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☆ Western sanctions on Russia could push the BRICS alliance closer
▼ + stars: | 2023-09-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +3 min

Michele Spatari | Afp | Getty ImagesSINGAPORE — Sanctions imposed by the West on Russia are pushing the BRICS nations closer, said oil executives at the recent APPEC conference in Singapore. "Looking at the oil markets today ... the Western sanctions on Russia are working. The BRICS alliance includes Russia, as well as Brazil, India, China and South Africa. The BRICS nations have had different brushes in their relationships with the West. BRICS is the candidate," Fereidun Fesharaki, chairman of energy consultancy Facts Global Energy, said at a panel discussion during the event.

Persons: Michele Spatari, Russell Hardy, Hardy, Argentina —, Fereidun Fesharaki, Moscow leapfrogging, Fesharaki Organizations: Afp, Getty, SINGAPORE —, West, European Union, UAE, U.S ., U.S, Treasury, Global Energy Locations: South Africa, Brazil, Russia, India, China, Sandton, Johannesburg, SINGAPORE, Singapore, Ukraine, European, Western, Saudi Arabia, Iran, Ethiopia, Egypt, Argentina, Moscow

Saudi Arabia has spearheaded efforts to support prices, making large voluntary output cuts as part of a production deal agreed by the OPEC+ producer group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. Saudi Arabia's previous announcements have come ahead of its official selling prices, which typically emerge in the first week of the month. Russian Deputy Prime Minister Alexander Novak, meanwhile, has said that Moscow had agreed with OPEC+ partners on the parameters for continued export cuts in October. Saudi Arabia and Russia could withdraw the cuts at any point, said OANDA analyst Craig Erlam, "but I can't imagine they'll be in any rush and risk sending the price tumbling again." The oil market is vulnerable to price spikes due to low inventories and underinvestment in new oilfields, a senior official at global commodities trading firm Trafigura (TRAFGF.UL) said on Monday.

Persons: Alexander Novak, Craig Erlam, Brent, Russell Hardy, Xi, John Evans, Stephanie Kelly, Paul Carsten, Natalie Grover, Mohi Narayan, Yousef Saba, Andrew Hayley, Jason Neely, David Goodman, Mike Harrison Organizations: Companies, U.S . Federal, of, Petroleum, Saudi, . West Texas, . U.S, Federal, Thomson Locations: Companies Saudi Arabia, Russia, Saudi Arabia, OPEC, Moscow, India, Kuwait, Jizan, Oman, China, ., New York, London, New Delhi, Dubai, Beijing

LONDON, Sept 4 (Reuters) - Oil prices were stable on Monday amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. Both contracts ended last week at their highest in more than half a year, after two previous weeks of losses. "Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Saudi Arabia is expected to roll over a voluntary 1-million-barrel per day (bpd) cut into October. Saudi Arabia's previous announcements on its voluntary cut extension came ahead of its official selling prices, which typically come out in the first week of the month.

Persons: Sugandha Sachdeva, Sachdeva, Alexander Novak, Russell Hardy, Paul Carsten, Mohi Narayan, Yousef Saba, Andrew Hayley, Simon Clarence Fernandez, Jason Neely Organizations: Federal Reserve, Brent, . West Texas, Acme Investment Advisors, Saudi, Russia, Organization of, Petroleum, Reserve, PMI, Investors, Thomson Locations: U.S, Russia, Saudi Arabia, India, Kuwait, Jizan, Oman, China, London, New Delhi, Dubai, Beijing

☆ Oil steady amid OPEC+ supply cut expectations
▼ + stars: | 2023-09-04 | by ( Mohi Narayan | Thomson Reuters | Reports On Everything How Asia S Fuel Use Recovers The Fallout Of To Tracking How The Global Energy Transition Impacts Refinery Expansion Plans | ) www.reuters.com time to read: +3 min

NEW DELHI, Sept 4 (Reuters) - Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy. "Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oil-producing nations, Russia and Saudi Arabia," said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors. Sachdeva added, however, that the steady increase in U.S. oil production could limit further significant gains in price. Russia has already said it will cut exports by 300,000 barrels per day (bpd) in September, following a 500,000-bpd cut in August. "Because of the OPEC+ cuts, there's not sufficient supply (of sour crude) for all these complex refineries in India, Kuwait, Jizan, Oman and China," Hardy said.

