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Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg

Oil's Rally Stalls Near $59 as U.S.-China Trade Jitters Return - Bloomberg:Oil’s rally stuttered as uncertainty over the status of trade negotiations between the U.S. and China stoked concerns over global economic growth.Futures for May were little changed in New York after dropping as much as 0.4 percent. China was said to be pushing back against American demands, raising speculation that trade tensions between the world’s biggest economies will persist. Still, the price drop was cushioned by a...
Tags: Travel, New York, China, Russia, Opec, Iran, Venezuela, American Petroleum Institute, Rupert Neil Bumfrey, U S China Trade Jitters Return Bloomberg


OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg

OPEC Must Dig Deeper to Trim Stockpiles: Oil Strategy - Bloomberg:OPEC members have done just about enough to bring oil production into line with the world’s need for their crude in 2019, but they will have to keep the restraint going throughout the year, just to prevent stockpiles from rising. To drain them further, as Saudi Energy Minister Khalid Al-Falih believes they must, they still need to do more.A committee of the most influential members in the 24-nation alliance of OPEC and non-OPEC co...
Tags: Travel, Opec, Baku, Organization of Petroleum Exporting Countries, Khalid al Falih, Rupert Neil Bumfrey, Oil Strategy Bloomberg


Oil holds near 2019 highs ahead of official U.S weekly data | Reuters

Oil holds near 2019 highs ahead of official U.S weekly data | Reuters:Oil prices held close to four-month highs on Tuesday on expectations that OPEC would continue production cuts through the end of the year and ahead of official weekly U.S. crude inventory data.Brent crude oil futures settled 7 cents higher at $67.61 a barrel, the global benchmark’s highest settlement since November 2018.U.S. West Texas Intermediate (WTI) futures touched its highest since November at $59.57 a barrel but finishe...
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters

Oil prices hover close to 2019 highs on OPEC output cuts, U.S. sanctions | Reuters:Oil prices were near 2019 highs on Tuesday, supported by supply cuts led by producer club OPEC.U.S. sanctions against oil producers Iran and Venezuela are also boosting prices, although traders said the market may be capped by rising U.S. output.U.S. West Texas Intermediate (WTI) futures were at $59.14 per barrel at 0746 GMT, up 5 cents from their last settlement and close to the 2019 high of $59.23 reached the pr...
Tags: Travel, Opec, Iran, Venezuela, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters

RPT-COLUMN-Hedge funds pause oil buying as fresh doubts about the economy surface: Kemp | Reuters:Hedge fund managers have become more cautious about buying oil since the end of February as doubts about the global economy resurface, dampening expected price rises from OPEC-led production cuts and U.S. sanctions on Iran and Venezuela. Front-month Brent futures prices were steady in the last week of February and the first part of March, giving funds little incentive to continue buying in the short...
Tags: Travel, Opec, Iran, Reuters, Kemp, Rupert Neil Bumfrey, Venezuela Front


OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg

OPEC's Missing Meeting Shows Strain in Saudi-Russia Alliance - Bloomberg:The partnership at the heart of the OPEC+ alliance showed further signs of strain after Russia pressured the Saudi-led group to delay a decision on the future of their production cuts.The unusual recommendation to cancel next month’s scheduled meeting means the group probably won’t decide whether to prolong its supply curbs until late June, just days before they expire.At talks in Baku, Azerbaijan on Monday, Russian Energy ...
Tags: Travel, Russia, Opec, Baku Azerbaijan, Khalid al Falih, Alexander Novak, Rupert Neil Bumfrey, Saudi Russia Alliance Bloomberg


Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters

Oil closes in on four-month highs on OPEC cuts, U.S. stock draw | Reuters:Oil prices rose to near four-month highs on Monday, supported by the prospect of extended OPEC-led oil supply curbs and signs of inventory declines in U.S. crude stockpiles.Brent crude futures settled at $67.54 a barrel, rising 38 cents, or 0.6 percent. The international benchmark held near its 2019 peak of $68.14 reached on Thursday.U.S. West Texas Intermediate crude settled at $59.09 a barrel, adding 57 cents, or 1 perce...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Oil Bulls Stick to Their Guns as Saudis Say Job Isn't Complete - Bloomberg

