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OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg

OPEC+ Said to Focus on Proposals for Gradual Taper of Cuts - Bloomberg OPEC+ is making headway in its negotiations on oil-output cuts, raising the odds that Thursday’s meeting can salvage a deal after failed talks earlier in the week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- discussions are now focusing on proposals for gradual easing of output cuts over several months, said a delegate. It’s unclear whether the tape...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey, Bloomberg OPEC


Oil gains as OPEC+ resumes output cut extension talks after impasse | Reuters

Oil gains as OPEC+ resumes output cut extension talks after impasse | Reuters Oil prices rose on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID-19 pandemic.Brent crude was up 21 cents, or 0.4%, at $48.46 a barrel by 0802 GMT, after gaining 1.8% on Wednesday. U.S. oil was 11 cents, or 0.2%, higher at $45.39 a barrel, having ended 1.6% higher the previous session.The Organization of the...
Tags: Travel, Saudi Arabia, Russia, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg

OPEC+ Makes Headway on Oil-Output Deal After Days of Talks - Bloomberg OPEC+ has made headway toward a deal on oil-output cuts, the first sign of progress after failed talks earlier this week.After days of direct negotiations between the group’s heavyweights -- Russia, Saudi Arabia and the United Arab Emirates -- details of any potential compromise still weren’t immediately clear. It was too early to say whether the progress would translate into a final deal, delegates said, asking not to be nam...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Russia Saudi Arabia, Rupert Neil Bumfrey


Oil prices rise on UK vaccine approval; signs OPEC+ may maintain output cuts | Reuters

Oil prices rise on UK vaccine approval; signs OPEC+ may maintain output cuts | Reuters Oil prices settled higher on Wednesday as Britain’s approval of a COVID-19 vaccine boosted hopes for a demand recovery and on mounting expectations that producing countries will maintain output limits next year.Brent crude oil futures settled up 83 cents, or 1.75%, at $48.25 a barrel. West Texas Intermediate crude settled up 73 cents or 1.64% at $45.28 a barrel.Traders were watching OPEC+, the Organization of ...
Tags: Travel, UK, Russia, Opec, Britain, Reuters, Reuters Oil, Associates, Petroleum Exporting Countries OPEC, Jim Ritterbusch, Galena Illinois, Rupert Neil Bumfrey, Ritterbusch


Column: Positive oil outlook draws in fund managers | Reuters

Column: Positive oil outlook draws in fund managers | Reuters Hedge funds are becoming increasingly bullish on the outlook for oil prices, anticipating that early deployment of coronavirus vaccines will allow a rapid resumption of more normal travel patterns.Ultra-loose fiscal and monetary policies are also expected to promote a progressive recovery from the massive cyclical downturn in business activity experienced in 2020, giving a big boost to petroleum consumption.Global petroleum inventorie...
Tags: Travel, Opec, Reuters, Reuters Hedge, Rupert Neil Bumfrey


#Saudi ends lower on weak oil, others gain on UK vaccine nod | Reuters

Saudi ends lower on weak oil, others gain on UK vaccine nod | Reuters Saudi shares retreated for a second straight session on Wednesday, tracking weaker oil prices, while some markets cheered Britain’s approval of Pfizer’s COVID-19 vaccine, which raised hopes of a faster-than-expected global economic recovery.Britain became the West’s first country to formally endorse a jab it said should reach the most vulnerable people early next week.However, oil prices slipped as the market awaited a pact fr...
Tags: Travel, UK, Opec, Qatar, West, Britain, United States, Dubai, Pfizer, Abu Dhabi, Bahrain, Kuwait, Reuters, Riyad Bank, Qatar National Bank, Rupert Neil Bumfrey


