DIRS.INFO The most relevant business & tech news

☆ Oil prices could reach $100 a barrel in 2024 if OPEC+ members fulfil pledges for voluntary cuts
▼ + stars: | 2023-12-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output. The oil cartel on Thursday released a statement that did not formally endorse production cuts, but individual countries announced voluntary reductions totaling 2.2 million barrels per day for the first quarter of 2024. Russia said it will cut supply by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products over the same period. We have to have compliance from the other OPEC nations," Bill Perkins, CEO and head trader of Skylar Capital Management, told CNBC.

Persons: Bill Perkins Organizations: Rosneft Oil, United, United Arab Emirates, Skylar Capital Management, CNBC Locations: Tuapse, Russia, Saudi Arabia, Riyadh, Iraq, United Arab, Kuwait, Kazakhstan, Algeria, Oman

☆ Oil prices surge to highest level in more than a year
▼ + stars: | 2023-09-28 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Andrey Rudakov | Bloomberg | Getty ImagesOil prices surged to their highest level in over a year during Asian trading hours, after crude stocks at a key storage hub fell to their lowest since July last year. The U.S. West Texas Intermediate futures touched $95.03 per barrel during Asia trading hours, marking the highest since August 2022. He forecasts that oil prices will continue to remain at "high level" for the rest of the year, with an upside risk if global oil cartel OPEC+ continues to keep supplies tight. In September, OPEC+ kingpin Saudi Arabia extended its 1 million barrel per day voluntary crude oil production cut until the end of the year. The refinery crude throughput refers to the volume of crude oil a refinery can produce during a given period of time.

Persons: Andrey Rudakov, Cushing, Bart Melek, Melek, Malek Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, U.S . Energy Information Administration, U.S . West Texas, Brent, bbl, TD Securities, CNBC, OPEC, Securities Locations: Tuapse, Russia, Cushing , Oklahoma, U.S, Asia, Saudi Arabia

☆ Goldman Sachs expects 'all time high' oil demand to spur large deficits, boosting prices
▼ + stars: | 2023-07-24 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

In this article GSBDGS Follow your favorite stocks CREATE FREE ACCOUNTOil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Andrey Rudakov | Bloomberg | Getty ImagesGoldman Sachs expects record demand in oil markets to drive crude prices higher in the near term. He added that the bank forecasts Brent crude to rise from just above $80 per barrel now to $86 per barrel by year-end. Global benchmark Brent futures traded 0.39% lower at $80.75 a barrel, while U.S. West Texas Intermediate futures stood 0.42% at $76.75 per barrel. That metric, which tallies the number of active oil rigs, is used as an indicator of drilling activity and future output.

Persons: Andrey Rudakov, Goldman Sachs, Daan Struyven, CNBC's, Struyven Organizations: Rosneft Oil, Bloomberg, Getty, Brent, U.S, West Texas Locations: Tuapse, Russia

☆ Oil edges up after steep losses ahead of U.S. debt ceiling vote
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short-sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Kevin McCarthy, hardliner, Abdulaziz bin Salman, Alexander Novak Organizations: Rosneft Oil, Brent, U.S, West Texas, Republican, of, Petroleum, Traders, Saudi Arabian Energy, OPEC, Reuters Locations: Tuapse, Russia, U.S, OPEC, Saudi Arabia

☆ Oil prices surge 8% after OPEC's surprise output cuts; analysts warn of $100 per barrel
▼ + stars: | 2023-04-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices surged as much as 8% at the open after OPEC+ announced it was slashing output by 1.16 million barrels per day. The voluntary cuts will start from May to end 2023, Saudi Arabia announced, saying it was a "precautionary measure" targeted toward stabilizing the oil market. The move comes on the back of Russia's decision to trim oil production by 500,000 barrels per day until the end of 2023, according to the country's Deputy Prime Minister Alexander Novak. "OPEC+'s plan for a further production cut may push oil prices toward the $100 mark again, considering China's reopening and Russia's output cuts as a retaliation move against western sanctions," CMC Markets' analyst Tina Teng told CNBC.

☆ Oil lower on firm dollar, market shrugs off Russian supply cuts
▼ + stars: | 2023-02-27 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices inched lower in volatile trade on Monday, as a stronger dollar and fears of recession risks offset gains arising from Russia's plans to deepen oil supply cuts. A firm dollar makes commodities priced in the U.S. currency more expensive for holders of other currencies. Adding to the downside pressure, U.S. crude oil inventories surged to the highest level since May 2021 last week, data from the Energy Information Administration showed. Oil prices have fallen by about a sixth in the year since Feb. 24, 2022, when Russian troops first marched into Ukraine.

☆ Oil prices climbs after OPEC+ keeps output cut targets, China eases
▼ + stars: | 2022-12-05 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices jumped 2% on Monday after OPEC+ nations held their output targets steady ahead of a European Union ban and a price cap kicking in on Russian crude. "Prices are currently weighed down by expectations of slow demand growth, despite the EU oil import ban on Russian crude and the G-7 price cap. The adjustment to the EU ban and price cap is likely to support prices temporarily," Hittle said. Hittle added that the EU's looming embargo on Russian oil products, in addition to crude oil, from Feb. 5 should support crude demand in the first quarter of 2023, as the market is short of diesel and heating oil.

☆ Oil prices extend decline on recession fears, China Covid curbs
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: +3 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices fell for a third straight session on Wednesday as investors fretted about a hit to fuel demand from growing risks of a global recession and tightening Covid-19 curbs in China. Brent crude futures fell 51 cents, or 0.5%, to $93.78 a barrel by 0033 GMT. "Hotter-than-expected data may again tip investors' sentiment over the edge, which will intensify the current recession fears, pressing on oil prices further," Teng said. The oil market is also being pressured by tightening Covid-19 curbs in China, the world's second-largest oil consumer.

Search resuls for: "Tuapsinsky"

8 mentions found