Oil Prices rebound amid OPEC+ Unity and Middle East Tensions

13 Oct 2023 CW Team

Oil prices rebounded after leaders from OPEC+ members Saudi Arabia and Russia reassured the market of their strong collaboration, counteracting a recent drop. West Texas Intermediate inched closer to $84 per barrel, recovering from losses incurred after Hamas' attack on Israel. In a joint interview on Russian state TV, Saudi Energy Minister Prince Abdulaziz bin Salman affirmed their proactive approach, while Russia?s Deputy Prime Minister Alexander Novak emphasised the market's delicate balance.

Tensions remained high in the Middle East, as Israeli forces amassed along the Gaza Strip border, preparing for a potential ground assault against Hamas. Concerns grew over the conflict's potential regional impact on oil supplies.

The oil market experienced significant volatility this week, reacting to the initial shock of the Hamas attack. Traders grappled with pricing in potential consequences and responded to data indicating record-high American production. Additionally, market fluctuations were influenced by speculation about a potential deal between the US and Venezuela, which could increase crude flows.

Saudi Arabia and Russia have led substantial output cuts this year to reduce inventories and bolster prices. These voluntary measures, combined with broader OPEC+ production reductions, triggered a major rally in the third quarter, pushing Brent prices close to $100 a barrel.

Attention also turned to US inventory levels following a report by the American Petroleum Institute, which revealed a nearly 13 million barrel increase in nationwide stockpiles. However, stockpiles at the Cushing, Oklahoma hub, while still low, showed a slight improvement. Official figures were set to be released later on Thursday, influencing market sentiment further.

Infrastructure Urban

29 Oct 2025

Designing Tomorrow: Amaravati’s Net Zero Landmark

Amaravati has achieved a defining landmark in India’s sustainable infrastructure journey with the inauguration of the APCRDA Project Office, the nation’s first government building to earn the IGBC Net Zero Energy Rating – Design Stage. Conceptualised by the Andhra Pradesh Capital Region Development Authority (APCRDA) and certified by the Indian Green Building Council (IGBC), the project exemplifies how governance, design and innovation can converge to deliver measurable environmental impact.A vision rooted in sustainabilitySet within a 4.3-acre site along the Seed Access Road in the Amar..

Pidilite Elevates Construction with PPS

Pidilite Industries introduced Pidilite Professional Solutions (PPS) — a dedicated vertical for the construction and interiors ecosystem — at ACETECH Bengaluru 2025. Designed to empower architects, developers, contractors, and interior specialists, PPS delivers comprehensive support that extends far beyond products to ensure project excellence from concept to completion. Kavinder Singh, Joint Managing Director, Pidilite Industries, noted, “At Pidilite, we believe in enabling the construction fraternity to build boldly and sustainably. With Pidilite Professional Solutions (PPS),..

Punjab, Centre Fast-Track Rajpura-Mohali Rail Line Development

The central government has fast-tracked the construction of the Rajpura-Mohali rail line to enhance connectivity in Punjab. This ambitious infrastructure project, aimed at improving transportation links between Rajpura and Mohali, has been identified as a key step in fostering regional economic growth. Union Minister for Railways, Ashwini Vaishnaw, announced the project’s acceleration during a recent assessment of the area. The rail line is expected to play a significant role in reducing travel time, promoting industrial growth, and boosting logistics efficiency in the region. The project,..