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Mumbai: The rupee slipped 1 paisa to an all-time low of 84.40 against the US dollar in early trade on Wednesday, as persistent <keyword id="20520117" type="General" weightage="20" keywordseo="foreign-fund-outflows" source="keywords">foreign fund outflows</keyword> and a muted trend in domestic equities weighed on the local unit. Forex traders said the USDINR pair has shown significant volatility in recent sessions, with the rupee inching closer to its all-time low of 84.40. This downward pressure is largely driven by global factors, particularly the Dollar Index's strengthening. At the interbank foreign exchange, the rupee opened at 84.40 against the greenback, registering a fall of 1 paisa over its previous close. On Tuesday, the rupee fell 1 paisa to a new lifetime low of 84.39 against the US dollar. "It appears that the rupee has established support around the current levels, with depreciation limited near 84.50," CR Forex Advisors MD Amit Pabari said. Pabari further added that the RBI stands tall as the depreciation in the rupee seems to be limited as the <keyword id="19899810" type="General" weightage="100" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) continues to sell the dollars to protect the sharp depreciation. "For the 5th consecutive week, India's forex reserves declined, possibly due to RBI selling the dollars. Currently, the forex reserves of India stand at USD 682 billion down from the recent all-time high of USD 704 billion," he said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was trading lower by 0.04 per cent at 105.98. Brent crude, the global oil benchmark, rose 0.25 per cent to USD 72.07 per barrel in futures trade. On the domestic equity market front, Sensex was trading 210.66 points, or 0.27 per cent lower, to 78,464.52 points. The Nifty fell 100.45 points, or 0.42 per cent, to 23,783.00 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 3,024.31 crore, according to exchange data. On the macroeconomic front, retail inflation breached the Reserve Bank's upper tolerance level, soaring to a 14-month high of 6.21 per cent in October mainly on account of rising food prices. Inflation based on the consumer price index (CPI) was 5.49 per cent in September and 4.87 per cent in the year-ago month. India's industrial production expanded by 3.1 per cent in September after recording a contraction in the preceding month, as all three major segments -- mining, manufacturing, and power generation -- showed improvement. However, the growth in the Index of Industrial Production (IIP) during the month was lower than 6.4 per cent registered in September 2023.

Rupee falls 1 paisa to all-time low of 84.40 against US dollar in early trade

<ul class="summary-list"><li>Russia's oil revenue fell sharply year-over-year in October.</li><li>Oil-related tax revenue dropped 29% last month, while oil and gas proceeds fell more than 25%.</li></ul>Russia saw a double-digit drop in oil revenue last month, hitting an important source of funds for the Kremlin amid pressure on global crude prices. Moscow's revenue from oil-related taxes plummeted 29% year-over-year in October, from 1.48 trillion rubles to 1.05 trillion rubles, according to data from Russia's Finance Ministry. Oil and gas proceeds, which is largely made up of oil production taxes and profit-based taxes in the industry, also fell more than 25% to 1.21 trillion rubles.Total oil and gas revenue rose on a monthly basis, with October levels up more than 75% compared to September. However, that's largely because the profit-based tax on Russia's oil industry is due four times a year, with companies paying taxes in March, April, July, and October, <a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-11-05/kremlin-oil-revenue-shrank-by-29-in-october-amid-lower-prices">Bloomberg reported</a>.The yearly drop has largely been fueled by <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/russia-economy-oil-war-revenue-crude-prices-opec-production-cut-2024-9">falling crude prices</a>. International crude prices logged their <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/oil-prices-today-israel-strike-iran-production-brent-wti-crude-2024-10">biggest drop in two years</a> last month after Israel's strike against Iran spared its oil infrastructure. Meanwhile, <a target="_blank" class="" href="https://markets.businessinsider.com/news/commodities/us-oil-opec-crude-production-record-oil-prices-commodity-market-2024-11">US producers are pumping more than ever</a>, complicating efforts by OPEC+ to crimp supply and boost the price. Brent crude, the international benchmark, traded around $75 a barrel on Tuesday, down 11% over the last year. Meanwhile, Urals crude, Russia's flagship oil blend, traded around $63.57, down around 24% compared to the same time last year, Bloomberg data shows.The drop in oil revenue throttles a key source of funds for <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-ukraine-war-outlook-moscow-sanctions-west-firms-uchicago-2024-10">Russia's war-driven economy</a>, which is becoming increasingly strained under the rising costs of its invasion of Ukraine. Russia's oil and gas industries have accounted for around 30%-50% of Russia's federal budget revenue for the last decade, according to an <a target="_blank" href="https://www.oxfordenergy.org/publications/follow-the-money-understanding-russias-oil-and-gas-revenues/">analysis</a> from The Oxford Institute for Energy Studies. Russia's <a target="_blank" class="" href="https://www.businessinsider.com/russia-economy-outlook-defense-budget-spending-ukraine-war-putin-sanctions-2024-10">defense state spending</a>, meanwhile, is on track to hit a post-Soviet high in 2025.

