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Big Oil Takes a Beating, but Its Investors Are Riding High
  + stars: | 2021-06-18 | by ( Jeff Sommer | ) www.nytimes.com + 0.00   time to read: +3 min
Six of the 10 top performers in the S&P 500 this year are energy companies, led by Marathon Oil, which has nearly doubled in value in 2021 alone. Propelled by an increase in the price of oil, the stock returns for the big energy companies have been extraordinary, despite the public chastisement. At the same time, the oil supply has been limited by a decline in production during the recession, when people stopped driving and flying and major oil companies lost billions of dollars and began to retrench. OPEC Plus has already announced that its members are beginning to increase production a bit, which could keep prices from rising much further. The public pressure on big oil companies may be a harbinger of fossil fuel production declines.
Persons: , Ed Crooks, Wood Mackenzie, Crooks, Conoco Phillips Organizations: Marathon Oil, Exxon, Chevron, Shell, Brent, AAA, Organization of, Petroleum, OPEC, International Energy Agency, Companies, Eni, Total, BP, Carbon Locations: United States, Americas, Russia, Europe
Veering from democracy, Nicaragua defies U.S. rebukes
  + stars: | 2021-06-17 | by ( Diego Oré | ) www.reuters.com + 0.00   time to read: +6 min
Central American leaders such as Salvadoran President Nayib Bukele are already rejecting U.S. criticism of their record on democracy and human rights. Nicaragua was also uncowed by the U.S. sanctions last week on four members of the ruling clique. FAMILY RIVALRYOrtega first took power in Nicaragua after the 1979 overthrow of U.S.-backed right-wing dictator Anastasio Somoza by the Sandinista rebels. The backlash prompted the United States to blacklist top Nicaraguan officials, including Murillo. Washington should coordinate an international response to show Nicaragua that it would lose international financing if the candidates were not released, he said.
Persons: Daniel Ortega, Cristiana Chamorro, Ortega, Joe Biden, Biden, Nayib Bukele, Tiziano, Rosario Murillo, Ortega's, Chamorro, State Anthony Blinken, Julie Chung, ” Breda, Anastasio Somoza, Violeta Chamorro, Jose Antonio Peraza, Murillo, Jose Miguel Vivanco, Vivanco, Diego Ore, Ismael Lopez, Daphne Psaledakis, Matt Spetalnick, Daina Beth Solomon, Frank Jack Daniel, Alistair Bell Organizations: MEXICO CITY, Police, Sandinista, U.S, Central, Central America, Group, State, U.S . State Department's Office, Western Hemisphere Affairs, White, Organization of American, Human Rights, International Monetary Fund, European Union, World Bank, Diego, Thomson Locations: MEXICO, Nicaragua, Central America, United States, Guatemala, Honduras, El Salvador, Washington, Tiziano Breda, Costa Rica, U.S, U.S ., Ortega, Americas, November’s, United, Mexico City, Managua
Peru's presidential candidate Pedro Castillo addresses supporters from the headquarters of the "Free Peru" party, in Lima, Peru June 8, 2021. REUTERS/Sebastian CastanedaLIMA, June 16 (Reuters) - Peru's electoral board said on Thursday it was working at top speed to check contested votes from the June 6 presidential election to be able to "promptly" declare the final results and end swirling tension and uncertainty. Socialist Pedro Castillo claimed victory this week after the vote count gave him a slender lead over right-wing rival Keiko Fujimori. But Fujimori has not conceded and has vowed to fight on, alleging electoral fraud for which her party has provided scant evidence. The apparent election of the 51-year-old former teacher and union leader at the helm of a party that espouses Marxist ideas has alarmed Peru's small, urban elite.
Persons: Pedro Castillo, Sebastian Castaneda LIMA, Jorge Salas, Keiko Fujimori, Fujimori, Castillo, JP Morgan, bode, Alberto Fujimori, Julio Ruiz, Marco Aquino, Stefanie Eschenbacher, Aislinn Laing, Rosalba O'Brien Organizations: REUTERS, Organization of American, European Union . International, Thomson Locations: Peru, Lima , Peru, South America, Chile, Colombia, Brazil, Lima, Mexico
Raisi has voiced support for Iran’s nuclear talks with world powers. WILL IRAN CHANGE ITS STANCE IN NUCLEAR TALKS? Khamenei, not the president, has the last say on Iran’s nuclear and foreign policies. Under the deal Iran agreed to curbs on its nuclear programme in return for the lifting of international sanctions. Trump reimposed sanctions that have squeezed Tehran’s oil income and have shut it out of the international banking system.