Persons: Sugandha Sachdeva, Sachdeva, Alexander Novak, Russell Hardy, there's, Hardy, Mohi Narayan, Andrew Hayley, Simon Cameron, Moore, Clarence Fernandez Organizations: Federal Reserve, Brent, . West Texas, Acme Investment Advisors, Organization of, Petroleum, Thomson Locations: DELHI, U.S, Russia, Saudi Arabia, Singapore, India, Kuwait, Jizan, Oman, China, New Delhi, Beijing

☆ Oil and gas will continue to power the world for decades to come, big oil firms say
▼ + stars: | 2023-06-30 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +5 min

"We think the biggest realization that should come out of this conference ... is oil and gas are needed for decades to come," said John Hess, CEO of U.S. oil company Hess Corporation. A.S. Sahney Executive Director of Indian Oil CorporationHess said oil and gas are key to the world's economic competitiveness, as well as an affordable and secure energy transition. "The world is facing a structural deficit in energy supply, in oil and gas, in clean energy," he said. "That shows our belief in [the] continuance of fuel," the executive director said, acknowledging that energy transition is here to stay. Oil demand an 'ancient story'Commodities trading firm Vitol is less bullish, predicting that demand for crude will peak in 2030 — two years later than the IEA's forecast.

Persons: John Hess, Hess, Indian Oil Corporation Hess, Haitham Al Ghais, Erin McGrath, Dan Yergin, TotalEnergies, Patrick Pouyanne, Amin Nasser, Russell Hardy, Russia's Organizations: Barcroft Media, Getty, Energy Asia, Hess Corporation, International Energy Agency, Sahney, Indian Oil Corporation, OPEC's, Hess Corp, Energy Asia Summit, Bloomberg, ExxonMobil, CNBC, U.S, Commodities, EV Locations: Lake, China's Jiangsu, Malaysia's, Kuala Lumpur, India, A.S, Malaysia, Asia, Africa, America, Europe, China, Korea, Japan, Vietnam, Saudi Arabia's, Aramco

KUALA LUMPUR, June 26 (Reuters) - Saudi Aramco (2222.SE) believes market fundamentals remain "sound" for the second half as demand from emerging markets led by China and India will offset recession risk in developed markets, CEO Amin Nasser told an industry gathering on Monday. "Overall, we believe that oil market fundamentals remain generally sound for the rest of the year," said Nasser, who heads the world's largest oil company. "Despite the recession risks in several OECD countries, the economies of developing countries – especially China and India – are driving healthy oil demand growth of more than 2 million barrels per day this year," he told the conference. Although China faces economic headwinds, the transport and petrochemical sectors are still showing signs of demand growth, he added. Looking ahead, Vitol said oil demand could peak around 2030.

Persons: Amin Nasser, Nasser, Daniel Yergin, Russell Hardy, Sazali Hamzah, Petronas, Vitol, Hardy, Muyu Xu, Florence Tan, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: Saudi Aramco, Energy Asia, Petronas, Brent, Organization of, Petroleum, P Global, Vitol, EV, Thomson Locations: KUALA LUMPUR, Saudi, China, India, Kuala Lumpur, Malaysia, Russia, Iran, Saudi Arabia

Iraq, OPEC's second largest oil producer, exports the bulk of its oil through its southern Gulf port of Basra. An Iraqi oil ministry official with knowledge of the meeting said the aim was to reassure the companies that their deals with the Kurdistan Regional Government (KRG) were secure. Baghdad and the KRG signed a temporary agreement on Tuesday to restart northern oil exports as part of efforts to end decades of political and economic disputes. Petraco confirmed its presence at talks in Baghdad and said it was currently awaiting further developments. Further complicating the picture, Kurdistan has borrowed billions of dollars from trading houses and oil producers, including to build a new pipeline to Turkey, pledging to repay debts from future oil exports.