Russia's oil revenue plummeted 29% in October amid volatile global crude prices

Mumbai: The rupee fell sharply by 15 paise against the US dollar to 83.44 in early trade on Wednesday amid muted trends in the domestic equity markets. However, a decline in the dollar index and a marginal fall in the Brent crude index prevented further losses in the domestic unit, according to experts. At the interbank foreign exchange, the local unit opened at 84.38 -- down 9 paise from its previous close -- and then slid further to 84.44, registering a decline of 15 paise from its previous close. On Tuesday, the rupee pared its intra-day losses to settle flat at 84.29 against the US dollar. "The <keyword id="24182640" type="General" weightage="20" keywordseo="Indian-banking-liquidity" source="keywords">Indian banking liquidity</keyword> fell into deficit as industry players paid Rs 1.6-1.8 lakh crore as GST payment. This was after two months that liquidity has fallen into a deficit as the RBI also intervened into forex markets to defend the rupee weighing on liquidity conditions," Anil Kumar Bhansali, Head of Treasury and Executive Director, Finrex Treasury Advisors LLP, said. "The rupee may be in the broad range of 84.00 to 84.50 in the near term as markets await a slew of data from the US this evening," Bhansali added. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was down 0.15 per cent to 106.84. Brent crude, the global oil benchmark, was marginally down 0.10 per cent to USD 72.74 per barrel in futures trade. In the domestic equity market, the 30-share equity benchmark Sensex was trading 46.69 points lower, or 0.06 per cent, at 79,957.57 points. <keyword id="19932515" type="General" weightage="20" keywordseo="Foreign-Institutional-Investors" source="keywords">Foreign Institutional Investors</keyword> (FIIs) were net buyers in the capital markets on Tuesday, purchasing shares worth Rs 1,157.70 crore, according to exchange data.

