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Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg

Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg Skyrocketing prices for natural gas, coal and electricity are putting extra pressure on oil markets, boosting demand as industries and power generators seek to switch to liquid fuels to keep a lid on costs. But don’t expect the oil producers to boost supplies more rapidly over the coming winter — they’re more worried about what might happen next year.Fuel switching from gas and coal will boost global oil demand by 500,00...
Tags: Travel, Saudi Arabia, Russia, Opec, IEA, Rupert Neil Bumfrey, International Energy Agency Citigroup UBS


Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters

Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters Oil prices rose 1% on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.The market largely shrugged off an unexpectedly large increase in U.S. crude inventories as refiners cut production in a generally slower period for those facilities.Brent crude futures settle...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


Oil prices climb on upgrade to IEA demand forecast | Reuters

Oil prices climb on upgrade to IEA demand forecast | Reuters Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Brent crude futures gained 89 cents, or 1.1%, to $84.07 a barrel by 1204 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 87 cents, or 1.1%, to $81.31, more than recouping t...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


IEA World Energy Outlook 2021: Throw Money, But Aim Carefully - Bloomberg

IEA World Energy Outlook 2021: Throw Money, But Aim Carefully - Bloomberg The recent jump in energy prices has been portrayed as an act of retribution by fossil fuels after years of low investment. The International Energy Agency’s latest long-term outlook trumps that: We’re underinvesting in energy, period.Rather than some neglected soul seeking vengeance, the global energy system might better be thought of as a particularly confused, and volatile, tween. It’s a phase we’re all going through ...
Tags: Travel, Opec, IEA, International Energy Agency, Rupert Neil Bumfrey, COVID, IEA World Energy, Aim Carefully Bloomberg


Taliban promising 'full cooperation' as it asks airlines to resume international flights to Afghanistan

Afghan families walk by the aircrafts at the Kabul airport in Kabul on August 16, 2021, after a stunningly swift end to Afghanistan's 20-year war, as thousands of people mobbed the city's airport trying to flee the group's feared hardline brand of Islamist rule. WAKIL KOHSAR/AFP via Getty Images The Taliban is asking airlines to resume international service to and from Kabul, promising their "full cooperation." Foreign ministry spokesman Abdul Qahar Balkhi said the suspension o...
Tags: Travel, Transportation, News, US, Trends, Cnn, Afghanistan, Gop, Taliban, Dubai, IEA, Kabul, Fox News, State Department, Flights, Istanbul


MIDEAST STOCKS #Saudi, #UAE stocks gain after IEA's oil demand outlook | Reuters

MIDEAST STOCKS Saudi, UAE stocks gain after IEA's oil demand outlook | Reuters Stock markets in Saudi Arabia and the United Arab Emirates (UAE) closed higher on Wednesday, a day after the International Energy Agency (IEA) forecast a positive oil demand.The IEA said on Tuesday that vaccine roll-outs were set to power a rebound in oil demand after a three-month slide due to the spread of the Delta variant of COVID-19 and pandemic restrictions, especially in Asia. read moreSaudi Arabia's benc...
Tags: Travel, Asia, Saudi Arabia, Egypt, United Arab Emirates, Dubai, IEA, Abu Dhabi, Chemical, Uae, Gulf, Reuters, Emirates NBD, International Energy Agency IEA, United Arab Emirates UAE, Tasi


MIDEAST STOCKS Major Gulf stocks little changed in early trade, #Saudi shares inch up | Reuters

Major Gulf stock markets were little changed in early trade on Wednesday, with Saudi Arabian shares rising slightly as International Energy Agency (IEA)forecast a positive oil demand.Saudi Arabia's benchmark index (.TASI) was up 0.1%. Al Rajhi Bank (1120.SE) and Saudi Basic Industries (2010.SE) both gained 0.3%.Oil giant Saudi Aramco (2222.SE) was also up 0.3% after the IEA said vaccine roll-outs are set to power a rebound in oil demand. read more"Already signs are emerging of COVID cases abatin...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Dubai, IEA, Abu Dhabi, Reuters, International Energy Agency IEA, Saudi Arabian, Tasi, Rupert Neil Bumfrey, Al Rajhi Bank, First Abu Dhabi Bank, Major Gulf, Emaar Properties EMAR DU


