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IEA Sees Oil Demand Growth Defying Economic Slowdown, For Now - Bloomberg

IEA Sees Oil Demand Growth Defying Economic Slowdown, For Now - Bloomberg:Global oil demand remains on course to be stronger this year than in 2018 as a boost from lower fuel prices counters slowing economic activity, according to the International Energy Agency.After slumping in the fourth quarter, oil prices “will provide some stimulus to demand,” said the Paris-based agency, which advises most of the world’s major economies on energy policy. Still, as “the mood music in the global economy is ...
Tags: Travel, China, Opec, Bloomberg, Paris, IEA, International Energy Agency, Rupert Neil Bumfrey


Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters

Oil climbs 1 percent on OPEC output cut, hopes for easing China-U.S. trade tensions | Reuters:Oil prices rose 1 percent on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.International Brent crude oil futures LCOc1 were up 62 cents, or 1.01 percent, at $61.80 per barrel at 0753 GMT. Brent has risen about 2 percent this week, its third straight week of gains.U.S. West Tex...
Tags: Travel, China, Opec, Brent, Reuters, China U S, Rupert Neil Bumfrey, International Brent


OPEC cuts offset headwinds from slowing economy: Kemp | Reuters

OPEC cuts offset headwinds from slowing economy: Kemp | Reuters:Oil traders seem increasingly convinced OPEC’s prompt action in cutting production will be enough to offset the impact of rising shale production and slowing global growth.Brent futures prices have stabilized around $60 per barrel in recent sessions, well below the peak of over $85 at the start of October, but significantly higher than the trough of less than $50 in late December.More importantly, Brent’s six-month calendar spread h...
Tags: Travel, Opec, Reuters, Kemp, Rupert Neil Bumfrey


Before start of new oil pact, OPEC made progress averting glut | Reuters

Before start of new oil pact, OPEC made progress averting glut | Reuters:OPEC cut oil output sharply in December before a new accord to limit supply took effect, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.The Organization of the Petroleum Exporting Countries said in a monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in...
Tags: Travel, Russia, Opec, Reuters, Petroleum Exporting Countries, Rupert Neil Bumfrey


Opec forecasts fall in crude demand on global imbalance | Financial Times

Opec forecasts fall in crude demand on global imbalance | Financial Times:Opec expects demand for the cartel’s crude in 2019 at almost 1m barrels a day less than last year as supply is expected to outweigh demand, something that has forced global producers to enact output curbs.In its monthly oil market report, Opec said production from outside of the cartel is forecast to grow by a robust 2.1m b/d this year — a small downward revision — to average almost 64.2m b/d.US production at record levels...
Tags: Travel, US, Opec, Financial Times, US China, Rupert Neil Bumfrey


Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters

Oil gains with Wall Street, but rising U.S. fuel stocks weigh | Reuters:Oil prices edged higher on Wednesday, buoyed by a U.S. equity market rally and a supply cut agreement by OPEC+, but gains were limited by data showing growing U.S. refined product inventories and record crude production.Brent crude LCOc1 futures rose 68 cents to settle at $61.32 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 20 cents to settle at $52.31 a barrel.Boosting oil prices, Wall Street’s main i...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Data show US sanctions hitting #Iran’s oil exports hard | Financial Times

Data show US sanctions hitting Iran’s oil exports hard | Financial Times:Data on Iran’s crude exports bear the scars of US sanctions on the oil producer, with December figures showing a fall to just 1.1m barrels a day — almost 60 per cent down from levels in the spring.The volume of Iranian exports was one of the key focuses for oil traders in 2018, as the US moved to reimpose punishing economic measures on the Opec member. President Donald Trump reversed a deal which had sought to curb Iran’s n...
Tags: Travel, US, Opec, Iran, Donald Trump, Rupert Neil Bumfrey


Oil firm as supply cuts point to tighter market despite weakening economy | Reuters