Oil Bulls Stick to Their Guns as Saudis Say Job Isn't Complete - Bloomberg:OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally.Money managers increased wagers on rising West Texas Intermediate and Brent crude prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. OPEC and its partners need to “stay the course” until June as the group’s job is “nowhere near complete” in terms of restoring oi...
Tags: Travel, New York, Opec, Azerbaijan, Khalid al Falih, Rupert Neil Bumfrey, Ashley Petersen, Stratas Advisors LLC, Complete Bloomberg


Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters

Oil pulled two ways by economic slowdown, OPEC-led supply cuts | Reuters:Oil prices were mixed on Monday, weighed by concerns that an economic downturn may dent fuel consumption, but supported by supply cuts led by producer group OPEC and U.S. sanctions against Iran and Venezuela.Brent crude oil futures were at $67.24 per barrel at 0737 GMT, up 8 cents from their last close, and not far off the $68.14 per barrel 2019-high reached last week.U.S. West Texas Intermediate (WTI) futures were at $58.4...
Tags: Travel, Opec, Iran, Reuters, Rupert Neil Bumfrey, Venezuela Brent


Saudis Urge OPEC+ to Stick With Oil Cuts as Job Not Yet Done - Bloomberg

Saudis Urge OPEC+ to Stick With Oil Cuts as Job Not Yet Done - Bloomberg:OPEC and its allies have much work ahead to balance global oil markets and are prepared to do what’s necessary in the second half, Saudi Energy Minister Khalid Al-Falih said.The 24-nation coalition known as OPEC+ needs to “stay the course” until June as its job is “nowhere near complete” in terms of restoring oil-market fundamentals, Al-Falih said late Sunday at a news conference in Baku, Azerbaijan. U.S. inventories remain...
Tags: Travel, Iraq, Russia, Opec, Bloomberg, Iran, Venezuela, Baku Azerbaijan, Khalid al Falih, Alexander Novak, Rupert Neil Bumfrey, Al Falih, Saudi Energy


#Saudi signals OPEC may need to extend oil cuts until end-2019 | Reuters

Saudi signals OPEC may need to extend oil cuts until end-2019 | Reuters:Saudi Arabia said on Sunday OPEC’s job in rebalancing the oil market was far from done as global inventories were still rising despite harsh U.S. sanctions on Iran and Venezuela, signaling it may need to expand output cuts into the second half of 2019.Russia, which is cutting oil output in tandem with OPEC, also said production cuts would stay in place at least until June, when Washington’s next steps on reducing Iran’s and ...
Tags: Travel, Washington, Saudi Arabia, Russia, Opec, Iran, United States, Venezuela, Reuters, Rupert Neil Bumfrey


#Algeria Joins Iran Venezuela in OPEC "Shaky Six" Oil Nations - Bloomberg

Algeria Joins Iran Venezuela in OPEC "Shaky Six" Oil Nations - Bloomberg:Meet the exclusive group of oil producers that nobody wants to join.Algeria’s deepening political crisis has made its future oil production extremely uncertain. So, ignominiously, it is now the latest OPEC member to have become so vulnerable that it forms part of the “Shaky Six” group of nations suffering involuntary output cuts or at risk of seeing their production fall.This adds yet another complication for the OPEC+ oil ...
Tags: Travel, Opec, Algeria, Baku Azerbaijan, Iran Venezuela, Rupert Neil Bumfrey, OPEC Shaky Six Oil Nations Bloomberg


#Saudi Falih optimistic on continued commitment to OPEC+ oil supply cut | Reuters

