Oil Falls Towards $53 on Economic Worries, Surging Supply
Oil fell towards $53 a barrel on Wednesday, under pressure from rising output in major OPEC and non-OPEC producers and concerns about an economic slowdown that could weaken demand.Russian production hit a post-Soviet record in 2018, figures showed on Wednesday. Other data showed U.S. output reached a record in October and Iraq boosted oil exports in December.Brent crude was 60 cents lower at $53.20 a barrel at 1422 GMT. On Dec. 26, it hit $49.93, the lowest since July 2017. U.S. crude slipped 73 cents to $44.68."The omens are far from encouraging…
Oil Prices Climb on OPEC-led Cuts
Oil prices ended more than 2 percent higher on Friday after OPEC members and allies like Russia agreed to reduce output to drain global fuel inventories and support the market, but the gains were capped by concerns that the cuts would not offset growing production.The Organization of the Petroleum Exporting Countries and its Russia-led allies, referred to as "OPEC+," agreed to slash production by a combined 1.2 million barrels per day next year in a move to be reviewed at a meeting in April.This was larger than the minimum 1 million bpd that the market had expected, despite pressure from U.S.
Qatar to Leave OPEC
Qatar said on Monday it was quitting OPEC from January to focus on its gas ambitions, taking a swipe at the group's de facto leader Saudi Arabia and marring efforts to show unity before this week's meeting of exporters to tackle an oil price slide.Doha, one of OPEC's smallest oil producers but the world's biggest liquefied natural gas (LNG) exporter, is embroiled in a protracted diplomatic row with Saudi Arabia and some other Arab states.Qatar said its surprise decision was not driven by politics but in an apparent swipe at Riyadh…
Saudi Oil Minister Meets with Argentina's Energy Minister
Saudi oil minister Khalid Al-Falih met with Argentina's energy minister Javier Iguacel on Thursday, Al-Falih said on his twitter account.Al-Falih said they discussed cooperation and investment in oil sector, as well as "the importance of the continuing efforts of oil producers to stabilise the markets."Al-Falih is in Argentina with the Saudi delegation accompanying Crown Prince Mohammed bin Salman at the G20 summit. (Reuters, Reporting by Omar Fahmy, Writing by Nayera Abdallah; Editing by Kirsten Donovan)
Oil Down After Trump Urges OPEC Not to Cut Supply
Oil prices fell more than 2 percent on Tuesday after U.S. President Donald Trump put pressure on OPEC not to cut supply to prop up the market.Brent dropped $1.97 a barrel, or 2.8 percent, to a low of $68.15 before recovering to around $68.52, down $1.60, by 1420 GMT. U.S. light crude was $1.35 lower at $58.48.Both crude benchmarks have fallen more than 20 percent since peaking at four-year highs in early October."The market now increasingly looks concerned about the prospect of too much supply," said Norbert Ruecker…
Trump Hopes OPEC Won't Cut Production
U.S. President Donald Trump on Monday said he hoped there would be no oil output reductions, after Saudi Arabia said OPEC was considering cutting oil supply next year, citing softening demand."Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!" Trump wrote on Twitter, referring to the Organization of the Petroleum Exporting Countries.(Reporting by Lisa Lambert, Editing by Rosalba O'Brien)
NNPC, BP Swap Crude for Products
Nigeria's state oil firm NNPC said it had signed a crude-for-product swap deal with oil major BP.In its brief statement on Twitter late on Wednesday, NNPC said more details would be provided later. BP and NNPC did not immediately respond to requests for comment on Thursday.NNPC imports about 70 percent of Nigeria's fuel needs, mainly gasoline, via swap contracts. NNPC has contracts, known as Direct Sale Direct Purchase, with 10 consortiums that include trading houses Vitol, Trafigura, Mercuria and oil major…
Oil Higher as Stocks Rebound, Saudi Signals Intervention
Crude stockpiles rising at U.S. futures delivery point; Saudi Arabia says oil market could shift to oversupply in Q4.Oil prices rose 1 percent on Thursday, following the U.S. stock market higher a day after Wall Street's biggest drop since 2011 and as Saudi Arabia's energy minister signaled major producers may have to intervene in crude markets to support prices.Brent crude futures rose 72 cents to settle at $76.89 per barrel as U.S. equities rose amid strong corporate earnings. The global benchmark has lost almost $10 a barrel since hitting a high of $86.74 on Oct. 3.U.S.
Oil Up On Supply Concerns Ahead of OPEC Meeting
Oil prices rose on Friday ahead of a meeting of OPEC and other large crude exporters that will focus on production increases as U.S. sanctions restrict Iranian exports.OPEC and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies.Brent crude oil was up 90 cents at $79.60 a barrel by 1340 GMT. U.S. light crude was up 65 cents at $70.97.Brent is close to four-year highs, trading just below $80 a barrel, as investors bet that the Organization of the Petroleum Exporting Countries will be unable to compensate fully for the loss of oil from Iran…
Oil Market Enters Post-OPEC Era: Kemp
Saudi Arabia and Russia started to raise their oil production several weeks before the formal decision to increase output was taken by OPEC and its allies towards the end of June.Saudi Arabia increased its production to 10.49 million barrels per day (bpd) in June from 10.03 million in May and 9.87 million bpd in April, according to government data submitted to OPEC.Russia’s Rosneft also started to raise output from late May, anticipating a relaxation of the supply curbs, according to an investor presentation…
Saudi Arabia Halts Red Sea Oil Exports after Tanker Attacks
Saudi Arabia said on Thursday it was suspending oil shipments through a strategic Red Sea lane after Yemen's Iran-aligned rebels attacked two tankers in the waterway, underscoring the risk of an escalation in tensions in the region.Brent crude futures rose 59 cents to $74.52 a barrel by 1008 GMT, extending their rally into a third day but falling from a 10-day high in earlier trading.Saudi Arabia and arch-foe Iran have been locked in a three-year proxy war in Yemen, which lies on one side of the Bab al-Mandeb strait at the southern mouth of the sea…
Saudi Refinery Exports First Gasoline Barrels to U.S.