Oil firm as supply cuts point to tighter market despite weakening economy | Reuters:Oil prices firmed on Wednesday after climbing about 3 percent in the previous session as expectations that OPEC-led supply cuts will tighten markets despite signs of a global economic slowdown.Brent crude oil futures LCOc1 were at $60.83 per barrel at 0748 GMT, 19 cents, or 0.3 percent above their last close.West Texas Intermediate (WTI) crude futures CLc1 were up 10 cents, or 0.2 percent, at $52.21 a barrel. ...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Permian Shale Oil Boom Holds Good News and Bad News for OPEC - Bloomberg

Permian Shale Oil Boom Holds Good News and Bad News for OPEC - Bloomberg:The year has barely begun but it’s already shaping up nicely for OPEC, with crude rebounding sharply after the worst fourth-quarter performance since 2014.A new production cuts deal with Russia and thawing U.S.-China trade relations have given the market a boost. But for the Organization of Petroleum Exporting Countries, good news often comes hand-in-hand with bad news. For that, look no further than the Permian basin.The b...
Tags: Travel, China, Russia, Opec, Energy Information Administration, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, OPEC Bloomberg, United Arab Emirates OPEC


Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg

Saudis Say OPEC+ Oil Cuts Provided `Lifeline' to U.S. Shale - Bloomberg:Saudi Arabia’s energy minister has no quarrels with U.S. shale and even sees output cuts by OPEC and its allies as directly aiding American drillers.“The action we have taken, quickly in December and that we’re seeing implemented as we speak, is a lifeline to U.S. shale producers,” Khalid Al-Falih said at a conference in Abu Dhabi.  The Organization of Petroleum Exporting Countries, led by Saudi Arabia, agreed to cut oil out...
Tags: Travel, Saudi Arabia, Opec, Abu Dhabi, Organization of Petroleum Exporting Countries, Khalid al Falih, Rupert Neil Bumfrey, Al Falih, Shale Bloomberg


Two Big Producers Just Called the Bottom on Oil: $60 a Barrel - Bloomberg

Two Big Producers Just Called the Bottom on Oil: $60 a Barrel - Bloomberg:Italy’s top oil producer and Oman’s energy minister predict the latest oil rebound will stick.Prices are up more than 20 percent since hitting an almost two-year low in December, enough to alter OPEC+ rhetoric from reassuring investors that it will cut output to taking credit for the rebound, and in the case of Oman, forecasting where oil will trade for the year.Oman Oil Minister Mohammed Al-Rumhi told Bloomberg TV that th...
Tags: Travel, Russia, Opec, Bloomberg, Italy, Oman, Organization of Petroleum Exporting Countries, Bloomberg TV, Claudio Descalzi, Rupert Neil Bumfrey, Eni SpA, Barrel Bloomberg, Mohammed Al Rumhi


OPEC is not the enemy of the U.S., #UAE energy minister says | Reuters

OPEC is not the enemy of the U.S., UAE energy minister says | Reuters:Oil producer group OPEC is not the enemy of the United States, United Arab Emirates Energy Minister Suhail al-Mazrouei said on Saturday in Abu Dhabi.“We are complementing each other, we are not enemies here,” Mazrouei told an industry conference in Abu Dhabi, addressing the relationship between the Organization of the Petroleum Exporting Countries and the U.S., a major oil consuming country.OPEC and other leading global oil pr...
Tags: Travel, Russia, Opec, United States, Abu Dhabi, Uae, Reuters, Petroleum Exporting Countries, United Arab Emirates Energy, Suhail Al Mazrouei, Rupert Neil Bumfrey, Mazrouei


Crude Rally Hits Pause as Markets Reassess Economic Outlook - Bloomberg

Crude Rally Hits Pause as Markets Reassess Economic Outlook - Bloomberg Oil prices closed lower for the first time in two weeks Friday as investors paused to assess the economic outlook and OPEC’s ability to counter the U.S. shale boom. Futures in New York slipped 1.9 percent for the day, ending a nine-day rally that has pushed crude back into a bull market. Prices slipped along with the S&P 500 as the U.S. government shutdown showed no signs of ending, leaving some 800,000 federal worke...
Tags: Travel, Europe, New York, Opec, New York Mercantile Exchange, Rupert Neil Bumfrey, Aberdeen Standard Investments, Frances Hudson, Edinburgh West Texas


