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Mercuria Says Market Can’t Handle OPEC Production Increase - Bloomberg

Mercuria Says Market Can’t Handle OPEC Production Increase - Bloomberg:Global oil markets won’t be able to absorb planned production increases by OPEC+ members as demand remains weaker than expected, said the head of commodities trader Mercuria Energy Group.Oil stockpiles have been building in September and won’t draw down enough in the remainder of the year to be in balance if the cartel follows through with its plan to taper production cuts early next year, Marco Dunand, Mercuria’s co-founder ...
Tags: Travel, Opec, Geneva, Rupert Neil Bumfrey, Saudi Arabia Russia, OPEC Production Increase Bloomberg, Mercuria Energy Group Oil, Marco Dunand Mercuria, Dunand


#SaudiArabia and La-La Land | Financial Times

Saudi Arabia and La-La Land | Financial Times:Saudi Arabia’s energy minister does not want bearish oil speculators “living in a La-La Land,” as he put it last week. Prince Abdulaziz bin Salman reminded them of his ability to make the market “jumpy” and to hurt gamblers “like hell”. While the former is in his power, the latter could be harder.So far the kingdom deserves a nomination for best oil trader of 2020. Not because of its pledge to rebalance oversupplied markets, but rather because it rec...
Tags: Travel, Saudi Arabia, Opec, La La Land, Rupert Neil Bumfrey, Abdulaziz bin Salman


Return of Libya’s Oil Is a New Headache for Markets - Bloomberg

Return of Libya’s Oil Is a New Headache for Markets - Bloomberg:A new wave of coronavirus lockdowns is already slowing oil’s price recovery. Now, commodity traders have a new headache: Libya.The civil-war-torn country’s oil industry has been all but shut down since January. But it looks as if exports will restart imminently thanks to a truce and an agreement between the main factions over the past week to share petrodollars more evenly. A return of Libyan barrels would come amid volatility in cr...
Tags: Travel, Opec, Libya, Goldman Sachs, Bloomberg Intelligence, Rupert Neil Bumfrey, Markets Bloomberg


Opec keeps strategy under wraps in oil stumble | Financial Times

Opec keeps strategy under wraps in oil stumble | Financial Times:Saudi Arabia’s energy minister is keeping his options open while the recovery in oil prices splutters, setting up a potentially volatile period ahead.Crude prices tumbled at the start of September after traders grew nervous that further potential lockdowns to slow the spread of coronavirus could fracture a fragile recovery in consumption.But Prince Abdulaziz bin Salman is reluctant to commit to any new measures to bolster the oil m...
Tags: Travel, Saudi Arabia, Opec, Rupert Neil Bumfrey, Abdulaziz bin Salman


OPEC: Why #SaudiArabia Wants to Scare Oil Traders - Bloomberg

OPEC: Why Saudi Arabia Wants to Scare Oil Traders - Bloomberg:Last week’s virtual meeting of oil ministers from the OPEC+ alliance was a fascinating insight into the exercise of power by Saudi oil minister Prince Abdulaziz Bin Salman. It opened with ABS, as he’s referred to, lecturing his counterparts about the importance of honoring the oil output cuts they agree to, not as an act of charity but as a vital commitment to maximizing each member country’s profits.The only person sitting at the tab...
Tags: Travel, Opec, United Arab Emirates, Riyadh, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman, Scare Oil Traders Bloomberg


Column: Hedge fund selling slows ahead of #Saudi warning | Reuters

Column: Hedge fund selling slows ahead of Saudi warning | Reuters:Hedge funds sold petroleum for the fourth week running, though the rate slowed from the two-year peak set a week earlier, as they lowered their expectations on oil consumption, prompting Saudi Arabia to issue an unusually blunt warning to short sellers.Hedge funds and other money managers sold the equivalent of 18 million barrels in the six most important petroleum futures and options contracts in the week to Sept. 15, down from s...
Tags: Travel, Europe, Saudi Arabia, Opec, Reuters, U S Commodity Futures Trading Commission, Rupert Neil Bumfrey


