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Brent Oil Takes Out $86 as #SaudiArabia Vows Caution on Supplies - Bloomberg

Brent Oil Takes Out $86 as Saudi Arabia Vows Caution on Supplies - Bloomberg Oil rallied above $86 a barrel after Saudi Arabia said that the OPEC+ alliance should maintain its cautious approach to managing global crude supplies given the threat to demand still posed by the pandemic. Global benchmark Brent advanced 0.8%, building on a run of seven consecutive weekly gains, while West Texas Intermediate hit the highest since 2014. Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told B...
Tags: Travel, Saudi Arabia, Singapore, Nigeria, Opec, Bloomberg Television, Organization of Petroleum Exporting Countries, ING Groep NV, Rupert Neil Bumfrey, Abdulaziz bin Salman, Warren Patterson, Bloomberg Oil, Supplies Bloomberg, Azerbaijan Oil


What Is Blue Hydrogen? #SaudiArabia Has $110 Billion Gas Project - Bloomberg

What Is Blue Hydrogen? Saudi Arabia Has $110 Billion Gas Project - Bloomberg Saudi Arabia said it would use one of the world’s biggest natural-gas projects to make blue hydrogen, as the kingdom steps up efforts to export a fuel seen as crucial to the green-energy transition.A large portion of gas from the $110 billion Jafurah development will be used for blue hydrogen, according to Energy Minister Abdulaziz bin Salman. It is made by converting natural gas and capturing the carbon dioxide emiss...
Tags: Travel, Bloomberg, Riyadh, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Jafurah


#Saudi Oil Chief Says OPEC+ Can’t Take Rebound for Granted - Bloomberg

Saudi Oil Chief Says OPEC+ Can’t Take Rebound for Granted - Bloomberg Saudi Arabia said oil producers shouldn’t take the rise in prices for granted because the coronavirus pandemic could still hit demand.“We are not yet out of the woods,” Prince Abdulaziz bin Salman said to Bloomberg Television in Riyadh on Saturday. “We need to be careful. The crisis is contained but is not necessarily over.”The Organization of Petroleum Exporting Countries and its allies, including Russia, have been under pr...
Tags: Travel, Asia, Europe, Japan, Iraq, Russia, India, Opec, Bloomberg, Riyadh, Bloomberg Television, Northern Hemisphere, JPMorgan Chase Co, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey


#Saudi Energy Minister: Oil Rebound Can't Be Taken For Granted - Bloomberg video

Saudi Energy Minister: Oil Rebound Can't Be Taken For Granted - Bloomberg Saudi Arabia's Energy Minister, Prince Abdulaziz bin Salman, said oil producers shouldn’t take the rise in prices for granted because the coronavirus pandemic could still hit demand. He speaks with Bloomberg TV's Yousef Gamal El-Din at the Saudi Green Initiative in Riyadh. [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Bloomberg, Riyadh, Bloomberg TV, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Yousef Gamal El Din


OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg

OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia.While crude has jumped to a three-year high above $80 a barrel, the increase has been nothing compared to volatility seen with gas and coal prices, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday. He reiterated that the OPEC+ c...
Tags: Travel, Asia, Europe, Saudi Arabia, White House, Russia, Opec, Moscow, Riyadh, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Gas Bloomberg, Bloomberg Oil, OPEC Kingpins


Saudis Triumph in Oil Market With Comeback From Covid Crisis - Bloomberg

Saudis Triumph in Oil Market With Comeback From Covid Crisis - Bloomberg When the OPEC+ alliance of oil producers gathers next week, group leader Saudi Arabia can savor a moment of triumph. Eighteen months after slashing crude production during the pandemic, Riyadh is set to pump at almost pre-Covid levels of 9.8 million barrels a day this month as a recovering global economy clamours for energy supplies.Furthermore, by bringing those shipments back slowly enough to avert a new surplus, Sa...
Tags: Travel, Saudi Arabia, Opec, Riyadh, Rupert Neil Bumfrey, Trafigura Group, Abdulaziz bin Salman, Ben Luckock


