Price of oil

Eight members of the OPEC+ group of oil-producing nations have said they were extending supply cuts until the end of December.

The move is aimed at boosting oil prices amid uncertain demand and accelerating supply, with an eye on the imminent U.S. presidential election, though analysts predict a limited impact.

Hello, now we knew it, we wrote about it, but who believed us? Stefanos is still here, but it’s like he’s not here at all; poor guy got swallowed up by vested interests. Even the last “pillars” of Democracy—Liagas and Kainourgiou, who supported him—have started to…waver, kind of erased him.

Oil futures fell sharply, dropping more than 4% in early Monday trade, as Israeli airstrikes over the weekend avoided hitting Iran's key energy assets, such as oil fields or nuclear facilities.

Martinos highlighted the critical role of Greek-owned shipping amid dramatic geopolitical developments, with two wars — in Ukraine and the Middle East — escalating with an uncertain future.

Fears of another possible energy nightmare, which will again test fragile economies, are looming across Europe after the escalation of hostilities in the Middle East.

There may be challenges ahead for oil prices if the situation in the Middle East escalates into a regional conflict. However, Svetoslav Benchev, the chairman of the Bulgarian Oil and Gas Association (BOGA), expressed hope that fuel prices would remain stable. He made these comments during a conference on "Energy Transition in Transport," which marked BOGA's 25th anniversary.

Τhe government will submit the first draft of the 2025 state budget to Parliament on Monday, in the shadow of the war in the Middle East, toeing a conservative line, but without incorporating a very negative scenario of soaring energy prices.

When Israel’s war against Hamas began a year ago, concern about the economic impact it could have on the wider global economy focused on the price of oil.

In a single day, the cost of crude oil jumped by 5%, following a speech from US President Joe Biden, who suggested that Israel might target Iranian oil facilities. As a result, the price of OPEC oil climbed to 74.90 dollars per barrel, while Brent futures reached 77.54 dollars per barrel.

Oil prices are up more than 5% in international commodities markets as the Iranian attack on Israel began with dozens of ballistic missiles.