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Oil falls as investors take profits, but fuel switching caps losses | Reuters

Oil falls as investors take profits, but fuel switching caps losses | Reuters Oil prices fell on Thursday as some investors scooped up profits from the recent rally, though solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices capped losses.Brent crude futures fell 54 cents, or 0.6%, to $85.28 a barrel by 0649 GMT,turning down from earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the previous day.U.S. West Texas In...
Tags: Travel, Opec, United States, Reuters, Reuters Oil, Rupert Neil Bumfrey, Satoru Yoshida, Rakuten Securities


Energy crisis is wake up call for more investment, forum hears | Reuters

Energy crisis is wake up call for more investment, forum hears | Reuters The current energy crisis is a wake-up call for the need to invest more in the sector to avoid another energy supply crunch, Abu Dhabi National Oil Company (ADNOC) Chief Executive Sultan al-Jaber told a conference on Wednesday.The oil minister of India, the world's third biggest oil consumer and importer, echoed Jaber's comments, while OPEC's secretary general said oil and gas needed to play a central role in the energy t...
Tags: Travel, India, Opec, Reuters, Jaber, Rupert Neil Bumfrey, Abu Dhabi National Oil Company Adnoc, Hardeep Singh Puri, CERA Week India Energy Forum India


Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg

Energy Crisis: Don’t Expect OPEC to Keep You Warm This Winter - Bloomberg Skyrocketing prices for natural gas, coal and electricity are putting extra pressure on oil markets, boosting demand as industries and power generators seek to switch to liquid fuels to keep a lid on costs. But don’t expect the oil producers to boost supplies more rapidly over the coming winter — they’re more worried about what might happen next year.Fuel switching from gas and coal will boost global oil demand by 500,00...
Tags: Travel, Saudi Arabia, Russia, Opec, IEA, Rupert Neil Bumfrey, International Energy Agency Citigroup UBS


Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters

Oil prices rise, as Saudis dismiss supply concerns as demand grows | Reuters Oil prices rose 1% on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.The market largely shrugged off an unexpectedly large increase in U.S. crude inventories as refiners cut production in a generally slower period for those facilities.Brent crude futures settle...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


Oil prices trim gains after big build in U.S. stocks | Reuters

Oil prices trim gains after big build in U.S. stocks | Reuters Oil prices rose on Thursday after top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply and the International Energy Agency said surging natural gas prices could boost demand for oil among power generators.The market trimmed gains after U.S. crude inventories rose more than anticipated as refiners cut production in a generally slower period for those facilities.Brent crude futures gained 42 cents, or 0.5%, to $8...
Tags: Travel, Saudi Arabia, Opec, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters

MIDEAST STOCKS Most Gulf exchanges track oil prices higher | Reuters Most stock markets in the Gulf ended higher on Thursday amid rising oil prices, with oil behemoth Saudi Aramco nearing a $2 trillion valuation.Oil prices rose by about 1% after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Saudi Arabia's benchmark index (.TASI) closed 0.6% higher, with Yanbu Natio...
Tags: Travel, Europe, Saudi Arabia, Opec, Egypt, Dubai, Abu Dhabi, Uae, Gulf, Reuters, Saudi Aramco, International Energy Agency, Adi, Middle East Africa, Tasi, Rupert Neil Bumfrey


OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg

OPEC+ Kingpins Say They Protected Oil From Chaos Seen With Gas - Bloomberg Oil’s stability relative to natural gas and coal underscore that OPEC+ is doing a good job balancing supply and demand, said the energy ministers of Saudi Arabia and Russia.While crude has jumped to a three-year high above $80 a barrel, the increase has been nothing compared to volatility seen with gas and coal prices, Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday. He reiterated that the OPEC+ c...
Tags: Travel, Asia, Europe, Saudi Arabia, White House, Russia, Opec, Moscow, Riyadh, Rupert Neil Bumfrey, Abdulaziz bin Salman, Saudi Energy, Gas Bloomberg, Bloomberg Oil, OPEC Kingpins


Oil prices climb on upgrade to IEA demand forecast | Reuters

Oil prices climb on upgrade to IEA demand forecast | Reuters Oil prices rose by about 1% on Thursday after the International Energy Agency said that record natural gas prices would boost demand for oil and top oil producer Saudi Arabia dismissed calls for additional OPEC+ supply.Brent crude futures gained 89 cents, or 1.1%, to $84.07 a barrel by 1204 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 87 cents, or 1.1%, to $81.31, more than recouping t...
Tags: Travel, Saudi Arabia, Opec, IEA, Reuters, Reuters Oil, International Energy Agency, Rupert Neil Bumfrey


#Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters

Saudi energy minister dismisses calls for extra OPEC+ barrels | Reuters OPEC leader Saudi Arabia dismissed calls for speedier oil output increases on Thursday, saying its efforts with allies were enough and protecting the oil market from the wild price swings seen in natural gas and coal markets.“What we see in the oil market today is an incremental (price) increase of 29%, vis-à-vis 500% increases in (natural) gas prices, 300% increases in coal prices, 200% increases in NGLs (natural gas liqu...
Tags: Travel, Saudi Arabia, Russia, Opec, United States, Moscow, Reuters, Abdulaziz, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Prince Abdulaziz Bin Salman


IEA World Energy Outlook 2021: Throw Money, But Aim Carefully - Bloomberg

IEA World Energy Outlook 2021: Throw Money, But Aim Carefully - Bloomberg The recent jump in energy prices has been portrayed as an act of retribution by fossil fuels after years of low investment. The International Energy Agency’s latest long-term outlook trumps that: We’re underinvesting in energy, period.Rather than some neglected soul seeking vengeance, the global energy system might better be thought of as a particularly confused, and volatile, tween. It’s a phase we’re all going through ...
Tags: Travel, Opec, IEA, International Energy Agency, Rupert Neil Bumfrey, COVID, IEA World Energy, Aim Carefully Bloomberg


OPEC trims 2021 demand forecast but says gas price surge could help | Reuters

OPEC trims 2021 demand forecast but says gas price surge could help | Reuters OPEC has trimmed its world oil demand growth forecast for 2021 while maintaining its 2022 view, its monthly report showed on Wednesday, but it said surging natural gas prices could boost demand for oil products as end users switch.The Organization of the Petroleum Exporting Countries (OPEC) now expects oil demand to grow by 5.82 million barrels per day, down from 5.96 million bpd in its previous forecast, saying that...
Tags: Travel, Opec, Reuters, Reuters OPEC, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


Oil nears three-year high on energy crunch fears | Reuters

Oil nears three-year high on energy crunch fears | Reuters Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China.With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries (OPEC) and allied producers, collectively known as OPEC+, are sticking to plans to restore output gradually rather than boost supply qu...
Tags: Travel, China, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey, Stephen Brennock, PVM Brent


Oil rises close to multi-year high on energy crunch fears | Reuters

Oil rises close to multi-year high on energy crunch fears | Reuters Oil rose towards $84 a barrel on Tuesday, within sight of a three-year high, supported by a rebound in global demand that is contributing to energy shortages in big economies such as China.With demand growing as economies recover from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers, or OPEC+, is sticking to plans to gradually bring back output, rather than quickly boost supply."OPEC+ w...
Tags: Travel, China, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries, Rupert Neil Bumfrey, Stephen Brennock


#Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg

Qatar Says Rejoining OPEC Would Not Fit With Its Strategy - Bloomberg Qatar will not rejoin OPEC because trying to sway global oil prices doesn’t fit with its strategy, said Energy Minister Saad Al-Kaabi at a press conference.Qatar decided to leave the cartel in late 2018, saying its exit was ‘technical’ and a matter of strategy as it shifted its focus to natural gas as its main export. It had been a member of the Organization of Petroleum Exporting Countries since 1961.But observers saw the m...
Tags: Travel, Energy, Saudi Arabia, Opec, Qatar, Egypt, United Arab Emirates, Bahrain, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Saad al Kaabi


Oil rises 4% in week as energy crunch shows no signs of easing | Reuters

Oil rises 4% in week as energy crunch shows no signs of easing | Reuters Oil rose on Friday, gaining about 4% on the week as a global energy crunch boostedU.S. prices to their highest in almost seven years as big power users struggle to meet demand.Even with worldwide demand growing as economic activity rebounds from pandemic lows, the Organization of the Petroleum Exporting Countries and allied producers (OPEC+) this week said they would remain on the path of gradually bringing back productio...
Tags: Travel, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil prices surge; U.S. crude touches high above $80 a barrel | Reuters