Persons: Ebrahim Raisi, Ayatollah Ali Khamenei, Raisi, Khamenei, Donald Trump, Satan ”, , Lukoil, Henry Rome, Salah Nasrawi Organizations: U.S, Khamenei, Trump, IMF, Organization of, Petroleum, Industry, Eurasia Group, Guards Locations: DUBAI, Iran’s, Arab, IRAN, Iran, Tehran, United States, Saudi Arabia, Syria, Iraq, Yemen, Bahrain, , Riyadh
Oil settles near $75, at multi-year highs
  + stars: | 2021-06-16 | by ( Laura Sanicola | ) www.reuters.com sentiment -1.00   time to read: +2 min
NEW YORK (Reuters) - Oil prices rose for a fifth day on Wednesday, closing in on $75 a barrel as U.S. refiners drew more crude inventories to ramp up activity and meet recovering demand. [EIA/S]The inventory draw was stronger than expected, driven as well by exports in another signal of improving demand worldwide. U.S. crude rose 3 cents to $72.15, after reaching $72.99, highest since October 2018. OPEC+ has reduced last year’s historic supply cuts, but it is still withholding millions of barrels of daily supply from the market. At the same time, the prospect of an imminent rise in Iranian oil exports looks less likely, analysts said.
Persons: refiners, Brent, , Matthew Smith, Jim Ritterbusch Organizations: YORK, U.S . Energy, Administration, Organization of, Petroleum, U.S . Federal Reserve, Ritterbusch, Associates Locations: OPEC, Galena , Illinois, Tehran, Washington, Vienna
Raisi has voiced support for Iran's nuclear talks with world powers. WILL IRAN CHANGE ITS STANCE IN NUCLEAR TALKS? Khamenei, not the president, has the last say on Iran’s nuclear and foreign policies. Under the deal Iran agreed to curbs on its nuclear programme in return for the lifting of international sanctions. Like Khamenei, Raisi has endorsed the talks, but the mid-ranking cleric says a "powerful government should implement it".
Persons: Ebrahim Raisi, Majid Asgaripour, Ayatollah Ali Khamenei, Raisi, Khamenei, Donald Trump, Lukoil, Henry Rome, Salah Nasrawi, Bozorgmehr Shrafedin, Parisa Hafezi, William Maclean Organizations: West Asia News Agency, REUTERS, U.S, Khamenei, Trump, IMF, Organization of, Petroleum, Industry, Eurasia Group, Guards, Thomson Locations: Tehran, Iran, REUTERS DUBAI, Iran’s, Arab, IRAN, United States, Saudi Arabia, Iran's, Syria, Iraq, Yemen, Bahrain, Riyadh, London
Oil rises as threat recedes of Iran supply resuming soon
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 17 cents, or 0.2%, at $73.03 a barrel by 0347 GMT, having risen 0.2% on Monday. U.S. oil gained 15 cents, or 0.2%, to $71.03 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, U.S . Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil gains as risk of Iran supply resumption recedes
  + stars: | 2021-06-15 | by ( Aaron Sheldrick | ) www.reuters.com sentiment -1.00   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. Brent crude was up by 38 cents, or 0.5%, at $73.24 a barrel by 0651 GMT, having risen 0.2% on Monday. U.S. oil gained 33 cents, or 0.5%, to $71.21 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian presidential elections later this week," ING Economics said in a note. "Daily technical indicators are currently pointing to crude oil in overbought territory and a pullback may be due," said Avtar Sandu, senior manager commodities at Phillip Futures.