Vaccines set to unleash pent-up oil demand -IEA | Reuters

Vaccines set to unleash pent-up oil demand -IEA | Reuters After three months of decline in global oil demand, COVID-19 vaccine roll-outs are set to unleash thirst for oil stymied by pandemic restrictions especially in Asia, the International Energy Agency (IEA) said on Tuesday."Already signs are emerging of COVID cases abating with demand now expected to rebound by a sharp 1.6 million barrels per day (bpd) in October, and continuing to grow until end-year," the Paris-based IEA wrote in its mon...
Tags: Travel, Asia, Paris, IEA, Reuters, International Energy Agency IEA, Rupert Neil Bumfrey


Oil dips, little changed on week despite weaker demand forecasts | Reuters

Oil dips, little changed on week despite weaker demand forecasts | Reuters Oil prices dipped on Friday and ended the week little changed after weathering concerns from banks and the International Energy Agency that the spread of coronavirus variants is slowing oil demand.Global oil benchmark Brent crude settled down 72 cents, or 1%, at $70.59 a barrel for the session.U.S. West Intermediate crude settled down 65 cents at $68.44.For the week, Brent fell less than 1%, after dropping 6% last week,...


Oil holds above $70 despite forecasts for weaker demand growth | Reuters

Oil holds above $70 despite forecasts for weaker demand growth | Reuters The Brent benchmark oil price held above $70 a barrel on Friday, broadly shrugging off a warning from the International Energy Agency that the spread of coronavirus variants is slowing oil demand growth.Brent crude was down 18 cents, or 0.2%, at $71.13 a barrel by 1332 GMT. U.S. crude lost 14 cents, or 0.2%, to trade at $68.95. Over the week the benchmarks are up less than 1%.The IEA this week highlighted that growth in d...
Tags: Travel, IEA, Reuters, International Energy Agency, Rupert Neil Bumfrey


Oil extends losses as Delta variant slows demand recovery | Reuters

Oil extends losses as Delta variant slows demand recovery | Reuters Oil prices fell for a second day on Friday after the International Energy Agency warned that demand growth for crude and its products had slowed sharply as surging COVID-19 cases worldwide forced governments to revive movement restrictions.Brent crude was down 58 cents, or 0.8%, at $70.73 a barrel by 0630 GMT, after dropping 13 cents in the previous session.U.S. crude was off by 65 cents, or 0.9%, at $68.44 a barrel, having fa...
Tags: Travel, Asia Pacific, Delta, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


Oil prices slip as IEA warns of slowdown in demand recovery | Reuters

Oil prices slip as IEA warns of slowdown in demand recovery | Reuters Oil prices fell on Thursday after the International Energy Agency (IEA) said the spread of the Delta variant of the coronavirus would slow the recovery of global oil demand. read moreBrent crude futures fell 13 cents to settle at $71.31 a barrel. Earlier, Brent hit a session high of $71.90.U.S. West Texas Intermediate (WTI) crude fell 16 cents to settle at $69.09 a barrel.The international energy watchdog's monthly report sa...
Tags: Travel, Asia, Paris, IEA, Reuters, Reuters Oil, International Energy Agency IEA, Rupert Neil Bumfrey


IEA Cuts Oil Demand Outlook on Virus, Sees New Surplus in 2022 - Bloomberg

IEA Cuts Oil Demand Outlook on Virus, Sees New Surplus in 2022 - Bloomberg The International Energy Agency cut forecasts for global oil demand “sharply” for the rest of this year as the resurgent pandemic hits major consumers, and predicted a new surplus in 2022.It’s a marked reversal for the Paris-based agency, which just a month ago was urging the OPEC+ alliance to open the taps or risk a damaging spike in prices. The oil cartel heeded calls to hike supply, which is now arriving just as cons...
Tags: Travel, Opec, Bloomberg, Paris, IEA, International Energy Agency, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, IEA Cuts Oil Demand Outlook


Column - IEA’s roadmap shows difficult journey to net zero: Kemp | Reuters

Column-IEA’s roadmap shows difficult journey to net zero: Kemp | Reuters Polarised responses to the International Energy Agency report on achieving net zero emissions by 2050 reveal the enormous challenges of the goal and differences about whether it is realistic in the timeframe. Like the Rorschach inkblot test, reactions to the report reveal more about the reader’s own views on how energy and climate systems change than about the technical contents of the report itself.Reducing net emissio...
Tags: Travel, IEA, Reuters, International Energy Agency, Kemp, Rupert Neil Bumfrey


