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☆ OPEC Plans a Gradual Unwinding of Production Cuts
▼ + stars: | 2024-06-02 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

When officials from major oil-producing countries met on Sunday, they had a tricky task before them: To reassure shaky markets that they would continue to restrain oil supplies. The group known as OPEC Plus, which is led by Saudi Arabia and includes Russia, also wanted to offer some hope to discontented producers like the United Arab Emirates that they might soon get the go-ahead to pump more oil. It aims to bolster oil prices by promising that deep production cuts will extend through next year. But it also spells out a gradual phase out of a portion of the cuts. Beginning in October, oil output for eight countries, including Saudi Arabia, the United Arab Emirates and Iraq, may gradually rise in monthly increments through 2025.

Organizations: United Arab Locations: OPEC, Saudi Arabia, Russia, United Arab Emirates, Riyadh, Saudi, Iraq

☆ OPEC to Meet Amid Signs of Waning Influence on Oil Prices
▼ + stars: | 2024-05-31 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Over the past two years, the group known as OPEC Plus has agreed to a succession of cuts to oil output. The oil producers’ assumption has been that these trims would be temporary, but they have begun to take on an air of permanence as prices have been relatively subdued. Any relaxation of cuts would risk sinking prices in what looks like a soft market, analysts say. It is a frustrating situation for oil producers like Iraq and the United Arab Emirates, which could pump additional crude, bolstering their budgets. Saudi Arabia’s oil minister, Prince Abdulaziz bin Salman, who is expected to lead the meeting, relishes surprises, so other outcomes are possible.

Persons: That’s, ”, Richard Bronze, Mr, Bronze, Prince Abdulaziz bin Salman Organizations: Plus, United Arab Emirates Locations: Iraq, Saudi Arabia, Russia, Saudi

☆ Here’s how the Israel-Iran conflict affects the oil market
▼ + stars: | 2024-04-15 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

Oil prices spiked Friday to levels not seen since October in anticipation of just such an escalation but on Monday were subdued. “It is the most significant chokepoint in the global oil market,” Richard Bronze, co-founder and analyst at data firm Energy Aspects, told CNN. A renewed crackdown would, however, “create upward pressure on global prices” at an inopportune moment, Tagliapietra said. A tight oil marketDespite Iran’s barrage of drones and missiles, the conflict had a relatively muted impact on the global oil market Monday. Oil prices have already risen sharply since hitting a low in early February.

Persons: London CNN —, Brent, Israel —, Simone Tagliapietra, ” Richard Bronze, Tagliapietra, Joe Biden’s, WTI, Russia — Organizations: London CNN, West Texas Intermediate, CNN, International Energy Agency, Hamas, Organization of, Petroleum, United Arab Emirates, Traders Locations: Israel, Iran, Syria, Paris, Gaza, Tehran, Hormuz ‘, Hormuz, Brussels, China, Strait, Saudi Arabia, Kuwait, United States, Ukraine, Washington, Damascus, OPEC, Russia, Brazil, Guyana, Canada

☆ The Big Number: 13.2 Million
▼ + stars: | 2023-12-01 | by ( Marie Solis | ) www.nytimes.com time to read: 1 min

Reporting on the Business news of the weekMarie Solis Reporting on the Business news of the weekAs OPEC Plus announced new cuts in output, oil production in the United States — which is not part of that group — is booming. A record 13.2 million barrels of oil a day are flowing from American oil fields, eclipsing even Saudi Arabia. Here are some of the effects of the increase →

Persons: Marie Solis Organizations: Business, OPEC Plus Locations: United States, Saudi Arabia

☆ U.S. crude declines as skepticism mounts over OPEC+ cuts
▼ + stars: | 2023-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency. Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd. OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital. "They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.

Persons: Brent, Alexander Novak, Phil Flynn, Flynn, John Kilduff, Kilduff, CNBC's, it's Organizations: West Texas Intermediate, Energy Ministry, Saudi Press Agency, United Arab Emirates, Traders, Price Futures, U.S, OPEC, CNBC PRO Locations: OPEC, Saudi Arabia, Riyadh, Iraq, Kuwait, Kazakhstan, Algeria, Oman, Russia, Asia, China

☆ Oil Producers Fail to Agree on More Production Cuts
▼ + stars: | 2023-11-30 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The oil producers group known as OPEC Plus met on Thursday and failed to announce new production cuts in the face of sagging prices, but Saudi Arabia later said that it would continue to trim output by one million barrels a day through March, in coordination with some other countries that were not named. Oil traders, who may have expected more substantial cuts, had a chilly response to the news. Futures fell for the day, with Brent crude down 0.4 percent, to $82.80 a barrel, and West Texas Intermediate falling more than 3 percent, to $75.25. News reports of production cuts preceded the meeting. OPEC Plus said that Brazil, an oil giant that until now has not been part of the producers group, was expected to join next year.

