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Fading Hope for Emergency OPEC+ Meeting Caps Oil’s Advance - Bloomberg

Fading Hope for Emergency OPEC+ Meeting Caps Oil’s Advance - Bloomberg:Oil was steady after the biggest weekly gain since September as hopes for an OPEC+ emergency meeting on the virus faded, while investors assessed Chinese stimulus measures to soften the outbreak’s economic impact.While Saudi Arabia hasn’t given up on its push for the gathering this month, OPEC and its allies are likely to stick with a scheduled meeting in March after Russia balked at the idea. China, Hong Kong and Singapore h...
Tags: Travel, Saudi Arabia, Russia, Singapore, Opec, Beijing, Hubei, Goldman Sachs Group Inc, China Hong Kong, Rupert Neil Bumfrey, OPEC Meeting Caps Oil, Advance Bloomberg


OPEC Underestimates China Virus's Impact On Oil Demand - Bloomberg

OPEC Underestimates China Virus's Impact On Oil Demand - Bloomberg:The Covid-19 virus is a human tragedy for many who have been affected by it and it’s having a profound impact on the lives of a large part of the Chinese population. The impact on the rest of the world of the disease’s dislocation of the Chinese economy is yet to be fully felt. Forecasts of only a modest impact on oil demand worldwide are far too optimistic.A comparison of the latest forecasts from the world’s three big oil agenc...
Tags: Travel, Opec, Bloomberg, IEA, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


OPEC+ Close to Dropping Early Meeting Idea as Russia Balks - Bloomberg

OPEC+ Close to Dropping Early Meeting Idea as Russia Balks - Bloomberg:OPEC and its allies were close to abandoning any plans for an emergency meeting this month to consider fresh production cutbacks because of the coronavirus outbreak. While Saudi Arabia hasn’t wholly given up on its push for the gathering, the OPEC+ alliance will more likely stick to a scheduled meeting in March as the idea hasn’t so far won over Russia, several delegates from the group said.The Saudis had been pushing for the...
Tags: Travel, Saudi Arabia, China, Russia, Opec, International Energy Agency, Rupert Neil Bumfrey, Russia Balks Bloomberg


#Kuwait, #Saudi to Resume Production From Khafji by Month-End - Bloomberg

:Kuwait and Saudi Arabia will resume oil production from a shared field by the end of this month, more than five years after a dispute halted supply.The restart of the offshore Khafji field will bring additional production capacity to a market that’s already dealing with excess oil supply as the deadly coronavirus hits demand. The countries, which also authorized the resumption of the Wafra field in their shared Neutral Zone effective Sunday, have said the projects are unlikely to add significan...
Tags: Travel, Saudi Arabia, Opec, Middle East, Kuwait, Rupert Neil Bumfrey, Khafji, Wafra, Month End Bloomberg, Organization of Petroleum Countries


Oil prices stabilize, set for weekly gain on hopes for supply cut - Reuters

Oil prices stabilize, set for weekly gain on hopes for supply cut - Reuters:Oil prices edged higher Friday, on track for their first weekly gain in six weeks, backed by expectations that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.Brent crude futures LCOc1 were up 13 cents at $56.47 a barrel by 0731 GMT, after gaining 1% the previous session. Brent is 3.7% higher for the week, the first increase since the week of Jan. 3.U...
Tags: Travel, New York, China, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, OANDA, Edward Moya


Oil prices climb on prospects for deeper OPEC+ output cuts - Reuters

Oil prices climb on prospects for deeper OPEC+ output cuts - Reuters:Oil prices edged higher on Thursday as investors hoped the world’s biggest producers would cut output more while they largely shrugged off forecasts of slumping demand due to the coronavirus outbreak in top oil importer China.Brent crude LCOc1 ended the session up 55 cents, or 1%, at $56.34 a barrel while U.S. West Texas Intermediate (WTI) CLc1 settled up 25 cents, or 0.5%, at $51.42 a barrel.The Organization of the Petroleum E...
Tags: Travel, New York, China, Opec, Reuters, Petroleum Exporting Countries, Rupert Neil Bumfrey, OANDA, Edward Moya


