Post Tagged with: "OPEC"

Source: Reuters

OPEC pins oil demand hopes on second-half recovery as India dents Q2

Reuters


LONDON – OPEC on Tuesday stuck to its prediction of a strong recovery in world oil demand in 2021 as growth in China and the United States counters the coronavirus crisis in India, an outlook that bolsters the group’s …

Source: Reuters

Column: Rangebound oil prices leave funds on sidelines – Kemp

Reuters


LONDON – Portfolio managers increased their exposure to petroleum slightly last week, focusing mainly on Brent, but positions remained rangebound as OPEC+ production discipline was offset by a new wave of coronavirus infections.

Hedge funds and other money managers …

Source: Reuters

OPEC urges members to lobby against U.S. NOPEC bill and outline risks

Reuters


LONDON – OPEC is encouraging its members to engage with the U.S. administration over a proposed U.S. bill against the group, known as NOPEC, and to explain that passing the bill could put at risk U.S. interests abroad.

A …

Source: Reuters

It’s reasonable for oil prices to be $60 to $75 in a year’s time, says oil expert Dan Yergin

CNBC


Demand and supply pressures will offset each other in the oil market, and it’s reasonable to expect prices to remain in its current range in one year’s time as countries recover from the coronavirus crisis, said oil expert Dan …

Source: Reuters

Bill to pressure OPEC oil producer group passes U.S. House panel, future uncertain

Reuters


WASHINGTON – A U.S. House panel on Wednesday passed a bill to open the OPEC oil production group and countries that work with it to lawsuits for collusion in boosting petroleum prices, but it was uncertain whether the legislation …

Source: Reuters

Oil hits $68 on Libya force majeure despite pandemic surge

Reuters


LONDON – Oil rose to $68 a barrel and hit its highest in a month on Tuesday, supported by disruption to Libyan exports and expectations of a drop in U.S. crude inventories, though rising coronavirus cases in Asia limited …

Source: Forbes

Oil prices may have peaked for now

Forbes


The oil market continues to surprise, with WTI apparently firmly above $60, a level that could be equated with the pre-pandemic norm (as norm as any oil price can be, which admittedly isn’t very). Considering the global economy remains …

Source: Reuters

Oil holds near $67, heads for weekly gain on demand hopes

Reuters


Oil held near $67 a barrel on Friday and was heading for a weekly gain as a stronger demand outlook and signs of economic recovery in China and the United States offset rising COVID-19 infections in some other major …

Source: Reuters

Oil prices dip on mixed supply and demand outlook

Reuters


LONDON -Oil prices edged lower on Friday on rising supplies from major producers and concerns over a mixed picture on the COVID-19 pandemic’s impact on fuel demand.

Brent crude futures for June fell 32 cents, or 0.32%, to $62.88

Source: Reuters

Oil rises as OPEC+ decides on production policy

Reuters


NEW YORK  – Oil prices surged up 3% on Thursday after news that OPEC+ reached a deal to gradually ease production cuts from May.

Brent crude rose $1.94, or 3.1%, to $64.68 a barrel by 1:25 p.m. EST (1825

Source: Reuters

Oil up as OPEC+ meets to decide on production policy

Reuters


LONDON -Oil prices rose on Thursday on optimism about U.S and European economic recoveries and expectations OPEC and its allies will keep production curbs in place.

Brent crude rose $1.02, or 1.6%, to $63.76 a barrel by 1339 GMT. …

April 1, 2021 - 9:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil falls on OPEC+ concerns over slow demand recovery

Reuters


LONDON -Oil prices fell on Wednesday on concerns about the market’s recovery after OPEC and its allies lowered their 2021 demand growth forecast, although strong Chinese factory activities lent some support.

Brent crude for May, which expires on Wednesday, …

March 31, 2021 - 10:00 am Uncategorized
Source: Reuters

Saudi wants OPEC+ to extend oil cuts into June, source says

Reuters


DUBAI/LONDON/MOSCOW – Saudi Arabia is prepared to support extending oil cuts by OPEC and its allies into June and is also ready to prolong its own voluntary cuts to boost prices amid a new wave of coronavirus lockdowns, a …

Source: Reuters

Column: Sanctions enforcement and Goodhart’s Law

Reuters


LONDON – “Any observed statistical regularity will tend to collapse once pressure is placed upon it for control purposes.” Goodhart’s Law was first articulated by the British economist Charles Goodhart in the 1970s.

Goodhart was expressing policymakers’ frustration that

March 30, 2021 - 12:00 pm Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

U.S. oil activity jumps as executives remain wary of OPEC, Biden – survey

Reuters


Activity and spending in U.S. oil fields is soaring this year as the industry recovers from 2020 pandemic-driven oil price crash, according to optimistic-but-wary energy company executives polled by the Federal Reserve Bank of Dallas in a survey released …

Source: Reuters

Exclusive: ‘Busy on other fronts’ – White House without Trump stays quiet on OPEC

Reuters


LONDON/WASHINGTON – When oil prices surged during Donald Trump’s term in the White House, OPEC and its allies had to brace for a Twitter storm demanding action to bring prices down.

