Oil Prices Fall After Ceasefire Announcement in Lebanon
Analysts anticipate that OPEC+ will maintain its current production levels during its Sunday meeting.
Oil prices edged lower following Israeli Prime Minister Benjamin Netanyahu’s announcement of a ceasefire in the conflict with Hezbollah in Lebanon. However, prices remained underpinned by expectations that OPEC+ will leave its production quotas unchanged.
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Brent crude for January delivery fell 0.27%, closing at $72.81 per barrel. Similarly, West Texas Intermediate (WTI) for January delivery dropped 0.25%, settling at $68.77 per barrel.
The decline in oil prices followed the ceasefire announcement in the Middle East, which eased geopolitical risk premiums in the market.
Netanyahu stated on Tuesday during a televised address that Israel’s security cabinet had agreed to a ceasefire in Lebanon, where Israeli forces have been engaged with the Iranian-backed Hezbollah movement.
Geopolitical Tensions and Oil Supply Concerns
Tensions in the Middle East have raised concerns about potential disruptions to Iranian oil supplies. Iran, the world’s ninth-largest crude producer in 2023 according to the U.S. Energy Information Administration, holds the third-largest proven oil reserves, trailing only Venezuela and Saudi Arabia.
OPEC+ Speculations
Rumors that OPEC+ may once again delay increasing production have contributed to keeping oil prices relatively stable.
Earlier in November, several OPEC+ members, including Saudi Arabia and Russia, extended their oil production cuts through the end of December. Analysts widely expect the group to maintain its production levels during Sunday’s meeting.
“There’s no doubt the market doesn’t need additional oil from OPEC in the first quarter,” said analysts, noting that global oil demand growth forecasts for 2025 have been revised downward in recent months.
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