Oil prices last month fell towards $70 a barrel on concern that the global banking crisis would hit demand. Still, further action by OPEC+ to support the market was not expected as crude recovered toward $80.
The European Union has agreed to extend a price cap set on natural gas used for power generation in Spain and Portugal until Dec. 31, Spanish Energy Minister Teresa Ribera said on Tuesday.
Iraq's oil output and capacity may peak following growth of around 25% over the next five years, falling short of 2027 targets and ending a long-standing ambition to rival the output of Saudi Arabia.
Saudi Arabia has joined the Western bank bagholder club. Saudi National Bank (SNB), 37% owned by the kingdom’s $600 billion Public Investment Fund, admitted on Monday that its $1.4 billion swoop for 10% of Credit Suisse had gone sour after the latter collapsed into the arms of UBS . The good news for SNB Chairman Ammar Al Khudairy is that his $1 billion-plus loss is neither the first nor the last time an eastern investor will take a big bath on a U.S. or European financial group.
The biggest oil traders and energy hedge funds speaking at the FT Commodities Global Summit struck a bullish tone despite banking jitters, and see a jump in oil prices by the year end.