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OPEC+ said after its last meeting in June that the 2024 output quotas of Angola, Nigeria and Congo were conditional on reviews by outside analysts. "The postponement of the meeting also shows there are some different views among the group participants." A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Giovanni Staunovo, Brent, Leonhard Foeger, Alexander Novak, Prince Abdulaziz bin Salman, Helima Croft, Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan, Deepa Babington Organizations: Oil, DUBAI, Organization of, Petroleum, REUTERS, Russian, Saudi Energy, OPEC, RBC Capital, Bloomberg News, Thomson Locations: LONDON, OPEC, Angola, Nigeria, Congo, Russia, Vienna, Austria, OPEC's Vienna, Saudi Arabia

A view of logo of the Organization of the Petroleum Exporting Countries (OPEC) at their headquarters in Vienna, Austria, June 2, 2023. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsSummary OPEC+ had been scheduled to meet on SundayOil drops almost 5% as delay raises questions about output cutsDelay shows there are some different views in group - analystDUBAI/LONDON, Nov 22 (Reuters) - OPEC+ has delayed a ministerial meeting expected to discuss oil output cuts to Nov. 30 from Nov. 26, OPEC said in a statement on Wednesday, a surprise development that sparked a further drop in oil prices. The delay to the meeting into next week might be to allow more time for countries to discuss both compliance with existing output cuts and potential additional cuts, an OPEC+ source said, declining to be named. Saudi Arabia, Russia and other OPEC+ members have already pledged oil output cuts of about 5 million barrels per day (bpd), or about 5% of daily global demand, in a series of steps that started in late 2022. This figure includes a 1 million bpd voluntary reduction by Saudi Arabia and a 300,000 bpd cut in Russian oil exports, both of which last until the end of 2023.

Persons: Leonhard Foeger, Giovanni Staunovo, Brent, Helima Croft, Nadine Awadalla, Nayera Abdalla, Ahmad Ghaddar, Vladimir Soldatkin, El, Alex Lawler, Jason Neely, Mark Potter, Kirsten Donovan Organizations: Organization of, Petroleum, REUTERS, Sunday, DUBAI, RBC Capital, Bloomberg News, Thomson Locations: Vienna, Austria, LONDON, Russia, OPEC, OPEC's Vienna, Saudi Arabia

☆ Why calls for oil embargo on Israel are unlikely to go anywhere
▼ + stars: | 2023-11-21 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +4 min

A view shows the logo of the Organization of the Petroleum Exporting Countries (OPEC) on their headquarters in Vienna, Austria, June 2, 2023. The conflict has led many analysts, oil market watchers and politicians to draw parallels with the 1973 OPEC embargo, when Arab oil producers cut off oil exports to several allies of Israel, including the United States and Britain, following the Israeli-Arab war that year. Analysts and OPEC sources, however, say that the energy world today is far different from 50 years ago, and play down any possibility of a new embargo. Last month, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation (OIC) to impose an oil embargo and other sanctions on Israel and expel all Israeli ambassadors. The embargo led to severe shortages with long queues forming at gas stations.

Persons: Leonhard Foeger, Israel, Hossein Amirabdollahian, Ayatollah Ali Khamenei, Ebrahim Raisi, JPM Morgan, Giovanni Staunovo, Morgan Bazilian, Mark Heinrich, Jason Neely Organizations: Organization of, Petroleum, REUTERS, Hamas, of, Reuters, Iranian, of Islamic Cooperation, OIC, Arab, Israel, GCC, Gulf Cooperation, UBS, Payne Institute, Thomson Locations: Vienna, Austria, Gaza, Iran, Israel, United States, Britain, Russia, OPEC, Riyadh, Saudi Arabia, Netherlands, Japan, U.S, Asia, China, India

☆ Why oil is down since the Hamas-Israel conflict started and whether that can last
▼ + stars: | 2023-11-08 | by ( Spencer Kimball | ) www.cnbc.com time to read: +8 min

A risk premium should be present somewhere in oil prices, Papic wrote. "If the Hamas attack leads to a regional conflict in the world's most important oil producing geography, then oil prices should catch a bid… any bid. Beijing's crude oil imports rose in October, but the country's overall exports fell more than expected, indicating the global economy may be slowing. The biggest risk for oil prices is a decline in Iranian oil exports by 300,000 to 500,000 barrels per day, the bank cautioned. The U.S. House of Representatives last week passed a bill to harden sanctions on Tehran's crude exports in an overwhelming bipartisan vote following the Hamas' attacks.

