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☆ Japan's Japex raises profit forecast on higher oil, weaker yen
▼ + stars: | 2023-11-10 | by ( ) www.reuters.com time to read: +2 min

TOKYO, Nov 10 (Reuters) - Japan Petroleum Exploration Co (Japex) (1662.T) on Friday raised its full-year net profit and dividend forecast as higher-than-expected oil prices and weaker yen are set to support results. Japex increased net profit forecast for the year ending in March 2024 by 32% to 45 billion yen ($297.2 million) from its August prediction and raised annual dividend forecast to 250 yen per share from 200 yen. "We now expect stronger earnings as firmer-than-expected oil prices and the yen's depreciation will boost our sales prices of oil and natural gas," Michiro Yamashita, senior managing executive officer, told a press conference. Its half-year net profit was down 12% to 27.8 billion yen due to a fall in oil prices from a year earlier and smaller gains from its equity holdings in some overseas energy projects. An absence of profit contribution from Russia's Sakhalin 1 oil and gas project where Japex holds a stake via Sakhalin Oil and Gas Development Co (SODECO) reduced non-operating profit by about 3 billion yen for the first-half, Yamashita said.

Persons: Michiro Yamashita, Japex, Yamashita, SODECO, Vladimir Putin, Japan's, Russia's, ONGC, Yuka Obayashi, Katya Golubkova, Tomasz Janowski Organizations: Japan Petroleum Exploration Co, Sakhalin Oil, Gas Development, Exxon, U.S ., Thomson Locations: TOKYO, Russia's Sakhalin, Sakhalin, Russian, U.S, Ukraine

☆ Japan's Itochu raises profit forecast on strong machinery business
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) posted a 14.5% drop in six-month net profit on Monday but raised its full-fiscal year profit forecast on stronger expectations for its machinery business and the weaker yen. Itochu increased its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen ($5.4 billion) after weaker coal and iron ore prices resulted in its half-year net profit falling to 412.90 billion yen. "We have raised our full-year profit forecast for the machinery segment, backed by strong performance of automobile, construction machinery and North America's power business," President and Chief Operating Officer Keita Ishii told a news conference. The full-year profit forecast for Itochu's machinery business -- its second-biggest profit contributor after the metals and minerals segment and which makes ship and car parts and industrial machinery -- was increased by 10 billion yen to 115 billion yen. The company also said it will buy back up to 1.2% of its shares, worth 75 billion yen.

Persons: Toru Hanai, Keita Ishii, Ishii, Katya Golubkova, Yuka Obayashi, Kim Coghill, Savio D'Souza Organizations: Itochu, REUTERS, Mitsui, Mitsubishi, Sumitomo, Thomson Locations: Tokyo, Japan, China

☆ Japan's Itochu H1 net profit down 14.5% y/y, sets buy back
▼ + stars: | 2023-11-06 | by ( ) www.reuters.com time to read: 1 min

The logo of Itochu Corp is seen outside the company's headquarters in Tokyo, Japan, November 7, 2016. REUTERS/Toru Hanai/File Photo Acquire Licensing RightsNov 6 (Reuters) - Japanese trading house Itochu (8001.T) on Monday posted a 14.5% drop in six-month net profit but raised its full-fiscal year profit forecast on stronger non-resource business development expectations and weaker yen. Itochu's net profit to Sept. 30 was 412.90 billion yen ($2.8 billion), down from the same period last year on weaker coal and iron ore prices. It raised its net profit forecast for the year ending in March 2024 by 20 billion yen to 800 billion yen. The company will buy back up to 1.2% of its shares worth 75 billion yen, it added on Monday.

Persons: Toru Hanai, Katya Golubkova, Kim Coghill Organizations: Itochu, REUTERS, Thomson Locations: Tokyo, Japan

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. The conflict in the Middle East has had little impact on global oil and gas supplies, and Israel is not a big producer. Iran's Oil Minister Javad Owji said on Friday oil prices are expected to reach $100 per barrel due to the current situation in the Middle East, according to the ministry's news agency SHANA. If the U.S. tightens enforcement of sanctions on Iran's oil exports due to any role it may have in the conflict, then Iran's oil supply could fall. On the U.S. supply front, drillers this week added four oil rigs in the biggest weekly rise since March, Baker Hughes said.

