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Summary No discussions of Russian price cap so far - delegatesOil prices have come under pressure from weak economyLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. Moscow said it would not sell its oil under the cap and was analysing how to respond.
Summary OPEC+ to begin virtual talks at 1100 GMTNo discussions of Russian price cap so far - delegatesWill keep existing cuts in placeLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine. OPEC+ argued it had cut output because of a weaker economic outlook. OPEC met virtually on Saturday without Russia and allies and did not discuss the Russian price cap, sources have said. OPEC+ begins talks at 1100 GMT with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.
On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said. The ministers did not discuss the Russian price cap. Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover. On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.
"It is unlikely there will be any change to the policy," an OPEC+ source said. Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. Some OPEC+ delegates and analysts are not ruling out a surprise at Sunday's meeting. JPMorgan, in a report this week, said OPEC+ was likely to hold the line at the meeting while leaving the door open to a cut of more than 500,000 bpd if demand deteriorates further. Reporting by Alex Lawler, Maha El Dahan, Ahmad Ghaddar and Rowena Edwards; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.
The group agreed in early October to cut its oil production target by 2 million bpd from November until the end of 2023. Given production restraints on some members of the alliance, the actual cut the group is expected to deliver is closer to between 1 million and 1.1 million bpd. "A further cut in production cannot ... be ruled out," PVM Oil analyst Stephen Brennock said. "Failure to do so risks sparking another selling frenzy," he added, without saying how low he thought prices could go. Amrita Sen, co-founder of consultancy Energy Aspects, told bank Jefferies that she did not expect OPEC+ to change tack yet.
Summary China to speed up COVID-19 vaccinations for elderlyOPEC+ to weigh rollover or oil output cut at Sunday meetingEU fails to agree on Russian oil price cap, say diplomatsNEW YORK, Nov 29 (Reuters) - Oil rose on Tuesday on expectations for a loosening of China's strict COVID-19 controls, but concerns that OPEC+ would keep its output unchanged at its upcoming meeting limited gains. Weakness in the U.S. dollar, which tends to trade inversely with oil, also helped to boost crude prices. Five OPEC+ sources said OPEC+ is likely to keep oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil.
Summary China to speed up COVID-19 vaccinations for elderlyInvestors eye next OPEC+ output meeting on Dec. 4EU fails to agree on Russian oil price cap, say diplomatsLONDON, Nov 29 (Reuters) - Oil prices jumped by 3% on Tuesday on hopes for a relaxation of China's strict COVID-19 controls after rare protests in Chinese cities over the weekend. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, hold their next meeting on Dec. 4. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil. The price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.
LONDON, Nov 29 (Reuters) - OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown. Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely. Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market. The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.
Summary China to speed up COVID-19 vaccinations for elderlyOPEC+ to weigh rollover or oil output cut at Sunday meetingEU fails to agree on Russian oil price cap, say diplomatsNEW YORK, Nov 29 (Reuters) - Oil steadied on Tuesday as gains on hopes for a loosening of China's strict COVID-19 controls were later offset by concerns that OPEC+ would keep its output unchanged at its upcoming meeting. Brent crude futures were up 48 cents at $83.67 a barrel by 11:24 a.m. 1624 GMT. Five OPEC+ sources said OPEC+ is likely to keep oil output policy unchanged at its Sunday meeting, while two sources said an additional production cut was also likely to be considered. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. Markets are also assessing the impact of a looming Western price cap on Russian oil.
Oil muted as price cap proposal eases supply concerns
  + stars: | 2022-11-24 | by ( Nia Williams | ) www.reuters.com   time to read: +3 min
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. Oil prices also came under pressure after the Energy Information Administration (EIA) said on Wednesday that U.S. gasoline and distillate inventories rose substantially last week.
A bigger-than-expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. European Union governments remained split over what level to cap Russian oil prices at to curb Moscow's ability to pay for its war in Ukraine without causing a global oil supply shock, with more talks possible on Friday if positions converge. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga.
A bigger than expected build in U.S. gasoline inventories and widening COVID-19 controls in China also added downward pressure on crude prices. Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. A higher price cap could make it attractive for Russia to continue to sell its oil, reducing the risk of a supply shortage in global oil markets. "When one considers that the current Russian export price is below the proposed limit, the price cap automatically implies uninterrupted Russian exports," said PVM Oil analyst Tamas Varga. EU governments will resume talks on the price cap on Thursday or Friday, EU diplomats said.