OPEC’s Libya Edges Closer to Reopening Battered Oil Sector - Bloomberg

OPEC’s Libya Edges Closer to Reopening Battered Oil Sector - Bloomberg:Libya moved closer to reopening its battered oil industry after the state energy firm said it would resume exports, though only from fields and ports that are free of foreign mercenaries and other fighters.The National Oil Corp. is ending force majeure -- a legal status protecting a party if it can’t fulfill a contract for reasons beyond its control -- at “secure” facilities and has told companies to resume production. The sh...
Tags: Travel, Opec, Libya, NOC, National Oil Corp, Hariga, Arabian Gulf Oil Co, Rupert Neil Bumfrey, Reopening Battered Oil Sector Bloomberg, Sirte Oil Gas Production and Processing Co


Oil Has Best Week Since June After Saudis Defend Market Recovery - Bloomberg

Oil Prices for Sep. 18, 2020: Brent Crude, WTI - Bloomberg:Saudi Arabia’s warning to OPEC+ cheaters and short-sellers alike helped oil prices stage their biggest weekly rally since June, despite a grim start to the week as industry heavyweights painted a troubling demand picture for the petroleum complex.Futures in New York rose 10% this week following a show of determination by Saudi Arabia, the most influential nation in the Organization of Petroleum Exporting Countries, to defend the market o...
Tags: Travel, New York, Saudi Arabia, Opec, Bloomberg, Lynch, Organization of Petroleum Exporting Countries, Michael Lynch, Khalifa Haftar, Haftar, National Oil Co, Rupert Neil Bumfrey, Strategic Energy Economic Research, Brent Crude WTI Bloomberg


Oil rises after OPEC warns members to stick to quotas | Reuters

Oil rises after OPEC warns members to stick to quotas | Reuters:Oil prices rose for a fourth day in a row on Friday, putting crude on track for a weekly gain of about 10%, after Saudi Arabia pressed allies to stick to production quotas and banks including Goldman Sachs predicted a supply deficit.Brent crude LCOc1 was up 18 cents at $43.48 a barrel by 0756 GMT while U.S. oil futures CLc1 rose 17 cents to $41.14.Both contracts are set for their strongest weekly gains since early June after Hurrica...
Tags: Travel, Saudi Arabia, Opec, Goldman Sachs, Reuters, Rupert Neil Bumfrey, Hurricane Sally


#Saudi energy minister warns oil market gamblers will be hurt "like hell" | Reuters

Saudi energy minister warns oil market gamblers will be hurt "like hell" | Reuters:The Saudi Energy Minister warned traders on Thursday against betting heavily in the oil market saying he will try to make the market “jumpy” and promised those who gamble on the oil price would be hurt “like hell”.The comments by Prince Abdulaziz bin Salman, OPEC’s most influential minister, came after a virtual meeting of a key panel of OPEC and allies, led by Russia, known as OPEC+.Prince Abdulaziz told the gath...
Tags: Travel, Russia, Opec, Reuters, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman


Oil rises 2%, reverses loses as OPEC+ addresses market weakness | Reuters

Oil rises 2%, reverses loses as OPEC+ addresses market weakness | Reuters:Oil prices rose more than 2% on Thursday, turning positive as OPEC and its allies said the producer group would crack down on countries that failed to comply with output cuts and planned to hold an extraordinary meeting in October if oil markets weaken further.After falling early in the session amid bearish jobs numbers and a ramp up in Gulf of Mexico oil output following Hurricane Sally, crude benchmarks reversed course t...
Tags: Travel, Opec, Gulf of Mexico, Reuters, Rupert Neil Bumfrey, Rystad Energy, Bjornar Tonhaugen Brent


MIDEAST STOCKS-Most major Gulf bourses fall as financials weigh | Nasdaq

MIDEAST STOCKS-Most major Gulf bourses fall as financials weigh | Nasdaq: Most major Gulf stock markets slipped in early trade on Thursday, pressured by losses in financial shares, while petrochemical firms supported the Qatari index.Saudi Arabia's benchmark index .TASI eased 0.3%, driven down by a 0.4% fall in Al Rajhi Bank 1120.SE and a 0.8% decline in Riyad Bank 1010.SE.Dubai's main share index .DFMGI slipped 0.2%, pressured by a 0.5% fall in Emirates NBD Bank ENBD.DU and a 0.7% slide in Emaa...
Tags: Travel, Saudi Arabia, Opec, Qatar, Dubai, Abu Dhabi, Gulf, Reuters, Emaar, Tasi, Rupert Neil Bumfrey, Abu Dhabi National Oil Company, Al Rajhi Bank, DFMGI, First Abu Dhabi Bank FAB, Emirates NBD Bank ENBD