Oil Set for Biggest Weekly Gain in Two Years as Rebound Persists - Bloomberg

Oil Set for Biggest Weekly Gain in Two Years as Rebound Persists - Bloomberg:Oil headed for its biggest weekly gain in over two years on hopes that OPEC will manage to shrink a glut and trade tensions between the U.S. and China will ease.Futures in New York have advanced 10 percent this week, as Saudi Arabia pledged that a producer coalition it’s leading will keep the market in balance. Still, prices are about 30 percent lower than their highs in October even after a rebound since Christmas Eve ...
Tags: Travel, New York, Saudi Arabia, China, Russia, Opec, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil Slips From One-Month High as Economic Uncertainty Persists - Bloomberg

Oil Slips From One-Month High as Economic Uncertainty Persists - Bloomberg:Oil retreated after entering a bull market in New York, as the tension between an uncertain economic outlook and efforts by OPEC to restrict supplies continued to cause volatile trading.West Texas Intermediate futures fell as much as 1.7 percent after a rally on Wednesday brought crude’s rebound from an 18-month low in December to 23 percent. Prices had climbed as Saudi Energy Minister Khalid Al-Falih expressed confidence...
Tags: Travel, New York, China, Opec, Organization of Petroleum Exporting Countries, Khalid al Falih, Rupert Neil Bumfrey, Saudi Energy


#Saudi to slash oil exports by 800,000 bpd: minister

Saudi to slash oil exports by 800,000 bpd: minister:OPEC member Saudi Arabia will slash its oil exports in January by 10 per cent compared to November, the energy minister said Wednesday.Khalid Al Falih said the kingdom, the world's top crude supplier, would cut its output to 7.2 million barrels per day in January, from 8.0 million bpd in November, with a further 100,000 bpd cut in February.OPEC and its allies decided last month to cut their overall output by 1.2 million bpd starting January to ...
Tags: Travel, Saudi Arabia, Opec, Khalid al Falih, Rupert Neil Bumfrey


Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg

Oil Bounces Back to Bull Market Fueled by OPEC Cuts, Trade Talks - Bloomberg:Oil stormed back into bull market territory, as investors who’d abandoned crude just a month ago were lured back by an OPEC-led campaign to bring runaway supplies in check.West Texas Intermediate crude closed at $52.36 a barrel, completing a 23 percent recovery since hitting an 18-month low on Christmas Eve. Brent, the global benchmark, finished the day up 22 percent since bottoming out.Crude ended 2018 in free fall but...
Tags: Travel, China, Opec, Khalid al Falih, Rupert Neil Bumfrey, Saudi Arabia Russia, OPEC Cuts Trade Talks Bloomberg


Oil Climbs for Seventh Day as Trade Talks Fuel Demand Optimism - Bloomberg

Oil Climbs for Seventh Day as Trade Talks Fuel Demand Optimism - Bloomberg:Oil rallied for a seventh day as U.S. negotiators touted progress in trade talks with China and investors gained faith that OPEC will shrink output.Futures increased as much as 3 percent to almost $50 a barrel in New York on Tuesday. Talks with China are “going very well,” U.S. President Donald Trump said in a tweet as the delegations in Beijing extended their meeting into Wednesday. Meanwhile, U.S. crude inventories prob...
Tags: Travel, New York, China, Opec, Bloomberg, Beijing, Donald Trump, RBC Capital Markets LLC, Rupert Neil Bumfrey, Michael Tran


