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Oil gains on OPEC outlook that U.S. output growth will slow | Reuters

Oil gains on OPEC outlook that U.S. output growth will slow | Reuters Oil futures rose on Friday, reversing early losses and set for a fourth week of gains after OPEC sources said the producer group expected limited U.S. oil output growth this year despite rising prices.Officials at the Organization of the Petroleum Exporting Countries got the U.S. production outlook from industry experts, OPEC sources said. This would give the producer group more power to manage the market before a potential ...
Tags: Travel, Opec, Chicago, Reuters, Reuters Oil, Organization of the Petroleum Exporting Countries, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


Exclusive: OPEC Told to Expect Limited U.S. Oil Output Growth, for Now - Sources

By Alex Lawler, Ahmad Ghaddar and Dmitry ZhdannikovLONDON (Reuters) - OPEC officials heard from industry experts that U.S. oil output growth will...
Tags: Opec, Alex Lawler Ahmad Ghaddar, Dmitry ZhdannikovLONDON Reuters OPEC


Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg

Saudis Say Cautious Approach to Restoring OPEC+ Output Paid Off - Bloomberg Saudi Arabia’s cautious approach to reviving OPEC+ oil output has been proved correct, said Energy Minister Prince Abdulaziz bin Salman.After a year of oil market turmoil due to the coronavirus pandemic, fuel consumption is seeing robust growth and the International Energy Agency is calling for the cartel to boost supplies. Yet, in the minister’s view “we still are not out of the woods.”“Many claim that I’m excessively...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, International Energy Agency, Organization of Petroleum Exporting Countries, Abdulaziz, Rupert Neil Bumfrey, Abdulaziz bin Salman, Bloomberg Saudi Arabia


Goldman Lifts #SaudiArabia’s Growth Forecasts as Oil Prices Rise - Bloomberg

Goldman Lifts Saudi Arabia’s Growth Forecasts as Oil Prices Rise - Bloomberg Goldman Sachs Group Inc. has raised its expectations for Saudi Arabia’s oil production and economic growth as crude prices rise well over $70 a barrel.The bank’s Middle East and North Africa economist Farouk Soussa lifted his assumptions for Saudi oil production by around 500,000 barrels per day, to reach 10 million barrels by the end of 2021 and 10.5 million in 2022. That -- combined with the release of favorable non...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, Middle East, Goldman, North Africa, Rupert Neil Bumfrey, Soussa, Farouk Soussa, Bloomberg Goldman Sachs Group Inc


Oil gains as risk of Iran supply resumption recedes | Reuters

Oil gains as risk of Iran supply resumption recedes | Reuters Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. Brent crude was up by 38 cents, or 0.5%, at $73.24 a barrel by 0651 GMT, having risen 0.2% on Monday. U.S. oil gained 33 cents, or 0.5%, to $71.21 a barrel, having slipped 3 cents in the pre...
Tags: Travel, Opec, European Union, Iran, Vienna, United States, Tehran, Reuters, Reuters Oil, Rupert Neil Bumfrey, ING Economics, Tehran Brent


Oil Markets Baffled As The IEA Calls For More Production

After the already notorious publication of its 2050 net-zero roadmap report, the IEA is now calling upon OPEC+ to open the taps in order...
Tags: Opec, IEA


Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg

Iraq Sees Oil Prices at $68 to $75 a Barrel in 2nd Half - Bloomberg Iraq, OPEC’s second-biggest oil producer, said crude prices will be in the range of $68 to $75 a barrel in the second half.The price range is expected because of a commitment to OPEC+ output cut, Iraq’s Oil Minister Ihsan Abdul Jabbar told reporters at the Baghdad International Book Fair.The Organization of Petroleum Exporting Countries had predicted earlier in the week that the recovery in global oil demand will gather streng...
Tags: Travel, Iraq, Opec, Bloomberg, Exxon, Exxon Mobil Corp, Organization of Petroleum Exporting Countries, West Qurna, Rupert Neil Bumfrey, Ihsan Abdul Jabbar, Bloomberg Iraq OPEC


Stock investors are poised to miss out on soaring oil prices with energy only making up 2% of portfolios, BofA says

An oil platform stands in the North Sea in Scotland. Thomson Reuters The energy sector has a low weighting in most long-only investment portfolios, according to Bank of America. Low exposure to energy will mean many investors will lose out on potential gains to be made as oil prices rise. The energy sector is up about 45% this year compared with the S&P 500's roughly 13% gain. See more stories on Insider's business page. Oil prices are primed to push higher in the near term but ...
Tags: Energy, Facebook, Scotland, Oil, US, Trends, Investing, Markets, Opec, Oil Prices, Stocks, Brent, ESG, North Sea, Thomson Reuters, BofA


