Saturday, June 6, 2020

Abdullah Albadri News

Brent Lower on Strong Middle East Output

Rising Middle East output drags on global oil markets. Brent crude prices fell on Tuesday on rising output from the Middle East and ahead of an OPEC meeting on Thursday, while U.S. crude edged higher as the summer driving season began.

Venezuela Nominates Rodriguez as OPEC Secretary General

Venezuela has nominated the country's former energy minister, Ali Rodriguez, as the next secretary general of oil producer group OPEC, three industry sources said on Wednesday. The Organization of the Petroleum Exporting…

Oil Drops After Saudi Oil Min Rules Out Production Cuts

Oil prices fell 4 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over the past 20 months.

Saudi's Rule Out Production Cuts, Oil Drops 4%

Oil prices fell 4 percent on Tuesday after Saudi Oil Minister Ali Al-Naimi ruled out any production cuts, restating the kingdom's rationale for maintaining output was that demand would pick up excess crude that has crushed prices over the past 20 months.

Oil Slips on Potential Output Cap Impact

Iran not expected to join pact to freeze output; freezing at record levels will prolong glut - analyst. Oil prices eased on Tuesday, eroding some of the previous day's gains, over doubts a potential production freeze will…

OPEC Sec-Gen: Output 'Freeze' Could Help Ailing Oil

OPEC Secretary-General Abdullah al-Badri said OPEC and non-OPEC oil producers might later take "other steps" to curb a global supply glut if a preliminary deal between the world's biggest producers proves successful. "I think this is a first step to see what we can achieve…

World Bank Slashes 2016 Oil Price Forecast

The World Bank has slashed its forecast for crude oil prices by $14 to $37 per barrel for 2016, it said on Tuesday, amid growing supply and weak demand prospects from emerging markets. In its annual Commodity Markets Outlook…

OPEC, Russia Teamwork all Talk, No Action

Lukoil says Russia needs to work with OPEC; OPEC evaluating whether to hold emergency meeting. Senior OPEC and Russian oil industry officials stepped up vague talk on Monday of possible joint action to remedy one of the worst supply gluts in decades…

OPEC: Oil Market set to Rebalance

OPEC officials said on Monday the oil market was poised to start rebalancing itself after prices sank to their lowest since 2003, a sign the exporter group will stick to its policy of not cutting supplies without help from rival producers.

OPEC: Low Prices Will End, Maybe Within One Year

OPEC doesn't have a target price, looking for fair rate; any U.S. decision to export crude will not impact oil prices (OPEC). Global crude oil prices at seven-year lows will not continue and could swing upwards in as little as a year…

Oil Up as Multi-Year Lows Trigger Buying

Dollar at seven-week low against other currencies. Oil prices edged higher on Tuesday as a slump to near 11-year lows in the previous session triggered investors' buying appetite. Brent crude, the global benchmark, traded up 60 cents at $38.52 a barrel at 1117 GMT…

Oil Rises After IEA Reports Sharp Decline in Investment

Oil prices rose on Tuesday after the International Energy Agency(IEA) noted unprecedented declines in investment, though the broader picture of an oversupplied market limited any gains. Brent crude, the global oil benchmark…

OPEC: Premature to Discuss Iran's Return to Oil Market

OPEC Secretary-General Abdullah al-Badri said on Friday it was premature to talk about Iran's return to the oil market. He made the comment at a news conference after oil group OPEC agreed to stick by its policy of unconstrained output for another six months.

OPEC: Oil Shouldn't Fall Further, Sees Stability in 2016

OPEC expects increasing oil demand to prevent a further fall in prices and sees a more balanced market in 2016, its secretary-general said on Thursday, the latest sign the group is sticking to its policy of defending market share.

Oil Falls After OPEC Weighs in

Brent heads for fifth weekly fall in a row. Oil prices fell on Friday as concern over global oversupply intensified after oil producers' cartel OPEC indicated there would be no cuts in production despite a huge global oversupply.

OPEC Output Hits New High in Market Share Push

OPEC oil output reached the highest monthly level in recent history in July, a Reuters survey found on Friday, as Saudi Arabia and other key members show no sign of wavering in their focus on defending market share instead of prices.

Oil Edges Above $50 on Speculation

Reuters - Oil prices rose on Tuesday, heading for the first three-day gain in five weeks, on signals that the world's biggest producers of crude may act jointly to support prices, which have halved over the past year. Brent crude…

Oil Market Needs Anchor: Saudi Adviser

The lack of a clear leader or "anchor" in the global oil market is fueling uncertainty and leading to sharp swings in crude prices, but this uncertainty is unlikely to continue for long, a senior Saudi oil adviser said. The…

OPEC Ready to Make Investments to Respond to Future Needs

OPEC Secretary General Abdullah al-Badri Courtesy Wikipedia

OPEC Secretary General Abdullah al-Badri said that despite uncertainties, OPEC members were ready to make the necessary investments to respond to the world's future energy needs. Badri also said that a wave of project cancellations…

Oil Up on OPEC Price Optimism

Weaker dollar, OPEC demand outlook support. Oil futures rose towards $48 a barrel on Monday as OPEC said it expected global demand to remain strong next year, while weak Chinese trade data and concerns over rising supplies weighed.