Persons: Vasily Fedosenko, Brent, Avtar Sandu Organizations: Irkutsk Oil Company, REUTERS, European Union, ING, Organization of Petroleum Exporting, Phillip Futures, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, Iran, United States, Tehran, . U.S, Vienna, U.S, OPEC
Oil rises on optimism about demand outlook
  + stars: | 2021-06-15 | by ( Ahmad Ghaddar | ) www.reuters.com sentiment -0.99   time to read: +2 min
An employee demonstrates a sample of crude oil in the Yarakta Oil Field, owned by Irkutsk Oil Company (INK), in Irkutsk Region, Russia in this picture illustration taken March 11, 2019. REUTERS/Vasily Fedosenko/Illustration/File photoOil prices rose on Tuesday, holding near multi-year highs, amid optimism that demand will recover rapidly in the second half of this year. Brent crude was up by 52 cents, or 0.7%, at $73.38 a barrel by 1028 GMT, close to a late April 2019high. U.S. oil gained 49 cents, or 0.7%, to $71.37 a barrel, near a 32-month high"We regard the continuing good news on the demand front and upbeat sentiment on the financial markets as the key reasons for the latest upswing," Commerzbank said. The head of trading house Vitol sees oil prices moving between $70-$80 a barrel this year on the expectations that OPEC+ will keep its supply discipline.
Persons: Vasily Fedosenko, Brent, Commerzbank, Russell Hardy Organizations: Irkutsk Oil Company, REUTERS, FT Commodities Global, Organization of Petroleum Exporting, Investors, Federal Reserve, Thomson Locations: Irkutsk Region, Russia, 2019high . U.S, OPEC, U.S, Britain, COVID
Oil rises as threat of immediate Iran supply recedes
  + stars: | 2021-06-15 | by ( ) www.cnbc.com sentiment -0.98   time to read: +1 min
Cranes at an oil industry support facility in Port Fourchon, Louisiana, U.S., on Wednesday, April 21, 2021. Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session, as the prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. U.S. oil gained 41 cents, or 0.6%, to $71.29 a barrel, having slipped 3 cents in the previous session. It is "looking increasingly unlikely that we will see the U.S. rejoin the Iranian nuclear deal before the Iranian Presidential Elections later this week," ING Economics said in a note. "Additional supply from OPEC+ will be needed over the second half of this year, with demand expected to continue its recovery," ING said.
Persons: Brent, Russia — Organizations: European Union, ING, Organization of Petroleum Exporting, U.S . drillers, U.S . Energy, Administration Locations: Port Fourchon , Louisiana, U.S, Iran, United States, Tehran, . U.S, Vienna, Russia, OPEC
Oil hits new high near $75 on demand rise, falling inventories
  + stars: | 2021-06-14 | by ( Alex Lawler | ) www.reuters.com sentiment -1.00   time to read: +2 min
FILE PHOTO: Crude oil storage tanks are seen from above at the Cushing oil hub, in Cushing, Oklahoma, March 24, 2016. “Demand growth is outpacing supply and will continue to do so over the coming months,” said Stephen Brennock of oil broker PVM. “Even non-energy traders are placing bets that oil prices will continue to rise,” said Edward Moya, senior market analyst at brokerage OANDA. Executives from major oil traders said on Tuesday they expected prices to remain above $70 and demand to return to pre-pandemic levels in the second half of 2022. At the same time, the prospect of an imminent rise in Iranian oil exports looks less likely, analysts said.
Persons: Nick Oxford, Brent, , Stephen Brennock, Edward Moya, PVM’s Brennock Organizations: REUTERS, American Petroleum Institute, Energy, Administration, Organization of, Petroleum Locations: Cushing , Oklahoma, OPEC, Tehran, Washington, Vienna
Oil Hits Pandemic High as Investors Bet on Green Energy
  + stars: | 2021-06-14 | by ( Amrith Ramkumar | Joe Wallace | ) www.wsj.com sentiment -0.98   time to read: +1 min
Some investors are wagering that Wall Street’s preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices. The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world’s thirst for oil, some analysts say. Spending on oil extraction fell last year to about $330 billion, less than half the total from its 2014 record, according to research firm Wood Mackenzie. That figure is expected to rise just modestly this year and in the years ahead.
Persons: Wood Mackenzie Organizations: Organization of, Petroleum, International Energy Agency
Oil Price Hits Pandemic High as Investors Bet on Green Energy
  + stars: | 2021-06-14 | by ( Amrith Ramkumar | Joe Wallace | ) www.wsj.com sentiment -0.98   time to read: +1 min
Some investors are wagering that Wall Street’s preference for green energy will depress spending on oil extraction, setting the stage for supply shortages and higher fuel prices. The bets come as money managers line up trillions of dollars for wind, solar and other renewable programs and expenditures on oil projects tumble. The drop in fossil-fuel spending is becoming so severe that energy companies could struggle to quench the world’s thirst for oil, some analysts say. Spending on oil extraction fell last year to about $330 billion, less than half the total from its 2014 record, according to research firm Wood Mackenzie. That figure is expected to rise just modestly this year and in the years ahead.