Oil hits multi-year highs in third weekly gain on demand recovery | Reuters

Oil prices reached fresh multi-year highs on Friday, closing out a third straight week of gains on an improved outlook for worldwide demand as rising COVID-19 vaccination rates help lift pandemic curbs.Brent crude futures settled at $72.69 a barrel, rising 17 cents after reaching their highest since May 2019. For the week, Brent was up 1%.U.S. West Texas Intermediate (WTI) crude futures settled at$70.91 a barrel,up 62 cents, settling at their highest since October 2018. WTI was up 1.9% on the we...
Tags: Travel, Opec, Chicago, Brent, Reuters, International Energy Agency IEA, Organization of the Petroleum Exporting Countries, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group


#Saudi Energy Minister Prince Abdulaziz bin Salman to Speak at Robin Hood Forum - Bloomberg

Saudi Energy Minister Prince Abdulaziz bin Salman to Speak at Robin Hood Forum - Bloomberg For the past year, Saudi Energy Minister Prince Abdulaziz bin Salman has fought a war of words with oil speculators. Now, he’s taking his message to the heart of Wall Street.Prince Abdulaziz is scheduled to speak June 16 at the Robin Hood Investors Conference, a red-carpet event that brings together luminaries of the U.S. hedge-fund industry such as Paul Tudor Jones, Ray Dalio and Stanley Druckenmiller, ...
Tags: Travel, Saudi Arabia, Opec, Riyadh, Saudi Aramco, International Energy Agency, Abdulaziz, Rupert Neil Bumfrey, Stanley Druckenmiller, Tesla Inc, Abdulaziz bin Salman, Saudi Energy, Cathie Wood, Robin Hood Forum Bloomberg, Paul Tudor Jones Ray Dalio, La La LandFor


Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg

Oil Poised for Third Weekly Gain as IEA Sees Need for More Crude - Bloomberg PRICES West Texas Intermediate for July delivery rose 12 cents to $70.41 a barrel at 8:53 a.m. in New YorkPrices are up 1.2% this weekBrent for August settlement advanced 7 cents to $72.59, and are 1% higher for the week Oil headed for a third straight weekly gain on signs of improving demand, with the International Energy Agency warning that the market will need extra supply next year.Futures in New York h...
Tags: Travel, Asia, Europe, New York, Opec, Bloomberg, IEA, Latin America, International Energy Agency, Rupert Neil Bumfrey


Global oil demand to return to pre-pandemic levels next year, although COVID hotspots will make the recovery uneven: IEA

Shutterstock Global oil demand is set to return to pre-pandemic levels in 2022, the International Energy Agency said. COVID will keep impacting demand due to continued outbreaks, unequal vaccination levels and societal shifts. Accelerating production in the US and OPEC+ countries will boost supply in 2022, the IEA said. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global oil demand is set to return to pre-pandemic levels by the end of 2022, but renewed COVID...
Tags: US, Trends, Opec, IEA, OECD, Tehran, International Energy Agency, Sophie Kiderlin


OPEC+ Will Need to Boost Output to Meet 2022 Demand Recovery -IEA

By Noah BrowningLONDON (Reuters) - OPEC+ oil producers will need to boost their output in order to meet demand set to recover to pre-pandemic...
Tags: Opec, Noah, Reuters OPEC


Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half | Reuters

Despite uncertainties, OPEC sticks to forecast of oil demand surge in second half | Reuters OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group.In a monthly report on Thursday, the Organization of the Petroleum Exporting Countries said demand would rise by 6.6% or 5.95 million barrels per day (bpd) this year. The forecast was unchan...
Tags: Travel, China, Global, Opec, United States, Reuters, Organization of the Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey, Eurozone Japan, India OPEC


Oil Holds Steady After U.S. Build as Focus Turns to Inflation - Bloomberg

Oil Holds Steady After U.S. Build as Focus Turns to Inflation - Bloomberg PRICES West Texas Intermediate for July delivery was little changed at $69.97 a barrel at 10:01 a.m. London timeWTI slipped below $70 on Wednesday, after rising to the highest since 2018 earlier this weekBrent for August settlement edged up 0.1% to $72.29 Oil erased losses as traders awaited inflation data, after an increase in U.S. fuel stockpiles brought crude’s rally to a halt.Futures in New York held stead...
Tags: Travel, New York, London, Opec, UBS Group AG, Rupert Neil Bumfrey, Focus Turns to Inflation Bloomberg


Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg

Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg Soaring temperatures in one of the world’s top energy-producing regions could drive fuel prices higher as countries there burn more oil and natural gas to keep homes cool.Saudi Arabia, the United Arab Emirates and Kuwait are all experiencing weather that’s hotter than normal. That has coincided with a tightened crude market, with the Organization of Petroleum Exporting Countries and its allies continuing to hold back million...
Tags: Travel, London, Saudi Arabia, Iraq, Opec, Bloomberg, Middle East, United Arab Emirates, Kuwait, Gulf, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Oxford Institute for Energy Studies, Ahmed Mehdi, Bloomberg Soaring


Oil dips on profit-taking after logging 2-year high on OPEC+ curbs | Reuters

Oil dips on profit-taking after logging 2-year high on OPEC+ curbs | Reuters Oil prices pulled back on Monday after touching two-year highs on expectations of improved demand and OPEC producers keeping supply curbs in place.Prices retreated from session highs early, and analysts cited pressure from Chinese data showed crude oil imports fell to a year's low in May."That took away some of the enthusiasm that the oil bulls had seen," said Phil Flynn, senior analyst at Price Futures Group in Chica...
Tags: Travel, Opec, Chicago, Reuters, Reuters Oil, Jim Ritterbusch, Rupert Neil Bumfrey, Phil Flynn, Price Futures Group, Ritterbusch


Oil hits $70 for first time since October 2018

West Texas Intermediate crude oil hit $70 a barrel for the first time in two and a half years as traders balanced the reopening of the global economy and OPEC’s recent decision on production.
Tags: Finance, Opec, Article, FBN, Fbn/markets, FOXBusiness, Fox-business/markets, Fox-business/markets/oil, Fox-business/markets/commodities, Jonathan Garber, 764179ca-1dc3-51ce-8c18-65928e2e4e55


OPEC chief, in upbeat oil outlook, sees oil stocks falling further | Reuters

OPEC chief, in upbeat oil outlook, sees oil stocks falling further | Reuters OPEC and its allies expect oil inventories to fall further in the coming months, OPEC's secretary general said on Monday, suggesting efforts by the producers to support the market are succeeding.Oil stocks in the developed world nations fell by 6.9 million barrels in April, Mohammad Barkindo said in a virtual appearance at the Nigeria International Petroleum Summit, 160 million barrels lower than the same time one yea...
Tags: Travel, Nigeria, Opec, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Mohammad Barkindo


OPEC Chief, in Upbeat Oil Outlook, Sees Oil Stocks Falling Further

LAGOS (Reuters) -OPEC and its allies expect oil inventories to fall further in the coming months, OPEC's secretary general said on Monday,...
Tags: Opec, Lagos, Reuters OPEC


World’s Top Oil Trader Vitol Sees OPEC+ Controlling Crude Market - Bloomberg

World’s Top Oil Trader Vitol Sees OPEC+ Controlling Crude Market - Bloomberg OPEC+ appears in control of crude prices as U.S. production is lagging pre-pandemic levels, according to a senior executive at the world’s biggest independent oil trader, Vitol Group.The decline in U.S. drilling and output leaves little competition to efforts by the producers’ group to manage markets, Mike Muller, Vitol’s head of Asia, said during an online conference on Sunday. Brent crude closed above $70 a barrel l...
Tags: Travel, Asia, Saudi Arabia, China, Russia, Opec, Iran, Organization of Petroleum Exporting Countries, Müller, Vitol Group, Rupert Neil Bumfrey, Gulf Intelligence, Mike Muller Vitol, Top Oil Trader Vitol, OPEC Controlling Crude Market Bloomberg, OPEC Controlling Crude Market Bloomberg OPEC


Oil hits two-year high on OPEC+ discipline, demand hopes | Reuters

Oil hits two-year high on OPEC+ discipline, demand hopes | Reuters Oil extended gains on Friday, with Brent topping $72 a barrel for the first time since 2019, as OPEC+ supply discipline and recovering demand countered concerns about a patchy COVID-19 vaccination rollout around the globe.The Organization of the Petroleum Exporting Countries and allies on Tuesday said they would stick to agreed supply restraints. A weekly supply report on Thursday showed U.S. crude inventories dropped more than...
Tags: Travel, Opec, Brent, Reuters, Reuters Oil, Petroleum Exporting Countries, Baker Hughes, Rupert Neil Bumfrey


Countries Invested in Drilling for Oil Unsure About This Not Drilling for Oil Thing

Oil-producing heavyweights like Russia and Saudi Arabia will not go quietly into the night. This week, ministers from those and other countries slammed the latest report from the International Energy Agency calling for all new oil and gas development to stop by next year, using some pretty heated (and funny) rhetoric. Read more...
Tags: Energy, Science, Saudi Arabia, Russia, Environment, Articles, Opec, Shell, Chevron, Exxon, International Energy Agency, Alexander Novak, Petroleum Industry, Chevron Corporation, Business Finance, Saad Sherida Al Kaabi