Persons: Brent, ”, Richard Bronze, Alexandre Silveira de Oliveira Organizations: West Texas, Plus Locations: Saudi Arabia, Brazil

☆ In a Shaky Oil Market, OPEC Has Bitter Decisions to Make
▼ + stars: | 2023-11-29 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The agenda — whether to cut production further, and by how much — is likely to be unpalatable for many of the 23 members. It has dropped even as producers in OPEC Plus, a bigger group that includes Russia, have cut production, but the coming months seem unlikely to give oil producers a respite from this squeeze. After three years of pandemic recovery and robust increases in demand for oil, appetite is expected to slow in 2024. Overall economic expansion is expected to be tepid while more efficient energy use and increasing numbers of electric vehicles reduce oil consumption. With production expected to increase outside of OPEC Plus, there will be little need for increased output from the producers group in the early part of 2024 or, perhaps, longer, analysts say.

Organizations: of, Petroleum, Brent, OPEC Locations: United States, Vienna, Ukraine, Russia, China

☆ U.S. Gas Prices Plunging as Holiday Travelers Hit the Road
▼ + stars: | 2023-11-22 | by ( Clifford Krauss | More About Clifford Krauss | ) www.nytimes.com time to read: +1 min

U.S. gasoline prices are plunging just in time for Thanksgiving, and with the OPEC Plus oil cartel in apparent disarray, they could be heading lower for Christmas. But this week, they fell to levels not seen at this time of year since 2021, according to the AAA motor club, before the Russian invasion of Ukraine sent energy prices higher. “For consumers it’s a terrific tailwind,” said Tom Kloza, global head of energy analysis at Oil Price Information Service. The price for a gallon of gas was $3.64 at the same time last year. Prices have dropped below $3 a gallon in more than a dozen states and are falling with particular speed in Montana, Florida and Colorado.

Persons: ”, Tom Kloza Organizations: OPEC, AAA, Oil Price Information Service Locations: Ukraine, Montana , Florida, Colorado

HONG KONG (AP) — Asian shares were higher Monday after Wall Street closed its third straight winning week with a tiny gain. U.S. futures were lower while oil prices gained as investors looking ahead to OPEC plus meetings. Australia’s S&P/ASX 200 edged 0.1% higher to 7,058.40. The Dow Jones Industrial Average inched up less than 0.1% to 34,947.28 and the Nasdaq composite gained 0.1% to 14,125.48. It had been trading near 152 yen to the dollar last week, but analysts said expectations for lower U.S. interest rates are driving sales of dollars, pushing the yen higher.

Persons: Australia’s, Taiex, what’s, Jerome Powell, it’s, Brent Organizations: Nikkei, China, Dow Jones, Nasdaq, Wall, Ross, BJ’s Wholesale, Companies, Federal Reserve, Fed, U.S Locations: HONG KONG, Hong Kong, Shanghai, South Korea, Bangkok

☆ Saudi Arabia, other Arab states reaffirm commitment to voluntary oil production adjustments
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File Photo Acquire Licensing RightsOct 8 (Reuters) - Bahrain, Iraq, Kuwait, Oman, Saudi Arabia and the United Arab Emirates reaffirmed their commitment to "collective and individual voluntary adjustments" to oil production, the Saudi state news agency said on Sunday. The oil ministers of the six countries met on the sidelines of the U.N. MENA climate week event in Riyadh on Sunday. OPEC+ agreed in June to extend voluntary oil cuts first introduced in April until the end of 2024. Additional voluntary cuts by Saudi Arabia and Russia extend to the end of 2023 and are subject to monthly review.