Oil prices surge; U.S. crude touches high above $80 a barrel | Reuters Oil prices rose on Friday, upmore than 4% on the week as a global energy crunch has boosted prices to their highest since 2014 and prompted China to demand increased coal production.With global energy demand growing, OPEC and allied producers have said they would stay the course of gradually bringing back production cuts, and while the U.S. government said it was monitoring energy markets, it did not announce immediate plan...
Tags: Travel, Energy, China, Bank Of America, Opec, Chicago, Reuters, Reuters Oil, U S Department of Energy, Inner Mongolia, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


Oil drops after hitting multi-year high amid global energy crunch | Reuters

Oil drops after hitting multi-year high amid global energy crunch | Reuters Oil dropped on Wednesday after hitting a multi-year high above $83 a barrel, pressured by an American Petroleum Institute (API) report showing rising crude inventories in the United States and technical indicators suggesting prices have rallied too fast.The latest surge in the price of crude was underpinned by the refusal of the Organization of the Petroleum Exporting Countries and allies to boost output faster and com...
Tags: Travel, Russia, Opec, United States, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, American Petroleum Institute API


MIDEAST STOCKS #Saudi index at 14-year high, other gulf indexes mixed | Reuters

MIDEAST STOCKS Saudi index at 14-year high, other gulf indexes mixed | Reuters Saudi Arabia's stock market edged up to its highest in nearly 14 years on Wednesday as oil prices rose, while performances across other major Gulf bourses were mixed.Oil hit a multi-year high above $83 a barrel, supported by an OPEC+ refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.Saudi Arabia's benchmark index (.TASI) was 0.1% higher, with Al Rajhi Ban...
Tags: Travel, Saudi Arabia, Opec, Dubai, Abu Dhabi, Gulf, Reuters, Aramco, Qatar National Bank, Tasi, Saudi Telecom Company, Rupert Neil Bumfrey, Al Rajhi Bank, Gulf Egypt, First Abu Dhabi Bank FAB, Emirates Telecommunications Group Etisalat


Oil hits multi-year high on OPEC+ restraint amid global energy crunch | Reuters

Oil hits multi-year high on OPEC+ restraint amid global energy crunch | Reuters Oil hit a multi-year high on Wednesday above $83 a barrel, supported by OPEC+'s refusal to ramp up production more rapidly against a backdrop of concern about tight energy supply globally.The market later unwound those gains due to an American Petroleum Institute (API) report showing rising crude inventories in the United States and, analysts said, technical indicators suggesting oil has rallied too fast.On Monday,...
Tags: Travel, Opec, United States, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, American Petroleum Institute API


U.S. oil rises to highest since 2014 amid global energy crunch | Reuters

U.S. oil rises to highest since 2014 amid global energy crunch | Reuters U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets.Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to stay with their planned output increase ...
Tags: Travel, Opec, Reuters, Rupert Neil Bumfrey


Oil hits multi-year highs as OPEC+ sticks to output plan | Reuters

Oil hits multi-year highs as OPEC+ sticks to output plan | Reuters Oil prices jumped on Tuesday, with U.S. crude hitting its highest since 2014 and Brent futures climbing to a three-year high, after the OPEC+ group of producers stuck to its planned output increase rather than raising it further.On Monday, OPEC+ agreed to adhere to its July pact to boost output by 400,000 barrels per day (bpd) each month until at least April 2022, phasing out 5.8 million bpd of existing production cuts. read mo...
Tags: Travel, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey


Oil jumps 2%, hits 3-year high as OPEC+ sticks to output plan | Reuters

Oil jumps 2%, hits 3-year high as OPEC+ sticks to output plan | Reuters Oil prices jumped 2% on Tuesday, with Brent futures hitting a three-year high while U.S. crude hit its highest since 2014 after the OPEC+ group of producers stuck to its planned output increase rather than pumping even more crude.OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.Brent crude was up $1.60, or 2%,...
Tags: Travel, Opec, Brent, Reuters, Reuters Oil, Rupert Neil Bumfrey, Mizuho Americas, Robert Yawger


MIDEAST STOCKS #Saudi index leads mixed markets with 14-year high | Reuters

Stock markets in the Gulf region ended mixed on Tuesday, though the Saudi bourse rose to its highest in nearly 14 years on the back of stronger oil prices."The cautious atmosphere among investors has pushed the GCC stock markets in different directions. The economic slowdown and the strong inflation remain the main points of concern," said Wael Makarem, senior market strategist at Exness.Saudi Arabia's benchmark index (.TASI) finished 0.8% higher, with Al Rajhi Bank (1120.SE) rising 2.2%, wh...
Tags: Travel, Energy, Opec, GCC, Middle East, United Arab Emirates, Abu Dhabi, Gulf, Reuters, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Gulf Egypt, First Abu Dhabi Bank, Emirates Integrated Telecommunications Du