Persons: Netanyahu, Marko Papic, Papic, Oil's, Ellen Wald, Wald, Ayatollah Ali Khamenei, Giovanni Staunovo, Staunovo, Joe Biden, Mike Rothman, Rothman Organizations: Brent, West Texas, Clocktower, U.S . Energy, UBS, OPEC, U.S . House, Iran's, Bank, World Bank, Gulf Cooperation Council, GCC, Washington, Cornerstone Analytics, JPMorgan Locations: Israel, @CL, Gaza, Yemen, Lebanon, Iran, Syria, China, U.S, Europe, Saudi Arabia, Russia, Strait, Hormuz, Ukraine, Riyadh, India, Japan, South Korea, Republic, Staunovo, Tehran, Gulf States

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists' Oct. 7 attack on Israel. A recovery in oil exports from the Organization of Petroleum Exporting Countries also added to the pressure on oil prices, UBS analyst Giovanni Staunovo said. On the demand side, China's crude oil imports in October showed robust growth but its total exports of goods and services contracted at a quicker pace than expected. "There are concerns in the oil markets about both rising supply and sliding demand," said Mizuho analyst Robert Yawger.

Persons: Nick Oxford, Powell, Craig Erlam, Giovanni Staunovo, Staunovo, Brent, Fiona Cincotta, Neel Kashkari, Jerome Powell, Robert Yawger, It's, Shariq Khan, Trixie Yap, Yuka Obayashi, David Gregorio, Matthew Lewis Organizations: Midland , Texas U.S, REUTERS, bbl, BENGALURU, Brent, U.S, West Texas, Traders, Organization of Petroleum, UBS, U.S . Energy Information Administration, ., Minneapolis Federal, Investors, Thomson Locations: Midland , Texas, Israel, U.S, Bengaluru, Singapore, Tokyo

REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices edged higher on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3, as supply concerns driven by Middle East tensions eased. A weaker dollar also helped oil prices. Lower borrowing cost is likely to boost spending and demand for crude oil.

Persons: Agustin Marcarian, John Kilduff, Giovanni Staunovo, Huw Pill, Robert Harvey, Florence Tan, Colleen Howe, Deepa Babington, Mark Potter, Christina Fincher, Bill Berkrot Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, Saudi, Investors, Bank of England, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, New York, OPEC, Gaza, U.S, China, Europe

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataHOUSTON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Oil prices rebounded after both benchmarks lost about 6% in the week to Nov. 3. Monday's oil price gains may have been capped by an easing of crude throughput at Chinese refineries.

Persons: Agustin Marcarian, Dennis Kissler, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, David Goodman, Kirsten Donovan, Deepa Babington Organizations: REUTERS, PMI, HOUSTON, Brent, U.S, West Texas, BOK Financial, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, Saudi, OPEC, China’s, China, Europe

☆ Oil up 1.5% as Saudi Arabia and Russia stick to supply cuts
▼ + stars: | 2023-11-06 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

Oil pump jacks are seen at the Vaca Muerta shale oil and gas deposit in the Patagonian province of Neuquen, Argentina, January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSummary Saudi Arabia and Russia supply cuts to remain until year-endChina's refinery throughput slows from record levelsEuro zone recession fears amplified by PMI dataLONDON, Nov 6 (Reuters) - Oil prices rose on Monday after top exporters Saudi Arabia and Russia reaffirmed their commitment to extra voluntary oil supply cuts until the end of the year. Russia also announced it would continue its additional voluntary cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Monday's oil price gains could have been capped by an easing of crude throughput at Chinese refineries. Macroeconomic concerns persist in Europe, where Purchasing Managers' Index (PMI) data showed the slowdown in euro zone manufacturing accelerated in October.