Persons: Ramzi Boudina, Hatem Maher, Ros Russell Organizations: Organization of, Petroleum, REUTERS, United, Emirates, Cooperation, Thomson Locations: Algiers, Algeria, Bahrain, Iraq, Kuwait, Oman, Saudi Arabia, Saudi, Riyadh, OPEC, Russia

☆ Saudi Arabia and Russia Extend Oil Production Cuts Through December
▼ + stars: | 2023-09-05 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Arabia said on Tuesday that it would extend its cut in oil production cut of one million barrels a day for three months, through for the rest of 2023. The moves helped nudge oil prices, which have been on the rise in recent weeks, upward. Futures for Brent crude, the international benchmark, briefly reached $90 a barrel for the first time since June 2022. Together, the cuts amount to about 1.5 percent of global supplies. The Saudi cuts, first announced early in the summer, are a move to support oil prices, and until now have been extended on a month-to-month basis.

Organizations: Brent, West Texas Locations: Saudi Arabia, Russia, OPEC, U.S, Saudi, United States

☆ The Outlook for the Economy Has Improved. And Yet.
▼ + stars: | 2023-08-18 | by ( Jeff Sommer | More About Jeff Sommer | ) www.nytimes.com time to read: +2 min

The U.S. economy continues to be buffeted, if not battered, by supply and labor shocks induced by the pandemic and by commodity shortages set off by Russia’s war with Ukraine. Oil prices have been rising again, partly because of restrictions on Russian oil, and partly because of voluntary production cuts by Saudi Arabia and other members of the OPEC Plus consortium aimed at squeezing more profits from fossil fuel. Furthermore, China’s slowdown is weighing on the global economy. Still, on the positive side, falling prices there can be expected to contribute, even if only marginally, to disinflation in the United States and elsewhere around the world. In addition, political polarization in the United States is beginning to dim the country’s financial luster.

Persons: Carl Hulse Organizations: OPEC Plus, Treasury, Fitch, reconvenes Locations: U.S, Ukraine, Saudi Arabia, disinflation, United States

☆ BP Reports Sharply Lower Earnings as Oil Prices Slide
▼ + stars: | 2023-08-01 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +2 min

Behind the NumbersThe sharp drop was largely because of lower prices for the oil and natural gas that the company produces and sells. Energy prices soared last spring after Russia’s invasion of Ukraine, generating huge profits for oil companies. Since then, all major energy companies have been hit by lower prices, but BP’s earnings fell more proportionally than those of other large oil companies like Chevron and Shell. In a reminder of how important dividend payments from large energy companies are to investors, BP said it would increase its distribution by 10 percent, to about 7.3 cents a share, despite the earnings drop. Mr. Looney suggested the price was lower than it might seem because it will be gradually paid over nearly 20 years.

Persons: Bernard Looney, There’s, Mr, Looney, ”, ‘ Organizations: Energy, Chevron, Shell, BP, Oil, Brent Locations: Ukraine, London, Germany, China, United States

☆ Oil Prices Projected Higher on Supply Cuts by Saudi Arabia and Russia
▼ + stars: | 2023-07-13 | by ( Stanley Reed | More About Stanley Reed | ) www.nytimes.com time to read: +1 min

The series of oil output cuts orchestrated by Saudi Arabia since last fall may finally be having an impact on prices. In a report published on Thursday, the International Energy Agency, the Paris-based monitoring group, said that output cuts could lead to substantial deficits in global oil supplies, beginning in July, potentially pushing up prices and squeezing consumers. “After a period of relative calm, we do expect some renewed volatility and upward pressure on prices in the coming months,” said Toril Bosoni, head of the oil market division at the International Energy Agency. A sustained rise in prices would represent a big win for the Saudi oil minister, Prince Abdulaziz bin Salman, who chairs the oil producers’ group known as OPEC Plus. He has waged a campaign to convince traders that Saudi Arabia and other oil producers would make whatever output cuts are needed to keep markets in balance.

Persons: ”, Toril Bosoni, Prince Abdulaziz bin Salman Organizations: Brent, International Energy Agency Locations: Saudi Arabia, Paris, OPEC

☆ Saudi Arabia and Russia to Extend Oil Cuts
▼ + stars: | 2023-07-03 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Arabia said Monday that it would extend a cut in oil production of 1 million barrels a day that it announced in June through at least August, trying to push up what officials view as stubbornly weak oil prices. The Saudis were joined by Russia, whose deputy prime minister, Alexander Novak, said that Moscow would cut supplies by 500,000 barrels in August. Together, these trims could amount to 1.5 percent of global supplies. Oil prices rose modestly on news of the cuts, with Brent crude, the global benchmark, rising above $76 a barrel before falling back slightly. The latest round of Saudi production cuts began at the start of this month.

