9,807.50 TRY BIST 100 BIST 100
36.37 USD USD USD
5.04 CNY CNY CNY
38.11 EUR EUR EUR
0.13 CNY CNY/EUR CNY/EUR
39.46 TRY Interest Interest
76.31 USD Fossil Oil Fossil Oil
33.10 USD Silver Silver
4.62 USD Copper Copper
106.70 USD Iron Ore Iron Ore
351.00 USD Shipbreaking Scrap Shipbreaking Scrap
3,437.60 TRY Gold (gr) Gold (gr)

Eyes are on the Red Sea crisis and OPEC in the oil sector

While oil continues its largest weekly gain in two months due to increasing attacks prompting shipping companies to avoid the Red Sea, Angola's withdrawal from OPEC has drawn attention to the unity of the group.

Eyes are on the Red Sea crisis and OPEC in the oil sector

The global benchmark Brent traded at around $80 per barrel, preparing for its second consecutive week of gains after seven consecutive declines, while U.S. crude oil traded above $74 per barrel. The tanker traffic in the Red Sea decreased following an increase in attacks by Iran-backed Houthi rebels in Yemen on ships in the region. Angola emphasized tensions within the producer group as it announced its departure from OPEC after 16 years, aiming to limit production to support prices as the new year begins.

As the Organization of the Petroleum Exporting Countries (OPEC) and its allies attempt to counter increasing production in non-member countries, led by record production in the U.S., crude oil is heading towards its first annual decline since 2020. Meanwhile, the outlook for demand deteriorated with the International Energy Agency reiterating expectations of a significant slowdown in growth next year.

Will Sungchil Yun, Senior Commodity Analyst at SI Securities, stated, "Tensions in the Red Sea have significantly boosted prices, but this has been balanced by uncertainty on the supply side. While it is now more of a wait-and-see situation for oil, if OPEC+ considers production cuts, it will be challenging for prices to find support."

Angola had rejected the reduced production limit imposed by OPEC leaders to reflect the country's diminishing capacity. Although the country is unlikely to make a significant contribution to global supply in the near term, its exit from the cartel indicates disagreement and may renew doubts about whether all members will adhere to the committed production cuts.

Comments

No comment yet.

Only +plus subscribers can access this content.

SUBSCRIBE now to share your thoughts on the markets and get more comments.
SUBSCRIBE If you already have an account Sign In

Most read news

CMB launches investigation into unusual price movements on Borsa Istanbul

Saturday, February 22, 2025

Eurozone growth uncertainty persists as PMI drops to 50.2

Saturday, February 22, 2025

Türkiye and Qatar strengthen economic cooperation

Thursday, February 20, 2025

Consumer confidence index in Türkiye increased in February

Thursday, February 20, 2025

Saudi Arabia aims to become the world's largest construction market by 2028

Tuesday, February 18, 2025
Follow List
Expand
Your watch list is empty

Add your favorite commodities for quick access and don't miss the latest price change news.


There are no news categories you follow
Edit Notification Preferences
E-bulletin subscription
Sign up to receive the latest news and daily iron prices by e-mail and sms
Become a Plus Subscriber Now!
Try it free for 3 days!
Subscribe Now
Neutral Prices
Be informed
Provincial Iron Prices
Comments and Analysis
Subscribe Now