Opec’s usual oil cut gambit unlikely to move the needle | Financial Times

Opec’s usual oil cut gambit unlikely to move the needle | Financial Times:If Saudi Arabia and its allies are to convince oil traders that they are serious about balancing the market, they need to do what just a year ago would have seemed almost unthinkable: cut output of its lightest, sweetest barrels and restrict exports to Asia, the fastest-growing demand centre.This would fly in the face of conventional wisdom which, in recent years, has seen Saudi Arabia target output cuts in the US — home o...
Tags: Travel, Asia, Saudi Arabia, Russia, US, Opec, Financial Times, Rupert Neil Bumfrey


Oil rises; lifted by OPEC cuts, steadying stock market | Reuters

Oil rises; lifted by OPEC cuts, steadying stock market | Reuters:Oil prices edged higher on Monday, rebounding further from 1-1/2-year lows reached in December, on support from OPEC production cuts and steadying equities markets.Brent crude LCOc1 futures rose 27 cents to settle at $57.33 a barrel, a 0.47 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 56 cents to settle at $48.52 a barrel, a 1.17 percent gain.Oil futures have gained more than 7 percent since last Monday....
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


MIDEAST STOCKS-Oil rise lifts all major Gulf markets, #Saudi leads gains | Reuters

:All major Gulf markets rose for a third straight session on Monday, boosted by financial stocks amid rising oil prices, while Saudi Arabia and Qatar gained sharply as most of their banks increased.Oil prices rose by 2 percent on Monday, extending a rally from December's 18-month lows with support from OPEC production cuts and steadying share markets.Saudi Arabia's index rose 1.5 percent to close at its highest since Aug. 12, 2018, with 11 of its 12 banks gaining. [Author: [email protected]
Tags: Travel, Saudi Arabia, Opec, Qatar, Gulf, Reuters, Rupert Neil Bumfrey


Goldman Slashes Oil Forecasts as New Supply Seen Plentiful - Bloomberg

Goldman Slashes Oil Forecasts as New Supply Seen Plentiful - Bloomberg:Goldman Sachs Group Inc. cut its oil price forecasts for 2019, citing a re-emerging surplus and resilient U.S. shale production.Global benchmark Brent crude will average $62.50 a barrel this year, analysts including Damien Courvalin said in a Jan. 6 note, down from a previous estimate of $70. U.S. marker West Texas Intermediate will average $55.50 a barrel, down from a prior forecast of $64.50. Societe Generale SA also lowere...
Tags: Travel, Opec, Bloomberg, Canada, Brazil, Goldman Sachs Group Inc, Permian Basin, Damien Courvalin, Societe Generale SA, Rupert Neil Bumfrey, Goldman Slashes Oil Forecasts, Goldman Big, Courvalin


OPEC Strategy Still a Winner for Members Despite Oil Slump - Bloomberg

OPEC Strategy Still a Winner for Members Despite Oil Slump - Bloomberg:Given oil’s plummet at the end of last year, OPEC’s strategy to stabilize the market might look a bust. But where it matters most for the cartel’s members -- petroleum revenues -- it’s still a winner.Crude prices in London have sunk back to the same range when the group began production cuts in early 2017, of between $50 and $60 a barrel, as record U.S. oil output and shaky fuel demand counteract the group’s efforts. That’s b...
Tags: Travel, London, Opec, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Oil Slump Bloomberg


#Saudi Oil Production Cuts May Stoke Oil Prices, Spur Trump Tweets - Bloomberg

Saudi Oil Production Cuts May Stoke Oil Prices, Spur Trump Tweets - Bloomberg: The list of things that President Donald Trump criticizes in his tweets varies from one day to the next. He may soon have to direct his ire to oil prices and the actions of his ally, Saudi Arabia, once again. The desert kingdom is already making good on its promise to slash supply, and the initial evidence suggests that the biggest cut is being made in deliveries to the U.S. On top of that, the price it charges Americ...
Tags: Travel, Saudi Arabia, Russia, Opec, Donald Trump, Khalid al Falih, Rupert Neil Bumfrey


