With a tight supply outlook, Brent crude oil hovers above $83

15 May 2024 CW Team

With the view of U.S. policymakers holding interest rates higher for longer, oil prices increased after dropping about $1 a barrel in the previous session. U.S. West Texas Intermediate crude futures rose 62 cents to $78.88. and Brent crude futures were up 55 cents at $83.34 a barrel by 1239 GMT.

Supporting the dollar and making dollar-denominated oil more expensive for investors holding other currencies, it is anticipated that the U.S. central bank will keep its policy rate on hold for longer. The inflation data from the U.S. this week will further inform the Federal Reserve on interest rate policy.

Regarding supplies, sources told Reuters that Kyiv launched its most recent volley over the weekend with a drone strike that partially shut down the biggest refinery in southern Russia, as part of what has turned into a series of attacks by Russia and Ukraine against each other's vital infrastructure. There have been persistent expectations that the Organisation of the Petroleum Exporting Countries (OPEC) and its partners, referred to as OPEC+, will continue to reduce supplies into the second half of the year.

Iraq?s oil minister indicated that Iraq, the second-largest OPEC producer, is committed to voluntary oil production cuts agreed by the producer group. OPEC+ has previously called out Iraq for pumping more than its output quota in the first three months of 2024. Baghdad agreed to compensate with additional production cuts over the rest of the year. The comments followed the minister's suggestion that the nation had made enough voluntary reductions and would not agree to any additional cuts proposed by the wider OPEC+ group at its June meeting.

Infrastructure Transport

13 Mar 2026

Prime Minister to Inaugurate Multiple Delhi Projects Worth Rs 335 bn

The Prime Minister is scheduled to inaugurate and lay the foundation stone of multiple development projects worth around Rs 335 bn on eight March in Delhi and will address the gathering during the event. Prior to the programme the Prime Minister is to visit General Pool Residential Accommodation (GPRA) Type-five quarters in Sarojini Nagar and hand over keys to female allottees. The Prime Minister will inaugurate Delhi Metro projects valued at about Rs 183 bn, including two new corridors: the Majlis Park-Maujpur Babarpur Pink Line corridor of around 12.3 km and the Deepali Chowk-Majlis Park Mag..

Noida International Airport Secures Security Clearance Ahead Of Launch

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Aerodrome Licence Granted To Noida International Airport

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