Cox: #Saudi may have a super-green future after all | Reuters

Cox: Saudi may have a super-green future after all | Reuters Something funky happened in Naples the other day, which is saying a lot for the magically chaotic city loomed over by tempestuous Mount Vesuvius. No, it had nothing to do with the city’s famous pizza or its notorious Camorra gangsters. Instead, it was a low-key but potentially significant step in the fight against global warming: Saudi Arabia sided with the club of climate crusaders.Two weeks ago, in the Royal Palace once occupied by...
Tags: Travel, UK, Saudi Arabia, China, India, Beijing, United States, Italy, John Kerry, New Delhi, Naples, Reuters, Royal Palace, Camorra, Rupert Neil Bumfrey, Abdulaziz bin Salman


The #Saudi Prince of Oil Prices Vows to Drill ‘Every Last Molecule’ - Bloomberg

Saudi Prince Abdulaziz bin Salman Seeks to Tame Oil Prices, OPEC, Russia - Bloomberg Prince Abdulaziz bin Salman Photographs: Bloomberg (2) The Boeing 767 banked over the Red Sea, turning east into Saudi Arabia. A commercial version of the plane can carry about 260 passengers. Inside this one, Saudi Energy Minister Prince Abdulaziz bin Salman and a dozen or so aides were heading home from a tumultuous meeting at OPEC’s headquarters in Vienna the day before.For most of the journ...
Tags: Travel, Washington, Saudi Arabia, Opec, Bloomberg, Earth, Vienna, Egypt, Boeing, Mediterranean, Eastern Europe, Mohammed bin Salman, Red Sea, Bank of America Corp, Abdulaziz, Rupert Neil Bumfrey


OPEC+ Agrees to Boost Output After Saudis, UAE End Standoff - Bloomberg

OPEC+ Agrees to Boost Output After Saudis, UAE End Standoff - Bloomberg OPEC and its allies agreed to gradually add more oil supplies to the market after Saudi Arabia and the United Arab Emirates resolved a dispute.The cartel will boost output by as much as 400,000 barrels a day each month from August until all of its halted output has been revived. The deal will also give Saudi Arabia, the UAE, Iraq, Kuwait and Russia higher baselines against which their production cuts are measured from May ...
Tags: Travel, Hollywood, Saudi Arabia, Russia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Bloomberg OPEC, UAE Iraq Kuwait


OPEC+ Crisis Deepens as #SaudiArabia Refuses to Budge - Bloomberg video

OPEC+ Crisis Deepens as Saudi Arabia Refuses to Budge - Bloomberg Saudi Arabia and the United Arab Emirates cranked up the tension in their OPEC standoff as the rare diplomatic spat between long-time allies leaves the global economy guessing how much oil it will get next month.The bitter clash has forced OPEC+ to halt talks twice already, with the next meeting scheduled for Monday, putting markets in limbo as oil continues its inflationary surge above $75 a barrel. With the cartel discussing...
Tags: Travel, Russia, Opec, United Arab Emirates, Abu Dhabi, Riyadh, Bloomberg Television, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Budge Bloomberg, Saudi Arabia Refuses, Budge Bloomberg Saudi Arabia


#SaudiArabia Says OPEC+ Has a Role in Containing Inflation - Bloomberg

Saudi Arabia Says OPEC+ Has a Role in Containing Inflation - Bloomberg Saudi Arabia’s Energy Minister said the OPEC+ alliance has a role in “taming and containing” inflationary pressures, just hours after Brent crude surged back above $75 a barrel.The comments come as OPEC+ countries weigh whether to increase production further in the coming months. The oil cartel is scheduled to meet online next week to decide its production policy for August and beyond, after boosting output from May to July...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Iran, Venezuela, Riyadh, Bloomberg News, Bank of America Corp, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Saudi Energy Ministry


Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg

Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”“Many claim that I’m excessively...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Energy Agency, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


#Saudi Energy Minister Prince Abdulaziz bin Salman to Speak at Robin Hood Forum - Bloomberg

