Posts filtered by tags: Opec[x]


 

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


10 things you need to know before the opening bell

New York Stock Exchange opens during COVID-19 Reuters Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1.  OPEC+ urges 'full conformity' with production cuts, and Saudi Arabia's energy minister warns market gamblers will be hurt 'like hell'. OPEC+ emphasized on sustaining "full conformity" with oil production cuts at its Thursday meeting, which was held to review compliance targets.2. Ca...
Tags: Saudi Arabia, Germany, Global, Trends, Opec, Spain, Dusseldorf, Michigan, Goldman Sachs, New York Stock Exchange, Societe Generale, SoftBank Group Corp, SoftBank Group, Caixabank, Bankia, Big Tech


OPEC+ urges 'full conformity' with production cuts, and Saudi Arabia's energy minister warns market gamblers will be hurt 'like hell'

Police officers stand guard on the rooftop of Vienna's OPEC headquarters before the start of meeting of OPEC oil ministers. The Organization of Petroleum Exporting Countries and its allies urged "full conformity" with oil production cuts at its online meeting held on Thursday. In a separate news conference, Saudi Arabia's energy minister warned that those traders who wish to short the oil market would be hurt "like hell."Saudi's Prince Abdulaziz said OPEC+ could hold an extraordinary m...
Tags: Saudi Arabia, US, Trends, Opec, Vienna, Ubs, Goldman Sachs, Organization of Petroleum Exporting Countries, Abdulaziz, Giovanni, JMMC, Joint Ministerial Monitoring Committee, Prince Abdulaziz, Shalini Nagarajan, Hurricane Sally


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


US stocks drop as traders mull the Fed's uncertain economic outlook

Andrew Kelly/Reuters US stocks closed lower on Thursday as investors continued to digest the Fed's uncertain economic outlook and weekly jobless claims that still exceed the highs of the Great Recession.Federal Reserve Chair Jerome Powell's comments on Wednesday expressed uncertainty in the economic recovery and mentioned that the Fed didn't expect to raise interest rates until at least 2023.Additionally, weekly jobless claims fell by more than 30,000 from the previous week, to 860,000, th...
Tags: US, Trends, Opec, Treasury, Richard Branson, Federal Reserve, Donald Trump, Yelp, Dow Jones, Branson, Chamath Palihapitiya, Fed, SPAC, Saudia Arabia, Jerome Powell, Matthew Fox


#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


10 things you need to know before the opening bell

New York Stock Exchange opens during COVID-19 Reuters Welcome to 10 Things Before the Opening Bell. Sign up here to get this email in your inbox every morning.Here's what you need to know before markets open.1. Global stocks drop after Fed's upbeat economic outlook dents chances of more stimulus.  Global stocks slid on Thursday, while the dollar edged up, after the US Federal Reserve gave no indication that any new stimulus measures would be forthcoming, as the economy continues to recover ...
Tags: Facebook, Fcc, Ipo, Global, US, Trends, Opec, Virgin Group, Richard Branson, New York Stock Exchange, Trump, Fed, Reuters, Us Federal Reserve, SPAC, Skybridge


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


US stocks climb as tech shares continue to lead rebound

Spencer Platt/Getty Images US stocks finished the day higher on Tuesday as investors sized up encouraging global economic data and technology stocks continued to lead a market rebound.China's recovery from the COVID-19 pandemic has continued to accelerate — the country reported that retail sales rose by 0.5% in August.China's unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.Oil traded higher despite a lowered OPEC forecast for the commodity market...
Tags: Apple, Congress, Finance, China, US, Trends, Gold, Markets, Bank Of America, Opec, Oil Prices, Treasury, Stocks, Gold prices, Stock Market, Nasdaq


Dow climbs 225 points amid encouraging economic data from China and Germany

Xinhua/Wang Ying/ Getty Images US stocks move higher on Tuesday after investors sized up encouraging global economic data. China's recovery from the COVID-19 pandemic continued to accelerate after the country reported that retail sales rose by 0.5% in August.The nation's unemployment rate continued to recover as well, falling to 5.6% in August from 5.7% in July.Investors also reacted to a surprise upgrade to economic forecasts in Germany.Oil traded higher despite a lowered OPEC forecast fo...
Tags: Apple, Finance, China, Germany, Oil, US, Trends, Markets, Opec, Oil Prices, Treasury, SEC, Stocks, Wti, Gold prices, Stock Market


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


IEA cuts global oil demand outlook in 2020 to 2013 levels; 'treacherous' path lies ahead for economic recovery

Barry Lewis/Getty The International Energy Agency revised down its 2020 global oil demand forecast to 91.7 million barrels per day on expectations of a "treacherous" path ahead."We expect the recovery in oil demand to decelerate markedly in the second half of 2020, with most of the easy gains already achieved," the IEA said.A potential second wave of COVID-19 in Europe, demand weakness in India, and restrictions on gatherings in many countries could further cut mobility once again, the age...
Tags: Europe, India, US, Trends, Opec, Paris, IEA, EIA, Northern Hemisphere, International Energy Agency, US Energy Information Administration, COVID, Shalini Nagarajan, Barry Lewis Getty