Persons: Brent, WTI, Israel, Javad Owji, SHANA, Iran's, Hossein Amirabdollahian, Andrew Lipow, Baker Hughes, Stephanie Kelly, Paul Carsten, Katya Golubkova, Andrew Hayley, Marguerita Choy, David Gregorio, Paul Simao Organizations: REUTERS, Companies, . West Texas, Iran's Oil, Hezbollah, U.S, Wall Street, Lipow Oil Associates, The, of, Petroleum, drillers, U.S . Commodity Futures Trading Commission, Thomson Locations: Cushing , Oklahoma, U.S, Gaza Saudi Arabia, Israel, Gaza, Tehran, Lebanese, Saudi Arabia, Moscow, Ukraine, Russia, Iran, China, New York, London, Tokyo, Beijing

Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. US West Texas Intermediate (WTI) crude gained $1.98, or 2.39%, to $84.89 a barrel. "(A) geopolitical risk premium still lingers around the corner that is likely to support oil prices in the short-term," said Kelvin Wong, senior markets analyst at OANDA in Singapore. Russia is the world's second-largest oil producer and a major exporter and the tighter U.S. scrutiny of its shipments could curtail supply. Oil prices also shrugged off data released on Friday showing a month-on-month decline in Chinese crude imports.

Persons: Brent, WTI, Kelvin Wong, Wong, Daniel Hynes, Hynes, Paul Carsten, Katya Golubkova, Andrew Hayley, Christian Schmollinger, Deborah Kyvrikosaios Organizations: REUTERS, U.S, US West Texas, Hamas, OANDA, Organization of, Petroleum, ANZ, OPEC, Thomson Locations: Cushing , Oklahoma, U.S, Brent, Israel, Singapore, East, Russia, Moscow, Ukraine, China, London, Tokyo, Beijing

SINGAPORE, Oct 5 (Reuters) - Oil prices inched up on Thursday, clawing back some of the previous session's big losses after an OPEC+ panel maintained oil output cuts to keep supply tight, though an uncertain demand outlook capped gains. Brent crude oil futures were 63 cents higher at $86.44 a barrel at 0335 GMT, while U.S. West Texas Intermediate crude (WTI) rose 49 cents to $84.71. The latest data also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to about 8 million bpd, its lowest since the start of this year, the U.S. Energy Information Administration (EIA) reported on Wednesday. Oil prices will struggle to push higher given the more uncertain demand outlook, along with weaker U.S. economic data released on Wednesday and a significant build in gasoline inventories, he added.

Persons: clawing, Jun Rong, Katya Golubkova, Sonali Paul, Jamie Freed Organizations: Brent, U.S, West Texas, of, Petroleum, National Australia Bank, U.S . Energy Information Administration, IG, Thomson Locations: SINGAPORE, OPEC, Russia, Saudi Arabia, U.S, Tokyo, Singapore

Global benchmark Brent crude futures and U.S. West Texas Intermediate crude futures have declined about $10 a barrel in less than 10 days after edging close to $100 in late September. Brent futures settled $1.74, or 2.03%, lower at $84.07, while U.S. West Texas Intermediate crude futures were $1.91, or 2.3%, lower at $82.31. Government data on Wednesday also showed a sharp decline in U.S. gasoline demand. Finished motor gasoline supplied, a proxy for demand, fell last week to its lowest since the start of this year. On Thursday, the Turkish energy minister said a crude oil pipeline from Iraq through Turkey, which has been suspended for about six months, was ready for operations.

Persons: Brent, Dennis Kissler, Bob Yawger, Long, Andy Lipow, John Kilduff, Arathy Somasekhar, Paul Carsten, Katya Golubkova, Marguerita Choy, David Gregorio, Sharon Singleton, Jane Merriman Organizations: HOUSTON, Brent, . West Texas, U.S, West Texas, BOK Financial, Oil, Organization of, Petroleum, Mizuho, Lipow Oil Associates, New York ., Data, Thomson Locations: Russia, Saudi Arabia, New York, New York . U.S, U.S, Iraq, Turkey, Houston, London, Tokyo, Singapore

☆ Oil up $1 on tight U.S. supply, China demand
▼ + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com time to read: +2 min

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.

Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsSept 29 (Reuters) - Oil prices settled 1% lower on Friday due to macroeconomic concerns and profit taking, but rose about 30% in the quarter as OPEC+ production cuts squeezed global crude supply. U.S. West Texas Intermediate crude (WTI) settled down 92 cents to $90.97, up 1% in the week and 29% in the quarter. While the total rig count fell by 51 in the third quarter, the cuts have slowed compared with a reduction of 81 in the second quarter as oil prices have rebounded due to tightening supplies. The supply cuts announced by Saudi Arabia and Russia are expected to dominate oil prices for the remainder of this year.