#UAE finds its voice within OPEC, complicating oil diplomacy | Reuters

UAE finds its voice within OPEC, complicating oil diplomacy | Reuters The United Arab Emirates came out of OPEC heavyweight Saudi Arabia’s shadow this week by demanding better adherence with oil supply cuts, effectively delaying the latest strategy decision by OPEC and its allies by a few days, sources told Reuters.The unusual move highlights the UAE’s growing role within OPEC as it seeks to boost production in the years ahead to gain market share.It also underscores Abu Dhabi’s growing politica...
Tags: Travel, Saudi Arabia, Russia, Opec, United Arab Emirates, Abu Dhabi, Uae, Gulf, Reuters, Riyadh, Rupert Neil Bumfrey, Israel OPEC


#Saudi shares ease, other markets gain after UK's Pfizer-BioNTech vaccine approval | Reuters

Saudi shares ease, other markets gain after UK's Pfizer-BioNTech vaccine approval | Reuters Saudi shares edged down on Wednesday, tracking lower oil, while other Gulf markets were buoyed by encouraging news in the fight against the COVID-19 pandemic as Britain became the first country in the world to approve the Pfizer-BioNTech vaccine rollout.Britain said the vaccine developed by Pfizer and partner BioNTech will be rolled out from early next week, a boost for investors worldwide.Oil prices exte...
Tags: Travel, UK, Saudi Arabia, Opec, Qatar, Britain, United States, Dubai, Pfizer, Abu Dhabi, Bahrain, Kuwait, Gulf, Reuters, Index, Saudi Aramco


Oil prices slip but traders cheer vaccine approval | Reuters

Oil prices slip but traders cheer vaccine approval | Reuters Oil prices fell early on Wednesday but later pared some of the losses on news that Britain has become the first country in the world to approve a vaccine for use and that it will be rolled out from early next week.Prices had been hit earlier by a surprise build in oil inventories in the United States and as OPEC and its allies left markets in limbo by delaying a formal meeting to decide whether to increase output in January.Brent crude...
Tags: Travel, Opec, Britain, United States, Reuters, Reuters Oil, American Petroleum Institute, Rupert Neil Bumfrey, Petroleum Exporting Countries OPEC Russia


Oil slides as OPEC+ delays decision on output cuts | Reuters

Oil slides as OPEC+ delays decision on output cuts | Reuters Oil prices extended losses to a second day on Tuesday after OPEC and its allies left markets in limbo by postponing a formal meeting to decide whether to lift output come January.Brent crude ended the session down 46 cents, or 1%, at $47.42 a barrel, while U.S. West Texas Intermediate settled down 79 cents, or 1.7%, at $44.55.The Organization of the Petroleum Exporting Countries, Russia and other allies, a group known as OPEC+, delayed...
Tags: Travel, Saudi Arabia, Russia, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey, Petroleum Exporting Countries Russia


Peak Oil Is Suddenly Upon Us

Peak Oil Is Suddenly Upon Us A year ago, if anyone in the petroleum business had suggested that the moment of Peak Oil had already passed, they would have been laughed right off the drilling rig. Then 2020 happened.Planes stopped flying. Office workers stayed home. “Zooming with the grandkids” replaced driving to see family. A year of global hunkering yielded the sharpest drop in oil consumption since Henry Ford cobbled together the first Model T. At its worst, global demand dropped by a stagge...
Tags: Travel, Opec, Bp, Henry Ford, BP Plc, Rupert Neil Bumfrey, Peak Oil


OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg

OPEC Splits at Its Core, Risking Deal That Underpins Oil Price - Bloomberg The successful OPEC+ deal that’s supported the oil market since the price crash earlier this year is threatened by a new fissure at the heart of the cartel.Unusual tensions between Saudi Arabia and the United Arab Emirates -- longtime OPEC stalwarts and close allies -- have prevented what was widely expected to be a routine agreement to delay a production increase scheduled for January. Instead of a deal, a ministerial vi...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen


Coronavirus Oil Quotas: OPEC's Lost Its Team Spirit - Bloomberg

Coronavirus Oil Quotas: OPEC's Lost Its Team Spirit - Bloomberg OPEC's historic output agreement may be teetering on the edge of collapse. It wouldn’t be in the interest of a single cartel member, but then nor was letting that last deal implode in March. Ignoring the risk of another breakdown seems blinkered.What was meant to be a pretty straightforward meeting of the Organization of Petroleum Exporting Countries broke up spectacularly on Monday. So they pushed back a gathering with their OPEC+ ...
Tags: Travel, Saudi Arabia, Opec, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


