Saturday's attack is the biggest on Saudi oil infrastructure since Saddam Hussein's invasion of Kuwait in 1990.Energyread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
"Blaming Iran won't end disaster. Accepting our April '15 proposal to end war & begin talks may," Zarif said on Twitter.Energyread more
Oil prices are expected to jump as much as $10 per barrel after a coordinated drone strike hit Saudi Arabia's largest oil field, forcing the kingdom to cut its oil output in...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
Iran will be resistant to any agreement to cut production at November's OPEC meeting, Again Capital's John Kilduff told CNBC on Wednesday.
"There's just no way the Iranians are going to agree to this," Kilduff said. "I think they see a horizon, potentially, where their oil production and exports get disrupted again by the new Trump administration, … so why would they agree to any sort of cut at all right now?"
Despite energy markets seeing higher volumes of trades that mostly bet on oil prices rising, Kilduff told "Worldwide Exchange" that Iran is actually in a position to ride out its production glut.
The analyst said Iran could be holding out on rival Saudi Arabia, as the Saudis become increasingly desperate for higher prices.
"Their desperation front and center, and to a degree, the Iranians are actually using this potentially to undermine the kingdom even more," Kilduff said.
But Saudi Arabia has been known for taking strong measures to get its way before, and if Iran continues to hold out on cutting production, Kilduff said there could be a repeat.
"The outlier, worst case scenario for oil producers is if … the Saudis get their patience completely tried and blown and they go to a production level that is even higher than it is now," he said.
Kilduff recalled the kingdom acting similarly in 1993, when it instigated a battle for market share, forcing other oil giants to raise production. That sent prices crashing.
Clearview Energy's Jacques Rousseau told CNBC he does not think Saudi Arabia will have a very difficult time initiating a cut.
Instead, Rousseau voiced his worry that one production cut would not be enough to raise oil prices.
"We think this cut is not going to be enough to bring up oil prices," Rousseau told "Squawk Box." "We think this cut, at best, is going to balance global oil supply and demand."
Rousseau said an area of concern and major overflow is in oil producers' inventories, and that may have to be solved by a second production cut early next year.
But the tired caveat remains: "They do not have a great track record of adhering to production cuts," Rousseau said.