Persons: Ahmed Jadallah, Brent, WTI, John Kilduff, Lael Brainard, Baker Hughes, Suvro Sarkar, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter, Paul Simao, Jan Harvey, David Gregorio Our Organizations: REUTERS, . West Texas, Federal Reserve Bank of Dallas, Energy Information Administration, Investors, White, Evergrande, HK, Reuters, Aramco, National Australia Bank, DBS Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, New York, U.S, Brent, OPEC, Russia

An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowSept 29 (Reuters) - Oil prices were set for a weekly gain of around 2% after regaining ground on Friday as strong holiday demand from China and persistently tight U.S. fundamentals outweighed expectations of possible supply increases from Saudi Arabia. The market eased about 1% in the previous session, as traders took profits after prices soared to 10-month highs, and some worried that high interest rates may weigh on oil demand. Improving macroeconomic data from China, the world's largest oil importer, coupled with strong fuel demand as the country as it embarked on its week-long Golden Week holiday on Friday, supported prices. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note.

Persons: Ahmed Jadallah, Brent, Katya Golubkova, Jamie Freed, Sonali Paul Organizations: REUTERS, Rights Companies Saudi Arabian Oil, Brent, . West Texas, ANZ, Golden, Traders, Organization of, Petroleum, ING Bank, Aramco, National Australia Bank, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, OPEC

☆ Russia mulls joining China in banning Japanese seafood imports
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +3 min

Japan started releasing the water from the plant into the ocean last month, drawing strong criticism from China. Russia is one of the biggest marine product suppliers to China and is seeking to increase its market share. "Taking into account the possible risks of radiation contamination of products, Rosselkhoznadzor is considering the possibility of joining with Chinese restrictions on supplies of fish products from Japan," Rosselkhoznadzor said in a statement. So far this year, Russia has imported 118 tonnes of Japanese seafood, the regulator said. Japan will scrutinise Tuesday's announcement by Russia, the top Japanese government spokesperson Hirokazu Matsuno said on Wednesday.

Persons: Kim Kyung, Rosselkhoznadzor, Hirokazu Matsuno, Matsuno, Alexander Marrow, Olga Popova, Katya Golubkova, Bernadette Baum, Gerry Doyle Organizations: Food, REUTERS, China, Japan, International Atomic Energy Agency, IAEA, Japan's Ministry, Environment, Thomson Locations: Soma, Fukushima Prefecture, Japan, Russia, Moscow, Russian, China, South Korea, Tokyo

Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File Photo Acquire Licensing RightsTOKYO/BEIJING, Sept 26 (Reuters) - Oil prices fell on Tuesday amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight. Higher interest rates slow economic growth, which curbs oil demand. With China's Golden Week holiday starting from Sunday, oil prices could gain support from a pick-up in travel and resulting oil product demand from the world's second biggest oil consumer. Oil prices have risen by around 30% since mid-year driven mostly by tighter supply, wiping off 0.5 percentage points from the global GDP growth in the second half of this year, according to JP Morgan.

Persons: Nick Oxford, Tina Teng, Moody's, Fitch, CMC's Teng, JP Morgan, Baden Moore, Katya Golubkova, Andrew Hayley, Sonali Paul Organizations: Midland , Texas U.S, REUTERS, Rights, Brent, U.S, West Texas, CMC Markets, U.S . Federal Reserve, European Central Bank, bbl, National Australia Bank, Thomson Locations: Midland , Texas, Rights TOKYO, BEIJING, Auckland, U.S, China, Russia, Saudi Arabia, Moscow, Tokyo, Beijing

REUTERS/Toru Hanai Acquire Licensing RightsTOKYO, Sept 16 (Reuters) - Japan's Mitsui (8031.T) said on Saturday it is committed to complying with restrictions in the wake of fresh U.S. sanctions related to Russia's Arctic LNG 2 liquefied natural gas project in which it holds a stake. However, a Japan government source said they could complicate how Mitsui and another Japanese shareholder JOGMEC provide support for the project and could also delay production from Arctic LNG 2. The Arctic LNG 2 project in Russia's Arctic is operated by Russian company Novatek (NVTK.MM) while Mitsui and fellow Japanese firm JOGMEC hold a combined 10% stake. Novatek plans to launch first production train at the Arctic LNG 2 project towards the end of the year. The Arctic LNG 2 project is designed to run three production lines with an annual production capacity of 19.8 million tons.