Persons: Agustin Marcarian, Giovanni Staunovo, Tamas Varga, Robert Harvey, Florence Tan, Colleen Howe, Louise Heavens, David Goodman Organizations: REUTERS, PMI, Brent, . West Texas, Oil, Reuters, Saudi, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Russia, OPEC, China, China’s, Europe

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsSummary Oil prices drop on Friday but gain over 1% for the weekHamas releases two US hostages in GazaEarlier, Israeli minister said troops to see Gaza 'from inside'Global oil market already faces supply concernsBENGALURU, Oct 20 (Reuters) - Oil prices settled lower on Friday after the Islamist group Hamas released two U.S. hostages from Gaza, leading to hopes the Israeli-Palestinian crisis could de-escalate without engulfing the rest of the Middle East region and disrupting oil supplies. Brent crude futures fell 22 cents, or 0.2%, to settle at $92.16 a barrel. U.S. West Texas Intermediate crude futures for November delivery , which expired after settlement on Friday, fell 62 cents, or 0.7%, to $88.75 a barrel. Hamas' armed wing released two U.S. hostages from Gaza - a mother and her daughter - "for humanitarian reasons" in response to Qatari mediation efforts in the war with Israel, its spokesman Abu Ubaida said on Friday. "The report took some of the risk premium out of the market," said Phil Flynn, analyst at Price Futures Group.

Persons: Andrew Kelly, Abu Ubaida, Phil Flynn, Yoav Gallant, John Kilduff, Kilduff, Giovanni Staunovo, Brent, Staunovo, Shariq Khan, Paul Carsten, Florence Tan, Sudarshan, Shri Navaratnam, Jason Neely, David Gregorio, Jane Merriman Organizations: REUTERS, Hamas, Brent, . West Texas, Price Futures, Israeli, Pentagon, UBS, U.S . Commodity Futures Trading Commission, Thomson Locations: Manhattan , New York City, U.S, Gaza, BENGALURU, Hamas, Israel, Yemen, New York, Saudi Arabia, Russia

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Prices pared gains after U.S. government data showed U.S. crude inventories (USOILC=ECI) rose by 10.2 million barrels in the last week to 424.2 million barrels, much higher than analyst expectations for a 500,000-barrel rise. U.S. crude output also hit a record 13.2 million barrels per day in the week, the data showed. Meanwhile, the IEA lowered its oil demand growth forecast for 2024, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million.

Persons: Nick Oxford, Bob Yawger, Yawger, Giovanni Staunovo, Prince Abdulaziz, Novak, Prince Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Ahmad Ghaddar, Trixie Yap, David Gregorio, Kirsten Donovan Organizations: REUTERS, Brent, . West Texas, U.S, Mizuho, EIA, European Central Bank, UBS, Saudi Energy, IEA, Organization of, Petroleum, Thomson Locations: Cushing , Oklahoma, Lower U.S, Saudi, Israel, Russia, New York, London, Singapore

☆ Oil prices near $100 per barrel raise questions over demand destruction
▼ + stars: | 2023-09-29 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +7 min

boonchai wedmakawand | Moment | Getty ImagesSupply cuts from heavyweight crude producers have helped drive oil prices near $100 per barrel — fueling some to consider the potential for future demand destruction. Seven European refiners and traders, who spoke under anonymity because of contractual obligations, told CNBC that local buyers can withstand oil prices veering into triple digits without lowering their output runs. Some European market participants polled by CNBC doubted triple-digit oil prices are sustainable in the long term, with three pointing to possible demand destruction — where customers gradually answer persistently high prices with fewer purchases. "Sometimes high oil prices can become a self-fulfilling prophecy," Indian Energy Minister Hardeep Singh Puri warned in August. The oil price hike has benefitted Moscow despite sanctions.

Persons: boonchai, Sushant Gupta, Wood Mackenzie, Topping, Ukraine —, refiner, Hardeep Singh Puri, Giovanni Staunovo Organizations: Brent, ING, Organization of, Petroleum, CNBC, U.S . Energy, Administration, Indian Energy, UBS Locations: London, Asia, Wood, OPEC, Saudi Arabia, Russia, China, Europe, Ukraine, U.S, Moscow, Washington, Israel, East, Riyadh, Iran, Beijing

☆ Extreme fear is haunting stock markets again. Here's why investors are running scared
▼ + stars: | 2023-09-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

The S&P 500 index (SPX) has risen 11% since the start of the year, the tech-heavy Nasdaq (NDX) 33%, and the Stoxx Europe 600 (STOXX) 5%. The Stoxx Europe 600 has fallen 3.3%. ‘Higher for longer’ interest ratesThe world’s major central banks have spent the past two years hiking borrowing costs in a bid to control runaway inflation. High interest rates typically put pressure on stocks, since investors tend to favor bonds when they offer comparable returns as they are safer. An ailing ChinaA slew of disappointing economic data out of China has also put pressure on stocks.