Rupee falls 15 paise to 83.44 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="100" keywordseo="rupee" source="keywords">rupee</keyword> depreciated 12 paise to 83.56 against the <keyword id="19949640" type="General" weightage="20" keywordseo="US-dollar" source="keywords">US dollar</keyword> in early trade on Tuesday, weighed down by the strengthening of the American currency in the overseas markets and elevated <keyword id="20024983" type="General" weightage="20" keywordseo="crude-oil-prices" source="keywords">crude oil prices</keyword>. <keyword id="20024982" type="General" weightage="20" keywordseo="forex-traders" source="keywords">Forex traders</keyword> said <keyword id="21356063" type="General" weightage="20" keywordseo="oil-importers" source="keywords">oil importers</keyword> and <keyword id="20015748" type="General" weightage="20" keywordseo="foreign-portfolio-investors" source="keywords">foreign portfolio investors</keyword> (FPIs) bought US dollars amid rising US yields, and this dragged down the local unit. At the <keyword id="20520118" type="General" weightage="20" keywordseo="interbank-foreign-exchange-market" source="keywords">interbank foreign exchange market</keyword>, the rupee opened at 83.51 and lost further ground to trade at 83.56 against the greenback in initial deals, registering a fall of 12 paise from its previous closing level. On Monday, the rupee depreciated 10 paise to settle at 83.44 against the US dollar. The rupee had dollar inflows and rose to 83.37 on Monday, but was sold-off to 83.44 levels, as oil and FPIs bought dollars looking at rising US yields, said Anil Kumar Bhansali, Head of Treasury and Executive Director <keyword id="21083675" type="General" weightage="20" keywordseo="finrex-treasury" source="keywords">Finrex Treasury</keyword> Advisors LLP. On Tuesday, rupee is likely to touch 83.55 before cooling off to 83.45, Bhansali said, adding that the narrow range for the day could be 83.40 to 83.55. Meanwhile, the <keyword id="19976503" type="General" weightage="20" keywordseo="dollar-index" source="keywords">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading at 105.91, higher by 0.02 per cent, following a surge in US treasury yields as investors contemplated a second Trump US presidency. <keyword id="19969325" type="General" weightage="20" keywordseo="Brent-crude-futures" source="keywords">Brent crude futures</keyword>, the global oil benchmark, advanced 0.22 per cent to USD 86.80 per barrel. In the domestic equity market, benchmark indices, Sensex and Nifty, touched lifetime high levels in early trade. However, the indices pared the initial gains and were trading in the negative territory. The BSE Sensex was down 64.46 points, or 0.08 per cent, to 79,411.73 points. The broader NSE Nifty fell 25.55 points, or 0.11 per cent, to 24,116.40 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Monday, as they offloaded shares worth Rs 426.03 crore, according to exchange data.

Rupee falls 12 paise to 83.56 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="Rupee" source="keywords">rupee</keyword> appreciated by 7 paise to 83.24 against the US dollar on Wednesday amid softening <keyword id="20024983" type="General" weightage="20" keywordseo="Crude-oil-prices" source="keywords">crude oil prices</keyword> in the international market. <keyword id="20024982" type="General" weightage="20" keywordseo="Forex-traders" source="keywords">Forex traders</keyword> said the local unit faced some resistance due to subdued sentiment in the domestic equity market and foreign fund outflows. At the interbank foreign exchange market, the local unit opened at 83.29 and inched up further to trade at 83.24 against the greenback, registering a gain of 7 paise from its previous closing level. On Tuesday, the rupee appreciated 6 paise to close at 83.31 against the US dollar. "As the rupee seems to have started aligning with its fundamentals, in the short term, one can expect the Rupee to approach levels of 83.00 to 83.10, while the medium-term target is projected to range between 82.80 to 82.50 levels," CR Forex Advisors MD Amit Pabari said. Meanwhile, the <keyword id="19976503" type="General" weightage="20" keywordseo="Dollar-index" source="keywords">dollar index</keyword>, which gauges the greenback's strength against a basket of six currencies, was trading at 104.63, lower by 0.02 per cent. <keyword id="19969325" type="General" weightage="20" keywordseo="Brent-crude-futures" source="keywords">Brent crude futures</keyword>, the global oil benchmark, declined 0.65 per cent to <keyword id="19944038" type="General" weightage="20" keywordseo="USD" source="keywords">USD</keyword> 82.34 per barrel. On the domestic equity market, the 30-share BSE Sensex was trading 37.12 points, or 0.05 per cent lower at 73,916.19 points. The broader NSE Nifty was down 30.40 points, or 0.13 per cent, to 22,498.65 points. Foreign Institutional Investors (FIIs) were net sellers in the capital markets on Tuesday, as they offloaded shares worth Rs 1,874.54 crore, according to exchange data. On the macroeconomic front, according to an article in the RBI's May Bulletin released on Tuesday, India is likely to grow by 7.5 per cent in the first quarter of the current financial year, driven by rising aggregate demand and non-food spending in the rural economy. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/awfis-space-solutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/110305597.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/awfis-space-solutions-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/110305597.cms" target="_blank">Awfis Space Solutions IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/sports/webstories/rajasthan-royals-vs-royal-challengers-bengaluru-head-to-head-record-key-players-and-more/slidelist/110298325.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/rajasthan-royals-vs-royal-challengers-bengaluru-head-to-head-record-key-players-and-more/slidelist/110298325.cms" target="_blank">Rajasthan Royals vs Royal Challengers Bengaluru: head-to-head record, key players and more</a><a href="https://www.businessinsider.in/tech/news/indias-pc-market-grows-by-2-6-in-q1-2024-recording-third-consecutive-quarter-with-growth/articleshow/110292150.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/indias-pc-market-grows-by-2-6-in-q1-2024-recording-third-consecutive-quarter-with-growth/articleshow/110292150.cms" target="_blank">India's PC market grows by 2.6% in Q1 2024, recording third consecutive quarter with growth</a>