Persons: Toru Hanai, Mitsui, JOGMEC, Novatek, Katya Golubkova, Jason Neely Organizations: Mitsui & Co, REUTERS, Rights, Japan's Mitsui, Reuters, Mitsui, Thomson Locations: Tokyo, Japan, UAE, Russian, Yamal, Ukraine, Moscow, Russia

[1/5] U.S. President Joe Biden visits the Raj Ghat memorial with Prime Minister of India Narendra Modi and other G20 leaders, Sept. 10, 2023, in New Delhi. "Everything was reflected in a balanced form," Svetlana Lukash, the Russian G20 sherpa, or government negotiator, was quoted as saying by Russian news agency Interfax. "All members of the G20 have agreed to act as one in the interests of peace, security and conflict resolution around the world." The summit also admitted the African Union which includes 55 member states, as a permanent member of the G20. Russia's 2022 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world.

Persons: Joe Biden, India Narendra Modi, Kenny Holston, Jake Sullivan, White, Biden, Russia's Lavrov, Li, Svetlana Lukash, Olaf Scholz, Rishi Sunak, Emmanuel Macron, Fumio Kishida, Mahatma Gandhi, Gandhi, Sergei Lavrov, Li Qiang, Xi Jinping, Russia's Vladimir Putin, Krishn Kaushik, Sanjeev Miglani, Raju Gopalakrishnan, Jacqueline Wong Organizations: REUTERS Acquire, White, Russian G20, House, British, Russian, European Union, Thomson Locations: India, New Delhi, Vietnam, DELHI, Russia, U.S, Moscow, Ukraine, Russian, Germany, Britain, Brazil, South Africa

☆ Countries of the global south helped avoid Ukraine overshadowing G20 agenda - Lavrov
▼ + stars: | 2023-09-10 | by ( Katya Golubkova | ) www.reuters.com time to read: +1 min

Russian Foreign Minister Sergei Lavrov speaks at a press conference, during the G20 summit, in New Delhi, India, September 10, 2023. REUTERS/Francis Mascarenhas Acquire Licensing RightsNEW DELHI, Sept 10 (Reuters) - Russian Foreign Minister Sergei Lavrov called the G20 summit in India a success and said that due to the consolidated position of the countries of the global south, Russia managed to ensure the G20 agenda was not overshadowed by the Ukraine conflict. Russia's 2022 invasion of Ukraine has left tens of thousands dead, displaced millions and sown economic turmoil across the world. Lavrov also said the Russia was willing to return to the Black Sea grain deal as soon as its conditions are met. Lavrov said Russia values the attempts by the United Nations to facilitate grain talks but called it "west only talks".

Persons: Sergei Lavrov, Francis Mascarenhas, Lavrov, Swati Bhat, Jacqueline Wong, Kim Coghill Organizations: Russian, REUTERS, United, Thomson Locations: New Delhi, India, DELHI, Russia, Ukraine, Moscow, United Nations, Turkey

☆ Russia to Return to Grain Deal Once All Moscow's Conditions Met, Lavrov Says
▼ + stars: | 2023-09-10 | by ( Sept. | At A.M. | ) www.usnews.com time to read: +2 min

By Katya GolubkovaNEW DELHI (Reuters) - Russia will return to the Black Sea grain deal 'the same day' as Moscow's conditions for export of its own grain and fertilisers to the global markets are met, Foreign Minister Sergei Lavrov told reporters on Sunday. Supplies were obstructed after Russia invaded Ukraine last year in what Moscow calls a 'special military operation'. The United Nations, Turkey and this year's G7 chair Japan are trying to facilitate the resumption of grain supplies. Ukraine opposes the idea of easing sanctions on Russia in order to revive a grain deal. Turkish President Tayyip Erdogan said on Sunday he was not 'hopeless' about reviving the deal, and Russia, Ukraine and Turkey would continue to discuss it.

Persons: Katya Golubkova, Sergei Lavrov, Russia, Lavrov, Tayyip Erdogan, SWIFT, General Antonio, Guterres, Christina Fincher Organizations: United, The United, Reuters, UN, Russian Agricultural Bank, SWIFT Locations: DELHI, Russia, United Nations, Turkey, New Delhi, Ukraine, Moscow, The United Nations, Japan, Turkish, Luxembourg

☆ Japan PM Kishida spoke about Fukushima water release with G20 leaders
▼ + stars: | 2023-09-09 | by ( Katya Golubkova | ) www.reuters.com time to read: +3 min