☆ Oil prices head for a 4th monthly loss in a row, as traders keep worrying about the Fed's war on inflation
▼ + stars: | 2023-02-28 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Crude oil prices are on track to end February lower, for their fourth monthly loss in a row. But many analysts expect prices to rise again in March as Russia slashes its oil output. Higher interest rates in the US weigh on oil prices because they curb consumer demand and drag on economic activity. But many analysts expect oil prices to rally again once Russia starts cutting its production levels. Moscow said earlier in February that it plans to cut its oil output by 500,000 barrels a day in March, as Ukraine sanctions hit its ability to find willing buyers.

☆ The Fed's going to have to come down hard on consumer demand to tame inflation
▼ + stars: | 2023-02-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +5 min

But remember, a strong consumer means high demand, which helps inflation stick around. Higher-for-longer rate hikes don't bode well for the stock market. In JPMorgan's view, the stock market has yet to come to terms with that possibility. (It's worth noting that just a couple months ago, markets were expecting interest rate cuts by late 2023.) The stock market bubble has burst and those betting on a rebound are in denial, according to Richard Bernstein Advisors.

Companies Vitol SA FollowSINGAPORE, Nov 23 (Reuters) - An imminent price cap on Russian oil by G7 countries is likely to divert trade to smaller companies, the chief executive of Dutch energy and commodity trader Vitol, Russell Hardy, said on Wednesday. Larger corporates such as Western banks and insurance companies will not participate in the trades unless there is absolute clarity that the price of the contract is below the price cap, Hardy said at the FT Commodities Asia Summit in Singapore. So the challenge of redirecting leftover Russian oil that typically goes into Europe will be in the hands of smaller companies that do not operate in G7 nations, he said. The price cap will probably be segmented into three portions, including low-value Russian products, high-value Russian products, and crude oil, he added. PRICE OUTLOOKHardy said oil prices would still lean towards the downside until early 2023, as some customers had already covered their current requirements.

☆ Russia's expanding 'dark fleet' of tankers won't prevent its oil exports from crashing, top energy trader says
▼ + stars: | 2022-11-01 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

He predicted Russia's exports could drop as much as 1 million barrels per day this winter, despite "dark fleets" of tankers. Russian oil exports have held up this year, with nations like India and China stepping up purchases. China and India this year have ramped up imports of Russian oil, stepping in as big buyers of supplies as Western nations turn away from doing business with Moscow. Vitol, for example, used to be one of the largest carriers of Russian oil but said it has since halted working with companies like Russia's Rosneft. An analyst from Norway's SEB estimated that Russia's existing "dark fleet" totaled about 270 ships, according to the Financial Times, and the expert said Russian crude flows will face disruptions moving forward.

LONDON, Nov 1 (Reuters) - New G7 and European Union sanctions on Russian oil exports will have a muted impact on flows and global prices according to analysts polled by Reuters, as Russia is set to largely succeed in rerouting its trade eastward. Analysts at the Bank of Nova Scotia, however, saw oil export and production levels remaining relatively flat despite the sanctions. Up to 80-90% of Russian oil could still flow if Moscow seeks to flout the G7 price cap, a U.S. treasury official told Reuters last month, leaving 1-2 million bpd shut in. "The implementation of Russian sanctions ... will remove 1.5 million bpd of supply from the market. "While we believe (the price cap) would be very difficult to implement, it would directionally raise the likelihood of more Russian oil staying on the market at any price."

☆ Vitol CEO says he doesn't think there will be any more substantive Russian sanctions
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailVitol CEO says he doesn't think there will be any more substantive Russian sanctionsRussell Hardy, Vitol CEO, discusses the outlook for sanctions amid Russia's ongoing war in Ukraine.