Oil Gains After Report of Surprise Drop in U.S. Crude Stocks - Bloomberg

Oil Gains After Report of Surprise Drop in U.S. Crude Stocks - Bloomberg:Oil extended gains to trade near $39 a barrel in New York, buoyed by an industry report of a surprise drop in U.S. crude stockpiles and advances in other financial markets.The American Petroleum Institute reported crude stockpiles declined by 9.52 million barrels last week, according to people familiar with the numbers. That contrasts with an increase forecast in a Bloomberg-compiled survey before government data due Wednes...
Tags: Travel, New York, Opec, Bloomberg, OECD, International Energy Agency, Vitol Group, American Petroleum Institute, Rupert Neil Bumfrey, U S Crude Stocks Bloomberg, BP Plc Trafigura Group


Is OPEC’s Power Over the Oil Market Broken? - Bloomberg

Is OPEC’s Power Over the Oil Market Broken? - Bloomberg:This week marks the 60th anniversary of OPEC, the cartel of major oil exporters that has, at times, held sway over the oil markets. It is a good time to ask: Is it still effective? The truth is that OPEC's power to impact the price of oil has waxed and waned over the past 60 years but has always been based on the portion of global spare capacity that it controls. With plenty of crude sloshing around in storage tanks worldwide, that makes it...
Tags: Travel, Opec, Bloomberg, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey


#Kuwait Aims to Finish Mideast’s Biggest LNG Terminal by March - Bloomberg

Kuwait Aims to Finish Mideast’s Biggest LNG Terminal by March - Bloomberg: The under-construction Al-Zour LNG terminal, Kuwait.   Source: Kuwait Integrated Petroleum Industries Co Kuwait aims to open what will be the Middle East’s largest import terminal for liquefied natural gas in March, according to two people familiar with the project.The Al-Zour plant will allow Kuwait to receive 22 million tons of LNG (about 31 billion cubic meters) a year, almost doubling the region’s ca...
Tags: Travel, Opec, Bloomberg, Middle East, Bp, Kuwait, Mideast, Rupert Neil Bumfrey, Al Zour, Al Zour LNG, Kuwait Integrated Petroleum Industries Co Kuwait, BP Plc Kuwait


Oil prices drop as bleaker fuel demand outlook weighs on market | Reuters

Oil prices drop as bleaker fuel demand outlook weighs on market | Reuters:Oil prices edged lower on Tuesday as worries over a slow recovery in global fuel demand, depressed by the coronavirus pandemic, chimed with bleak outlook warnings by major oil producers.Brent crude LCOc1 was down 4 cents, or 0.1%, at $39.57 a barrel by 0642 GMT, while U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 2 cents, or 0.1%, at $37.24 a barrel. Both contracts ended slightly lower the previous day.St...
Tags: Travel, Opec, Reuters, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Chiyoki Chen


OPEC sees steeper oil demand drop as virus remains challenging | Reuters

OPEC sees steeper oil demand drop as virus remains challenging | Reuters:World oil demand will fall more steeply in 2020 than previously forecast due to the coronavirus and recover more slowly than expected next year, OPEC said on Monday, potentially making it harder for the group and its allies to support the market. World oil demand will tumble by 9.46 million barrels per day (bpd) this year, the Organization of the Petroleum Exporting Countries said in a monthly report, more than the 9.06 mil...
Tags: Travel, Opec, Reuters, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey


Citi Has a Message for Oil Bulls: $60 Oil to Return by 2021 - Bloomberg

Citi Has a Message for Oil Bulls: $60 Oil to Return by 2021 - BloombergCitigroup Inc. has a message to cheer up despairing oil bulls: prices will get back to $60 a barrel before the end of 2021. “We’re bullish definitely,” Ed Morse, global head of commodities research at Citi, said in an interview during the S&P Global Platts Asia Pacific Petroleum Conference. “In our base case, prices go up because the market balances” and gigantic inventories are drawn down, he said.The rate at which those sto...
Tags: Travel, Opec, Bloomberg, Citi, Morse, Ed Morse, Rupert Neil Bumfrey, Message for Oil Bulls, BloombergCitigroup Inc