#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


Dow jumps 328 points as Oracle and Nvidia deals boost tech sector

Johannes Eisele/AFP/Getty Images US stocks rallied on Monday on new tech-sector deals and shifting investor sentiment.Oracle leaped after the company won its bid to partner with TikTok's US operations.Nvidia's announcement that it would purchase Arm Holdings from SoftBank in a $40 billion deal boosted semiconductor stocks including Micron and Qualcomm.Oil traded mostly lower after OPEC lowered its forecast for the commodity market's demand recovery. West Texas Intermediate crude fell as mu...
Tags: UK, Microsoft, White House, Softbank, US, Trends, Markets, Tesla, Opec, Credit Suisse, Ubs, M&a, Nvidia, Treasury, Astrazeneca, Oil Price


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


Oil demand may never rebound to pre-pandemic highs as world shifts to renewables, BP says

FILE PHOTO: An oil pump jack pumps oil in a field near Calgary Reuters An energy outlook report published by BP on Monday suggests oil demand may never return to its 2019 peak and could halve over the next three decades.The oil market has failed to fully rebound through the coronavirus crisis as weakened travel activity slams consumption.BP laid out three scenarios in its report for how liquid fuel demand could trend through 2050.The firm's most bullish scenario sees consumption climbing sl...
Tags: US, Trends, Opec, Bp, Paul Lambert, Calgary, Ben Winck, Rapid Transition


Hedge funds axe their bullish bets on crude oil at the fastest pace in 6 months, and OPEC sees demand taking even longer to recover

NurPhoto/Getty Hedge funds have cut their bullish bets on crude oil futures in the week to September 8 at the fastest pace since mid-March.Investors sold 171 million barrels' worth of crude and refined products, reflecting stalling demand, with Brent accounting for 67 million barrels and West Texas Intermediate for 57 million barrels.The Organization of Petroleum Exporting Countries slashed its forecast for global oil demand by 400,000 barrels a day to an average of 90 million barrels per ...
Tags: Asia, Europe, US, Trends, Opec, Commodity Futures Trading Commission, Saxo Bank, Reuters, Organization of Petroleum Exporting Countries, Petroleum Exporting Countries, John Kemp, Ole Hansen, Shalini Nagarajan, NurPhoto Getty Hedge


Dow climbs 230 points as tech giants rally from last week's slump

Mario Tama / Getty Images US stocks climbed on Monday as new deals and shifting investor sentiments boosted tech giants.Oracle leaped following reports that the company won its bid to partner with TikTok's US operations.Nvidia said it would purchase Arm Holdings from Softbank in a $40 billion deal. The announcement boosted semiconductor stocks including Micron and Qualcomm.Oil fell after OPEC lowered its forecast for the commodity market's demand recovery. West Texas Intermediate crude fel...
Tags: UK, Microsoft, White House, Softbank, US, Trends, Markets, Tesla, Opec, Ubs, Nvidia, Treasury, Astrazeneca, Oil Price, ARM Holdings, Paul Lambert


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


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


Meet the 10 execs shaping the future of the energy industry

Lee Jourdan, Chief Diversity Officer at Chevron Chevron Welcome to Insider Energy, a weekly energy newsletter brought to you by Business Insider. Here's what you need to know:Want to get Insider Energy in your inbox every Friday? Sign up here. Most of our content is available to BI subscribers. Click here for 20% off. Thanks to everyone who reached out after we reported on LGBTQ workers in the oil industry. We're still looking to talk to more folks, so please reach out if you have a story t...
Tags: Energy, Facebook, California, Saudi Arabia, Russia, Oil, US, America, Trends, Tesla, Bank Of America, Opec, Bloomberg, Cnn, Fires, Noaa


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


Here's three reasons why Saudi Arabia won't cut oil production any time soon

Khalid Al-Falih Minister of Energy, Industry and Mineral Resources of Saudi Arabia, center, speaks during OPEC's 10th meeting of the Joint Ministerial Committee to monitor the oil production reduction agreement of the Organization of the Petroleum Exporting Countries, OPEC, and non-OPEC members, in Algiers, Algeria, Sunday, Sept. 23, 2018. AP Photo/Anis Belghoul Saudi Arabia won't be cutting oil production any time soon even though prices have slipped 9% in the last week.The Financial T...
Tags: Asia, Saudi Arabia, Iraq, Nigeria, US, Trends, Opec, Energy industry, Kazakhstan, Joint Ministerial Committee, Uae, Financial Times, Riyadh, Rbc, China Saudi Arabia, Organization of the Petroleum Exporting Countries


#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