Persons: Michael Hewson, —, Cushing, Strategic Petroleum Reserve —, Goldman Sachs, Giovanni Staunovo, Brent, stoking Organizations: London CNN —, CMC, CNN, Nasdaq, Federal Reserve, Brent, Strategic Petroleum Reserve, UBS, country’s National Bureau of Statistics, Evergrande Group Locations: United States, Europe, Saudi Arabia, Russia, OPEC, Cushing , Oklahoma, Ukraine, Saudi, China, Hong Kong

☆ Will oil hit $100? It already did in some markets
▼ + stars: | 2023-09-18 | by ( Alex Lawler | ) www.reuters.com time to read: +1 min

LONDON, Sept 18 (Reuters) - With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. The outright price of Nigerian crude Qua Iboe surpassed $100 a barrel on Monday, according to LSEG data . "The overall situation is that Saudi Arabia and Russia are in solid control of the oil market," Schieldrop said. Brent oil futures, a global benchmark , traded as high as $94.89 on Monday and the related benchmark used for trading much of the world's physical cargoes, called dated Brent , stood just above $96 according to LSEG. Schieldrop said dated Brent is highly likely to move above $100 as "only noise is needed to bring it above."

Persons: Bjarne Schieldrop, Schieldrop, Brent, Giovanni Staunovo, Alex Lawler, David Evans Organizations: LSEG, UBS, Thomson Locations: Saudi Arabia, Russia, OPEC, Swiss

Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected. "This is a clear indication that oil prices trump volume (for Saudi Arabia)," said Jorge Leon, senior vice president at Rystad Energy. "These bullish moves significantly tighten the global oil market and can only result in one thing: higher oil prices worldwide," Leon added. Both Saudi Arabia and Russia said they would review the supply cuts monthly, and could modify them depending on market conditions. Along with the Saudi supply cuts, which began in July, prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months.

Persons: Nick Oxford, Brent, Goldman Sachs, Jorge Leon, Leon, Giovanni Staunovo, Shariq Khan, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci, Nick Macfie, Timothy Gardner Organizations: Midland , Texas U.S, REUTERS, Brent, . West Texas, Investors, Rystad Energy, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, 4Q23, U.S, Saudi

Meanwhile, U.S. West Texas Intermediate crude (WTI) October futures rose $2.42, or about 2.8%, to $87.97 a barrel, also a 10-month high. Investors had expected Saudi Arabia and Russia to extend voluntary cuts into October, but the three-month extension was unexpected"It would appear they're trying to double down and capitalize on the recent price moves. Both countries said they would review the supply cuts monthly, and could modify them depending on market conditions. Prospects of the U.S. economy avoiding a hard recession have helped lift oil demand and prices in recent months. Brent futures, which are used to price over three-quarters of the world's traded oil, have gained by about 26% since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Goldman Sachs, Craig Erlam, Brent, Giovanni Staunovo, Natalie Grover, Katya Golubkova, Andrew Hayley, Andrea Ricci Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, Investors, Reuters, bbl, UBS, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, BENGALURU, U.S, 4Q23, Riyadh, London, Tokyo, Beijing

The weather system is not expected to hit major oil producing platforms in the U.S. Gulf of Mexico. However, oil major Chevron Corp (CVX.N) evacuated some staff from three platforms in the region. Expectations of a steep decline in U.S. crude oil stockpiles have also benefited oil prices, UBS analyst Giovanni Staunovo said. U.S. crude oil inventories are expected to have dropped by 3.3 million barrels in the latest week, according to an extended Reuters poll on Tuesday. "Even with the potential for some demand destruction (from hurricane Idalia), the coming crude oil supply squeeze is becoming more painfully obvious," said Price Futures Group analyst Phil Flynn.

Persons: Hurricane Idalia, Idalia, Robert Yawger, Yawger, Giovanni Staunovo, Baker Hughes, Phil Flynn, Shariq Khan, Natalie Grover, Emily Chow, Josie Kao, Nick Zieminski Organizations: Kyodo, REUTERS Acquire, Companies, Florida U.S, Hurricane, Brent, U.S, West Texas, Federal Reserve, Hurricane Center, Labor, Chevron Corp, Chevron, UBS, American Petroleum Institute, Futures, Thomson Locations: Idemitsu, Ichihara, Tokyo, Japan, BENGALURU, Florida, Miami, U.S . Gulf of Mexico, Mexico, Gulf of Mexico, Bengaluru, London, Singapore, Houston