OPEC’s 60th Birthday: The Oil Cartel's Got a Whack-a-Mole Problem - Bloomberg

OPEC’s 60th Birthday: The Oil Cartel's Got a Whack-a-Mole Problem - Bloomberg:The Organization of Petroleum Exporting Countries turns 60 tomorrow, and the oil producer group is putting a brave face on its Covid-curtailed Diamond Jubilee. But rifts within the cartel are resurfacing as de facto leader Saudi Arabia struggles to maintain discipline among members itching to pump more crude.The birthday celebrations, due to be held in Baghdad’s Al-Shaab Hall where OPEC came into being, have been postp...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Baghdad, George H W Bush, Organization of Petroleum Exporting Countries, Waltons, Rupert Neil Bumfrey, Oil Cartel, Shaab Hall


OPEC+ Bid to Rescue Oil Market Falters as Demand Recovery Stalls - Bloomberg

OPEC+ Bid to Rescue Oil Market Falters as Demand Recovery Stalls - Bloomberg:It was meant to be the week when OPEC nations gathered in Baghdad to celebrate the cartel’s six decades as a dominant force in global oil markets.Instead, the Organization of Petroleum Exporting Countries and its allies will convene online, and reflect on whether the coranavirus has thwarted their best efforts to keep the market afloat.After reviving crude prices from an unprecedented collapse over the spring, OPEC+ is ...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Baghdad, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Rescue Oil Market Falters


Oil Suffers Consecutive Weekly Loss as Demand Recovery Wavers - Bloomberg

Oil Suffers Consecutive Weekly Loss as Demand Recovery Wavers - Bloomberg:Oil posted its first back-to-back weekly loss since April’s rout with the end of the summer driving season and concern about OPEC’s production compliance weighing on prices.Futures in New York edged up on Friday, but prices fell 6.1% this week coinciding with a retreat in U.S. equities. Traders are also examining data indicating the United Arab Emirates since July has been regularly exceeding its quota under a deal between...
Tags: Travel, New York, Opec, United Arab Emirates, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Michael Hiley


Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg

Global Crude Oil News and Analysis for WTI, Brent Prices on September 11, 2020 - Bloomberg:Oil headed for its first back-to-back weekly losses since April’s price rout as swelling U.S. stockpiles added to signs that the global energy demand recovery will take longer than previously anticipated.Futures in New York were steady near $37 a barrel and are down around 6% this week. U.S. crude inventories rose for the first time in seven weeks and stockpiles at the storage hub at Cushing reached the hi...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, Energy Information Administration, Platts, Saudi Aramco, Cushing, Rupert Neil Bumfrey, Global Crude Oil News


OPEC Global Oil Trader News and Analysis: How Big Is the #UAE Output Breach? - Bloomberg

OPEC Global Oil Trader News and Analysis: How Big Is the UAE Output Breach? - Bloomberg:Just when OPEC seemed to have finally mastered the long-running problem of members breaching their oil-output targets, a new offender is emerging.The United Arab Emirates -- traditionally a loyal partner of group leader Saudi Arabia -- pumped a little bit over its agreed limit in July, according to OPEC data. It has admitted doing so again in August.Now, many traders are turning their attention to data showin...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Uae, Gulf, International Energy Agency, Rupert Neil Bumfrey, Petro Logistics SA, OPEC Global Oil Trader News


#SaudiArabia to keep pumping despite fall in crude prices | Financial Times

Saudi Arabia to keep pumping despite fall in crude prices | Financial Times:Saudi Arabia plans to keep oil production steady despite a recent slump in prices, fearing any bigger output cuts would lead rivals in Opec to increase supply.Five people briefed on Saudi Arabia’s thinking said Brent crude’s more than 10 per cent slide in the past week, dipping below $40 a barrel on Tuesday, was causing concern but not yet panic in Riyadh. The kingdom has led Opec and other producers such as Russia, know...
Tags: Travel, Saudi Arabia, Russia, Opec, | Financial Times, Riyadh, Rupert Neil Bumfrey