Persons: Alexander Novak, Brent, ”, Russia’s, Mr, Novak Organizations: Saudi Press Agency Locations: Saudi Arabia, Russia, Moscow, Saudi

☆ Russia and Saudi Arabia’s Oil Partnership Shows Strain
▼ + stars: | 2023-06-07 | by ( Clifford Krauss | Anatoly Kurmanaev | ) www.nytimes.com time to read: +1 min

For most of the last six years, the leaders of Russia and Saudi Arabia worked with each other to control the global oil market during times of war, pandemic and dizzying price gyrations. At last weekend’s meeting of OPEC Plus, the oil cartel that the two countries lead, Saudi Arabia and Russia quietly parted ways. Just two months earlier, Russia and Saudi Arabia, which together sell more than 20 percent of the oil used by the world, had agreed to cut production. But while Saudi Arabia followed through and sold less oil to other countries, Russia does not appear to have done so. Russia recently stopped disclosing information on its oil industry, but analysts estimate that Moscow has increased exports, undercutting that earlier deal.

Persons: Biden, Antony J, Blinken’s Organizations: OPEC Locations: Russia, Saudi Arabia, Moscow

Riyadh goes it alone on oil cutsCrude oil and natural gas rebounded this morning after Saudi Arabia, the world’s biggest exporter, announced a million-barrel-per-day production cut at this weekend’s OPEC Plus summit in an effort to boost sagging energy prices. But the negotiations that led to the move — and a more complicated adjustment of the cartel’s production quotas — hint at the tensions between many of the world’s top crude-producing countries, with global oil prices in the balance. The United Arab Emirates saw its production quota grow, after years of lobbying for such a move, while other countries had their targets reduced. The arrangement that emerged on Sunday was a Riyadh-led compromise, which Prince Abdulaziz bin Salman, the Saudi oil minister, called “a Saudi lollipop” that is meant to sweeten prices for oil traders. Though the cut is meant only for July, it could be extended.

Persons: Prince Abdulaziz bin Salman Organizations: United, United Arab Emirates Locations: Riyadh, Saudi Arabia, OPEC, United Arab, Saudi

☆ Blinken to Talk to Saudis About Normalizing Ties With Israel
▼ + stars: | 2023-06-05 | by ( Edward Wong | ) www.nytimes.com time to read: +2 min

The NewsSecretary of State Antony J. Blinken said Monday that he planned to talk to Saudi leaders and other Gulf state officials this week during a visit to Saudi Arabia about the possibility of the kingdom normalizing ties with Israel. “The United States has a real national security interest in promoting normalization between Israel and Saudi Arabia,” Mr. Blinken said at a conference of the American Israel Public Affairs Committee. Mr. Blinken and other Biden aides are trying to grapple with politics in Israel, Saudi Arabia and the United States that would make normalization difficult. Growing tensions would hamper negotiations over the conditions for normalization that Saudi Arabia demands. Mr. Biden was outraged in October when Saudi Arabia led the OPEC Plus oil-producing nations in a coordinated production cut.

Persons: Antony J, Blinken, Biden, ” Mr, “, Prince Mohammed bin Salman, Benjamin Netanyahu, Israel Organizations: American Israel Public Affairs Committee, OPEC Locations: Saudi, Saudi Arabia, Israel, United States, U.S

☆ Saudi Arabia Says It Will Cut Production to Stem a Slide in Oil Prices
▼ + stars: | 2023-06-04 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

The group of major oil-producing countries known as OPEC Plus said on Sunday that it would embark on a complex effort to adjust production as it aimed to halt the recent slide in oil prices, including an additional cut in output of one million barrels a day by Saudi Arabia. The Saudi cut would be for one month beginning in July, but could be extended. The group, which also includes Russia and its allies, was under pressure to produce a deal to reverse the pessimism that has dominated the oil market in recent weeks. The resulting deal reworks the output quotas of several countries, with some gaining and some losing production levels. OPEC Plus, in a statement, said that it was acting “ to achieve and sustain a stable oil market,” and that it was continuing its recent approach of being “proactive, and pre-emptive.”