Persons: Wood Mackenzie Organizations: Organization of, Petroleum, International Energy Agency
Oil prices rise as demand improves, supplies tighten
  + stars: | 2021-06-14 | by ( Bozorgmehr Sharafedin | ) www.reuters.com sentiment -0.82   time to read: +2 min
LONDON (Reuters) -Oil prices rose on Monday, hitting their highest levels in more than two years supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. REUTERS/Nick OxfordBrent was up 85 cents, or 1.2%, at $73.54 a barrel by 0908 GMT, their highest since April 2019. IEA urged the Organization of the Petroleum Exporting Countries (OPEC) and allies, known as OPEC+, to increase output to meet the rising demand. The OPEC+ group has been restraining production to support prices after the pandemic wiped out demand in 2020, maintaining strong compliance with agreed targets in May. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Nick Oxford Brent, , , Stephen Brennock, Baker Hughes Organizations: REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum Locations: Midland , Texas, U.S, North America, Europe, OPEC, . U.S
NEW YORK (Reuters) - Oil prices rose on Monday, hitting their highest levels in more than two years, supported by economic recovery and the prospect of fuel demand growth as vaccination campaigns in developed countries accelerate. FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. “The two leading crude markers are trading at (almost) two-and-a-half-year highs amid a potent bullish cocktail of demand optimism and OPEC+ supply cuts,” said Stephen Brennock of oil broker PVM. Graphic: Oil Demand/Supply balance -On the supply side, heavy maintenance seasons in Canada and the North Sea also helped prices stay high, said Rystad Energy analyst Louise Dickson. [RIG/U]It was the biggest weekly increase of oil rigs in a month, as drilling companies sought to benefit from rising demand.
Persons: Alexey Malgavko Brent, , , Stephen Brennock, Louise Dickson, ” Dickson, Baker Hughes Organizations: YORK, REUTERS, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum, Rystad Energy Locations: Omsk, Russia, North America, Europe, OPEC, Canada, North, U.S
NEW YORK (Reuters) - Oil prices ended mostly unchanged on Monday, after hitting their highest levels in more than two years, as growing U.S. crude production and Britain’s delayed COVID-19 reopening dampened expectations for fuel demand growth and tighter supplies. FILE PHOTO: The moon rises behind the storage tanks of a local oil refinery in Omsk, Russia June 5, 2020. U.S. West Texas Intermediate fell 3 cents to settle at $70.88 a barrel, after earlier touching $71.78 a barrel, its highest since October 2018. Graphic: Oil Demand/Supply balance -Heavy maintenance seasons in Canada and the North Sea also have helped prices, said Rystad Energy analyst Louise Dickson. The firm estimates about 330,000 bpd of oil and condensate supply is offline at Canada oil sands projects, along with another 370,000 bpd offline in the North Sea.
Persons: Britain’s, Alexey Malgavko, , , Phil Flynn, ” Brent, Louise Dickson Organizations: YORK, REUTERS, U.S . Energy Information Administration, Price Futures Group, . West Texas Intermediate, International Energy Agency, IEA, Organization of, Petroleum, Rystad Energy Locations: Omsk, Russia, Chicago, OPEC, North America, Europe, Britain, Canada, North
IEA sees OPEC+ spare capacity gaining slightly in 2022
  + stars: | 2021-06-11 | by ( ) www.reuters.com sentiment -1.00   time to read: +2 min
REUTERS/Dado Ruvic/File PhotoThe International Energy Agency expects spare capacity in the OPEC+ alliance to rise by 180,000 barrels per day (bpd) next year to 50.55 million bpd, driven by hikes from Mideast Gulf producers. Capacity is expected to slip for some West African producers, IEA data shows. The IEA anticipates the call on OPEC+ crude to rise by 1.2 million bpd to 43.3 million bpd next year. For the fourth quarters of this year and next, however, the agency expects the figure to rise to 44 million bpd. "OPEC+ effective spare capacity (excluding shut-in Iranian crude) in 2021 would fall to 5 million bpd in the fourth quarter but in 2022 it could stand at 5.1 million bpd given the planned capacity expansions," the IEA said.