MIDEAST STOCKS- #Saudi stocks weaken after stellar November | Nasdaq

MIDEAST STOCKS-Saudi stocks weaken after stellar November | Nasdaq Saudi shares started the month on a weaker note on Tuesday after the bourse's benchmark index nailed solid gains in November on global cheer over the progress of COVID-19 vaccine candidates.Investors worldwide are pinning their hopes on positive vaccine trial data, fuelling optimism about a faster than expected economic recovery.Oil prices, a key catalyst for the region's financial markets, were broadly steady on Tuesday as inves...
Tags: Travel, Saudi Arabia, Russia, Opec, Qatar, Healthcare, United Arab Emirates, Kuwait, Petroleum Exporting Countries OPEC, Qatar National Bank, Rupert Neil Bumfrey, QSI, National Commercial Bank, Qatar Islamic Bank QISB, BKP, Dr Sulaiman Al Habib Medical Services Group Co


Oil Near $45 With OPEC+ Struggling for Consensus on Output - Bloomberg

Oil Near $45 With OPEC+ Struggling for Consensus on Output - Bloomberg Oil traded near $45 a barrel in New York with OPEC seeking more time to reach a deal on production policy after a meeting broke down without an agreement.Futures flipped between gains and losses having earlier been buoyed by a weaker dollar. The recovery in Asia gathered pace as factory activity in South Korea and China surged in November. The rebound highlights the uneven global oil demand picture OPEC+ is facing, with...
Tags: Travel, Asia, South Korea, Europe, New York, China, Opec, Rupert Neil Bumfrey, Bloomberg Oil, OPEC Struggling for Consensus on Output Bloomberg


OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg

OPEC+ Talks Delayed as Split Deepens Between Key Gulf Allies - Bloomberg OPEC+ talks were delayed for two days to give ministers more time to reach a deal, after a long and tense meeting on oil production broke down without an agreement.The move, set out in a letter seen by Bloomberg, was the most dramatic sign yet of the deep division inside the cartel after hours of talks on Monday yielded no result. Oil prices, which have rallied on vaccine hopes as well as expectations that OPEC will maintai...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Bloomberg Television, Rupert Neil Bumfrey, Energy Aspects Ltd, Amrita Sen, Bloomberg OPEC


Oil ticks up as OPEC, allies delay output deal meeting | Reuters

Oil ticks up as OPEC, allies delay output deal meeting | Reuters Oil prices ticked up on Tuesday, with early European trading erasing earlier losses, as all eyes were on talks between OPEC and its allies who postponed a formal meeting to decide whether to increase output from next month.Brent crude was up 31 cents at $48.19 a barrel by 0847 GMT. West Texas Intermediate was up 28 cents at $45.62.Both contracts surged around 27% in November after COVID-19 vaccine developments raised hopes of an ec...
Tags: Travel, Russia, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey, COVID


Oil prices down 1.5% as OPEC+ debates 2021 output policy | Reuters

Oil prices down 1.5% as OPEC+ debates 2021 output policy | Reuters Oil fell about 1.5% on Monday as the world’s major oil producers discussed extending deep output cuts at talks this week, but benchmark crude will end the month with a strong rally built on hopes that COVID-19 vaccines will soon be available.Brent crude for January delivery, which expires on Monday, dropped 68 cents, or 1.4%, to $47.50 a barrel by 1:24 p.m. EST (1824 GMT). The more actively traded February Brent contract was down...
Tags: Travel, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey


OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters

OPEC oil output rises for fifth month on Libyan recovery, Reuters survey shows | Reuters OPEC oil output rose for a fifth month in November, a Reuters survey found, as increased Libyan production offset full adherence by other producers to cuts agreed in an OPEC-led supply deal.The 13-member Organization of the Petroleum Exporting Countries has pumped 25.31 million barrels per day (bpd) in November, the survey found, up 750,000 bpd from October and a further increase from the three-decade low re...
Tags: Travel, Russia, Opec, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Commerzbank, Rupert Neil Bumfrey, Eugen Weinberg


MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq

MIDEAST STOCKS-Most log monthly gains on COVID-19 vaccine optimism | Nasdaq Saudi and Dubai shares ended higher on Monday, with most markets recording monthly gains thanks to optimism that the progress in COVID-19 vaccine development would help global economies recover at a quicker pace than initially anticipated.Financial markets worldwide have gained in most sessions after U.S. drugmakers Pfizer PFE.N and Moderna MRNA.O, and Britain's AstraZeneca AZN.L released positive trial data on their vac...
Tags: Travel, Saudi Arabia, Opec, Qatar, Britain, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Emirates NBD, Tasi, Rupert Neil Bumfrey, Pfizer PFE N, First Abu Dhabi Bank, DFMGI


OPEC Seeks Compromise on Plan to Delay Output Hike - Bloomberg

OPEC Seeks Compromise on Plan to Delay Output Hike - Bloomberg OPEC ministers started hashing out the size of the cartel’s oil-production cuts for next year, as the group’s president called for caution in a fragile market.The coalition is debating whether to maintain supply at current levels or increase it as planned in January. Some members are concerned that global markets remain too weak to absorb more barrels while others want to sell more crude as prices surge amid hopes for virus vaccine...
Tags: Travel, Opec, Rupert Neil Bumfrey, Bloomberg OPEC


OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters

OPEC+ to discuss extending oil cuts or gradually raising output, sources say | Reuters OPEC+ members will consider whether to extend existing oil cuts for three to four months or to increase output gradually from January during their two days of talks that start on Monday, OPEC+ sources told Reuters. Officials from the Organization of the Petroleum Exporting Countries, Russia and others, a group known as OPEC+, held an initial round of talks on Sunday before formal discussions began but failed t...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey


US oil recovery at mercy of Opec | Financial Times

US oil recovery at mercy of Opec | Financial Times The US oil sector is emerging gingerly from this year’s price crash and may even start increasing output again — so long as an increasingly fractious Opec agrees this week to keep propping up crude prices. West Texas Intermediate, the US crude benchmark, has risen to $45 a barrel in recent days, buoyed by coronavirus vaccine news and expectations that Opec and its partners will keep curbs on supply deep into 2021. The rally has raised hopes ...
Tags: Travel, US, America, Opec, Rupert Neil Bumfrey, Ian Nieboer


Oil prices tumble 2% as OPEC+ members argue over 2021 policy | Reuters

Oil prices tumble 2% as OPEC+ members argue over 2021 policy | Reuters Crude oil prices tumbled on Monday, as investors waited for a decision by producer group OPEC+ whether to extend large output cuts to balance global markets, but vaccine hopes helped keep benchmarks on track to rise more than a fifth in November.January Brent crude futures, which will expire later on Monday, dropped $1.01, or 2.1%, to $47.17 a barrel by 0749 GMT. The more actively traded February Brent contract was at $47.29 ...
Tags: Travel, Opec, Reuters, Reuters Crude, Rupert Neil Bumfrey


MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains | Nasdaq

MIDEAST STOCKS-Markets track oil lower ahead of OPEC+ meeting; most set for monthly gains | Nasdaq Most major Gulf markets weakened on Monday, tracking lower oil prices ahead of a crucial meeting of producer group Organization of the Petroleum Exporting Countries (OPEC+), but they were set to finish the month higher on hopes of a COVID-19 vaccine.Financial markets worldwide have gained in most sessions over the past couple of weeks as U.S. drugmakers Pfizer Inc PFE.N and Moderna Inc MRNA.O as we...
Tags: Travel, Saudi Arabia, Russia, Opec, Qatar, Britain, Healthcare, Dubai, Abu Dhabi, Gulf, Adi, Tasi, Rupert Neil Bumfrey, QSI, First Abu Dhabi Bank, Pfizer Inc PFE N


