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  • Biden unlikely to cut Iran’s oil lifeline after Israel attack

     Iran's unprecedented missile and drone strike on Israel is unlikely to prompt dramatic sanctions action on Iran's oil exports from the Biden administration due to worries about boosting oil prices and angering top buyer China, said analysts.
    Shortly after Tehran launched its weekend attack - retaliation for Israel's suspected April 1 strike on the Iranian consulate in Damascus - House Republican leaders accused President Joe Biden of failing to enforce existing measures and said they would take up this week a series of bills to sharpen sanctions on Iran.

  • Why Another Drawdown Of America’s Oil Reserve Could Happen

    The motivation there for the OPEC+ ministers would be to avoid the inevitable demand destruction that $100/barrel oil prices have caused in the past. It is a motivation that makes sense for countries whose long-term economic health remains highly dependent on strong demand for crude oil. The question, though, becomes how quickly OPEC+ is willing to act to readjust its production targets, given that the group acted just last week to reaffirm commitments to lower quotas it has had in place since last summer. With the Brent price already over $91/bbl and the US summer driving season rapidly approaching, the prospect of a near-term rise to the $100 mark is not really all that remote.

  • Oil prices head back up on Middle East jitters

    Oil prices rose in early trade on Friday on heightened tensions in the Middle East, where Iran has promised to retaliate for a suspected Israeli air strike on its embassy in Syria, which could risk disruptions to supply from the oil producing region. Brent crude futures climbed 34 cents, or 0.38%, to $90.08 a barrel, while U.S. West Texas Intermediate crude futures rose 44 cents, or 0.51%, to $85.45, at 0033 GMT.

  • Saudi Arabia’s economic diversification: Driving growth beyond oil

    “The PMI for Saudi Arabia showcased a notable upswing as the non-oil economy exhibited expansion in the most recent period,” Naif Al-Ghaith, chief economist at Riyad Bank, said in a statement. “Business activity experienced a substantial uptick, marking the most significant growth in six months. The positive momentum also prompted accelerated purchasing activities and additional hiring, underscoring a buoyant market outlook.”

  • Saudi Aramco Suspends Two Oil Contractors

    Aramco earlier this year said it had scrapped plans to expand production capacity to 13 million barrels daily. The company said in January that the state had ordered it to stop work on the capacity expansion and keep the maximum sustainable capacity at 12 million bpd.

  • Saudi Arabia’s economic diversification: Driving growth beyond oil

    Saudi Arabia’s non-oil sector is experiencing a surge in activity, signaling a pivotal turning point in the Kingdom’s economic diversification efforts. With recent data indicating a growth trajectory, the country stands poised to redefine its economic landscape beyond its traditional reliance on oil revenues.

  • Saudi Aramco Suspends Two Oil Contractors

    Aramco has served notices of temporary suspension to two oilfield service contractors, Zawya has reported, citing the companies. According to one of them, Borr Drilling Limited, the suspension will begin this month and last for a year, the report said. Borr Drilling operates the Arabia I rig in Saudi Arabia and said it would look to move the rig elsewhere for the duration of the suspension. The other company, Valaris, has also received a suspension for one rig, out of a fleet of 19 that its Saudi subsidiary operates in the kingdom. The contract for the rig was ending at the end of this year, the report noted.

  • McDonald’s buys all of its Israeli franchise restaurants amid damage from Middle East turmoil

    McDonald’s will buy every one of its 225 franchise restaurants in Israel, it announced Thursday, just weeks after saying that the Israel-Hamas war was hurting its business.

    The fast food giant said it had struck an agreement with Israeli franchise Alonyal to buy the firm’s McDonald’s (MCD) franchise restaurants in the country.

    Omri Padan, CEO and owner of Alonyal, said in a statement: “For more than 30 years, Alonyal Limited has been proud to bring the Golden Arches to Israel and serve our communities.” Alonyal employs more than 5,000 people across its McDonald’s restaurants in the country.

  • Oil Holds Above $90 After Middle East Tensions Push Brent Higher

    Global benchmark Brent earlier pierced $91 a barrel, before trading little changed. The focus has shifted to a dramatic repricing of geopolitical risk, after Israel increased preparations for a potential retaliation by Tehran to a strike on an Iranian diplomatic compound in Syria. That has stoked fears of a wider regional conflict.

  • Oil prices are near a six-month high after Israel bombed an Iranian consulate

    Oil prices have risen more than 10% this year, and they’re near a six-month high after after Israeli jets dropped bombs on Iran’s consulate in Damascus, Syria. Brent crude, one of the major global oil benchmarks, is trading at $88.66 a barrel. The airstrike, which killed two major figures in Iran’s armed forces among six others, comes amid fears that Israel’s months-long war in Gaza could escalate into a wider regional conflict.