OPEC says coronavirus to trim 2020 oil demand, weighs output cut - Reuters

OPEC says coronavirus to trim 2020 oil demand, weighs output cut - Reuters:OPEC on Wednesday cut its forecast for global growth in oil demand this year due to the coronavirus outbreak and said its output fell sharply in January as producers implemented a new supply-limiting pact.In a report, OPEC said 2020 demand for its crude will average 29.30 million barrels per day (bpd), 200,000 bpd less than previously thought. OPEC pumped below that rate in January, suggesting a 2020 supply deficit.The re...
Tags: Travel, China, Opec, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Asian Buyers Taking Less #Saudi Oil on Demand Hit From Virus - Bloomberg

Asian Buyers Taking Less Saudi Oil on Demand Hit From Virus - Bloomberg:At least four Asian oil refiners will take delivery of less Saudi Arabian crude than planned in March as the virus dents demand for fuel and creates a glut of alternative supplies, according to people with knowledge of the companies’ imports.The companies, which include three Chinese buyers, asked for lower volumes as part of their long-term supply contracts with Saudi Aramco, according to the people, who asked not to be ide...
Tags: Travel, China, Opec, Bloomberg, Saudi Aramco, U S Federal Reserve, Rupert Neil Bumfrey


Oil Holds Gains While Russia Ponders OPEC Output-Cut Proposal - Bloomberg

Oil Holds Gains While Russia Ponders OPEC Output-Cut Proposal - Bloomberg:Oil advanced from a one-year low even as Russia kept OPEC+ waiting on a decision about whether to cut production in response to the coronavirus outbreak.Futures climbed as much as 2.3% in New York on Tuesday, following equities higher. Energy Minister Alexander Novak said that Moscow is “studying” the OPEC+ output-cut plan after days of hesitation, calling the situation “extremely unstable.” Novak is set to meet with Russi...
Tags: Travel, New York, Russia, Opec, Moscow, Novak, Alexander Novak, Mizuho Securities USA, Rupert Neil Bumfrey, Bob Yawger, OPEC Output Cut Proposal Bloomberg


#SaudiArabia wary of costly slow response as virus knocks oil: sources - Reuters

Saudi Arabia wary of costly slow response as virus knocks oil: sources - Reuters:Saudi Arabia wants global oil producers to agree a quick oil supply cut as China’s coronavirus knocks demand, aware that delays in the past led to costly price collapses, sources familiar with the kingdom’s thinking have told Reuters.Riyadh has been working to convince OPEC producers and allies led by Russia, a group known as OPEC+, that they need to act sooner rather than later.It sees a potentially bigger impact o...
Tags: Travel, Saudi Arabia, China, Russia, Opec, Reuters, Rupert Neil Bumfrey, Reuters Riyadh


Oil Rebounds, Yet Contango Warns of Glut as Virus Hits Demand - Bloomberg

Oil Rebounds, Yet Contango Warns of Glut as Virus Hits Demand - Bloomberg:Oil recovered from a one-year low as equity markets climbed, yet widespread discounts on prompt crude supplies signaled that Asia’s coronavirus is sharply eroding demand.Brent crude added 2.1% to trade above $54 a barrel in London. But the futures curve briefly entered a full “contango” structure, in which each monthly contract is cheaper than the next, suggesting a glut in supply. Global demand estimates are being cut as ...
Tags: Travel, Asia, London, China, Opec, Bloomberg, SEB AB, Rupert Neil Bumfrey, Bjarne Schieldrop, Vitol SA Royal Dutch Shell Plc, Litasco SA


Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg

Coronavirus Oil Shock Threatens Double Whammy for Producers - Bloomberg:The coronavirus outbreak is already threatening oil markets. The fear of lower demand — from a disease-stricken China and eventually globally as the economic impact widens — has destabilized prices, sending crude to its lowest levels in more than a year. For major oil-producing countries, the declines, coming at a time of curtailed output, threaten economic shocks that if long-lasting could lead to the kind of political and ...
Tags: Travel, Saudi Arabia, China, Russia, Opec, Bloomberg, BP Plc, General Administration of Customs, Rupert Neil Bumfrey


Oil drops to 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters

Oil drops to 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters:Oil prices fell to their lowest level since December 2018 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.Oil has dropped more than 25% from a peak in January with U.S. crude back below $50 a barrel after the spreading virus hit demand in China, the world’s largest oil importer, and fueled co...
Tags: Travel, China, Russia, Opec, Reuters, Rupert Neil Bumfrey


Oil hits 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters

Oil hits 13-month low on weak Chinese demand, traders eye OPEC+ cuts - Reuters:Oil prices fell to their lowest since January 2019 on Monday on weaker Chinese demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.Oil has dropped over 25% from a peak in January after the spreading virus hit demand in China, the world’s largest oil importer, and fueled concerns of excess global supplies.Brent futures LCOc1 fel...
Tags: Travel, China, Russia, Opec, Reuters, Rupert Neil Bumfrey


Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters

Oil dips on weaker Chinese demand, traders await OPEC+ cuts - Reuters:Oil prices dipped on Monday on weaker Chinese oil demand in the wake of the coronavirus outbreak and as traders waited to see if Russia would join other producers in seeking further output cuts.Oil has dropped more than 20% from a peak in January after the spreading virus hit demand in the world’s largest oil importer and fuelled concerns of excess supplies. Brent crude LCOc1 slipped to $54.38 a barrel by 1255 GMT, down 9 cent...
Tags: Travel, Russia, Opec, Saxo Bank, Reuters, Rupert Neil Bumfrey, Ole Hansen, U S West Texas Intermediate CLc1


Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters

Oil slides lower as traders evaluate China's demand, await OPEC+ cuts - Reuters:Oil prices slipped lower on Monday as traders assessed China’s oil demand following the coronavirus outbreak and waited to see if major producers will cut output further to balance markets.Oil is off more than 20% from peaks struck in January after a spreading virus hit demand in the world’s largest oil importer and fueled concerns of excess supplies. Brent crude LCOc1 slipped to $53.63 a barrel in early Asian trade,...
Tags: Travel, China, Opec, Reuters, Rupert Neil Bumfrey


#Saudi Stocks Decline Again as Oil Sinks Further: Inside EM - Bloomberg

Middle East Stock Exchange News for Feb. 9, 2020 - Bloomberg:Saudi Arabia’s main stock index dropped for a third day, finishing below a mark it has held since December, as the coronavirus reduces demand for oil.The Tadawul index fell 1.3%, the most among major gauges in the Middle East and below its 100-day moving average for the first time this year. State oil producer Saudi Aramco retreated as much as 1.8% during the session, but recovered near the close to finish higher.Banking and materials ...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Middle East, Dubai, Saudi Aramco, Tadawul, U S Federal Reserve, Rupert Neil Bumfrey, Al Mal Capital, Vrajesh Bhandari


MIDEAST STOCKS- #Saudi underperforms; Aramco lowest since IPO - Reuters

MIDEAST STOCKS-Saudi underperforms; Aramco lowest since IPO - Reuters:Saudi Arabia’s stock market led most Gulf bourses lower on Sunday after oil prices plunged more than 6% at the end of last week, while oil giant Aramco fell for a sixth consecutive day.Oil prices posted their fifth straight weekly decline, as speculators backed away due to weaker consumption figures and expectations the coronavirus, which has killed more than 600 people, will remain a drag on demand.Last week, a panel advising...
Tags: Travel, Saudi Arabia, Russia, Opec, Moscow, Gulf, Aramco, Saudi Aramco, Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, IPO Reuters, However Russia Energy