Persons: Dado Organizations: REUTERS, International Energy Agency, Mideast Gulf, Organization of, Petroleum Export, West, IEA, ING, Thomson Locations: OPEC, Saudi Arabia, Kuwait, UAE, Iraq, Russia
When Americans Took to the Streets Over Inflation
  + stars: | 2021-06-11 | by ( Jon Hilsenrath | ) www.wsj.com + 0.00   time to read: +16 min
Today, after decades of nearly invisible inflation in the U.S., many Americans have little idea what it looks like. It would take two deep recessions and new ways of thinking about economics to tame the inflation of that period. Central bank independence and an official low inflation target became lodestars for central bankers around the world, including the Fed. If consumers, workers and businesses come to believe that inflation will worsen, they will bid up prices and wages in anticipation, fueling the very inflation they loathe. Will we see Americans in the streets again protesting out-of-control prices?
Persons: , Lyndon Johnson’s, Emily Twarog, Stephen Cecchetti, Johnson, ” Mr, Cecchetti, Richard Nixon, Kennedy, Nixon, George Shultz, , Barry Bosworth, Jimmy, Nixon badgered, Nixon’s, Arthur Burns, Burns, David, Jeffrey Garten, Clinton, Owen Franken, Athanasios Orphanides, Paul Volcker, Charles Harrity, Volcker, Jimmy Carter, Charles Gatewood, Bosworth, Jon Hilsenrath Organizations: U.S, Time, ” Auto, General Motors, FLP, Labor, Brandeis University, White House Council, Economic Advisers, Government, U.S ., Great Society, White House, Republicans, Democrats, Federal Reserve, Getty, Boston Tea Party, Treasury, Brookings Institution, Jimmy Carter’s, verve, , White, Mr, Organization of, Petroleum, Workers, MIT Sloan School of Management, Fed, Banking, Wall Street, Press Locations: Washington, Vietnam, Denver, , Detroit, Long, , New York, U.S, White, Israel, Belgrade, New York City
Oil hits fresh multi-year highs on demand recovery
  + stars: | 2021-06-11 | by ( Laila Kearney | ) www.reuters.com + 0.00   time to read: +2 min
Oil prices edged up to multi-year highs on Friday, heading for a third straight week of gains on the improved outlook for worldwide demand as rising vaccination rates lead to a lifting of pandemic curbs. Brent crude futures rose 35 cents to $72.87 a barrel by 11:20 a.m. EDT (1520 GMT), a day after closing at their highest since May 2019. U.S. West Texas Intermediate (WTI) crude futures were up 70 cents at $70.99 a barrel, a day after their highest close since October 2018. It said that rising demand and countries' short-term policies were at odds with the IEA's call to end new oil, gas and coal funding. U.S. investment bank Goldman Sachs said it expects Brent crude prices to reach $80 per barrel this summer as vaccine rollouts boost global economic activity.
Persons: Brent, Phil Flynn, Goldman Sachs, Eurocontrol, Baker Hughes Organizations: Brent, U.S . West Texas, Price Futures Group, The International Energy Agency, Organization of Petroleum, OPEC, ANZ Research, ANZ, Energy, Thomson Locations: U.S, Chicago, OPEC, Paris, Saudi Arabia, Russia, North America, Europe
OPEC+ will need to boost output to meet 2022 demand recovery -IEA
  + stars: | 2021-06-11 | by ( Noah Browning | ) www.reuters.com sentiment -0.99   time to read: +2 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. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. "If sanctions on Iran are lifted, an additional 1.4 million bpd could be brought to market in relatively short order." "This roadmap notes that most pledges by countries are not yet underpinned by near‐term policies and measures," the IEA said on Friday. "Oil demand looks set to continue to rise, underlining the enormous effort required to get on track to reach stated ambitions."
Persons: Ramzi Boudina Organizations: Organization of, Petroleum, REUTERS, International Energy Agency, OPEC, IEA, Thomson Locations: Algiers, Algeria, OPEC, Paris, Saudi Arabia, Russia, Iran,
OPEC sticks to forecast of oil demand surge in second half of 2021
  + stars: | 2021-06-10 | by ( Alex Lawler | ) www.reuters.com sentiment -0.99   time to read: +2 min
LONDON, June 10 (Reuters) - OPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China, although it cited uncertainties around the path of the pandemic. “Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half,” it said. The price has gained 39% this year on rising demand and supply cuts by OPEC and its allies, known as OPEC+. OPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said.