Most Mideast Stocks Rise to Track Peers, Oil Higher: Inside EM - Bloomberg

Most Mideast Stocks Rise to Track Peers, Oil Higher: Inside EM - Bloomberg Most Middle East stock markets advanced, taking their cue from rising crude oil prices and gains elsewhere in emerging markets last week.Indexes in Saudi Arabia, Abu Dhabi, Bahrain and Oman climbed as much as 0.3%, while those in Dubai, Kuwait and Qatar slipped. The Tadawul All Share Index in Riyadh rose for the sixth consecutive session to trade at the highest level since July 2019.The prospect of the formal start to Pre...
Tags: Travel, Israel, Opec, Qatar, Bloomberg, Joe Biden, Iran, Middle East, Hassan Rouhani, Oman, Riyadh, CureVac, Dubai Kuwait, Rupert Neil Bumfrey, Boubyan Bank, Bloomberg Most


OPEC Faces Seismic Demand Split as Cartel Plots Next Move - Bloomberg

OPEC Faces Seismic Demand Split as Cartel Plots Next Move - Bloomberg As OPEC+ ministers gather virtually this week, the city that traditionally hosts their meetings will be locked down. Vienna’s Christmas markets will be closed, the famous Ringstrasse boulevard silent. For oil ministers, the scene should urge caution.But while the Austrian capital provides a dramatic example of how the second wave of the pandemic is shutting down economies in Europe and the U.S., the global picture is more nuan...
Tags: Travel, Asia, Europe, China, India, Opec, Bloomberg, Vienna, Diwali, Rupert Neil Bumfrey, Cartel Plots Next Move Bloomberg


The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands - Bloomberg

The Pandemic Has Broken Shale and Left Oil Markets in OPEC Hands - Bloomberg OPEC’s oil ministers have a few challenges to consider at a crucial summit next week, but for the first time in years the shale boom won’t be at the top of the list.A devastating global pandemic and a reckoning with Wall Street appear to have broken the resolve of the shale wildcatters who turned the U.S. into the world’s biggest oil producer. Years of breakneck growth, at the expense of crude kingpins in the Middle Eas...
Tags: Travel, Russia, Opec, Middle East, U S Energy Information Administration, Pioneer Natural Resources Co, EOG Resources Inc, Occidental Petroleum Corp, Bill Thomas, Rupert Neil Bumfrey, Left Oil Markets, OPEC Hands Bloomberg, OPEC Hands Bloomberg OPEC, IHS Markit Rystad Energy Enverus


Oil prices post weekly gain ahead of OPEC+ meeting | Reuters

Oil prices post weekly gain ahead of OPEC+ meeting | Reuters Oil prices were mixed on Friday but posted a fourth straight week of gains ahead of an OPEC+ meeting early next week.Brent crude January futures rose 38 cents to settle at $48.18 a barrel, while the more active February contract gained 46 cents to $48.25.U.S. West Texas Intermediate (WTI) crude futures fell 18 cents to settle at $45.53 a barrel.Brent rose 7.2% over the week, while WTI gained 8% for the week. Encouraging news on potenti...
Tags: Travel, Opec, Astrazeneca, Wti, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg

OPEC+ Calls Last-Minute Talks to Prepare for Oil-Cuts Decision - Bloomberg Saudi Arabia and Russia summoned OPEC+ ministers who oversee their oil production cuts for last-minute talks on Saturday, as the cartel prepares for a decision on whether to delay January’s output increase.A clear majority of OPEC+ watchers expect the group to maintain their supply curbs at current levels for a few months longer due to lingering uncertainty about the strength of demand. However, the decision is by no mean...
Tags: Travel, Iraq, Russia, Nigeria, Opec, Bloomberg, United Arab Emirates, Uae, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, JMMC, Abdulaziz bin Salman, Bloomberg Saudi Arabia, Joint Ministerial Monitoring Committee, Algeria Kazakhstan Iraq Nigeria



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