opec
Some members of oil cartel OPEC, led by Saudi Arabia, and allied producers like Russia are again deepening their voluntary crude supply cuts. Announcements from several OPEC+ countries extend reductions of some 2.2 million barrels a day, the secretariat for the multinational organisation noted Sunday. Saudi Arabia led the pack by extending its previously implemented cut of 1 million barrels daily through the end of 2024's second quarter. Lower oil and natural gas prices hit Eni's earnings in the fourth quarterMiddle East tensions fuel chances of oil price surgeBig oil rewards execs for increas...
Euronews (English)
Vienna (AFP) - Moscow, Riyadh and several other OPEC+ members on Sunday announced extensions to oil production cuts first announced in 2023 as part of an agreement among oil producers to boost prices following economic uncertainty. The plan to extend cuts to mid-2024 comes on top of previous cuts to both oil output and exports as some of the world's largest energy producers drive to push up market rates. Saudi Arabia's energy ministry said it would cut its production by one million barrels per day (bpd) from April to June (Q2), while Russia announced 471,000 bpd of cuts in Q2. "In order to ma...
AFP
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Vienna (AFP) - A meeting of major oil producers got underway on Sunday to consider slashing output further in a bid to prop up prices, amid tensions between Riyadh and Moscow. The 13-member Organization of the Petroleum Exporting Countries (OPEC) led by Saudi Arabia is consulting with 10 other oil majors, including Russia, to review the grouping's future output policy. The in-person OPEC+ meeting opened at the group's headquarters in Vienna in the early afternoon, about three hours later than scheduled, a source close to the talks told AFP. Analysts had largely expected OPEC+ producers to main...
AFP
Washington (AFP) - US President Joe Biden promised "consequences" for Saudi Arabia after a Riyadh-led coalition of oil-producing nations sided with Russia to slash output. The 13-nation OPEC cartel and its 10 allies headed by Moscow angered the White House last week with its decision to cut production by two million barrels a day from November, raising fears that oil prices could soar. "I'm not going to get into what I'd consider and what I have in mind. But there will be -- there will be consequences," Biden told CNN when pressed on possible responses in a rare televised interview. The Democr...
AFP
What decision could OPEC and its allies potentially make as we witness an economic slowdown in China, the world’s top importer of crude oil? Energy Market UpdatesCommercial crude oil reserves in the United States unexpectedly rose in the week ended April 29, according to figures released Wednesday by the US Energy Information Administration (EIA). Q1 2022 hedge fund letters, conferences and more US crude inventories have increased by more than 1.3 million barrels, which implies lower demand and could potentially count as a bearish factor for crude oil prices. This comes in addition to the US F...
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Oil prices plunged by 17% Wednesday after the United Arab Emirates (UAE) had urged OPEC producers to increase output given sanctions that threaten Russian supply. However, prices rose 5% Thursday when the UAE recoiled on the announcement and ensured it would for now stick to OPEC’s monthly output deal. Oil Prices ChaosAs reported by BBC News, Yousuf Al Otaiba, UAE Ambassador to the U.S., offered a glimmer of hope amid skyrocketing prices by saying in a statement Wednesday: “We favor production increases and will be encouraging OPEC to consider higher production levels.” Q4 2021 hedge fund lett...
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Oil prices rose again on Tuesday, approaching multi-year highs amid concerns over steadily shrinking US crude reserves. Q3 2021 hedge fund letters, conferences and more Fundamental AnalysisU.S. API Weekly Crude Oil Stock: Inventory levels of US crude oil, gasoline and distillates stocks, American Petroleum Institute (API) via Investing Regarding the API figures published Tuesday, the increase in crude inventories (with 2.318 million barrels versus 1.650 million barrels expected) implies weaker demand and is normally bearish for crude prices. However, we have a strongly bullish context, where t...
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Fundamental AnalysisOil prices broke new multi-year records on Monday (Oct. 25) because of statements by the Saudi Energy Minister over the weekend, leaving little room for an upcoming increase in supply from OPEC and its allies. Q3 2021 hedge fund letters, conferences and more The latter, interviewed on Saturday (Oct. 23) by Bloomberg on the side-lines of the "Saudi Green Initiative" forum, also added that the crisis was somehow contained but not over yet, and particularly in some regions like Russia, where Moscow is in fact preparing for an eleven-day shutdown of all its non-essential servic...
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OPEC+ is not adjusting its (perhaps too gradual) uplift in supply, sending the WTI to its highest since 2014 (and for Brent since 2018). Q2 2021 hedge fund letters, conferences and more Market AnalysisThe surge in oil and gas prices threatens to extend the rise in energy prices in general, and consequently to worsen the levels of inflation observed in the United States and Europe. Thus, central banks are under further pressure to tighten their monetary policies quickly. This galloping inflation also frightens the tech sector, whose cash needs are very important. Regarding natural gas, the onse...
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