☆ Demand will come back — possibly in the second half of 2023, says Vitol’s CEO
▼ + stars: | 2022-10-31 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDemand will come back — possibly in the second half of 2023, says Vitol’s CEORussell Hardy, Vitol’s CEO, says demand will come back, possibly in the second half of 2023. “China's got to open up at some point,” he adds.

☆ Oil prices fall for a second day on concerns for expected recession
▼ + stars: | 2022-09-26 | by ( Mohi Narayan | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/IllustrationSept 26 (Reuters) - Oil prices fell for a second day on Monday on fears of lower fuel demand from an expected global recession sparked by rising worldwide interest rates and as a surging U.S. dollar limits the ability of non-dollar consumers to purchase crude. U.S. West Texas Intermediate (WTI) crude futures for November delivery dropped $1.15, or 1.46%, to $77.59 a barrel. Sachdeva expects WTI prices could find a floor at $75 a barrel, while for Brent $80 will act as a cushion. The disruptions in the oil market from the Russia-Ukraine war, with European Union sanctions banning Russian crude set to start in December, has lent some support to prices. Additionally, Hardy told an oil conference in Singapore that more than a million barrels per day (bpd) of U.S. crude is expected to go to Europe to fill the gap in Russian supplies.

SINGAPORE, Sept 26 (Reuters) - Russian oil is expected to come to Asia and the Middle East, while refined fuel produced in these regions will flow to the West as the global oil trade is disrupted by sanctions, Vitol's Chief Executive Officer Russell Hardy said on Monday. The Russia-Ukraine war has made energy security the top issues for governments as they grapple with inflation, and with bans on Russian oil looming and Moscow slashing gas supplies to Europe, policymakers are setting aside sustainability concerns for now. The EU is set to ban Russian crude oil from December in a move to strip the Kremlin of revenue, following Moscow's invasion of Ukraine. Russian crude oil imports into the EU and UK last fell to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, according to data from the IEA, though the EU was still the biggest market for Russian crude. Global gas prices rose to record levels this year, as Russia cut supplies to Europe while oil prices touched multi-year highs in March.

☆ APPEC: Vitol expects Russian fuel to come to Asia and Mideast
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: +1 min

SINGAPORE, Sept 26 (Reuters) - Russian fuel is expected to come to Asia and the Middle East, while fuels produced there are expected to flow to the West, Vitol's Chief Executive Officer Russell Hardy said on Monday. Register now for FREE unlimited access to Reuters.com Register"You're beginning to see that with fuel coming East that would otherwise have stayed in Europe, and fuel in the East going to the West to cover the shortfall." The EU is set to ban Russian crude oil from December in a move to strip the Kremlin of revenue, following Moscow's invasion of Ukraine. Russian crude oil imports into the EU and UK last fell to 1.7 million barrels per day (bpd) in August from 2.6 million bpd in January, according to data from the IEA, though the EU was still the biggest market for Russian crude. read moreThe IEA also forecasted that the United States could soon overtake Russia as the main crude supplier to the EU and the UK combined.

☆ APPEC: Vitol CEO says Russian fuel to come to Asia and Mideast
▼ + stars: | 2022-09-26 | by ( ) www.reuters.com time to read: 1 min

Register now for FREE unlimited access to Reuters.com RegisterVitol CEO Russell Hardy speaks during the 20th Asia Oil & Gas Conference in Kuala Lumpur, Malaysia June 24, 2019. REUTERS/Lai Seng SinSept 26 (Reuters) - Russian fuel is expected to come to Asia and the Middle East and fuels produced there are expected to flow to the West, said Russell Hardy, chief executive officer of Vitol, at the 38th Annual Asia Pacific Petroleum Conference (APPEC) 2022. More than a million barrels per day of U.S. crude is expected to go to Europe to fill the gap in Russian supplies, he said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Chen Aizhu and Jeslyn Lerh; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

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