Global oil and gas industry on steady footing: Moody’s - The Peninsula Qatar

Global oil and gas industry on steady footing: Moody’s - The Peninsula Qatar:Oil and natural gas prices will be volatile, but also range-bound in 2019. While the recent announcement that Opec and Russia will cut production helps alleviate concerns about oversupply, the pivotal questions in the coming year are whether Opec and Russia will maintain their production discipline and what might happen in June, when the current agreement expires, Moody’s Investors Service said in its annual report outl...
Tags: Travel, Russia, Opec, Moody, Henry Hub, Moody 's, Rupert Neil Bumfrey, Moody 's Investors Service, Steve Wood, Peninsula Qatar


Oil Edges Up as Traders Weigh Economic Risks Against OPEC Cuts - Bloomberg

Oil Edges Up as Traders Weigh Economic Risks Against OPEC Cuts - Bloomberg:Oil ended another topsy-turvy day by closing near a two-week high, as traders weighed signs that OPEC is following through on production cuts against hints of an economic slowdown.Global benchmark Brent crude rose, fell and then rebounded on Thursday, ending the trading session up 1.9 percent. Prices were spurred by signs that OPEC had made an early start on its pledged production curbs. Saudi Arabia also moved to increas...
Tags: Travel, Asia, Saudi Arabia, Opec, Bloomberg, Jefferies LLC, Rupert Neil Bumfrey, Jason Gammel


Oil rises in choppy trade as OPEC supply cuts vie with demand worry | Reuters

Oil rises in choppy trade as OPEC supply cuts vie with demand worry | Reuters:Oil prices rose more than one percent on Thursday in a session of volatile trade, drawing support from signs that Saudi Arabia is cutting crude output but pressured by concerns that slowing global economic growth could dent demand.Brent crude LCOc1 futures gained $1.04 to settle at $55.95 a barrel, a 1.89 percent gain. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 55 cents to settle at $47.09 a barrel, a 1...
Tags: Travel, Saudi Arabia, Opec, Wti, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Turbulent or Steady? OPEC or Shale? -- The State of Oil in 2019 - Bloomberg

Turbulent or Steady? OPEC or Shale? -- The State of Oil in 2019 - Bloomberg:Oil had a tumultuous 2018, with prices rising to a four-year high in October before plunging more than $30 in the following months. Oversupply and demand worries are high on the concern list for the industry, making volatility a buzzword this year as well.There are other power dynamics at play. OPEC’s Viennese waltz in early December was a perfect example of a shift, with Russia brokering a deal to curb output and sharin...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Donald Trump, ConocoPhillips, International Energy Agency, Ryan Lance, Pacific Investment Management Co, Rupert Neil Bumfrey, Neil Atkinson, Greg Sharenow


OPEC Output Falls Most in Almost 2 Years as #Saudi Cuts Begin - Bloomberg

OPEC Output Falls Most in Almost 2 Years as Saudi Cuts Begin - Bloomberg:Before its agreement to cut oil supplies even started, OPEC’s production plunged by the most in almost two years last month.In a sign of the urgency felt by the cartel amid tumbling crude prices, leading member Saudi Arabia throttled back production, according to a Bloomberg survey of officials, analysts and ship-tracking data. The group’s pact to curb output only formally started this week.The kingdom’s deliberate cutbacks...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Iran, Libya, Rupert Neil Bumfrey, Saudi Cuts Begin Bloomberg


Oil falls to $53 on economic worries, surging supply | Reuters

Oil falls to $53 on economic worries, surging supply | Reuters:Oil fell to around $53 a barrel on Wednesday, pressured by rising output in major OPEC and non-OPEC producers and concern about an economic slowdown that could weaken demand.Russian production hit a post-Soviet record in 2018, figures on Wednesday showed. Earlier this week, official data showed U.S. output reached a record in October and Iraq boosted oil exports in December.Brent crude LCOc1 fell 70 cents to $53.10 a barrel at 0838 G...
Tags: Travel, Iraq, Opec, Reuters, Rupert Neil Bumfrey



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