Brent crude rose 15 cents, or 0.2%, to $83.36 a barrel, while U.S. West Texas Intermediate crude rose 16 cents, or 0.2%, to $79.05 a barrel. Prices traded lower for the majority of the session, before pushing higher in the last half hour of trading. Investor caution on the eve of his remarks lifted the safe-haven dollar, which makes oil more expensive for holders of other currencies, denting demand. Euro zone business activity also declined more than expected and Britain's economy looked set to shrink in the current quarter. On the supply side, Iran's crude oil output will reach 3.4 million barrels per day (bpd) by the end of September, the country's oil minister was quoted as saying by state media, even though U.S. sanctions remain in place.

Persons: Brent, Giovanni Staunovo, Jackson, Jerome Powell, Craig Erlam, Erlam, Shariq Khan, Ahmad Ghaddar, Mohi Narayan, Kim Coghill, David Evans, David Gregorio, Deepa Babington Organizations: cnsphoto, REUTERS, bbl, U.S, Fed, West Texas, UBS, U.S . Federal, Federal Reserve, Thomson Locations: Zhoushan, Zhejiang province, China, BENGALURU, Europe, New York, Amsterdam, Rotterdam, Antwerp, U.S ., Japan, Venezuela, American

☆ Oil prices are on track for their strongest run since before Russia invaded Ukraine
▼ + stars: | 2023-07-28 | by ( Anna Cooban | ) edition.cnn.com time to read: +5 min

US oil prices are also set for a 3.9% gain this week, and have chalked up their longest rally since April 2022. So why are oil prices climbing? Oil output cutsAccording to the International Energy Agency, global oil demand is expected to rise by 2.2 million barrels per day to a record 102 million this year. But global oil production is forecast to rise by only 1.5 million barrels per day to 101.5 million, the agency said in a report this month. That failed to materialize, a factor that weighed on oil prices earlier this year.

Persons: —, “, ” Giovanni Staunovo, Staunovo, Justin Sullivan, Edward Gardner, Gardner, Xi Jinping Organizations: London CNN —, Brent, International Energy Agency, Organization of, Petroleum, OPEC, UBS, CNN, Saudi, Getty, Capital Economics, Communist Party’s Locations: Ukraine, China, Russia, Saudi Arabia, Riyadh, Gulf, Europe, France, Spain, Germany, Europe’s

☆ Expect a further increase in oil prices in the coming months, analyst says
▼ + stars: | 2023-07-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailExpect a further increase in oil prices in the coming months, analyst saysGiovanni Staunovo of UBS Global Wealth Management discusses the outlook for the oil market.

Persons: Giovanni Staunovo Organizations: UBS Global Wealth Management

☆ Russia's crude price exceeds G7 price cap as market braces for supply crunch
▼ + stars: | 2023-07-14 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies. The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel. Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Persons: P Global Platts, —, Giovanni Staunovo, they're, David Fyfe Organizations: Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights Locations: Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S

U.S. West Texas Intermediate crude rose $2.15 from Monday's close, or 3.1%, to $71.91 a barrel by 11:36 a.m. EDT (1536 GMT). Brent crude futures rose 45 cents, or 0.5%, to $76.66 a barrel, after gaining $1.60 a barrel on Tuesday. "The July voluntary cuts and the extension into August should considerably tighten the oil market, but investors will stay on the sidelines until oil inventories will show substantial draws," said UBS analyst Giovanni Staunovo. The American Petroleum Association will report its weekly U.S. crude oil and products inventory report after 4:30 p.m. EDT (2030 GMT) on Wednesday. Morgan Stanley on Wednesday lowered its oil price forecasts, predicting a market surplus in the first half of 2024 with non-OPEC supply growing faster than demand next year.

Persons: Prince Abdulaziz bin Salman, Giovanni Staunovo, Staunovo, Morgan Stanley, Shariq Khan, Natalie Grover, Yuka Obayashi, Muyu Xu, David Goodman, Jan Harvey, David Gregorio Our Organizations: Brent's Tuesday, Brent, . West Texas, American Petroleum Association, U.S . Energy, Administration, U.S, Thomson Locations: Saudi Arabia, Russia, BENGALURU, Monday's, Algeria, Saudi, OPEC, China, Europe

Goldman Sachs said this week that rising interest rates would remain a "persistent drag" on oil. "There's been little sign of weakness in China's oil demand even if the general reopening boost has disappointed some investors. Global oil demand is forecast to grow between 1 to 2 million barrels per day (bpd), as per the poll. "Once these deficits become visible in on-land oil inventories, we expect prices to trend higher," said UBS analyst Giovanni Staunovo. Respondents also largely agreed that the Organisation of the Petroleum Exporting Countries would take measures to keep the floor for oil prices at $80.