Rupee rises 7 paise to 83.24 against US dollar in early trade

The <keyword id="19949639" type="General" weightage="20" keywordseo="rupee" source="keywords">rupee</keyword> consolidated in a narrow range and settled for the day lower by 1 paisa at 83.96 (provisional) against US <keyword id="19904292" type="General" weightage="20" keywordseo="dollar" source="keywords">dollar</keyword> on Thursday, after the Reserve Bank expectedly kept the benchmark interest rate and stance unchanged for the ninth straight policy meeting. Forex traders said weak domestic markets, surge in crude oil prices and foreign fund outflows weighed on the rupee. However, a decline in the US Dollar index prevented the local unit from declining sharply. At the interbank foreign exchange market, the local unit opened at 83.94 and touched an intraday low of 83.97 and a high of 83.93 against the dollar during the session. It finally settled at 83.96 (provisional) against the American currency, down 1 paisa from its previous close. On Wednesday, the rupee consolidated in a narrow range and settled for the day lower by 3 paise at 83.95 against US dollar. The local unit had slumped 37 paise to settle at an all-time low of 84.09 against the US dollar on Monday. "We expect the rupee to trade with a negative bias on selling pressure from foreign investors and weak domestic markets. Ongoing geopolitical tensions in the Middle East may also pressurise the rupee," said Anuj Choudhary - Research Analyst at Sharekhan by BNP Paribas. However, weak US dollar may support the rupee at lower levels. Any intervention by <keyword id="19899808" type="General" weightage="20" keywordseo="RBI" source="keywords">RBI</keyword> may also support the rupee. "Traders may take cues from weekly unemployment claims data from the US. USDINR spot price is expected to trade in a range of Rs 83.75 to Rs 84.20," Choudhary said. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 103.07 points. <keyword id="20025497" type="General" weightage="20" keywordseo="Brent-crude" source="keywords">Brent crude</keyword>, the global oil benchmark, was trading 0.78 per cent lower at USD 77.72 per barrel in futures trade. On the macroeconomic front, the Monetary Policy Committee (MPC) of the Reserve Bank kept the benchmark repurchase or repo rate unchanged at 6.50 per cent. Announcing the bi-monthly monetary policy review RBI Governor Shaktikanta Das said Indian rupee remained largely range-bound so far this financial year. The panel also decided to retain a policy stance at "withdrawal of accommodation" to aid MPC's focus on bringing inflation towards its 4 per cent target. The status quo by RBI comes amid varied central bank action in advanced economies. While the Bank of England reduced interest rates last week, the Bank of Japan hiked rates to their highest levels since 2008. Also, fears of a US recession have risen on the back of weak employment numbers, piling up pressure on the Federal Reserve to start cutting rates to support the economy. In the domestic equity market, the 30-share BSE Sensex fell 581.79 points, or 0.73 per cent, to close at 78,886.22 points, while the Nifty declined 180.50 points, or 0.74 per cent, to 24,117.00 points. Foreign institutional investors (FIIs) were net sellers in the capital markets on Wednesday as they offloaded shares worth Rs 3,314.76 crore, according to exchange data. SEE ALSO:<a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/ola-wants-to-re-enter-the-quick-commerce-business-to-take-on-blinkit-and-swiggy-instamart/articleshow/112364583.cms" target="_blank">Ola wants to re-enter the quick commerce business to take on Blinkit and Swiggy Instamart</a><a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank"></a> <a href="https://www.businessinsider.in/finance/banks/news/rbi-mpc-meet-cheque-clearing-time-reduced-upi-limit-increased-for-tax-payment/articleshow/112366099.cms" target="_blank">RBI MPC meet – Cheque clearing time reduced, UPI limit increased for tax payment</a><a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/tata-curvv-ev-with-up-to-585-km-range-launched-starting-at-17-49-lakh/slidelist/112342769.cms" target="_blank">Tata Curvv EV with up to 585 km range launched starting at ₹17.49 lakh</a>

