Commodities

Officials said that the OPEC + bloc will likely adhere to modest oil production increases when it meets on Wednesday, with Saudi Arabia and the United Arab Emirates, two of the largest members of the Organization of the Petroleum Exporting Countries, complying with the agreement with Russia, despite the expansion …

Reuters calculations, based on a report by the Interfax news agency, showed that Russia’s production of oil and gas condensate rose in February to 11.06 million barrels per day, while trade in crude was hampered by the sanctions imposed due to developments in Ukraine. Production increased from 11 million barrels …

Eastern Europe geopolitical tensions are stilling leading market movements. Safe-haven assets turned higher, as Russia escalated its attacks on Ukraine, while President Putin said that the invasion would continue until he reaches his goal.Usually neutral countries are joining global efforts to stop Russia. Switzerland and Finland, among others, are either …

The Organization of the Petroleum Exporting Countries and its allies led by Russia, known as OPEC+, have been unwinding historic production cuts they instated in 2020 after the pandemic caused an unprecedented fall in global demand.Then, former US President Donald Trump intervened to encourage Riyadh and Moscow to end a …

Gold rises for the second consecutive day on Tuesday, back above the $1900 mark so far, and it will likely remain higher as geopolitical tensions persist. Ukraine – Russia conflict does not appear to end in the short term, despite Monday’s first round of talks between officials from both countries. …

Russian President Vlademir Putin has issued a directive prohibiting foreign currency shipments from Russia in amounts greater than $10,000 as of Wednesday 2 March according to Kremlin’s statement. As the Western sanctions aim to cripple the Russian economy, this latest move could be a sign that Putin is concerned. The …

The American WTI crude oil surged into the USD 104.00s on Tuesday, up sharply from Monday’s close in the USD 95.00 territories.The 2014 high in the USD 107.50 area has for now acted as a barrier to further upside. The historic intra-day rally has been driven by traders pricing in …

Canadians took advantage of elevated savings and low interest rates to buy houses in 2021. The Canadian economy grew at an annual rate of 6.7 per cent in the fourth quarter, much faster than the Bank of Canada was expecting, guaranteeing an interest-rate increase when policymakers announce the results of …

US, IEA Agree to Release 60 Million Barrels From Oil Stockpiles Amid Ukraine’s CrisisThe US and other major oil-consuming nations said Tuesday they willl release 60 million barrels of oil from their emergency stockpiles, sending a jolt of new crude supplies into the market amid a price surge caused by …

A statement by the Saudi Cabinet on Tuesday renewed the kingdom’s support for the OPEC + agreement, which provides for an increase in the supply of crude exporters from the Organization and allied producers by 400,000 barrels per day each month. And the official Saudi Press Agency quoted a statement …