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Crude Oil Price: Russia Weighs Proposing OPEC+ Output Hike at Next Week’s Meet - Bloomberg

Crude Oil Price: Russia Weighs Proposing OPEC+ Output Hike at Next Week’s Meet - Bloomberg Russia is considering proposing an OPEC+ oil-output increase at the group’s meeting next week because the nation sees a supply deficit in the market, according to officials familiar with the matter.Moscow expects the current global oil-output deficit to persist in the medium term, two officials said, asking not to be named because the discussions are not public. The country’s final position going into th...
Tags: Travel, Saudi Arabia, Russia, Opec, Moscow, Goldman Sachs, International Energy Agency, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman, Meet Bloomberg, Iran Opec, Meet Bloomberg Russia


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


Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg

Most Middle Eastern Stocks Climb as Oil Extends Gains: Inside EM - Bloomberg Most equities markets in the Middle East extended gains on Sunday, following another positive week for crude prices.Equities gauges in Saudi Arabia, Bahrain, Oman, Kuwait, Qatar and Israel advanced as much as 0.8%, while those in Dubai and Abu Dhabi slipped less than 0.1%.Oil, the main export for Gulf countries, posted its third straight weekly rise on improving demand, with the International Energy Agency warning the...
Tags: Travel, Saudi Arabia, Israel, Bloomberg, Middle East, Dubai, Mecca, Abu Dhabi, Uae, Gulf, Riyadh, International Energy Agency, Bloomberg Intelligence, Jabal Omar, Rupert Neil Bumfrey, Edmond Christou


#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


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 Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg

Oil Sinks Toward Weekly Loss as Virus Makes Comeback in Asia - Bloomberg PRICES: WTI for June delivery fell 0.6% to $63.41 a barrel on the New York Mercantile Exchange at 7:05 a.m. in London.Brent for July settlement eased 0.7% to $66.61 a barrel on the ICE Futures Europe exchange.Prices are 2.4% lower this week. Oil headed for the biggest weekly drop since early April as countries in Asia continue to fight persistent Covid-19 outbreaks, highlighting the patchy recovery from the pa...
Tags: Travel, Asia, Europe, Japan, London, China, Southeast Asia, Singapore, India, Federal Reserve, Latin America, International Energy Agency, New York Mercantile Exchange, Rupert Neil Bumfrey, IHS Markit, Asia Bloomberg


Oil prices to drift higher despite India demand hiccup | Reuters

Oil prices to drift higher despite India demand hiccup | Reuters Oil prices will inch higher this year as vaccines revive demand and OPEC+ keeps a leash on supply, but the worsening COVID crisis in India and elsewhere poses a roadblock, a Reuters poll showed on Friday.The survey of 49 participants forecast that Brent would average $64.17 in 2021, up from last month’s consensus of $63.12 per barrel and the $62.3 average for the benchmark so far this year. [O/R]This is also the fifth straight up...
Tags: Travel, UK, India, Opec, Ubs, Brazil, Reuters, Reuters Oil, International Energy Agency, Organization of the Petroleum Exporting Countries, DBS Bank, JTC, Europe India, Rupert Neil Bumfrey, Giovanni Staunovo, Marshall Steeves


Oil Drops After Weekly Surge as Pandemic Sweeps Through India - Bloomberg

Oil Drops After Weekly Surge as Pandemic Sweeps Through India - Bloomberg WTI for May delivery lost 0.3% to $62.95 a barrel on the New York Mercantile Exchange at 7:19 a.m. in London. Despite ending lower Friday, prices rose 6.4% last week, the biggest weekly gain since the period to March 5. Brent for June settlement dropped 0.3% to $66.57 a barrel on the ICE Futures Europe exchange. Oil headed for a back-to-back loss after posting the biggest weekly advance since March, with the pandemic swe...
Tags: Travel, Europe, London, China, India, Brent, West Texas Intermediate, International Energy Agency, Organization of Petroleum Exporting Countries, New York Mercantile Exchange, Rupert Neil Bumfrey, Bloomberg WTI, Pandemic Sweeps Through India Bloomberg


Oil Near $67 With Dollar Dipping and India Virus Cases Surging - Bloomberg

Oil Near $67 With Dollar Dipping and India Virus Cases Surging - Bloomberg Brent for June settlement traded down 0.2% at $66.65 a barrel as of 10:07 a.m. in London West Texas Intermediate for May was little changed at $63.05 Oil steadied near $67 a barrel as the benefits of a weaker dollar were offset by the sweep of the coronavirus pandemic across key importer India.Brent futures traded little changed, paring an earlier decline as the dollar slipped, making commodities priced in the currency...
Tags: Travel, China, India, International Energy Agency, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Bloomberg Brent, London West Texas Intermediate