LONDON, Nov 18 (Reuters) - European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise. The front-month Brent crude futures spread narrowed sharply this week, reflecting better supply in the physical oil market as fears over the EU embargo on Russian crude begin to subside. Reuters Graphics"There's too much oil around," one European crude trader said. A G7 price cap on Russian crude also comes into effect on Dec. 5. ALTERNATIVES SOURCESTraders said refiners have adjusted to living without Russian crude, which had been a mainstay of Europe's refining system.
LONDON (Reuters) -Oil prices fell sharply on Wednesday as Russian oil shipments via the Druzhba pipeline to Hungary restarted, prompting the reversal of earlier gains following an attack on an oil tanker off the coast of Oman. Prices then retreated after Hungarian Foreign Minister Peter Szijjarto said on Wednesday that flows through the Druzhba pipeline which carries Russian oil to Hungary had resumed following a brief outage. Oil supply to parts of Eastern and Central Europe via a section of the Druzhba pipeline were temporarily suspended on Tuesday for technical reasons, according to oil pipeline operators in Hungary and Slovakia. “Oil demand growth in the country is being hampered by its unyielding faith in a zero-tolerance COVID-19 policy and persistent economic weakness,” PVM Oil analyst Stephen Brennock said. Earlier this week, the Organization of the Petroleum Exporting Countries (OPEC) cut its forecast for 2022 global oil demand growth for a fifth time since April, citing mounting economic challenges.
Oil jumps by 3% as China eases COVID curbs
  + stars: | 2022-11-11 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
LONDON, Nov 11 (Reuters) - Oil prices jumped by about 3% on Friday after health authorities in China, the top global crude importer, eased some of the country's heavy COVID curbs. Brent crude futures rose $2.86, or 3.1%, to $96.53 a barrel by 1145 GMT, extending a 1.1% rise in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained $2.87, or 3.3%, to $89.34 a barrel, after climbing 0.8% in the previous session. A weaker U.S. dollar also supported oil prices as it makes the commodity cheaper for buyers holding other currencies. Still, the benchmark oil contracts were headed for weekly declines due to rising U.S. oil inventories, and lingering fears over capped fuel demand in China amid an uptick in daily COVID cases.
Companies Exxon Mobil Corp FollowLONDON, Nov 8 (Reuters) - Exxon Mobil (XOM.N) said on Wednesday it was isolating a unit at its Fawley oil refinery in Hampshire, southern England, following an incident that had led to gas flaring on Tuesday, adding that the site remains operational. A spokesperson for the oil major said onsite teams were working on isolating the unit in question after it reported on Tuesday an "operational matter" at the plant. The company did not provide any further details on the unit involved. Reporting by Ahmad Ghaddar; Editing by Jan HarveyOur Standards: The Thomson Reuters Trust Principles.
Brent crude futures fell 3 cents to settle at $92.38 a barrel. read moreThe U.S. dollar index pared losses after the comments, weighing on oil prices. A stronger dollar reduces demand for oil by making the fuel more expensive for buyers using other currencies. "Harker is saying that the war on inflation has just begun," said Phil Flynn, analyst at Price Futures Group in Chicago. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.
Pump jacks operate at sunset in an oil field in Midland, Texas U.S. August 22, 2018. REUTERS/Nick Oxford/File PhotoSummary China mulls cutting quarantine time for visitors - reportLooming EU ban on Russian oil, OPEC+ cuts supportiveU.S. oil reserve sales plan fails to dampen pricesNEW YORK, Oct 20 (Reuters) - Oil prices edged higher on Thursday on news China is considering easing COVID-19 quarantine measures for visitors, boosting hopes for increased energy demand in the world's top oil importer. Brent crude futures rose 6 cents to $92.47 a barrel by 12:58 p.m. EDT (1658 GMT). China, the world's largest crude importer, has stuck to strict COVID curbs this year, which weighed heavily on business and economic activity, lowering demand for fuel. The announcement, however failed to ease oil prices, as official U.S. data showed that the SPR last week dropped to their lowest since mid-1984, while commercial oil stocks fell unexpectedly.