Saudi Energy Minister Prince Abdulaziz bin Salman to Speak at Robin Hood Forum - Bloomberg For the past year, Saudi Energy Minister Prince Abdulaziz bin Salman has fought a war of words with oil speculators. Now, he’s taking his message to the heart of Wall Street.Prince Abdulaziz is scheduled to speak June 16 at the Robin Hood Investors Conference, a red-carpet event that brings together luminaries of the U.S. hedge-fund industry such as Paul Tudor Jones, Ray Dalio and Stanley Druckenmiller, ...
Tags: Travel, Saudi Arabia, Opec, Riyadh, Saudi Aramco, International Energy Agency, Abdulaziz, Rupert Neil Bumfrey, Stanley Druckenmiller, Tesla Inc, Abdulaziz bin Salman, Saudi Energy, Cathie Wood, Robin Hood Forum Bloomberg, Paul Tudor Jones Ray Dalio, La La LandFor


Abdulaziz bin Salman, the prince in charge of #Saudi oil | Financial Times

Abdulaziz bin Salman, the prince in charge of Saudi oil | Financial Times © Joe Cummings Prince Abdulaziz bin Salman of Saudi Arabia spent most of his adult life as energy-minister-in-waiting. But just six days after becoming the first royal to take on the role, the kingdom’s oil production was cut in half by a series of drone and missile attacks that set the world’s largest crude processing facility ablaze.  The attack on Abqaiq in September 2019, which Riyadh and Was...
Tags: Travel, London, Washington, Saudi Arabia, Russia, Iran, Donald Trump, Financial Times, Riyadh, Saudi Aramco, Mohammed bin Salman, Salman, Abdulaziz, Abqaiq, Rupert Neil Bumfrey, Abdulaziz bin Salman


#SaudiArabia's Oil Outlook Is Less Realistic Than the IEA's - Bloomberg

Saudi Arabia's Oil Outlook Is Less Realistic Than the IEA's - Bloomberg Saudi Arabian Energy Minister Prince Abdulaziz bin Salman, a realist.   Photographer: Donat Sorokin/TASS/Getty Images Saudi Arabia’s energy minister, Prince Abdulaziz bin Salman, is a realist. This week, he compared the International Energy Agency’s recent net-zero emissions analysis to “La La Land.” Because a world in which the half-brother of an autocratic prince attempts to manipulate the price of a...
Tags: Travel, Saudi Arabia, Los Angeles, Bloomberg, IEA, International Energy Agency, Rupert Neil Bumfrey, Rystad Energy, Prince Abdulaziz Bin Salman, Abdulaziz bin Salman, Donat Sorokin, Bloomberg Saudi Arabian Energy


Petrostates See Dire Consequences If World Rejects Oil Too Fast - Bloomberg

Petrostates See Dire Consequences If World Rejects Oil Too Fast - Bloomberg The world’s largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.If the world were to follow the International Energy Agency’s controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, “the price for oil will go to, what, $200? Gas prices wi...
Tags: Travel, Saudi Arabia, Russia, Qatar, Bloomberg, IEA, International Energy Agency, Novak, Alexander Novak, Rupert Neil Bumfrey, St Petersburg International Economic Forum, Saad Sherida Al Kaabi, Abdulaziz bin Salman, Al Kaabi, World Rejects Oil Too Fast Bloomberg


Premature to talk about oil market overheating, #Saudi minister says | Reuters

Premature to talk about oil market overheating, Saudi minister says | Reuters It would be premature to talk about potential overheating in the global oil market before seeing higher demand, Russia’s RIA news agency quoted Saudi Arabian energy minister Abdulaziz bin Salman as saying on Thursday.“There will always be a good amount of supply to meet demand, but we’ll have to see demand before you see supply,” he said when asked about the overheating risk at the St Petersburg economic forum in Rus...
Tags: Travel, Russia, St Petersburg, Reuters, RIA, Rupert Neil Bumfrey, Abdulaziz bin Salman


OPEC+ Boosts Output in July and Keeps Market Guessing Beyond - Bloomberg video

OPEC+ Boosts Output in July and Keeps Market Guessing Beyond - Bloomberg OPEC+ stuck to its plan to hike oil output in July, but Saudi Arabia’s energy minister kept the market guessing as to whether the group will add more supply later this year to keep pace with the accelerating global recovery.“The demand picture has shown clear signs of improvement,” Saudi Energy Minister Prince Abdulaziz bin Salman said, in some of his most upbeat comments since the crash last year. But pressed on whethe...
Tags: Travel, Saudi Arabia, China, Opec, Bloomberg, Rupert Neil Bumfrey, Mohammad Barkindo, Abdulaziz bin Salman, Bloomberg OPEC, Europe OPEC