Historic Oil Glut Amassed During the Pandemic Has Almost Gone - Bloomberg

Historic Oil Glut Amassed During the Pandemic Has Almost Gone - BloombergThe unprecedented oil inventory glut that amassed during the coronavirus pandemic is almost gone, underpinning a price recovery that’s rescuing producers but vexing consumers.Barely a fifth of the surplus that flooded into the storage tanks of developed economies when oil demand crashed last year remained as of February, according to the International Energy Agency. Since then, the lingering remnants have been whittled away...
Tags: Travel, China, Opec, Bloomberg, South Africa, OECD, Citigroup Inc, International Energy Agency, Ed Morse, Rupert Neil Bumfrey


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 climbs nearly 5% on signs of increasing crude demand | Reuters

Oil climbs nearly 5% on signs of increasing crude demand | ReutersOil prices surged almost 5% on Wednesday, after a report from the International Energy Agency, followed by U.S. inventory data boosted optimism about returning demand after the coronavirus lockdowns last year crushed fuel consumption.Brent crude futures rose $2.91, or 4.6%, to settle at $66.58 a barrel. U.S. West Texas Intermediate (WTI) crude ended $2.97, or 4.9%, higher at $63.15 a barrel.U.S. crude inventories fell by 5.9 milli...
Tags: Travel, East Coast, EIA, Energy Information Administration, Reuters, International Energy Agency, 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


Global Oil Demand Won’t Hit Pre-Virus Level Until 2023, IEA Says - Bloomberg

Global Oil Demand Won’t Hit Pre-Virus Level Until 2023, IEA Says - BloombergGlobal oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.Fuel consumption will average just over 101 million barrels a day in 2023, fully recouping the 9 million a day lost last year when lockdowns emptied roads and grounded flights, the IEA said in a report.But as trends like re...
Tags: Travel, Bloomberg, IEA, International Energy Agency, Rupert Neil Bumfrey, BloombergGlobal


Texas Blackouts Mask All the Reasons Oil Prices Can Tumble - Bloomberg

Texas Blackouts Mask All the Reasons Oil Prices Can Tumble - Bloomberg The snowstorm that slammed Texas and neighboring states last week is just the latest in a series of factors that have sent oil prices soaring. It risks burying visibility of the one thing that might undo the rally — a huge reservoir of idle production capacity.Oil prices began to move lower on Friday, but they are still close to their highest level in over a year, since well before the pandemic trashed global demand. A bull r...
Tags: Travel, Texas, Opec, International Energy Agency, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil Price Targets Would Make a Far Better Goal - Bloomberg

Oil Price Targets Would Make a Far Better Goal - Bloomberg If you can’t hit the target, bring it closer. That seems to be the policy adopted by the OPEC+ alliance of oil producers as they make the world’s biggest-ever output cuts in an attempt to shore up oil prices.After a meeting in January, the group’s co-leader, Saudi Arabia’s oil minister, Prince Abdulaziz Bin Salman, announced that the producers were setting themselves a new target for their output cuts — restoring oil stockpiles in the de...
Tags: Travel, Saudi Arabia, China, Opec, OECD, International Energy Agency, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman, Far Better Goal Bloomberg


Oil loses more steam after OPEC reduced demand forecast | Reuters

Oil loses more steam after OPEC reduced demand forecast | Reuters Oil prices dropped for a second day on Friday, pulling further back from a one-year high after OPEC again lowered its demand forecast and the International Energy Agency said the market was still over-supplied.Brent crude was down 39 cents, or 0.6% at $60.75 a barrel by 0743 GMT, having dropped half a percent the previous session. U.S. oil was down 44 cents, or 0.8% at $57.80 a barrel, after falling by 0.8% on Thursday.Both benchm...
Tags: Travel, Saudi Arabia, Opec, Libya, Reuters, Reuters Oil, International Energy Agency, Capital Economics, Rupert Neil Bumfrey


Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market - Bloomberg

Oil’s Red-Hot Rally Fizzles With Virus Continuing Hold on Market - BloombergOil slipped below $58 a barrel as a recent rally fizzled with the Covid-19 pandemic continuing to weigh on the demand outlook and as one technical indicator signaled prices may have climbed too far, too fast.Futures in New York fell for a second session on Friday after surging more than 12% for the longest run of gains in two years. The enduring outbreak continues to crimp fuel consumption from China to the U.S., with th...
Tags: Travel, New York, China, IEA, Citigroup Inc, International Energy Agency, Rupert Neil Bumfrey, Trafigura Group, Market Bloomberg


Oil Snaps Eight-Day Rally After Cut in Global Demand Outlook - Bloomberg

Oil Snaps Eight-Day Rally After Cut in Global Demand Outlook - Bloomberg Oil’s longest winning streak in two years lost momentum following the International Energy Agency’s bleaker outlook for global demand and signs that futures were overbought.Prices in New York declined less than 1% on Thursday after rising for eight straight days. The IEA said the re-balancing of the global oil markets remains “fragile” and cut its forecasts for world oil consumption in 2021 as the pandemic continues to limi...
Tags: Travel, New York, IEA, International Energy Agency, Stamford Connecticut, Rupert Neil Bumfrey, Gary Cunningham, Bloomberg Oil