"East of Suez is sending everything they can ship... it's just a question of how much China exports in November," a Europe-based trader said. Exports from India and the Middle East for October to northwest Europe were at around 480,000 tonnes and 834,000 tonnes respectively, compared with 361,000 tonnes and 511,310 tonnes a month ago, the data showed. The trader estimated that Europe may import about 3 million tonnes (750,000-850,000 barrels per day) from east of Suez in November, of which the Middle East could account for two-third of the volume. Traders expect the bulk of supplies to Europe to come from India and the Middle East, on shorter shipping times. Already soaring diesel prices in the United States have led traders to divert several cargoes heading from the Middle East to Europe to the New York harbour area, further constraining supplies in Europe.
The IEA downgraded its oil demand growth estimates slightly for this year to 1.9 million bpd and by 470,000 bpd in 2023 to 1.7 million bpd. It lowered its 2023 oil demand forecast by 360,000 bpd to 2.34 million bpd. Worsening demand for crude oil is contributing to inventory builds. U.S. crude oil stockpiles rose by about 7.1 million barrels for the week ended Oct. 7, according to market sources citing API data. The energy market is under pressure as well from the U.S. dollar, which has rallied broadly, including against low-yielding currencies like the yen.
Oil rises towards $90 as OPEC+ considers output cut
  + stars: | 2022-09-29 | by ( Ahmad Ghaddar | ) www.reuters.com   time to read: +2 min
LONDON, Sept 29 (Reuters) - Oil prices firmed on Thursday, erasing earlier losses, on indications that OPEC+ might cut output, though a stronger dollar and weak economic outlook kept a lid on gains. Brent crude futures rose 52 cents, or 0.6%, to $89.84 a barrel by 1027 GMT and U.S. crude futures rose by 52 cents, or 0.6%, to $82.67. Leading members of OPEC+ have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd). In China, the world's biggest crude oil importer, travel during the forthcoming week-long national holiday is set to hit its lowest level in years as Beijing's zero-COVID rules keep people at home while economic woes curb spending.
LONDON, Sept 29 (Reuters) - Oil prices fell on Thursday, with a stronger dollar paring the previous day's more than $3 gain, though losses were capped by indications that the OPEC+ producer group might cut output. Goldman Sachs cut its 2023 oil price forecast on Tuesday, citing expectations of weaker demand and a stronger U.S. dollar, but said global supply disappointments reinforced its long-term bullish outlook. Meanwhile, leading OPEC+ members have begun discussions about an oil output cut when they meet on Oct. 5, two sources from the producer group told Reuters. read moreOne source from the Organization of the Petroleum Exporting Countries (OPEC) said a cut looks likely but gave no indication of volumes. Reuters reported this week that Russia is likely to propose that OPEC+ reduces oil output by about 1 million barrels per day (bpd).
This figure compares with 1.1 million bpd of offline capacity in September, and is above the 2015-2019 average for this period. Maintenance outages next month include Eni's Sannazzaro refinery in Italy, Repsol's (REP.MC) Tarragona refinery in Spain, and Galp Energia's (GALP.LS) Sines refinery, among others. read more"The European diesel market is looking a bit softer than we had expected say this time last month," Gallarti said, adding that the consultancy has softened its European demand forecast as economic pressures mount. read moreBut while higher imports and a softening demand outlook are helping to ease the pressure on diesel markets, widespread refinery outages in France, partly due to strike action, could tighten supplies again. Benchmark European diesel profit margins hit a two-week high of about $50 a barrel on Wednesday, based on Reuters assessments, driven by the French strikes.
General view of Aramco tanks and oil pipe at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed JadallahCompanies Saudi Arabian Oil Co FollowLONDON, Sept 20 (Reuters) - OPEC+ is now producing below its targets by a record 3.58 million barrels per day - about 3.5% of global demand - highlighting underlying tight supply in the oil market, even as recession fears drag oil prices lower. Nigeria's crude oil production fell below 1 million bpd in August, figures from its regulator show, as the nation grappled with rampant theft from its pipelines and years of underinvestment. read more"It has been struggling for months to fulfil its quota and Saudi Arabia has made it abundantly clear that they would only use thinning spare capacity in case of real emergency," PVM Oil's Tamaz Varga said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Ahmad Ghaddar; editing by David EvansOur Standards: The Thomson Reuters Trust Principles.
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