Persons: Edmund Blair Organizations: Organization of, Petroleum, OPEC Locations: United States, China, Japan, India, OPEC, Iran
REUTERS/Dado RuvicOPEC stuck to its prediction of a strong world oil demand recovery in 2021 led by the United States and China despite uncertainties stemming from the pandemic, pointing to a need for more oil from the producer group. "Overall, the recovery in global economic growth, and hence oil demand, are expected to gain momentum in the second half," it said. TOWARDS REBALANCEOPEC+ agreed in April to gradually ease oil output cuts from May to July and confirmed the decision at a meeting on June 1. Output in May rose 390,000 bpd to 25.46 million bpd, OPEC said. In theory this allows for more of the OPEC+ cuts to be unwound in the second half.
Persons: Dado Organizations: REUTERS, Organization of, Petroleum, OPEC, Thomson Locations: United States, China, Japan, India, OPEC, Iran, Saudi Arabia, Saudi
Accelerating Oil Demand Will Shrink Global Glut, OPEC Says
  + stars: | 2021-06-10 | by ( David Hodari | ) www.wsj.com sentiment -0.82   time to read: +1 min
The rebound in global oil demand is set to accelerate in the second half of 2021 as the world continues to burn through the supply glut it accrued last year, the Organization of the Petroleum Exporting Countries said Thursday. In its monthly market report, OPEC highlighted data showing that the crude inventories of the world’s developed countries had slipped to around 34 million barrels above the average level for 2015-19. OPEC’s report on Thursday confirmed its expectations that vaccination rollouts, stimulus measures and pent-up demand will add momentum to a resurgence in oil demand. Rising consumption of transportation fuels like gasoline mean oil demand will increase to 99 million barrels a day in the second half of 2021, a 5% increase on its level in the first six months of the year, OPEC said. Demand in the fourth quarter is expected to be 99.82 million barrels a day, just 150,000 barrels below 2019’s pre-pandemic average.
Organizations: Organization of, Petroleum Locations: Vienna
REUTERS/Carlos Herrera/File PhotoThe United States is prepared to review "trade-related activities" with Nicaragua, including Managua's participation in a Central America free trade agreement, if the country's coming elections are not free and fair, a senior State Department official said on Thursday. Asked whether the U.S. government was considering suspending Nicaragua from the CAFTA-DR regional trade agreement that gives preferential treatment to exports to the United States, Chung said: "We know that this is something that really improved the lives of the people of Nicaragua." But she said that given the deterioration of democratic practices in Nicaragua, the United States was already trying to make sure U.S. trade cooperation was not directly benefiting the Nicaraguan government. "If the November elections are not free and fair, we would continue to review the Nicaraguan government's participation in these trade-related activities," she added. Repeating a U.S. call for the immediate release of jailed Nicaraguan opposition and civil society leaders, Chung said the U.S. government does not currently see the conditions for democratic elections.
Persons: Felix Maradiaga, Carlos Herrera, Julie Chung, Daniel Ortega, Ortega, Chung, Joe Biden Organizations: REUTERS, State Department, Western Hemisphere Affairs, Organization of American, U.S, Nicaraguan, Thomson Locations: Nicaragua, Managua, States, Central America, Washington, United States, Nicaraguan, U.S
America’s Energy Gift to Dictators
  + stars: | 2021-06-09 | by ( The Editorial Board | ) www.wsj.com + 0.62   time to read: +1 min
Meantime, Russia, China and Iran will take advantage of America’s astonishing fossil-fuel retreat. ***Not long ago, the U.S. depended on OPEC for much of its oil supply. But hydraulic fracturing and horizontal drilling enabled producers to extract oil and natural gas once believed unrecoverable. Shale frackers from North Dakota to Texas unleashed a surge of oil and gas onto global markets, breaking OPEC’s dominance on supply. OPEC and Russia have had to limiting their production to lift prices to shore up budgets that depend on petrodollars.
Persons: Biden, Biden’s, frackers Organizations: Wildlife, Organization of, Petroleum, Exxon Mobil, Chevron Locations: Russia, U.S, China, Iran, North Dakota, Texas, . U.S
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