Rupee falls 1 paisa to close at 83.96 against US dollar

<ul class="summary-list"><li>Oil prices fell over 6% after Israel's missile strike on Iran spared its oil production infrastructure.</li><li>Israel hit military targets and reportedly warned the country ahead of the attack.</li></ul>Oil prices plunged on Monday, dropping more than 6% in the steepest intra-day decline since September 2022.Brent crude, the international oil benchmark, pared some of its steepest losses by mid-morning and was down by about 5% to $72.13 a barrel. US oil prices fell over 5% to $67.90 a barrel. The sharp drop came after Israel retaliated against Iran over the weekend. The strikes were a response to an attack by Iran on October 1 that saw about 200 ballistic missiles launched at Israel. Iran produced an average of about 4 million barrels of oil per day in 2023. Prior to the retaliation by Israel, energy markets were bracing for a targeted strike against Iran's oil production sites to disrupt global energy markets and push crude prices higher.But Israel's attack over the weekend avoided Iran's oil facilities, which had previously been considered as a target, and instead targeted military sites throughout the country, hitting missile-production facilities and air-defense sites. "The market was concerned that the oil and nuclear facilities could have been hit. That didn't happen, so the market is pricing out that risk for now," UBS analyst Giovanni Staunovo <a target="_blank" class="" href="https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-10-28-2024/card/oil-prices-eye-biggest-one-day-fall-in-over-two-years-67Ae2nF9c3Eqe83DUgmy?mod=lctimeline_finance">said.</a>Additionally, <a target="_blank" class="" href="https://www.axios.com/2024/10/26/israel-iran-attack-warning">a report from Axios</a> said that Israel notified Iran of the imminent strike and warned the country against retaliating. Since the strike, Iran has <a target="_blank" class="" href="https://www.reuters.com/world/middle-east/explosions-heard-iran-syria-middle-east-braces-israeli-retaliation-2024-10-25/">played down Israel's retaliation</a> and said they caused "limited damage."The reported warning from Israel and downplaying of the attack by officials in Iran suggests both countries could be trying to avoid further escalation in their conflict, potentially easing tensions that have kept oil prices elevated in recent months.

Oil prices plunge most in 2 years after Israel's strike on Iran spares production facilities     