Saudis Try To Shake Image as Solar Power ‘Latecomers’: Chart - Bloomberg

Saudis Try To Shake Image as Solar Power ‘Latecomers’: Chart - Bloomberg Despite having some of the best solar potential in the world, Saudi Arabia produces a tiny fraction of its electricity from the sun. The world’s biggest oil exporter is now trying to change that and last week awarded contracts to build 2,970 megawatts of solar plants --- almost as much as Greece’s capacity -- as part of a plan to generate half its power from renewables by 2030 and cut emissions by millions of tons. “We...
Tags: Travel, Greece, Saudi Arabia, Rupert Neil Bumfrey, Chart Bloomberg, Abdulaziz bin Salman


Oil Declines After OPEC+ Wagers Market Can Absorb Extra Barrels - Bloomberg

Oil Declines After OPEC+ Wagers Market Can Absorb Extra Barrels - BloombergOil retreated after OPEC+ decided to ramp up output over the three months to July and figures showed coronavirus infections in India hit a record, highlighting risks to energy demand in one of Asia’s main importers.West Texas Intermediate fell 0.9%, paring the 3.9% gain seen on Thursday, when the alliance agreed to loosen its supply curbs gradually. The grouping will raise production by more 1 million barrels a day in sta...
Tags: Travel, Asia, Saudi Arabia, Russia, India, Opec, Bloomberg, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy


OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike - Bloomberg video

OPEC+ Shows Confidence in Economic Recovery With Oil-Supply Hike - Bloomberg OPEC+ expressed growing confidence in the global economic recovery by agreeing to increase oil production gradually in the coming months.Before Thursday’s meeting, the cartel had been widely expected to maintain its cautious stance by rolling over the current supply cuts, just as it did last month. Yet Saudi Arabia and its allies showed they are more convinced now that fuel demand is on a firmer footing after a yearl...


Opec+ agrees to increase oil production gradually from May | Financial Times

Opec+ agrees to increase oil production gradually from May | Financial Times The Opec+ oil alliance decided on Thursday to increase output gradually from May as pressure mounts from inside and outside the producers group to release more barrels on to the market and keep crude prices in check.  The decision by the 24-member body comes despite Abdulaziz bin Salman, Saudi Arabia’s energy minister, warning Opec and allies including Russia earlier in the day that crude’s recovery was “fa...
Tags: Travel, Saudi Arabia, Russia, India, US, Opec, Financial Times, Abdulaziz, Jennifer Granholm, Rupert Neil Bumfrey, Abdulaziz bin Salman, Prince Abdulaziz, Alexander Novak Russia


#Saudi calls for restrain as oil market recovery far from complete | Reuters

Saudi calls for restrain as oil market recovery far from complete | ReutersOPEC+ oil producers have taken a cautious stance but the market’s recovery is far from complete, Saudi Arabia’s energy minister said on Thursday.“Last month we called for a cautious and restrained approach and fortunately we were proved right by subsequent events,” Prince Abdulaziz bin Salman said as he opened an OPEC+ meeting.“The market now realises that the OPEC+ cautious position was the correct course of action... Th...
Tags: Travel, Saudi Arabia, Opec, Reuters, Rupert Neil Bumfrey, Abdulaziz bin Salman


OPEC+ Readies for Output Talks With Cautious Approach Vindicated - Bloomberg

OPEC+ Readies for Output Talks With Cautious Approach Vindicated - BloombergAs OPEC and its allies prepare for another decision on oil output, the producers believe their defiantly cautious approach is paying off.The coalition led by Saudi Arabia was widely criticized three weeks ago when it rebuffed calls to revive some of the crude production halted during the pandemic. Energy Minister Prince Abdulaziz bin Salman made clear that he wasn’t going to put his faith in predictions of a post-Covid r...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Abdulaziz, RBC Capital Markets, Rupert Neil Bumfrey, Abdulaziz bin Salman, Helima Croft