Saudi Falih optimistic on continued commitment to OPEC+ oil supply cut | Reuters:Saudi Arabia’s energy minister said on Sunday he was optimistic about continued commitment to the oil supply cut agreement between OPEC and non-OPEC members. “I am obviously optimistic that implementation of our OPEC+ agreement will improve, it’s already strong by historical standards,” Khalid al-Falih said on the sidelines of the joint ministerial monitoring committee meeting in Baku.Overall conformity with the cut...
Tags: Travel, Saudi Arabia, Opec, Reuters, Baku, Khalid al Falih, Rupert Neil Bumfrey, Falih


Oil Bulls Stick to Their Guns Ahead of Make-or-Break OPEC Summit - Bloomberg

Oil Bulls Stick to Their Guns Ahead of Make-or-Break OPEC Summit - Bloomberg:OPEC can make or break oil’s bull run, and hedge funds are betting the cartel will keep fueling the rally. Money managers increased wagers on rising West Texas Intermediate and Brent crude prices to the highest since October ahead of a key meeting of top exporters in Azerbaijan over the weekend. “As long as we come out of the weekend with stasis, the hedge funds will consider that a positive sign and will continue to su...
Tags: Travel, New York, Opec, Azerbaijan, Rupert Neil Bumfrey, Ashley Petersen, Stratas Advisors LLC, Oil Bulls Stick, OPEC Summit Bloomberg


World can rely on OPEC supply cushion for urgent oil needs: IEA

World can rely on OPEC supply cushion for urgent oil needs: IEA:Production cutbacks by OPEC nations are building a supply cushion that could be called upon to mitigate a possible supply shock from an abrupt drop in crisis-hit Venezuela’s output, the IEA said Friday.With a nationwide blackout that paralyzed the country for one week, demonstrating the unreliability of the country’s electricity network, new questions are being raised about Venezuela’s ability to continue to produce and export oil.I...
Tags: Travel, Opec, Paris, IEA, Venezuela, International Energy Agency, Rupert Neil Bumfrey


U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters

U.S. oil hits highest so far this year, but concerns over demand growth drag | Reuters:Oil prices edged up on Friday, with U.S. crude climbing to its highest so far this year as production cuts led by OPEC and U.S. sanctions against Venezuela and Iran likely created a slight deficit in global supply in the first quarter.Yet prices have been prevented from rising further by concerns that an economic slowdown will soon start denting growth in fuel demand.U.S. West Texas Intermediate (WTI) crude oi...
Tags: Travel, Opec, Iran, Venezuela, Reuters, Rupert Neil Bumfrey


Crude at Four-Month High as OPEC Signals Commitment to Cuts - Bloomberg

Crude at Four-Month High as OPEC Signals Commitment to Cuts - Bloomberg:Crude closed higher for a fourth straight day in New York ahead of a weekend meeting where the world’s top exporters will discuss whether to extend supply cuts.U.S. benchmark oil climbed 0.6 percent on Thursday, settling at a four-month high. Ahead of a meeting in Azerbaijan, the OPEC secretariat urged producers to continue efforts to prevent a surplus this year. Ministers from the coalition’s two central players, Russia and...
Tags: Travel, New York, Saudi Arabia, Russia, Kingdom, Opec, Bloomberg, Azerbaijan, Rupert Neil Bumfrey, John Kilduff, Again Capital LLC


Fearing new oil glut, OPEC builds case for keeping supply cuts | Reuters

Fearing new oil glut, OPEC builds case for keeping supply cuts | Reuters:OPEC on Thursday cut the forecast of global demand for its oil this year as rivals boost production, building a case for extending supply curbs beyond June to stop any new glut.Continued supply reductions would further support oil prices, which are up about 25 percent this year at $68 a barrel, and incur the wrath of U.S. President Donald Trump, who has demanded OPEC ease its efforts to bolster the market.In a monthly repor...
Tags: Travel, Opec, Donald Trump, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Saudis Head to OPEC+ Talks Reluctant to Do Trump's Bidding - Bloomberg