Oil hits over 1-year high on OPEC+ supply discipline, demand prospects | Reuters

Oil hits over 1-year high on OPEC+ supply discipline, demand prospects | Reuters Oil prices surged on Wednesday, hitting the highest in more than a year on lift from a decision by OPEC and allies to stick to the plan to gradually restore supply, along with the slow pace of nuclear talks between Iran and the United States.Brent rose $1.1, or 1.6%, to settle at $71.35 a barrel. It reached $71.48 a barrel, its highest since January 2020.U.S. West Texas Intermediate (WTI) crude rose $1.11, or 1.6%...
Tags: Travel, Opec, Iran, Reuters, Reuters Oil, Rupert Neil Bumfrey, United States Brent, Louise Dickson Rystad


MIDEAST STOCKS #Saudi stocks extend gains, most major Gulf markets up in early trade | Reuters

MIDEAST STOCKS Saudi stocks extend gains, most major Gulf markets up in early trade | Reuters Most major Gulf markets rose in early trade on Wednesday, with Saudi stocks extending gains into a seventh session amid rising oil prices.Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back more oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China.Brent crude futures (.LCOc1) climbed 0.31% ...
Tags: Travel, Kingdom, Opec, Qatar, United States, Dubai, Abu Dhabi, Gulf, Reuters, IHS, IHC, Tasi, ADNOC, Rupert Neil Bumfrey, Al Rajhi Bank, Abu Dhabi ADI


Oil extends gains on OPEC+ supply discipline, demand prospects | Reuters

Oil extends gains on OPEC+ supply discipline, demand prospects | Reuters Oil prices rose on Wednesday after OPEC and its allies stuck to their plan to cautiously bring back oil supply to the markets in June and July while expecting a robust recovery in demand in the United States and China, the world's two biggest oil consumers.U.S. West Texas Intermediate (WTI) crude futures rose 18 cents, or 0.27%, to $67.90 as of 0642 GMT, extending a 2.1% gain following the Memorial Day holiday in the Unit...
Tags: Travel, China, Opec, United States, Reuters, Reuters Oil, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


US stocks tick higher as investors await key labor-market data

John Moore/Getty Images US stocks eked out small gains on Wednesday, with all three major indexes closing slightly higher. Investors are preparing for two big jobs reports this week, with weekly jobless claims and May payrolls on deck. AMC Entertainment's Reddit-fueled rally continued. See more stories on Insider's business page. US stocks ended slightly higher Wednesday as investors prepared for two key reports about the health of the country's labor market as the COVID-19...
Tags: Etsy, US, Trends, Markets, Opec, Reddit, Stocks, US Treasury, Federal Reserve, Fed, Labor Department, TD Ameritrade, Cinemark, Dogecoin, John Moore Getty, Carla Mozee


MIDEAST STOCKS Most Gulf markets track oil prices higher; Egypt falls | Reuters

MIDEAST STOCKS Most Gulf markets track oil prices higher; Egypt falls | Reuters Major Gulf stock markets ended higher on Wednesday, with Saudi Arabia extending gains into a seventh session amid rising oil prices, while financials dragged down the Egyptian index.Brent crude rose 1.2% to $71.09 a barrel by 1011 GMT, supported by an OPEC+ decision to stick to its plan to restore supply to the market gradually and by the slow pace of nuclear talks between Iran and the United States. read moreSa...
Tags: Travel, Saudi Arabia, Opec, Iran, United States, Egypt, United Arab Emirates, Dubai, Abu Dhabi, Gulf, Reuters, Tadawul, Tasi, Rupert Neil Bumfrey, DFMGI, First Abu Dhabi Bank FAB


Global shares trade around record highs as investors await US jobs data; oil hits two-year highs

Traders work on the floor of the New York Stock Exchange (NYSE) Spencer Platt/Getty Images Global shares and futures traded close to record highs on Wednesday. Investors are eagerly awaiting May US payroll data after April's surprisingly weak read. Oil rose to two-year highs after OPEC+ confirmed it would continue its supply restriction policies. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global shares and futures traded close to record highs on Wednesday...
Tags: Hong Kong, Europe, London, France, China, Germany, US, Trends, Opec, Shanghai, Treasury, Nasdaq, ING, Michael Hewson, Euro Stoxx, Opening Bell Global


OPEC to Boost Oil Output as Economies Recover, Prices Rise

The OPEC oil cartel and allied producing countries have confirmed plans to return 2.1 million barrels per day of oil output, balancing fears that COVID-19 outbreaks in some countries will sap demand against surging demand from recovering economies around the globe.
Tags: Opec, Boost Oil Output