That has all changed under U.S. President Joe …

Source: Reuters

Column: Hedge funds stay bullish as OPEC+ supports oil

Reuters


LONDON  – Hedge funds were small buyers of petroleum in the most recent week, reversing small sales in the two previous weeks, as the outlook for prices becomes more uncertain after a strong four-month rally.

Hedge funds and other …

Source: Reuters

Oil steady near $70 on hopes of recovering demand

Reuters


LONDON – Oil hovered near $70 a barrel on Friday, supported by production cuts by major oil producers and optimism about a demand recovery in the second half of the year.

Benchmark Brent fell 22 cents, or 0.3%, to …

Source: Reuters

OPEC expects most of 2021 oil demand recovery in second half

Reuters


LONDON – OPEC said on Thursday a recovery in oil demand will be focused on the second half of the year as the impact of the pandemic lingers as a headwind for the group and its allies in supporting …

Source: Reuters

Column: Oil price spikes and permanent consumption losses

Reuters


LONDON – Promises by U.S. shale producers to pursue a more restrictive approach to capital investment and production seem to have emboldened Saudi Arabia and its allies in OPEC+ to test the room for higher oil prices.

If shale …

March 9, 2021 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Oil slips to $68 as rally fizzles out before U.S. supply report

Oil slips to $68 as rally fizzles out before U.S. supply report

Reuters


LONDON – Oil fell to around $68 a barrel on Tuesday in a choppy session, as easing concern of a supply disruption in Saudi Arabia and U.S. dollar strength countered the prospects for tighter supply due to OPEC+ output …

March 9, 2021 - 9:40 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

Oil surges $2 after OPEC+ extends output cuts

Reuters


LONDON – Oil prices jumped more than 3% on Friday, hitting their highest levels in over a year after OPEC and its allies agreed not to increase supply in April as they await a more substantial recovery in demand.…

March 5, 2021 - 9:00 am Closing Bell Story‎, Crude Oil News, Energy News, OPEC
Source: Reuters

OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Reuters


DUBAI/MOSCOW – Ministers from OPEC+ group of oil producers met on Thursday to decide whether to keep output steady or agree a modest increase, with Saudi Arabia and Russia saying a recovery in demand for crude remained fragile.

Saudi …

Source: Reuters

OPEC+ considering oil output rollover for April, sources say

Reuters


LONDON – OPEC and other oil producers, a group known as OPEC+, are considering rolling over production cuts into April instead of raising output as a recovery in oil demand remains fragile due to the coronavirus crisis, three OPEC+ …

Source: Reuters

Oil gains as U.S. fuel stocks drop, OPEC+ considers deal rollover

Reuters


NEW YORK – Oil prices rose more than 2% on Wednesday, boosted by a huge drop in U.S. fuel inventories and expectations that OPEC+ producers might decide against increasing output when they meet this week.

U.S. gasoline stocks fell

Source: Reuters

OPEC president says oil market rebalancing, pandemic still a risk

Reuters


LISBON- The global oil market is rebalancing after damage to demand wrought by the COVID-19 pandemic was met with curbs on output by producers from the Organization of the Petroleum Exporting Countries (OPEC), the group’s president said on Tuesday.…

Source: CNBC

Texas freeze helps rival oil exporters like Saudi Arabia ‘tremendously,’ may influence OPEC decisions

CNBC


The shock winter storm in Texas that left millions without power and took dozens of lives also froze a major local commodity: the Lone Star State’s oil production, slashing some 4 million barrels per day from U.S. output.

The …

FILE PHOTO: Pump jacks operate at sunset in Midland, Texas, U.S., February 11, 2019. REUTERS/Nick Oxford/File Photo

OPEC, U.S. oil firms expect subdued shale rebound even as crude prices rise

Reuters


LONDON/HOUSTON  – OPEC and U.S. oil companies see a limited rebound in shale oil supply this year as top U.S. producers freeze output despite rising prices, a decision that would help OPEC and its allies.

OPEC this month cut …

Source: Reuters

Saudi minister: Oil producers must remain extremely cautious

Reuters


DUBAI – Saudi Arabian Energy Minister Prince Abdulaziz bin Salman said on Wednesday that it was too early to declare victory against the COVID-19 virus and that oil producers must remain “extremely cautious”.

“We are in a much better …

February 17, 2021 - 10:30 am Closing Bell Story‎, Crude Oil News, Energy News, International, OPEC
Source: Reuters

Oil mixed on U.S. production fall, possible Saudi output rise

Reuters


LONDON – Oil prices were mixed on Wednesday, underpinned by a major supply disruption in the southern United States this week where a winter storm hit Texas, but pressured by reports that Saudi Arabia plans to increase output in …