Saudis Head to OPEC+ Talks Reluctant to Do Trump's Bidding - Bloomberg:Four months ago, Saudi Arabia’s devotion to its decades-old oil partnership with the U.S. was stronger than ever.President Donald Trump was poised to choke off crude exports from the kingdom’s political nemesis, Iran. And the Saudis, shunned by other nations after the murder of journalist Jamal Khashoggi, were readily obliging the White House with record supplies.But the Trump administration stunned Riyadh by softening its cr...
Tags: Travel, Saudi Arabia, White House, Opec, Iran, Donald Trump, Trump, Riyadh, Rupert Neil Bumfrey, Jamal Khashoggi, Trump s Bidding Bloomberg


Oil hits four-months highs, Brent reaches $68 on tighter supply | Reuters

Oil hits four-months highs, Brent reaches $68 on tighter supply | Reuters:Brent and West Texas Intermediate crude oil futures reached four-months highs on Thursday, as a production curb agreement by OPEC and its partners along with U.S. sanctions on Iran and Venezuela tightened global supplies.An unexpected dip in U.S. crude oil inventories and production also supported prices, traders said.Brent crude oil futures hit a 2019-peak of $68.14 per barrel on Thursday before easing modestly to $67.05 ...
Tags: Travel, Opec, Iran, Venezuela, Reuters, Rupert Neil Bumfrey


Oil up after U.S. crude stock draw, supply growth seen easing | Reuters

Oil up after U.S. crude stock draw, supply growth seen easing | Reuters:Oil futures rallied about 2 percent on Wednesday as U.S. crude inventories unexpectedly fell and an official forecast of crude oil supply growth from the world’s top producer was revised lower.A widespread power outage in Venezuela that has stalled crude exports from the OPEC-member nation, which has already seen reduced shipments from U.S. sanctions, helped to tighten the market.Brent crude futures settled at $67.55 a barre...
Tags: Travel, Opec, Venezuela, Reuters, Rupert Neil Bumfrey


#UAE set for marginal growth in 2019, #Saudi and #Oman economies to slow - Moody's | ZAWYA MENA Edition

UAE set for marginal growth in 2019, Saudi and Oman economies to slow - Moody's | ZAWYA MENA Edition:The economy of the United Arab Emirates (UAE) is only expected to grow marginally in 2019, according to ratings agency Moody's. It has forecast GDP growth of 2.8 percent this year, up from an estimated 2.6 percent growth in 2018.Speaking at a media briefing in Dubai on Tuesday, analyst Thaddeus Best said that headline growth would be "constrained" this year, which is partly due to the production ...
Tags: Travel, Opec, Dubai, Oman, Uae, Moody, United Arab Emirates UAE, Rupert Neil Bumfrey, Thaddeus Best


OPEC Splits Avocado Appetizer With Shale Adversaries in Texas - Bloomberg

OPEC Splits Avocado Appetizer With Shale Adversaries in Texas - Bloomberg:OPEC’s secretary general met with senior executives from North America’s booming shale oil industry for dinner in Houston as the balance of power in global energy markets continues its swing to the U.S. from the Middle East.The dinner Monday night included "a friendly conversation on current industry issues and the immediate prospects and challenges for all," OPEC Secretary General Mohammad Barkindo said in an interview af...
Tags: Travel, Opec, Middle East, Houston, North America, Rupert Neil Bumfrey, IHS Markit, Barkindo, Mohammad Barkindo, Texas Bloomberg


Oil Rises as Saudis, Venezuela Seen Carving Deeper Into Supplies - Bloomberg

Oil Rises as Saudis, Venezuela Seen Carving Deeper Into Supplies - Bloomberg:Oil began the week on the rebound, as Saudi Arabia moved to extend supply curbs and a nationwide blackout threatened deep production cuts in Venezuela.Futures in New York climbed 1.3 percent after dropping on Friday amid weak U.S. employment figures. Saudi Arabia plans to produce well below 10 million barrels a day in April, a Saudi official said over the weekend. Meanwhile, crude output from fellow OPEC member Venezuel...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, Canada, New Jersey, Venezuela, Rupert Neil Bumfrey, Venezuela Futures, Brynne Kelly