OPEC Is Too Unwieldy in Face of Coronavirus Impact on Oil - Bloomberg

OPEC Is Too Unwieldy in Face of Coronavirus Impact on Oil - Bloomberg:Just when OPEC needs all the agility it can muster in the face of an oil demand shock of uncertain severity and unknown duration, it’s bogged down in protracted negotiations and a 60-year-old mechanism for deciding output allocations that’s far too cumbersome in a time of crisis.The 13 oil-exporting nations in the cartel, and their partners in what’s called OPEC+, have to be able to react quickly to the rapidly-changing world ...
Tags: Travel, Saudi Arabia, Opec, China Russia, Rupert Neil Bumfrey, Oil Bloomberg, Joint Technical Committee


As OPEC+ Reels From China Virus, Libya Threatens Knockout Punch - Bloomberg

As OPEC+ Reels From China Virus, Libya Threatens Knockout Punch - Bloomberg:After a week of wrestling, OPEC and Russia may be within reach of a hesitant response to the coronavirus. But a possible peace deal in Libya threatens to knock them off balance.As the deadly epidemic in China has hammered crude demand and prices, it’s often been overlooked that the sudden surplus in global production would be much worse if most of the North African nation’s oil industry hadn’t been shut down by conflict....
Tags: Travel, China, Russia, Opec, Bloomberg, Libya, Cairo, Rupert Neil Bumfrey, China Virus Libya


Oil falls 1% as Russia needs time to mull more OPEC+ supply cuts - Reuters

Oil falls 1% as Russia needs time to mull more OPEC+ supply cuts - Reuters:Oil prices fell 1% on Friday as Russia said it needed more time before committing to output cuts sought by other large producers while the coronavirus outbreak fanned worries about global crude demand.Oil prices posted their fifth straight weekly decline, as speculators have backed away due to weaker consumption figures and expectations that the coronavirus, which has killed more than 600 people, will remain a drag on dem...
Tags: Travel, Russia, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil Set For Fifth Consecutive Weekly Drop As Coronavirus Hits Demand | OilPrice.com

Oil Set For Fifth Consecutive Weekly Drop As Coronavirus Hits Demand | OilPrice.com:Oil prices were on track for a fifth weekly decline early on Friday, weighed down by the loss of demand in China amid the coronavirus outbreak while OPEC and Russia scramble to come up with a unified position on how to contain the price slide.At 7:07 a.m. EDT on Friday, WTI Crude was down 0.67 percent at $50.61 while Brent Crude traded down 0.44 percent at $54.67. Oil prices were on course for the longest run of ...
Tags: Travel, China, Russia, Opec, Bloomberg, Brent Crude, Shandong, Rupert Neil Bumfrey, Asia Sinopec


OPEC+: Russia's Response to Oil Output Cuts Tests Saudi Arabia - Bloomberg

OPEC+: Russia's Response to Oil Output Cuts Tests Saudi Arabia - Bloomberg:Revenge, they say, is a dish best served cold.That seems to be the view of the Russian government, as it contemplates how to respond to pleas that it join Saudi Arabia and other OPEC members in cutting oil production. Many expect the coronavirus outbreak to trigger a demand slump.Talks between Russia and the Organization of Petroleum Exporting Countries have dragged on all week in Vienna as Moscow has resisted signing on ...
Tags: Travel, Saudi Arabia, Russia, Opec, Vienna, Moscow, Gulf, Soviet Union, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Saudi Arabia Bloomberg, Bloomberg News With


Oil falls as Russia needs time on more OPEC+ cuts - Reuters

Oil falls as Russia needs time on more OPEC+ cuts - Reuters:Oil prices slipped on Friday as Russia said it would need more time before committing to output cuts along with OPEC and other producers amid falling demand for crude as China battles the coronavirus epidemic.Brent crude LCOc1 futures fell 49 cents, or 0.9%, to $54.44 a barrel by 1305 GMT, and were heading for a fifth weekly loss due to persistent concerns over the impact of the virus.U.S. West Texas Intermediate (WTI) crude CLc1 future...
Tags: Travel, China, Russia, Opec, Moscow, Reuters, Sergei Lavrov, Rupert Neil Bumfrey