Oil hits fresh 3-year high after OPEC+ stays course on output plan | Reuters

Oil hits fresh 3-year high after OPEC+ stays course on output plan | Reuters Brent crude oil futures hit a fresh three-year high on Tuesday, with U.S. benchmark crude close to 2014 peaks, after the OPEC+ group of producers decided to stick to its planned output rises rather pumping even more.OPEC+ agreed in July to boost output by 400,000 barrels per day (bpd) each month until at least April 2022 to phase out 5.8 million bpd of existing production cuts.Brent crude was up $1.07 or 1.3% at $82.3...
Tags: Travel, India, Opec, United States, Brent, Reuters, Reuters Brent, Rupert Neil Bumfrey


Oil gains after OPEC+ holds firm on supply restraint | Reuters

Oil gains after OPEC+ holds firm on supply restraint | Reuters Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the world's major oil producers announced they had decided to keep a cap on crude supplies.Brent crude was up by 23 cents or 0.3% at $81.49 a barrel by 0341 GMT, having rising 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose 12 cents or 0.2% to $77.74, after gaining 2.3% the pre...
Tags: Travel, Russia, India, Opec, United States, Reuters, Reuters Oil, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


Oil settles above $81 with OPEC+ sticking to output increase | Reuters

Oil settles above $81 with OPEC+ sticking to output increase | Reuters Oil jumped to a three-year peak on Monday after OPEC+ confirmed it would stick to its current output policy as demand for petroleum products rebounds, despite pressure from some countries for a bigger boost to production.The producer club's decision to keep increasing oil output gradually sent prices sharply higher, adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandem...
Tags: Travel, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey


Aramco Says Global Natural-Gas Crisis Is Boosting Oil Demand - Bloomberg

Aramco Says Global Natural-Gas Crisis Is Boosting Oil Demand - Bloomberg Saudi Aramco said the natural-gas crisis was already boosting oil demand and reiterated plans to increase its output capacity.Crude consumption’s risen by around 500,000 barrels a day, according to Amin Nasser, chief executive officer of the world’s biggest oil company. That’s more than the size of a production increase agreed by OPEC+ for next month.A shortage of gas has sent prices soaring in Europe and Asia to the equi...
Tags: Travel, Asia, Europe, Opec, Bloomberg, Nasser, Rupert Neil Bumfrey, Amin Nasser, Bloomberg Saudi Aramco


OPEC+ sticks to plan for gradual oil output hike, price roars higher | Reuters

OPEC+ sticks to plan for gradual oil output hike, price roars higher | Reuters OPEC+ said on Monday it would stick to an existing pact for a gradual increase in oil output, sending crude prices to three-year highs and adding to inflationary pressures that consuming nations fear will derail an economic recovery from the pandemic.The Organization of the Petroleum Exporting Countries, Russia and their allies, known as OPEC+, have faced calls for from big consumers, such as the United States and I...
Tags: Travel, Russia, India, Opec, United States, Reuters, Reuters OPEC, Rupert Neil Bumfrey


MIDEAST STOCKS Major Gulf bourses end mixed as global recovery concerns weigh | Reuters

MIDEAST STOCKS Major Gulf bourses end mixed as global recovery concerns weigh | Reuters Major stock markets in the Gulf region ended mixed on Monday, amid concerns about a recovery in the global economy, although rising oil prices provided some support.GCC stock markets moved in different directions as investors remain worried about the global economic slowdown and how more durable inflation will have an impact on monetary policy, said Wael Makarem, senior market strategist at Exness.World...
Tags: Travel, China, Opec, GCC, Oman, Abu Dhabi, Gulf, Reuters, Reuters Major, Qatar National Bank, Emaar, Tasi, Rupert Neil Bumfrey, QSI, Al Rajhi Bank, Gulf Egypt


Oil steady ahead of OPEC+ supply policy meeting | Reuters

Oil steady ahead of OPEC+ supply policy meeting | Reuters Oil was steady on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and a recovery from the COVID-19 pandemic will be sustained.Three sources told Reuters the group of oil producers was likely to stick to their existing agreement to produce an additional 400,000 barrels per day (bpd) in November. read moreBrent crude was up 20 cents or 0.3% at $79.48 per barrel by 11...
Tags: Travel, Opec, Reuters, Reuters Oil, Rupert Neil Bumfrey



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