Oil Optimists Stay the Course Even as Demand Headwinds Loom - Bloomberg

Oil Optimists Stay the Course Even as Demand Headwinds Loom - Bloomberg:Hedge funds keep betting on an oil rally, even with prices struggling for a direction.Investors pushed bullish wagers on West Texas Intermediate crude prices to their highest in a month and cut short-selling bets to the lowest since October, according to data released Friday. They’re apparently convinced that dwindling global supplies will be more than enough to withstand a weaker economy.Futures in New York ended last week ...
Tags: Travel, New York, Nigeria, Opec, Iran, Venezuela, Rupert Neil Bumfrey


Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg

Saudis Are Said to Extend Deep Oil-Output Cuts Into April - Bloomberg:Saudi Arabia will supply its clients with significantly less oil than they requested in April, extending deeper-than-agreed production cuts into a second month, a Saudi official familiar with the policy said.The move is the latest sign Riyadh is determined to regain control of the oil market as prices remain well below the level that many OPEC members need to cover their government spending.  Saudi Arabia plans to produce well...
Tags: Travel, Saudi Arabia, Russia, Opec, Riyadh, Rupert Neil Bumfrey


Oil gains as #Saudi stands by OPEC supply cuts, U.S. rig activity drops | ZAWYA MENA Edition

Oil gains as Saudi stands by OPEC supply cuts, U.S. rig activity drops | ZAWYA MENA Edition:Oil prices rose on Monday, lifted by comments from Saudi Energy Minister Khalid al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall in U.S. drilling activity.U.S. West Texas Intermediate (WTI) crude oil futures were at $56.50 per barrel at 0945 GMT GMT, up 43 cents, or 0.77 percent from their last close.Brent crude futures were at $66.29 per barrel, up 55 cent...
Tags: Travel, Opec, Khalid al Falih, Rupert Neil Bumfrey


IEA sees U.S. leading global oil supply growth to 2024 | Reuters

IEA sees U.S. leading global oil supply growth to 2024 | Reuters:The United States will drive global oil supply growth over the next five years, adding another 4 million barrels per day to the country’s already booming output, the International Energy Agency said on Monday.“The United States is increasingly leading the expansion in global oil supplies, with significant growth also seen among other non-OPEC producers, including Brazil, Norway and new producer Guyana,” the IEA said in its five-yea...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, IEA, Guyana, Reuters, International Energy Agency, Rupert Neil Bumfrey, Brazil Norway


Oil's Big Reset: Energy Majors Learn to Thrive After Price Crash - Bloomberg

Oil's Big Reset: Energy Majors Learn to Thrive After Price Crash - Bloomberg:When OPEC started an oil-price war in late 2014, most people believed U.S. shale was doomed. In reality, the giant oil majors suffered most -- burdened by expensive mega-projects, Chevron Corp., BP Plc and the rest struggled to adapt to the fall in energy prices.Slowly, those companies figured out how to survive in the lower-for-longer price era. They cut costs and, more importantly, learned how to stop them from rising...
Tags: Travel, Opec, Rupert Neil Bumfrey, Chevron Corp BP Plc


Shale Boom Drives U.S. to Take Least OPEC Crude in Three Decades - Bloomberg

Shale Boom Drives U.S. to Take Least OPEC Crude in Three Decades - Bloomberg:OPEC crude oil shipments to the world’s largest economy sank to a thirty-year low as part of an effort by the cartel and its allies to balance supplies and counteract America’s shale boom.OPEC supply cuts that started in 2017 were extended in 2018. The end result was Saudi Arabia cutting exports to the U.S. by 9 percent to about 870,000 barrels a day in 2018. OPEC as a whole sent 17 percent less than the year before, an...
Tags: Travel, Saudi Arabia, America, Opec, Bloomberg, Energy Information Administration, Permian, Rupert Neil Bumfrey



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