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08.07.25 - 02:36
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Oil Closes At Session High As Houthi Rebels Hit Second Greek Vessel In Red Sea (ZeroHedge)
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Oil Closes At Session High As Houthi Rebels Hit Second Greek Vessel In Red Sea
By Charles Kennedy of OilPrice.com
A Greek-operated bulk carrier was attacked in the Red Sea on Monday in the second Houthi strike on commercial shipping in less than 24 hours, stoking fears of a renewed escalation in one of the world's most critical oil transit corridors, Arab and Israel media report.
The Eternity C, a Liberia-flagged vessel managed by Athens-based Cosmoship, was hit off Yemen's Hodeidah coast using a combination of sea drones, rocket-propelled grenades, and small arms. Two seafarers were seriously injured and two more are missing, according to shipping intelligence sources cited by media. The vessel was reportedly en route to Iran with a cargo of steel.
The attack follows Sunday's strike on the Magic Seas, another Greek-managed bulk carrier. Houthi militants claim the Magic Seas has sunk. That vessel was hit southwest of Hodeidah and its crew abandoned ship before rescue. Both ships are Liberia...
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07.07.25 - 22:36
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Goldman Sachs Expects Another OPEC+ Superhike In September (ZeroHedge)
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Goldman Sachs Expects Another OPEC+ Superhike In September
Authored by Tsvetana Paraskova via OilPrice.com,
The OPEC+ producers are expected in August to agree on another superhike in production for September that would complete the unwinding of the 2.2 million barrels per day (bpd) output cuts, Goldman Sachs said after the alliance surprised the market with a larger-than-forecast boost for August.
The OPEC+ group is set to unwind the last 550,000 bpd of the 2.2-million-bpd cut in September, the investment bank said in a weekend note.
On Saturday, the eight OPEC+ producers withholding supply to the market decided to ramp up oil production more aggressively than anticipated in August.
At the virtual meeting Saturday, the eight core members led by Saudi Arabia agreed to add 548,000 bpd to global supply—exceeding earlier expectations of a 411,000 bpd hike. The move sets the bloc on track to fully unwind 2.2 million bpd of prior cuts nearly a year ahead of schedule.
“Saturday's announceme...
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