Persons: ”, Richard Bronze, “ Organizations: OPEC Locations: Saudi Arabia, Saudi, Russia

☆ As Price of Oil Slides, OPEC Plus May Weigh Further Production Cuts
▼ + stars: | 2023-06-02 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

Just two months after surprising markets by announcing oil output cuts, officials from OPEC, Russia and other countries meeting in Vienna this weekend find themselves pondering whether they need to dial down production again. Their goal would be to prop up a market that has turned negative. Oil prices since mid-April have fallen more than 12 percentpushing Brent crude to about $76 a barrel and West Texas Intermediate to $71.70. The main reason for the slump: Persistent fears of a slowdown in the global economy that, in turn, has created worries among investors and traders about weaker demand for oil and other commodities. “They are faced with a market that is doggedly bearish,” said Raad Alkadiri, managing director for energy, climate and resources at Eurasia Group, a political risk firm.

Persons: Brent, ”, Raad Alkadiri Organizations: West Texas, Eurasia Group Locations: OPEC, Russia, Vienna

☆ Falling Oil Prices Cause Saudi Aramco’s Profit to Slip 19 Percent
▼ + stars: | 2023-05-09 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

Saudi Aramco on Tuesday reported $31.9 billion in net income for the first quarter, a drop of about 19 percent compared with the same period a year ago, mainly because of lower oil prices. But with oil prices still relatively robust, Saudi Aramco remains enormously profitable — its earnings were roughly comparable to the quarterly profits reported by Exxon Mobil, Chevron, Shell and BP combined — mainly because it produces enormous volumes of petroleum from giant fields in Saudi Arabia at relatively low cost. Aramco’s main owner, the Saudi government, recently orchestrated a cutback in production by the group of countries known as OPEC Plus. But Aramco is investing in expanding output, apparently shrugging off concerns that climate change risks might in the coming years crimp the market for fossil fuels. “We believe oil and gas will remain critical components of the global energy mix for the foreseeable future,” Amin Nasser, Aramco’s chief executive, said in a statement on Tuesday.

☆ Shell Reports $9.6 Billion Profit, Despite Falling Oil Prices
▼ + stars: | 2023-05-04 | by ( Stanley Reed | ) www.nytimes.com time to read: 1 min

Shell, Europe’s largest energy company, said Thursday that its profit jumped 6 percent in the first quarter to $9.6 billion, a sign that the company remains hugely profitable, even with oil prices under pressure. The company’s earnings, adjusted for items like divestitures, were below the record of $11.5 billion set in the second quarter of 2022, but they still exceeded analysts’ forecasts. Shell’s European rivals have also reported hefty profits in the first quarter: BP earned $5 billion and TotalEnergies of France had $6.5 billion. Oil and natural gas prices are below their peaks last year, but they remain relatively robust. Brent crude, the international benchmark, has dropped about 15 percent since April 12 to $73 a barrel, despite the recent announcement by the oil cartel known as OPEC Plus that it would cut output beginning this month.

☆ Emerging markets growth slowdown bottomed out in 2022, but risks remain -IMF
▼ + stars: | 2023-01-31 | by ( Rodrigo Campos | ) www.reuters.com time to read: +4 min

NEW YORK, Jan 30 (Reuters) - The International Monetary Fund on Monday raised its output growth estimate on emerging markets for this year, with projections now showing the economic slowdown in the region may have bottomed out in 2022, on the back of China reopening, a resilient India and unexpected growth in Russia. Inflation, a recent hamper on growth, is seen high although continuing to slow this year and next. Russia, on the other hand, has seen a 2.6 percentage point increase in the 2023 growth projection, which translates to a view of a 0.3% expansion this year. Brazil and Mexico, Latin America's largest economies, were both upwardly revised in their 2023 economic growth by 0.2 and 0.5 percentage point, respectively. For Latam and the Caribbean, the overall increase in the growth estimate was just 0.1 percentage point, to 1.8%.

How Putin and Friends Stalled Climate Progress A handful of powerful world leaders rallied around Russia and undercut global cooperation. Mr. Putin has gained from this as the increasingly autocratic Mr. Xi finds common cause with the Kremlin. “Much depends on whether authoritarian leaders perceive climate action to be in their self-interest.”Though their actions help Mr. Putin, their track records on climate are mixed. Mr. Xi called Mr. Putin his “best friend.”He was returning the favor from a year earlier, when Mr. Putin hosted Mr. Xi at the Grand Kremlin Palace and awarded him one of Russia’s highest medals for foreign dignitaries. At a news conference with Mr. Putin, Mr. Bolsonaro thanked his “dear friend,” saying that Mr. Putin had offered him support when other world leaders were criticizing his Amazon policy.

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