#Saudi Oil-Market Pessimism Vindicated as Demand Risks Grow - Bloomberg

Saudi Oil-Market Pessimism Vindicated as Demand Risks Grow - Bloomberg For Saudi Arabia, bad news in the oil market has rarely been such a vindication.Two weeks ago, the world’s biggest crude exporter stunned energy traders by announcing that -- rather than restore halted production as planned -- it would slash supplies by a further 1 million barrels a day.The resurgent pandemic necessitated “preemptive” action to protect the oil recovery, said the kingdom’s Energy Minister Prince Abdulaziz bin ...
Tags: Travel, Saudi Arabia, China, Russia, Opec, Bloomberg, Riyadh, International Energy Agency, Rupert Neil Bumfrey, Prince Abdulaziz bin Salman That


The #UAE Warns U.S. Shale Companies Against Pumping More Oil - Bloomberg

The UAE Warns U.S. Shale Companies Against Pumping More Oil - Bloomberg Any attempt by U.S. shale and other oil producers to boost output this year will backfire and lead to lower prices, according to the energy minister of the United Arab Emirates.Oil prices have surged in the past two months with the development of coronavirus vaccines. They jumped again last week when Saudi Arabia said it would unilaterally cut crude output by 1 million barrels a day in February and March, a move the kingdom ...
Tags: Travel, Saudi Arabia, Dubai, International Energy Agency, Suhail Al Mazrouei, Rupert Neil Bumfrey, United Arab Emirates Oil


IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains - Bloomberg

IEA Sees Crude Glut Enduring to End-2021 Amid Demand Strains - Bloomberg The crude-oil glut left behind by the pandemic will clear by the end of next year, as markets face a gradual recovery marked by renewed strains on demand, the International Energy Agency said.“Demand is clearly going to be lower for longer than expected” when the virus emerged in the spring, the agency said in a report, trimming forecasts for world fuel consumption following a new wave of lockdowns. “The market remains f...
Tags: Travel, Europe, London, Opec, IEA, International Energy Agency, Rupert Neil Bumfrey


#SaudiArabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg

Saudi Arabia News: Oil Giant Aims Next to Be Largest Hydrogen Exporter - Bloomberg The world’s biggest oil exporter has set its sights on also becoming the largest supplier of hydrogen, a fuel seen as pivotal for curbing climate change.Saudi Arabia has “ambitious” plans and “will not be challenged in its record of being the biggest exporter of hydrogen on earth,” Energy Minister Prince Abdulaziz bin Salman said at a news briefing in Riyadh.The kingdom’s large natural gas reserves enable it to pr...
Tags: Travel, Saudi Arabia, Bloomberg, Riyadh, Red Sea, International Energy Agency, Rupert Neil Bumfrey, Abdulaziz bin Salman, NEOM


IEA Cuts Oil-Demand Outlook as Vaccines Won’t Rescue Market - Bloomberg

IEA Cuts Oil-Demand Outlook as Vaccines Won’t Rescue Market - Bloomberg The International Energy Agency cut forecasts for global oil demand amid new lockdown measures and cautioned that the vaccine breakthrough won’t quickly revive markets.While crude prices rallied to a 10-week high above $45 in London this week on news of Pfizer Inc.’s progress, fuel use won’t experience any “significant” boost from vaccines until the second half of next year, the agency said.The Paris-based IEA, which advises...
Tags: Travel, London, Paris, IEA, International Energy Agency, Pfizer Inc, Rupert Neil Bumfrey


Jordan to Double Gas Output; Vitol Sees $50 Oil: Adipec Update - Bloomberg

Jordan to Double Gas Output; Vitol Sees $50 Oil: Adipec Update - Bloomberg Adipec, one of the biggest energy events in the Middle East and North Africa, is into its second day. Usually hosted in Abu Dhabi, capital of the United Arab Emirates, this year’s conference is virtual.Energy ministers from Egypt, Jordan and Iraq are among those speaking on Tuesday. So is Fatih Birol, the head of the International Energy Agency.The event, which runs until Nov. 12, opened on Monday with oil prices under un...
Tags: Travel, Energy, Europe, Iraq, Middle East, United Arab Emirates, Jordan, Abu Dhabi, North Africa, International Energy Agency, Pfizer Inc, Egypt Jordan, Vitol, Fatih Birol, Rupert Neil Bumfrey, Adipec Update Bloomberg


OPEC+ Oil Boost to Leave Market in Precarious Balance, IEA Says - Bloomberg

OPEC+ Oil Boost to Leave Market in Precarious Balance, IEA Says - Bloomberg:The outlook for oil “remains fragile” as the pandemic depresses demand, and OPEC’s plans to increase supply next year will leave global markets precariously balanced, the International Energy Agency said. “There is a risk that the demand recovery is stalled by the recent increase in Covid-19 cases in many countries,” the IEA said in its monthly market report.At the same time, markets are set to receive fresh supplies in ...
Tags: Travel, Opec, Bloomberg, IEA, International Energy Agency, Organization of Petroleum Exporting Countries, United Arab Emirates Energy, Suhail Al Mazrouei, Rupert Neil Bumfrey



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