Japanese Prime Minister Fumio Kishida attends Partnership for Global Infrastructure and Investment event on the day of the G20 summit in New Delhi, India, September 9, 2023. Japan started releasing treated radioactive water from the wrecked Fukushima nuclear power plant into the Pacific Ocean last month, and faced harsh criticism from China which immediately banned all seafood imports from Japan. Japan says the water release is safe, noting that the International Atomic Energy Agency (IAEA) has also concluded that the impact it would have on people and the environment was "negligible." "Prime Minister Kishida explained that the data monitored since last month's (water) discharge has been made public in a prompt and highly transparent manner. The Fukushima water release was among topics at Kishida's meetings with Turkish President Tayyip Erdogan, Dutch Prime Minister Mark Rutte, Australian Prime Minister Anthony Albanese and Indian Prime Minister Narendra Modi on the sidelines of the G20 summit, Japan foreign ministry said in separate statements.

Persons: Fumio Kishida, Evelyn Hockstein, Kishida, Joe Biden, Rishi Sunak, Emmanuel Macron, Saudi Arabia's Mohammed bin Salman, Hikariko Ono, Ono, Li Qiang, Tayyip Erdogan, Mark Rutte, Anthony Albanese, Narendra Modi, Katya Golubkova, Chizu Organizations: Global Infrastructure, REUTERS, International Atomic Energy Agency, British, World Trade Organization, IAEA, Dutch, Australian, Indian, Thomson Locations: New Delhi, India, DELHI, Japan, China, Saudi, Indonesia

Indian Prime Minister Narendra Modi announced that the Leaders' Declaration had been adopted on the first day of the weekend G20 summit in New Delhi. "On the back of the hard work of all the teams, we have received consensus on the G20 Leaders Summit Declaration. British Prime Minister Rishi Sunak said the declaration had "very strong language about Russia's illegal war in Ukraine". The declaration also called for the implementation of the Black Sea initiative for the safe flow of grain, food and fertiliser from Ukraine and Russia. Despite the compromise over the Leaders' Declaration, the summit had been expected to be dominated by the West and its allies.

Persons: Narendra Modi, Joe Biden, Evan Vucci, Germany's Scholz, Modi, Olaf Scholz, Rishi Sunak, Sergei Lavrov, Subrahmanyam Jaishankar, India's, Biden, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Scholz, Sunak, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Jon, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Mayank Bhardwaj, Michel Rose, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong, Kim Coghill, Alexander Smith Organizations: Indian, REUTERS Acquire, British, Foreign, INDIA, India's sherpa, Bharat, African Union, West, United Arab, Thomson Locations: New Delhi, India, Ukraine, Russia, DELHI, Ukrainian, Moscow, CHINA, China, Brazil, South Africa, Indonesia, Saudi, U.S, Delhi, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, United Arab Emirates

[1/3] A general view of the venue for the G20 summit in New Delhi, India, September 9, 2023. According to a draft of the summit declaration reviewed by Reuters, negotiators were unable to resolve disagreements over the wording on the war in Ukraine, leaving it to the leaders to reach a compromise if possible. According to another senior source in one of the G20 countries, the paragraph on the war on Ukraine had been agreed by Western countries and sent to Russia for its views. The official said Russia had the option to accept Western countries' views and give its dissent as part of the statement. The two-day summit is expected to be dominated by the West and its allies.

Persons: Amit Dave, Joe Biden, Biden, Sergei Lavrov, Creon Butler, Xi Jinping, Li Qiang, Russia's Vladimir Putin, Olaf Scholz, Emmanuel Macron, Rishi Sunak, Saudi Arabia's Mohammed Bin Salman, Japan's Fumio, Narendra Modi's, Manoj Kumar, Katya Golubkova, Krishn Kaushik, Raju Gopalakrishnan, Sanjeev Miglani, Jacqueline Wong Organizations: REUTERS, Bharat, Reuters, White, Foreign, West, British, Thomson Locations: New Delhi, India, DELHI, India's, Ukraine, Delhi, Russia, Western, EU, Saudi, China, Moscow

☆ G20 leaders can stop climate breakdown, but rules must change, U.N. chief says
▼ + stars: | 2023-09-08 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

NEW DELHI, Sept 8 (Reuters) - U.N. Secretary-General Antonio Guterres said G20 leaders have the power to reset a climate crisis that is "spinning out of control" and urged them to reshape global financial rules which he described as outdated and unfair. "The climate crisis is spiralling out of control. But G20 countries are in control," he said. "Together, G20 countries are responsible for 80 per cent of global emissions. The U.N. chief also called on G20 leaders to ensure a stimulus of at least $500 billion per year towards meeting the Sustainable Development Goals.