OPEC+ Squeezes Oil Production Tight to Protect Price Recovery - Bloomberg

OPEC+ Squeezes Oil Production Tight to Protect Price Recovery - BloombergSaudi Arabia and its OPEC+ allies shocked the oil market with a decision to keep supply in check, sending prices surging and adding inflationary pressure to the global economy as it emerges from the pandemic.One year on from the outbreak of a bitter price war that sent crude below zero, the kingdom showed that its priority is preserving the hard-won oil recovery rather than worrying about tightening the market too much.“I d...
Tags: Travel, Russia, Opec, Geneva, Kazakhstan, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman


#SaudiArabia's Oil Recovery Fears Look Well Founded - Bloomberg

Saudi Arabia's Oil Recovery Fears Look Well Founded - Bloomberg It’s starting to look like Saudi Arabia’s concerns over the oil demand recovery were well founded.At the start of the month, the joint leader of the OPEC+ group of oil-producing countries announced a surprise output cut of 1 million barrels a day for February and March. Its co-chair, Russia, pushing for restraints to be eased, was granted a small output increase in each of those two months.When Saudi Energy Minister Prince Abdulaziz...
Tags: Travel, Asia, Saudi Arabia, Russia, Opec, Bloomberg, Rupert Neil Bumfrey, Abdulaziz bin Salman


#SaudiArabia Aims to Become Next Germany of Renewable Energy - Bloomberg

Saudi Arabia Aims to Become Next Germany of Renewable Energy - Bloomberg Saudi Arabia wants to emulate Germany’s success with renewable energy and be a pioneer in hydrogen production, as the world’s biggest exporter of oil seeks to diversify its economy.“We will be another Germany when it comes to renewables,” Energy Minister Prince Abdulaziz bin Salman said Wednesday on a panel at the Future Investment Initiative conference in Riyadh. “We will be pioneering.”The kingdom is working with many cou...
Tags: Travel, Germany, Riyadh, Rupert Neil Bumfrey, Abdulaziz bin Salman, Become Next Germany, Renewable Energy Bloomberg


Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg

Saudis Take Charge of Oil Market With Surprise Output Cut - Bloomberg Saudi Arabia surprised the market with a large cut in crude production, an assertion of primacy over the global oil industry that came directly from the kingdom’s de-facto ruler.The move papered over cracks in the OPEC+ coalition and was a U-turn from some recent Saudi oil-policy priorities, but those things paled in comparison next to the global impact of the decision. Crude prices jumped to a 10-month high and shares of ene...
Tags: Travel, Texas, London, Russia, Opec, Bloomberg, Organization of Petroleum Exporting Countries, Mohammad Bin Salman, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


#Israel Shares Drop Most in Region; #Dubai Stocks Rally: Inside EM - Bloomberg

Equities in Dubai advanced on Sunday amid optimism over a rebound in tourism, while the main index in Israel slumped. Saudi stocks gave up early gains, but are still on track to be the Middle East’s best performers in 2020.Gauges in Dubai, Bahrain, Qatar and Egypt rose between 0.3% and 1%, while those in Saudi Arabia, Abu Dhabi, Kuwait and Israel slipped. The volume of shares traded in all markets was below the 30-day average ahead of the holiday season. The main index in Riyadh gained as much a...
Tags: Travel, Saudi Arabia, Israel, Opec, Bloomberg, Egypt, Middle East, Dubai, Muscat, Gulf, Riyadh, Mathew, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Joice Mathew


#Saudi Shares Boosted by OPEC+, Stocks Rally in #Dubai: Inside EM - Bloomberg

Saudi stocks rallied, putting them on track to be the Middle East’s best performers in 2020, a day after the OPEC+ group pledged a more hands-on approach to the oil market. Equities in Dubai were among the region’s best performers amid optimism over a rebound in tourism.The main index in Riyadh gained 0.3% as of 10:20 a.m. local time Sunday, closing in on its highest level since July 2019. Gauges in Dubai, Abu Dhabi, Kuwait, Qatar and Bahrain rose between 0.2% and 1.1%. The volume of shares trad...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Middle East, Dubai, Muscat, Bahrain, Gulf, Riyadh, Mathew, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Joice Mathew, United Securities



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