Russia's Top Oil Executive Says OPEC+ Was Astute to Boost Output

Steps taken by the OPEC+ group to boost oil supplies have proved astute, given developments in the Middle East conflict, according to Rosneft PJSC Chief Executive Officer Igor Sechin.
'The decision by OPEC+ leaders to raise production at accelerated rates appears highly far-sighted today, and from a market perspective, justified, considering consumer interests amid uncertainty about the scale of the conflict between Iran and Israel,' Sechin said at the St. Petersburg International Economic Forum on Saturday.

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Investors Brace for Market Fallout From U.S. Strike on Iran Nuclear Sites

Investors on Sunday were bracing for a flight to safety after the U.S. struck three Iranian nuclear facilities Saturday evening. "Iran's key nuclear enrichment facilities have been completely and totally obliterated,' said President Trump in a televised address on Saturday night. A full assessment of the damage is pending, 'but initial battle damage assessments indicate that all three sites sustained extremely severe damage and destruction,' said General Dan Caine, chairman of the Joint Chiefs of Staff, on Sunday. Investors were relatively sanguine last week as Israel and Iran exchanged missile strikes and President Trump mulled getting the U.S. involved. The major stock indexes jumped to start the week amid optimism about a diplomatic solution, but slid as the conflict dragged on and finished the week little changed. Some analysts expect a sharp sell-off when markets open on Monday as investors rush to safe havens like Treasurys and gold. "I think the markets are going to be initially alarmed," Mark Spindel, chief investment officer at Potomac River Capital, told Reuters. Cryptocurrencies, which trade 24/7, suggested Monday morning would be a rough one for risk assets. Bitcoin slid more than 2% Sunday morning to trade below $100,000 for the first time since early May, while Ethereum tumbled more than 8%. A panic on Monday could present investors with a buying opportunity, said Wedbush analysts in a note on Sunday. 'This US strike was a matter of when, not if,' they wrote. Iran's nuclear program was, "the biggest threat to the region," so if the attack has decimated that program, 'this ultimately removes an overhang on the market.' American stocks on Monday could follow the lead of Middle East equities, which were rallying on Sunday as investors bet U.S. involvement would hasten an end to the conflict. The Tel Aviv Stock Exchange 35 Index gained 1.5% and the Egyptian EGX 30 rose 2.7%. Still, oil prices are expected to jump when crude futures begin trading on U.S. exchanges Sunday evening. How Iran retaliates—if at all—will likely determine how high prices go. Analysts say surging oil prices would aggravate U.S. inflation, possibly delaying Federal Reserve rate cuts and pressuring stock valuations. Read the original article on Investopedia Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

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37 minutes ago

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Five reasons why we may not see anything more than rhetoric from Russia after US attacks Iran

On the surface, at least, Moscow is fuming. Russia's foreign ministry said it "strongly condemns" the US airstrikes on Iran, which it labelled a "dangerous escalation". Dmitry Medvedev, the deputy chairman of Russia's powerful security council, accused Donald Trump of starting "a new war", and others have called for Moscow to step in. "It's time for us to help Tehran," said Konstantin Malofeyev, a sanctioned Russian businessman who is close to Vladimir Putin. But this was to be expected. Israel-Iran live: 'Incredible success' of US strikes on Iran hailed by Hegseth Iran has been a vital ally in recent years, selling weapons to Russia for its war in Ukraine, and the two nations signed a strategic partnership deal in January. So a robust verbal riposte was predictable. But the response so far feels more show than substance and if things don't escalate further, I doubt we'll see anything more than rhetoric from Russia. There are several reasons why. Firstly, the strategic partnership deal doesn't contain a mutual defence clause. The pact does seek to deepen their defence cooperation, but neither country is obliged to provide military support to the other in the event of an attack. Secondly, if Moscow did want to join the conflict or even supply weapons to Tehran, it would be hard pushed to. Resources are focused on the war in Ukraine. Thirdly, Russia doesn't want to damage its warming relations with the US. Any kind of aid to Iran would likely jeopardise the tentative rapprochement. Fourthly, the Israel-Iran conflict is a helpful distraction from the Kremlin's war against Ukraine. With all eyes on the Middle East, any pressure there was from Washington on Moscow to reach a peace deal seems to have evaporated. Lastly, it's not Vladimir Putin who's spoken out, but the usual attack dogs. Dmitry Medvedev, for example, is a senior figure but his fiery rhetoric is generally considered to be part of a Kremlin comms strategy rather than actual policy expression. Having said all that, though, Russia won't want the situation to escalate any further. Its regional influence took a battering when the Assad regime in Syria was toppled in December, and that influence would practically disappear if another Moscow-friendly regime in Iran were to fall. Read more: So for now, the Kremlin is frantically trying to find a diplomatic solution. Last week, Vladimir Putin held conversations with the leaders of Israel, Iran, America, China and the UAE, and those efforts continue on Monday when he'll meet Iran's foreign minister Abbas Araghchi in Moscow. If the reports are true - that the US forewarned Tehran of the bombings and signalled they'd be a one-off - there's a good chance Moscow had prior knowledge too. Either way, Vladimir Putin's aim here is to play peacemaker, and to turn the situation to his advantage. If he can persuade Mr Araghchi to limit Iran's response to a symbolic one, and to then return to the negotiating table with America, he will have Donald Trump in his debt. The obvious place he'd want that repaid is Ukraine, in the form of withdrawing US support.

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38 minutes ago

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Stuttgart executive on Roma's interest in Woltemade: 'He's staying with us.'

Nick Woltemade has been linked to Roma in recent weeks as a possible offensive reinforcement. However, Alexander Wehrle, CEO of Stuttgart, wanted to clarify the club's position on the future of the young German striker, releasing some statements to the Stuttgarter Zeitung. Advertisement 'We will continue with Nick next season,' said Wehrle. 'Period!' 'All German clubs, except Bayern Munich, are willing to talk about the transfer of a key player above a certain figure. Of course, this also applies to us, but there has not yet been any verbal or written offer for him.' Wehrle then added something on the player's possible contract renewal: 'There is no reason to act immediately. Furthermore, we are in constant dialogue with our players and their agents and this also applies to Nick.'