#Oman Plans Debt Sales to Cover Gulf’s Biggest Budget Deficit - Bloomberg

Oman Plans Debt Sales to Cover Gulf’s Biggest Budget Deficit - Bloomberg:Oman’s government is planning to tap international and local debt markets this year as it seeks to plug the widest budget deficit among Gulf Arab economies.The sultanate, rated junk by the three major rating companies, hired Bank Muscat for a local-currency Islamic bond offering, according to the Finance Ministry. The sale will target local and small investors through a book-building process, it said in a statement on Wedne...
Tags: Travel, Opec, Oman, Gulf Cooperation Council, Finance Ministry, Bank Muscat, Rupert Neil Bumfrey, Haitham bin Tariq al Said, Biggest Budget Deficit Bloomberg, Finance Ministry The


Oil skids after #Saudi cuts prices, China slows imports - Reuters

Oil skids after Saudi cuts prices, China slows imports - Reuters:Oil prices were trading down more than 1% on Monday after hitting their lowest since July, as Saudi Arabia made the deepest monthly price cuts for supply to Asia in five months and optimism about demand recovery cooled amid the pandemic.Brent crude LCOc1 was at $42.11 a barrel, down 55 cents or 1.3% by 0642 GMT, after earlier sliding to $41.51, the lowest since July 30.U.S. West Texas Intermediate crude CLc1 skidded 64 cents, or 1....
Tags: Travel, Asia, Saudi Arabia, China, Opec, Reuters, Rupert Neil Bumfrey


#Saudi Cut Oil Prices in Sign - Bloomberg

Saudi Cut Oil Prices in Sign - Bloomberg:Saudi Arabia cut pricing for oil sales to Asia and the U.S. for October shipments, a sign that the world’s biggest exporter may see fuel demand wavering amid flare-ups in the coronavirus.State oil producer Saudi Aramco is cutting its benchmark Arab Light crude more than expected and lowering the grade to a discount for the first time since June for buyers in Asia. It’s the second-consecutive month of cuts for barrels to Asia. Aramco will also trim pricing...
Tags: Travel, Asia, Europe, Saudi Arabia, Russia, Opec, Bloomberg, Mediterranean, Aramco, Saudi Aramco, Rupert Neil Bumfrey, Asia Aramco, Sign Bloomberg


Oil Prices; Covid: Russia Sees Economy, Oil Recovering on Vaccine - Bloomberg

Oil Prices; Covid: Russia Sees Economy, Oil Recovering on Vaccine - Bloomberg:Russia sees oil prices averaging $50 to $55 a barrel in 2021 as the development of Covid-19 vaccines spurs an economic recovery, said Energy Minster Alexander Novak.That would be an improvement from this year and enough to cover Russia’s budget, but still well below pre-pandemic levels and too low for many of Moscow’s OPEC+ allies.“Globally, big work on vaccination is being done” and the global economy is rebounding as...
Tags: Travel, Russia, Opec, Moscow, Novak, Organization of Petroleum Exporting Countries, Alexander Novak, Rupert Neil Bumfrey, Global Manufacturing, Vaccine Bloomberg


Brent hits five-month high on #AbuDhabi supply cuts, China data - Reuters

Brent hits five-month high on Abu Dhabi supply cuts, China data - Reuters:Oil rose on Monday, with Brent touching the highest in five months, underpinned by a 30% cut in Abu Dhabi crude supplies and encouraging Chinese data even as global demand struggles to return to pre-COVID levels in a well supplied market. Brent crude futures for November LCOc1 advanced to $46.38 a barrel earlier, the highest since March, and was fetching $46.27 by 0656 GMT, up 46 cents, or 1%. U.S. West Texas Intermediate ...
Tags: Travel, China, Opec, United Arab Emirates, Brent, Abu Dhabi, Reuters, Rupert Neil Bumfrey, Abu Dhabi National Oil Company


Steady oil price belies weakening physical market - Reuters

Steady oil price belies weakening physical market - Reuters:The oil price is holding steady close to $45 a barrel, but prices further forward and in the physical market are showing new signs of weakness mainly due to a fall in demand from China after the country’s buying binge earlier in the year.The spread between Brent crude for nearby delivery and six-months ahead is at its widest since late May at around $2.50, a market structure known as contango.The coronavirus crisis reduced global oil de...
Tags: Travel, China, Opec, Reuters, Rupert Neil Bumfrey



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