More OPEC+ Crude is Needed, How Much Depends on Who You Believe - Bloomberg

More OPEC+ Crude is Needed, How Much Depends on Who You Believe - Bloomberg The world needs the OPEC+ group to open the taps further to balance the oil market in the coming months, on that everyone agrees. But there’s less unanimity on just how much more crude they will have to pump.The International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting Countries all say that global oil demand will continue to recover through to at least the end...
Tags: Travel, Europe, Opec, Bloomberg, IEA, OECD, EIA, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, OPEC Crude


Oil rises nearly 2% as investors size up tight market | Reuters

Oil rises nearly 2% as investors size up tight market | Reuters Oil prices gained almost 2% on Tuesday after the International Energy Agency said the market should expect tighter supply for now due to disagreements among major producers over how much additional crude to ship worldwide.The market has been generally stronger as demand has rebounded and the Organization of the Petroleum Exporting Countries and their allies have held millions of barrels of supply from the market. OPEC+, as the gro...
Tags: Travel, Japan, Opec, Paris, IEA, Reuters, Reuters Oil, United States Europe, International Energy Agency, Organization of the Petroleum Exporting Countries, Mizuho, Rupert Neil Bumfrey, Bob Yawger


OPEC+ impasse means tight oil market now, volatility ahead, says IEA | Reuters

OPEC+ impasse means tight oil market now, volatility ahead, says IEA | Reuters The oil market will see tighter supply for now amid a dispute inside OPEC+ about how to ease production curbs but it still faces the risk of a dash for market share if disagreement persists, the International Energy Agency (IEA) said on Tuesday.The Paris-based agency said oil prices would be volatile until differences were resolved among members of OPEC+, which groups the Organization of the Petroleum Exporting Coun...
Tags: Travel, Saudi Arabia, Russia, Opec, Paris, United Arab Emirates, IEA, Reuters, International Energy Agency IEA, Rupert Neil Bumfrey


#Qatar Petroleum Sees Natural Gas Demand Peaking Around 2040, Much Later Than IEA - Bloomberg

Qatar Petroleum Sees Natural Gas Demand Peaking Around 2040, Much Later Than IEA - Bloomberg Natural gas giant Qatar Petroleum predicted global demand for the fuel will continue to climb for almost two decades, making it far more optimistic than the International Energy Agency.QP expects consumption to grow at a rate of 1.5% a year, driven higher by economic growth and a broad shift away from dirtier-burning coal, according to a bond prospectus seen by Bloomberg. It sees demand peaking around ...
Tags: Travel, Qatar, Bloomberg, Paris, IEA, Rupert Neil Bumfrey, Qatar Petroleum, IEA Bloomberg, IEA Bloomberg Natural, International Energy Agency QP


Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg

Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg PRICES West Texas Intermediate for July delivery rose 12 cents to $70.41 a barrel at 8:53 a.m. in New YorkPrices are up 1.2% this weekBrent for August settlement advanced 7 cents to $72.59, and are 1% higher for the week Oil headed for a third straight weekly gain on signs of improving demand, with the International Energy Agency warning that the market will need extra supply next year.Futures in New York h...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, IEA, Latin America, International Energy Agency, Rupert Neil Bumfrey


#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


Averting Climate Crisis Means No New Oil or Gas Fields, IEA Says - Bloomberg

Averting Climate Crisis Means No New Oil or Gas Fields, IEA Says - Bloomberg The world has a choice -- stop developing new oil, gas and coal fields today or face a dangerous rise in global temperatures.That’s the bold assessment from the International Energy Agency, the organization that has spent four decades working to secure oil supplies for industrialized nations. In its new road map for achieving net-zero global carbon emissions by 2050, the IEA laid out in stark terms what the planet mus...
Tags: Travel, Bloomberg, IEA, International Energy Agency, Fatih Birol, Rupert Neil Bumfrey


Oil drops on India's COVID-19 crisis, pipeline resumption | Reuters

Oil drops on India's COVID-19 crisis, pipeline resumption | Reuters Oil prices fell more than 2% on Thursday as India's coronavirus crisis deepened and a key U.S. pipeline resumed operations, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand later in the year.Brent crude was down $1.65, or 2.3%, at $67.67 a barrel by 0948 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down $1.66 cents, or 2.5%, to $64.42...
Tags: Travel, India, Opec, IEA, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil drops as India's COVID crisis puts brakes on rally | Reuters

