Weak Global Demand Takes Center Stage Again
1 month, 3 weeks ago
Oil Prices Rise as Middle East War Rages, but China's Demand Remains a Key Factor
2 months ago
Oil Prices Soar as Middle East Tensions Escalate
2 months, 2 weeks ago
Saudi minister warns of $50 oil as OPEC+ members flout production curbs
2 months, 3 weeks ago
Oil Prices Slide as Supply Outshines Demand, but Libya's Output Remains a Factor
2 months, 3 weeks ago
Lebanon crisis: Oil prices climb on Middle East tensions
3 months ago
Investors turned more bearish on oil last week than ever
3 months ago
Oil Rebounds After Brutal Week as Traders Take Stock of Outlook
3 months, 2 weeks ago
Oil stabilises as signs of economic slowdown clash with Fed rate cut hopes; brent crude at $85.09/bbl
5 months ago
Oil sheds China demand worries, gains 1% on weaker US dollar & drop in stockpiles; Brent nears $85/bbl
5 months, 1 week ago
Oil prices decline over 1% on Chinese demand jitters
5 months, 1 week ago
Oil prices rise on OPEC production cuts, summer consumption hopes; Brent rises 0.81% to $85.69 per barrel
5 months, 3 weeks ago
Oil touches seven-week high amid demand optimism, war concerns; brent crude at $85.53/bbl
6 months ago
Oil producers led by Saudis face a decision on whether to extend production cuts as oil prices lag
6 months, 3 weeks ago
Oil producers led by Saudis extended supply cuts amid slack prices
6 months, 3 weeks ago
Opec cartel to extend cuts to oil output in bid to prop up prices
6 months, 3 weeks ago
Oil surges ahead of inflation data after lacklustre week; brent crude at $82.88/bbl
6 months, 3 weeks ago
Crude oil extends decline despite geopolitical tensions; 4 key reasons weighing on prices
7 months ago
Oil set for weekly gain as demand signs, geopolitics seen as positives
7 months, 2 weeks ago
Oil set for weekly gain as demand signs, geopolitics seen as positives
7 months, 2 weeks ago
Oil rises on Saudi Arabia’s decision to hike prices, brent crude at $83.39/bbl
7 months, 2 weeks ago
Brent, WTI shed 6% as oil heads for steepest weekly drop in 3 months: What’s cooling down the commodity?
7 months, 3 weeks ago
Iran-Israel conflict: Oil, LNG prices may rise if Tehran blocks Strait of Hormuz
8 months ago
Petroleum minister discusses ongoing market volatility with Opec secretary-general
8 months ago
Saudi Arabia Needs Oil Price Near $100, IMF Says
8 months ago
Crude oil prices jump 4% on reports of Israel strikes on Iran; Brent crude above $90 a barrel
8 months ago
Sensex plunges 550 points, Nifty dips below 22,150 mark
8 months, 1 week ago
Oil prices decline as risk premium eases following Iran attack; brent crude at $89.64/bbl
8 months, 1 week ago
Oil prices subdued, energy security concerns escalate on West Asia tensions
8 months, 1 week ago
Oil rises over $1 on tighter supply, stays on track for 3rd monthly gain ahead of OPEC decision; Brent hits $87
8 months, 3 weeks ago
Oil prices drop on weaker US fuel demand, Gaza ceasefire report; Brent rebounds to $85/bbl
9 months ago
Oil rally cools off as prices slip 2% ahead of US Federal Reserve verdict; Brent down to $85.9/bbl
9 months ago

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