A refinery in Saudi Arabia has shipped its RBOB gasoline to the United States for the first time, a potential precursor for more deliveries to a region where prices are currently at seasonal three-year highs.The 400,000 barrels-per-day Jubail Satorp refinery, a joint venture between Saudi Aramco and French company Total, said in its verified Twitter account that it sent the shipment of reformulated blendstock gasoline - commonly called RBOB - to the United States. It did not say whether those barrels had arrived yet…
U.S. EPA Chief Pruitt Resigns
U.S. Environmental Protection Agency chief Scott Pruitt, who pleased President Donald Trump by rolling back environmental regulations but came under fire for travel and security expenses and a condo arrangement, has resigned, Trump said on Thursday. "I have accepted the resignation of Scott Pruitt as the Administrator of the Environmental Protection Agency," Trump said on Twitter. He said EPA Deputy Administrator Andrew Wheeler would become acting chief of the agency on Monday. Reporting by Eric Beech
Why Trump is Pressing Saudis to Lower Oil Prices: Kemp
The United States and Saudi Arabia appear to have reached an understanding: Washington will reduce or eliminate Iran’s oil export revenues and in return Riyadh will guarantee oil supplies and stabilise prices. The basic deal is well understood by policymakers in both countries, with U.S. President Donald Trump repeatedly emphasising his great personal relationship with the Saudi king and crown prince. But strong personal relationships between the leaders and agreement on the overall deal obscure disagreement on some key details, not least the desirable level for oil prices.
Oil Nears 3-1/2-year High on Middle East Sabre Rattling
OPEC supply cuts since 2017 have tightened market; oil has also risen on U.S. sanctions threat against Iran. Oil traded near its highest in 3-1/2 years on Thursday, boosted by potential disruptions to flows from Iran and the Middle East despite a fresh demand from U.S. President Donald Trump that OPEC cut prices. Brent crude futures were at $78.12 a barrel at 1050 GMT, down 12 cents. U.S. crude futures were up 32 cents at $74.46, within sight of Tuesday's 3-1/2-year high above $75. "If Trump continues to believe that OPEC are not doing enough…
Iran Sanctions, Moderate Gasoline Prices Not Possible: Kemp
The White House can drive Iran’s oil exports to zero, or it can have moderate U.S. gasoline prices, but it probably cannot have both. The awkward tension between the administration’s foreign policy priority (tough Iran sanctions) and its electoral calculation (to keep gasoline prices low) explains its increasingly frequent comments about oil prices. President Donald Trump has already blamed the Organization of the Petroleum Exporting Countries for the sharp rise in prices that has pushed the average cost of U.S. gasoline close to $3 per gallon.
OPEC Agrees to Modest Oil Supply Hike
OPEC agreed on Friday on a modest increase in oil production from next month after its leader Saudi Arabia persuaded arch-rival Iran to cooperate, following calls from major consumers to help reduce the price of crude and avoid a supply shortage.However, the decision confused some in the market as OPEC gave opaque targets for the increase, making it difficult to understand how much more it will pump. Oil prices rose as much as 3 percent."Hope OPEC will increase output substantially. Need to keep prices down!" U.S.
Macron Approves Offshore Windpower Projects
Leading executives at French energy groups EDF and Engie said on Twitter that several offshore windpower projects had been "confirmed" by President Emmanuel Macron."Happy to see @EmmanuelMacron confirmed our three parks," EDF executive Bruno Bensasson said in a post on the Twitter messaging network.Engie executive Gwenaelle Huet also said that Macron had approved the windpower projects in a similar Twitter post.The future of the projects had been in some doubt after the French senate earlier this year rejected a government proposal to renegotiate and possibly cancel projects to generate a combined 3,000 megawatts of offshore wi
Trump Renews Attack on OPEC, Says Oil Prices Too High
U.S. President Donald Trump on Wednesday renewed his attack on OPEC and again criticized the coalition of petroleum producing countries for rising oil prices."Oil prices are too high, OPEC is at it again. Not good!" Trump wrote in a post on Twitter.(Reporting by Susan Heavey and Doina Chiacu)
Over-extended Oil Prices Were Primed For a Fall
Pay attention to what traders actually do, not what they say, is one of the most important principles for successful oil market analysis.Despite all the bullish commentary around oil prices in recent weeks, there was plenty of forewarning prices were primed for a setback.By the middle of April, hedge funds had accumulated a near-record net long position in crude and products futures and options equivalent to 1.4 billion barrels.Bullish long positions outnumbered bearish short positions by an unprecedented ratio of almost 14:1…