Oil drops as India's COVID crisis puts brakes on rally | Reuters Oil prices fell 1% on Thursday as India's coronavirus crisis deepened, halting a rally that had lifted crude to an eight-week high after the IEA and OPEC forecast a rebound in global demand.Brent crude was down 74 cents, or 1.1%, at $68.58 a barrel by 0655 GMT, after rising 1% on Wednesday. West Texas Intermediate (WTI) was down 75 cents, or 1.1%, to $65.33 a barrel, having risen 1.2% in the previous session."The path for crude p...
Tags: Travel, India, Opec, Iran, IEA, Reuters, Reuters Oil, International Energy Agency IEA, Rupert Neil Bumfrey, OANDA, Edward Moya


Oil climbs on demand outlook as market awaits fresh cues | Reuters

Oil climbs on demand outlook as market awaits fresh cues | Reuters Oil prices rose on Wednesday on signs of a speedy economic recovery and upbeat predictions for energy demand in light of progress with vaccinations against COVID-19, though waves of infections in India and Brazil weighed on gains.Brent crude climbed 18 cents, or 0.3% to $68.73 a barrel at 0846 GMT. U.S. West Texas Intermediate crude rose 20 cents, or 0.3%, to $65.48.The International Energy Agency (IEA) said in its monthly repo...
Tags: Travel, India, Brazil, IEA, Reuters, Reuters Oil, International Energy Agency IEA, Rupert Neil Bumfrey, U S West Texas Intermediate


Oil Has Best Week Since Early March on Improving Demand Outlook - Bloomberg

Oil Has Best Week Since Early March on Improving Demand Outlook - BloombergOil posted the biggest weekly gain since early March as economic data in the U.S. and China strengthened expectations for a recovery in global fuel demand.Futures in New York advanced 6.4% this week, despite eking out a small loss on Friday. On the heels of robust economic figures out of the U.S., data from China showed its gross domestic product climbed 18.3% in the first quarter from a year prior as consumer spending be...
Tags: Travel, Asia, Europe, New York, China, IEA, International Energy Agency, JPMorgan Chase Co, Europe China, Organization for Economic Co, Peter McNally, Rupert Neil Bumfrey, Third Bridge, Edward Moya, Oanda Corp, Improving Demand Outlook Bloomberg


Oil maintains upward momentum despite fresh coronavirus fears | Reuters

Oil maintains upward momentum despite fresh coronavirus fears | ReutersCrude oil prices jumped on revised oil demand forecasts on Wednesday despite concerns over rising coronavirus cases and vaccine rollouts.Brent crude futures rose $1, or 1.57%, to $64.67 a barrel by 0858 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 96 cents, or 1.6%, at $61.“The main price driver this morning is the monthly IEA report that foresees a significant rise in global oil demand in the second half of ...
Tags: Travel, Opec, IEA, OECD, Reuters, International Energy Agency IEA, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, PVM Oil Associates, Tamas Varga


The Data Showing Why OPEC+ Could Keep Oil Supply Curbed - Bloomberg

The Data Showing Why OPEC+ Could Keep Oil Supply Curbed - BloombergOil stockpiles may be coming down, but the world’s big producers can’t afford to relax their hold on production for a while yet. The recovery this year will return less than two-thirds of oil demand lost in 2020 and output restraint will be needed for many months to come.The world’s three major oil agencies — the International Energy Agency, the U.S. Energy Information Administration and the Organization of Petroleum Exporting C...
Tags: Travel, Opec, Bloomberg, IEA, EIA, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil Risks Worst Losing Run in More Than a Year as Rally Frays - Bloomberg

Oil Risks Worst Losing Run in More Than a Year as Rally Frays - BloombergOil’s rally in 2021 has hit a rocky patch after U.S. stockpiles rose and the International Energy Agency said supplies are plentiful.West Texas Intermediate retreated for a fifth straight day, putting the U.S. benchmark on course for the longest losing run in more than a year. Brent also declined in London, with traders assessing global supply risks alongside a patchy recovery in consumption even as the coronavirus pandemic...
Tags: Travel, Asia, London, China, Russia, Opec, Middle East, IEA, Brent, Lee, International Energy Agency, Rupert Neil Bumfrey, Oversea Chinese Banking Corp, Howie Lee, Rally Frays Bloomberg, Rally Frays BloombergOil


Oil Set for Longest Run of Losses in Six Months as Rally Wavers - Bloomberg

Oil Set for Longest Run of Losses in Six Months as Rally Wavers - BloombergOil headed for its longest run on declines in over six months after the International Energy Agency said talk of an upcoming supply shortfall could be misleading.Futures in New York declined 0.9%. OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate...
Tags: Travel, New York, London, Opec, IEA, Federal Reserve, International Energy Agency, Rupert Neil Bumfrey, Rally Wavers Bloomberg, Rally Wavers BloombergOil



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