Persons: Brent, Ole Hansen, Saxo, Goldman Sachs, There's, Ian Moore, Bernstein, Giovanni Staunovo, Seher, Arpan Varghese, Noah Browning, Elaine Hardcastle Organizations: bbl, International Energy Agency, Saudi, of, Petroleum, Thomson Locations: China, Saudi, OPEC, Saudi Arabia, Saudi Aramco, India, Moscow, Turkey, Bengaluru

☆ Oil prices rise 3% after China rate cut
▼ + stars: | 2023-06-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices climbed 3% on Tuesday, recovering from steep losses the previous session, after China's central bank lowered a short-term lending rate for the first time in 10 months. The rate cut, aimed at adding momentum to a hesitant post-pandemic recovery in the world's second-largest economy and biggest crude importer, is likely increase oil demand. The Fed's rate hikes have strengthened the dollar , making dollar-denominated commodities more expensive for holders of other currencies and weighing on oil prices, so a rate hike pause could be bullish. Worries about demand have unraveled the temporary boost in oil prices from Saudi Arabia's pledge announced early this month to cut more production in July. The Organization of Petroleum Exporting Countries (OPEC) kept its forecast for 2023 global oil demand growth steady for a fourth month on Tuesday, slightly increasing expectations of Chinese demand growth.

Persons: Phil Flynn, Giovanni Staunovo, Saudi Arabia's Organizations: Brent, U.S . West Texas, Price Futures, European Central Bank, of Petroleum Exporting, International Energy Agency, Reuters Locations: U.S, Saudi

"The Saudi cut lifted prices slightly, and then the chatter of the potential return of Iranian barrels saw a large drop. Oil prices had risen early in the week, buoyed by Saudi Arabia's pledge over the weekend to cut more output on top of the cuts agreed earlier with the Organization of the Petroleum Exporting Countries and its allies. However, a rise in U.S. fuel stocks and weak Chinese export data have weighed on the markets. Some analysts expect oil prices to rise if the U.S. Federal Reserve pauses hiking interest rates at its next meeting over June 13-14. The Fed's decision may also influence Saudi Arabia's next move, analysts said.

Persons: Brent, Giovanni Staunovo, Saudi Arabia's, Rob Haworth, Craig Erlam, Shariq Khan, Shadia Nasralla, Yuka Obayashi, Marguerita Choy, Richard Chang Organizations: Saudi, Brent, U.S . West Texas, Organization of, Petroleum, Northern, U.S, Bank Asset Management, U.S . Federal, Thomson Locations: China, BENGALURU, U.S, Iran, Saudi, US

Saudi's energy ministry said the country's output would drop to 9 million barrels per day (bpd) in July from around 10 million bpd in May, the biggest reduction in years. "This is a Saudi lollipop," Saudi Energy Minister Prince Abdulaziz told a news conference. EXTENSION TO END OF 2024OPEC+ has in place cuts of 3.66 million bpd, amounting to 3.6% of global demand, including 2 million bpd agreed last year and voluntary cuts of 1.66 million bpd agreed in April. In addition to extending the existing OPEC+ cuts of 3.66 million bpd, the group also agreed on Sunday to reduce overall production targets from January 2024 by a further 1.4 million bpd versus current targets to a combined of 40.46 million bpd. By contrast, the United Arab Emirates was allowed to raise output targets by around 0.2 million bpd to 3.22 million bpd.

Persons: Prince Abdulaziz, Brent, Amrita Sen, Gary Ross, Giovanni Staunovo, Ahmad Ghaddar, Alex Lawler, Maha El Dahan, Julia Payne, Dmitry Zhdannikov, David Holmes, Barbara Lewis Organizations: Saudi, UAE, Saudi Energy, Organization of, Petroleum, Brent, OPEC, Analysts, Energy, Veteran OPEC, Black Gold, UBS, United Arab, Thomson Locations: Russian, Angolan, VIENNA, Saudi Arabia, OPEC, Saudi, Russia, Ukraine, Nigeria, Angola, United Arab Emirates

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