<ul class="summary-list"><li><keyword id="8204529" type="General" weightage="20" keywordseo="oil-prices-jump" source="Orion">Oil prices jump</keyword> and stocks sink on reports of escalating Middle East tensions.</li><li>Israel struck Iran early Friday morning, multiple agencies reported, citing US officials.</li></ul><keyword id="6354418" type="General" weightage="20" keywordseo="oil-prices" source="Orion">Oil prices</keyword> jumped while stocks sold off after reports of an escalation in Middle East tensions. <a target="_blank" href="https://www.businessinsider.com/explosion-heard-in-iran-according-to-state-media-2024-4">Israel struck a site in Iran</a> early Friday morning, <a target="_blank" href="https://www.cnn.com/middleeast/live-news/israel-hamas-war-gaza-news-04-18-24/index.html">multiple</a> <a target="_blank" href="https://www.cbsnews.com/news/israel-iran-missile-strikes/">outlets</a> reported, citing US officials. International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. US West Texas Intermediate futures were 3.2% higher at $85.40 a barrel. The strike on Friday came days after <a target="_blank" href="https://www.businessinsider.com/us-iran-readying-cruise-missiles-possible-strike-on-israel-reports-2024-4">Iran attacked Israel</a> on Saturday with a barrage of more than <a target="_blank" href="https://www.businessinsider.com/us-forces-destroyed-iran-missiles-drones-massive-air-defense-battle-2024-4">300 missiles and drones</a>. On April 1, <a target="_blank" href="https://www.businessinsider.com/iran-doesnt-want-full-on-war-israel-will-still-threaten-2024-4">Iran's embassy</a> in Damascus, Syria, was hit with a strike. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation. Earlier this week, <a target="_blank" href="https://www.reuters.com/world/europe/europe-joins-us-urging-restraint-by-israel-after-iranian-attack-2024-04-15/">Israel pledged retaliation</a> over Iran's missile and drone attack. Oil markets shrugged off Iran's attack on Israel as the market assessed the <a target="_blank" class="c-link" href="https://finance.yahoo.com/news/crude-oil-sees-muted-open-223236811.html">conflict would remain contained</a>. Friday's reports changed this. Markets have been on edge over fears of a widening of the conflict in the Middle East — a major oil-producing region. A broader conflict could disrupt energy supplies, which could impact the global economy. If the reports turn out to be true, "fears over further escalation will only grow, as well as concerns that we are potentially moving closer towards a situation where oil supply risks lead to actual supply disruptions," <a target="_blank" class="c-link" href="https://think.ing.com/articles/the-commodities-feed-oil-surges-on-escalation-fears190424/">ING commodity strategists wrote on Friday</a>. "It's a shoot first and ask questions later dynamic for investors. This is Israel's 'tat' to Iran's 'tit,' and the fear is that this tit-for-tat situation could spiral further out of control," Kyle Rodda, a senior market analyst at <a target="_blank" href="http://Capital.com">Capital.com</a>, an online trading platform, told Business Insider. "Iran seems to be downplaying the attack for now, which says to me that it does not wish to inflame the situation further and create conditions in which it will be forced to retaliate with equal or greater force," Rodda said. "However, the event is fresh and fluid, so uncertainty prevails," he added. Stock markets are also selling off on the news while the price of gold, a safe haven, rose to near a record high. US stock futures fell, with S&amp;P500 down 1.3%. Japan's Nikkei 225 index was 3.5% lower at 11:16 a.m. local time. The spot gold price was 1.2% higher at $2,406.92 an ounce.

Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran

<ul class="summary-list"><li>Saudi Arabia's oil minister says crude prices could fall as low as $50 per barrel.</li><li>OPEC delegates consider this a signal that the Saudis are ready to engage in a price war.</li></ul>Saudi Arabia's oil minister says oil prices could fall as low as $50 per barrel if OPEC+ keeps overproducing, according to a <a target="_blank" href="https://www.wsj.com/business/energy-oil/saudi-minister-warns-of-50-oil-as-opec-members-flout-production-curbs-216dc070">Wall Street Journal</a> report.Prince Abdulaziz bin Salman's forecast, made during a conference call last week, was regarded as an indirect threat aimed at others in the oil coalition. According to delegates who spoke with WSJ, it signals Riyadh's readiness to launch a price war if the cartel's outflows aren't restrained.One delegate summarized the minister's remarks bluntly: "Some better shut up and respect their commitments toward OPEC+."$50 per barrel oil would drag <a target="_blank" href="https://markets.businessinsider.com/commodities/oil-price?utm_medium=ingest&amp;utm_source=markets">Brent</a> crude, the international benchmark, down 33% from current levels.The commodity was trading around $74 per barrel as of Wednesday morning. Crude markets have soared this week amid escalating tensions in the Middle East, as Israel's ground offensive into Lebanon prompted a heavy missile attack from Iran.Though fear grew that this would disrupt regional production, geopolitical tensions have had a limited impact on crude this year. Instead, prices have slumped on waning demand and an excessive supply glut, pushing Brent down 16% since peaking in April.That's despite OPEC's efforts to keep prices elevated by slashing output. Although numerous production cuts have been announced since mid-2023, this has only cost the coalition market share, without arresting prices.Part of the issue is that members are not sticking to their pledged cuts. The Saudi minister called out Iraq, which surpassed its quota by 400,000 barrels per day in August, according to <a target="_blank" href="https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/oil/080824-opec-produces-437000-bd-above-quota-in-first-month-of-compensation-cuts">S&amp;P Global Ratings</a> data. Kazakhstan, which overproduced by 120,000 barrels a day, was also singled out.Although Saudi Arabia's economy depends on higher pricing, a report from last week suggests that the kingdom might be ready to boost its <a target="_blank" href="https://markets.businessinsider.com/news/commodities/saudi-arabia-oil-prices-brent-crude-outlook-opec-production-cuts-2024-9">oil output and bolster its market share</a>.One source told the Financial Times that Riyadh would ditch its curbs quicker than expected if countries such as Iraq and Kazakhstan keep producing above their quota.This decision will become public on December 1, when OPEC is scheduled to determine whether to increase production. Though it was initially meant to do so in October, the decision was delayed.Saudi Arabia has a history of shaking up the market by increasing production. The OPEC leader caused prices to fall below $10 per barrel in 1986 after boosting output to penalize other producers.

Saudi minister says crude prices could fall 33% if OPEC members don't stop pumping so much

<ul class="summary-list"><li>Saudi Arabia is committed to boosting oil output in December, the <a target="_blank" class="" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">FT reported</a>.</li><li>The kingdom is resigning itself to a period a lower prices, sources told the FT.</li></ul>A report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday.According to sources that spoke with the <a target="_blank" href="https://www.ft.com/content/1d186f62-5941-4f9e-aef1-7d93a8a696cd">Financial Times</a>, the kingdom will no longer seek a $100 per barrel price and is instead ready to increase oil output.Speculation has mounted over what the world's largest oil exporter may do. Even as Saudi Arabia and other OPEC+ members have progressively<a target="_blank" href="https://www.businessinsider.com/surprise-oil-cutbacks-send-prices-soaring-30-year-oil-expert-2023-11"> cut oil output</a> to prop up global pricing, waning demand pushed crude to its lowest level since 2021 earlier this month.Despite this, those familiar with the matter said that Riyadh is prepared to boost output as scheduled on December 1. In essence, the kingdom is giving in to lower prices, FT sources said.Markets spiraled on the news, dropping over 3%. Brent crude, the international benchmark, fell as low as $70.7 as of 11:00 am ET. An even steeper decline hit US West Texas Intermediate, hitting $67 a barrel.The kingdom's decision may seem counterintuitive, as the $100 per barrel threshold <a target="_blank" href="https://markets.businessinsider.com/news/commodities/crude-oil-prices-demand-collapse-saudi-arabia-production-russia-opec-2023-9">is considered essential</a> to financing the Saudi budget. Yet, sources told FT that Riyadh is no longer comfortable ceding its market share to other producers by limiting production.OPEC's joint efforts to support higher prices have also been made difficult by the fact that some coalition members have partially disregarded the restrictions. One source told FT that, if countries such as Iraq and Kazakhstan do not commit to curbing supply, Riyadh may unwind its own cuts quicker than expected.Under the current plan, Saudi Arabia will boost its monthly production by 83,000 barrels per day each month from December.Prices have stayed low as China, a key consumer of global oil, has signaled a lackluster appetite for the commodity.According to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-25/latest-oil-market-news-and-analysis-for-sept-26">Bloomberg</a>, developments in Libya also added to Thursday's oil plunge.The country agreed to appoint a new central bank governor, ending a deadlock between rival administrations. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

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