Oil prices flat; OPEC+ mulls supply cut as virus hits demand - Reuters

Oil prices flat; OPEC+ mulls supply cut as virus hits demand - Reuters:Oil futures gave up early gains and settled narrowly mixed on Thursday, as OPEC and its partner Russia gave mixed signals about possible further output cuts to mitigate the impact of any weakening in global demand due to the coronavirus outbreak.Brent crude LCOc1 futures lost 35 cents to settle at $54.93 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $50.95 a barrel. Both contracts ...
Tags: Travel, Russia, Opec, Chicago, Reuters, Organization of the Petroleum Exporting Countries, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters

OPEC+ panel recommends deeper oil cut, awaits nod from Russia: sources - Reuters:An OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd) in response to the coronavirus’ impact on energy demand as it awaits Russia’s final position on the proposal, two sources said.The Joint Technical Committee (JTC) is not a decision-making body but does advise the Organization of the Petroleum Exporting Countries and allies led by Russia, a grouping known as OPEC...
Tags: Travel, Russia, Opec, Reuters, Petroleum Exporting Countries, Rupert Neil Bumfrey, Joint Technical Committee JTC


Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition

Middle East Crude-Benchmarks fall to 11-month low | ZAWYA MENA Edition:Middle East crude benchmarks Oman and Dubai fell on Thursday to their lowest level since March 2019 as the coronavirus outbreak slowed economic activity and hurt demand.An OPEC+ technical committee may reach consensus on Thursday on the need to further cut oil output by at least 500,000 barrels per day in response to the virus outbreak's impact on energy demand and global economic growth, two sources told Reuters. Saudi Arabi...
Tags: Travel, Opec, Middle East, Dubai, Oman, Saudi Aramco, Reuters Saudi Arabia, ONGC, Rupert Neil Bumfrey, Oman Dubai, Middle East Crude Benchmarks


Oil prices slip as OPEC+ considers coronavirus action - Reuters

Oil prices slip as OPEC+ considers coronavirus action - Reuters:Oil futures gave up early gains on Thursday despite potential action from the OPEC+ group of producers to counter an expected fall in oil demand as a consequence of the coronavirus outbreak.A OPEC+ technical panel has recommended a provisional cut in oil output of 600,000 barrels per day (bpd), though Russia has yet to declare its position on the matter, two sources said.Brent futures were down 31 cents at $54.97 a barrel by 1325 GM...
Tags: Travel, Russia, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Joint Technical Committee JTC


Oil rises a second day in 'relief rally' over China coronavirus - Reuters

Oil rises a second day in 'relief rally' over China coronavirus - Reuters:Oil futures rose for a second day on Thursday amid investor optimism over unconfirmed reports of possible advances in combating the coronavirus outbreak in China which could cause fuel demand to rebound in the world’s biggest oil importer.Brent futures rose by 77 cents, or 1.4%, to $56.05 a barrel by 0735 GMT, having risen 2.4% in the last session. U.S. West Texas Intermediate (WTI) futures gained 95 cents, or 1.9%, to $51...
Tags: Travel, China, Opec, Reuters, Rupert Neil Bumfrey


Oil Wipes Out Two Days of Losses on Potential for OPEC-Led Cuts - Bloomberg

Oil Wipes Out Two Days of Losses on Potential for OPEC-Led Cuts - Bloomberg:Oil rose, wiping out two days of losses, as OPEC deliberations over a potential supply cut overshadowed an uptick in U.S. crude inventories.Futures advanced as much as 4.4% in New York on Wednesday, the biggest jump in almost a month. Saudi Arabia and Russia debated whether an oil-production cut is warranted in response to the lethal viral outbreak that’s crimping fuel demand.Meanwhile, prices barely reacted to an Energy...
Tags: Travel, New York, Saudi Arabia, Russia, Opec, Bloomberg, Energy Information Administration, Tortoise, Rupert Neil Bumfrey, Nick Holmes



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