Persons: Antonio Guterres, Guterres, Xi Jinping, Russia's Vladimir Putin, Katya Golubkova, Ira Dugal, Chris Thomas, Philippa Fletcher, Angus MacSwan Organizations: Climate Solidarity, West, United Nations, United Nations Security Council, Thomson Locations: DELHI, New Delhi, Paris, Ukraine, Russia, United

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

☆ Oil jumps as Saudi Arabia and Russia extend supply cuts to end-2023
▼ + stars: | 2023-09-05 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Riyadh's decision to extend its 1 million bpd voluntary cut will be reviewed monthly to consider whether to deepen the cut or increase production, state news agency SPA said on Tuesday. It has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Russia had said it would cut oil exports voluntarily by 500,000 bpd, about 5% of its output, in August and by 300,000 bpd in September. Although Saudi Arabia was widely expected to extend its voluntary cuts into October, and Russia had indicated that it too planned on expanding its cut through next month, the three month extension was unexpected. Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June, after Riyadh first announced its voluntary cuts.

Persons: Nick Oxford, Alexander Novak, Craig Erlam, Brent, Natalie Grover, Katya Golubkova, Andrew Hayley, Sharon Singleton, Jason Neely, Jan Harvey, David Goodman, Alexandra Hudson Organizations: Midland , Texas U.S, REUTERS, Brent, West Texas, OPEC, Reuters, Alexandra Hudson Our, Thomson Locations: Midland , Texas, Saudi Arabia, Russia, U.S, Brent, Riyadh, London, Tokyo, Beijing

That means the two-day summit from September 9 will be dominated by the West and its allies. The G20 leaders who will attend include U.S. President Joe Biden, German Chancellor Olaf Scholz, French President Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman and Japan's Fumio Kishida. "If the leaders' summit is a flop, New Delhi and especially Modi will have suffered a major diplomatic, and political, setback," Kugelman said. "The positions have hardened since the Bali Summit," a senior Indian government official told Reuters, referring to the 2022 summit held in Indonesia. Lavrov said last week Russia will block the final declaration of the G20 summit unless it reflects Moscow's position on Kyiv and other crises.

Persons: Adnan Abidi, Li Qiang, Xi Jinping, Vladimir Putin's, Joe Biden, Olaf Scholz, Emmanuel Macron, Saudi Arabia's Mohammed Bin Salman, Japan's, Michael Kugelman, Narendra Modi, Modi, Kugelman, Joko Widodo, Justin Trudeau, Sergei Lavrov, Putin, battlelines, Trudeau, Ukraine's Volodymyr Zelenskiy, Zelenskiy, Lavrov, David Boling, N.K, Singh, Larry Summers, Katya Golubkova, Kentaro Sugiyama, Sakura Murakami Organizations: REUTERS, West, South Asia Institute, Wilson Center, Indian, New, Reuters, Bali, Canada's, Russian, Diplomats, Eurasia Group, Thomson Locations: New Delhi, India, DELHI, Ukraine, China, Russia, Saudi, Washington, Bali, Indonesia, Indonesian, CHINA, Brazil, South Africa, Johannesburg, U.S, Tokyo

☆ Oil prices up on tighter supply, China PMI in focus
▼ + stars: | 2023-08-31 | by ( Katya Golubkova | ) www.reuters.com time to read: +2 min

REUTERS/Lucy Nicholson/File Photo Acquire Licensing RightsTOKYO, Aug 31 (Reuters) - Global oil prices were up in early trade on Thursday backed by tighter U.S. supply, with a focus on China factory activity due later in the day amid recent weak economic expansion data in the world's second-biggest economy. U.S. West Texas Intermediate crude futures gained 10 cents, or 0.13%, to $81.74. Prices are on the rise this week, with U.S. government data showing tighter-than-expected crude supplies and a military coup in Gabon, an OPEC member, raising fears of crude oil supply disruptions providing additional support on Wednesday. "Bad news was good, as weaker U.S. economic data lowered expectations of another rate hike," ANZ Research said in a note. Higher interest rate reduce demand and pressure oil prices down.

Persons: Lucy Nicholson, Katya Golubkova, Stephen Coates Organizations: REUTERS, Rights, Brent, . West Texas, U.S, Analysts, OPEC, Organization of, Petroleum, Federal, Boston Fed, ANZ Research, Thomson Locations: Bakersfield , California, China, Gabon, Saudi Arabia, Russia, The U.S

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