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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 RightsBEIJING, Nov 6 (Reuters) - Oil prices edged up on Monday as top exporters Saudi Arabia and Russia said they would stick to extra voluntary oil output cuts until the end of the year, keeping supply tight, while investors watched out for tougher U.S. sanctions on Iranian oil. Russia also announced it would continue its additional voluntary supply cut of 300,000 bpd from its crude oil and petroleum product exports until the end of December. Sydney-based IG analyst Tony Sycamore expects oil prices to be driven by headlines from the Middle East and technical charts this week. Such sanctions often come with national security waivers, and China could still continue to import Iranian oil.

Persons: Agustin Marcarian, Brent, Suvro Sarkar, Tony Sycamore, Sarkar, Baker Hughes, Florence Tan, Colleen Howe, Shri Navaratnam, Simon Cameron, Moore Organizations: REUTERS, Rights, U.S, West Texas, Saudi, ING, DBS, U.S . House, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Rights BEIJING, Saudi Arabia, Russia, Israel, Singapore, China, Sydney, Iran, United States

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

☆ Oil rises on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

[1/2] General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom's output would drop to 9 million bpd in July from about 10 million bpd in May. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. "The immediate market impact of this Saudi cut is likely lower, as drawing inventories takes time, and the market likely already put some meaningful probability on a cut today," the bank's analysts added. In contrast, the United Arab Emirates (UAE) was allowed to raise output targets by 200,000 bpd to 3.22 million bpd to reflect its larger production capacity.

Persons: Ahmed Jadallah, Brent, WTI, keener, Suvro Sarkar, Bjarne Schieldrop, Goldman Sachs, Noah Browning, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, Saudi, Brent, . West Texas, Saudi Arabia's, Organization of, Petroleum, DBS Bank, OPEC, Rystad Energy, United Arab Emirates, Thomson Locations: Saudi, Saudi Arabia, OPEC, Arabia, Russia, Nigeria, Angola, UAE

☆ Economic fears to cap oil prices below $90 through 2023 - Reuters poll
▼ + stars: | 2023-05-31 | by ( Kavya Guduru | ) www.reuters.com time to read: +2 min

A survey of 43 economists and analysts forecast Brent crude would average $84.73 a barrel in 2023, down from the $87.1 consensus in April and current levels of around $73. Most analysts expect oil to trade around the $80-level per barrel this year, with data and analytics firm Kpler noting that "macroeconomic concerns are a major driver of crude prices this year, overshadowing relatively tight fundamentals." West Texas Intermediate (WTI) U.S. crude is expected to average $79.20 a barrel in 2023, down from the previous month's $82.23 consensus. "Even if OPEC+ does not cut in June, the threat of production cuts will remain as long as oil remains significantly below $80 per barrel," EIU'S Sherwood said. OPEC+ surprised the market in April with output cuts that briefly drove up oil prices.

Persons: Brent, Matthew Sherwood, Suvro, EIU'S Sherwood, Kavya Guduru, Noah Browning, Barbara Lewis Organizations: bbl, West Texas, Organization of, Petroleum, DBS Bank, Thomson Locations: OPEC, U.S, Russia, Vienna, Bengaluru

☆ Oil prices ease in cautious trade ahead of US inflation data
▼ + stars: | 2023-05-09 | by ( Emily Chow | ) www.reuters.com time to read: +2 min

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains of the previous two sessions with the market cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." "If tomorrow's CPI data remains at around 5% by market consensus, and if the core CPI does not drop significantly, it will likely continue to support the rise in oil prices," said CMC Markets analyst Leon Li. While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone.

TOKYO, May 9 (Reuters) - Oil prices fell on Tuesday, relinquishing some of the strong gains in the previous two sessions while the market remained cautious ahead of U.S. inflation figures for April, which will be key to the Federal Reserve's next interest rate decision. "Oil prices have rebounded somewhat in the last two sessions, so now is time for a pause ... with no real positive data coming out," said Suvro Sarkar, lead energy analyst at DBS Bank. "The market is cautious today ahead of the inflation data.... With net long positions declining sharply over the last two weeks, a lot of traders are already out of the market, so volumes are low." While oil markets fell sharply last week, prices rose on Friday and Monday as fears of recession eased in the U.S., the world's biggest oil consumer, and some traders saw crude's three-week slide on demand worries as overdone. "Oil prices won't be able to rise that much from here given all the growth demand fears, but expectations are high for OPEC+ to try to keep prices above the $70 a barrel level," Moya's note said.

☆ China's demand comeback to help oil weather banking crisis: Reuters poll
▼ + stars: | 2023-03-31 | by ( Bharat Gautam | ) www.reuters.com time to read: +2 min

A survey of 45 economists and analysts forecast benchmark Brent crude would average $86.49 a barrel this year, down from February's estimate of $89.23. "The dip in oil prices is more of a blip at the moment, rather than a sustained move below $80 per barrel". Most analysts polled by Reuters expect oil prices to stay below $90 on fears of a recession in developed economies stemming from interest rate increases to bring down inflation. "Oil demand in China should pick up a bit further over the year. Reuters GraphicsAlong with China, prices will also hinge on potentially declining Russian oil production due to Western sanctions, with a combination of the two likely tightening global supplies, analysts said.

☆ Oil flat as China hopes, US stock draw contend with economic concerns
▼ + stars: | 2023-03-09 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

Brent crude futures had edged up by 2 cents to $82.68 per barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude futures eased by 1 cent to $76.65 a barrel. "Oil prices are still under the influence of Powell's hawkish tone recently, and the increasing possibility of another 50 basis points hike rather than a 25 basis points one," said Suvro Sarkar, lead energy analyst at DBS Bank. "Oil prices will be caught in the tug of war between sentiment surrounding rate hikes and inflation targeting on the one hand, and China reopening on the other for much of the year, at least the first half." Despite the EIA inventory report posting the first crude draw of the year, crude demand uncertainty over the short term is "keeping oil prices heavy," said OANDA senior analyst Edward Moya in a note. "Until we see clear signs of China's recovery gaining steam, oil prices look like they want to stay heavy."

☆ Tighter market to push oil prices above $90 in second half of the year: Reuters poll
▼ + stars: | 2023-02-28 | by ( Deep Kaushik Vakil | ) www.reuters.com time to read: +3 min

West Texas Intermediate (WTI) U.S. crude was projected to average $83.94 per barrel in 2023, below previous month's $85.40 forecast. Gruenberger expects a 600,000 barrel-per-day (bpd) year-on-year hit to Russian supply from lower domestic intake, weaker demand and slightly lower exports. "China will continue to scoop up Russian product at a discount," said Robert Yawger, energy futures strategist for Mizuho Bank. Reuters GraphicsThe International Energy Agency sees China accounting for almost half of this year's 2 million bpd growth in global oil demand, which could overtake supply after the first half and push producers to reconsider their output policies. Reporting by Deep Vakil in Bengaluru; Editing by Noah Browning and Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices rise as investors seek riskier assets and on China demand outlook
▼ + stars: | 2022-10-19 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

Oil prices were also buoyed as risk sentiment was lifted by upbeat U.S. corporate earnings and rising equity markets. That is equal to about 104 million barrels. The EU's sanctions on Russian crude and oil products will take effect in December and February, respectively. read moreIn December, the administration plans to sell 15 million barrels of oil from its reserves, the final tranche of the 180 million barrels release announced earlier this year, a senior U.S. official said. Gasoline inventories declined by about 2.2 million barrels while distillate stockpiles dropped by 1.1 million, the sources said.

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