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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.
China held a news conference on COVID prevention and control measures at 3 p.m. (0700 GMT) on Tuesday amid record COVID infections and protests in Shanghai and Beijing. read moreAsian shares also rallied as unsubstantiated rumours swirled that the unrest might prompt a loosening of the COVID restrictions. 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 an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, known as OPEC+, are set to hold a meeting on Dec. 4. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. OPEC+ started to lower its output target by 2 million barrels per day (bpd) in November, aiming to shore up oil prices. read moreMarkets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.
Oil prices slide on concerns over China's demand
  + stars: | 2022-11-29 | by ( Yuka Obayashi | Jack Graham | ) www.reuters.com   time to read: +2 min
Summary Investors also eye on next OPEC+ output meeting on Dec. 4EU fails to agree on Russian oil price cap, say diplomatsTOKYO, Nov 29 (Reuters) - Oil prices dropped in early trade on Tuesday, weighed down by concerns about slowing fuel demand in top crude importer China amid strict COVID-19 curbs. "Bearish moods toward oil prices are spreading in Asia due to concerns about a decline in China's demand while the rare protests over the weekend also raised fears over the impact on Chinese economy," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd. Analysts at Eurasia Group suggested in a note on Monday that weakened demand out of China could spur OPEC+ to cut output. Markets are also assessing the impact of an upcoming Western price cap on Russian oil. read moreThe price cap is due to come into effect on Dec. 5, when an EU ban on Russian crude also takes effect.
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.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.
The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. In October, OPEC+ agreed to reduce its output target by 2 million barrels per day through 2023. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.
Oil falls to near year's lows on China demand worries
  + stars: | 2022-11-28 | by ( Nia Williams | ) www.reuters.com   time to read: +3 min
ET (1548 GMT), having slumped more than 3% to $80.61 earlier in the session for its lowest since Jan. 4. "Inventories are still near record lows and this probably increases the odds of an OPEC production cut." The Organization of the Petroleum Exporting Countries and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.
U.S. West Texas Intermediate (WTI) crude slid $2.31, or 3%, to $73.97 after touching its lowest since Dec. 22 last year at $73.60. Markets appeared volatile ahead of an OPEC+ meeting this weekend and a looming G7 price cap on Russian oil. The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, will meet on Dec. 4. However, EU governments were split on the level at which to cap Russian oil prices, with the impact being potentially muted. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.
It fell as far as $73.60 earlier, its lowest since Dec. 22, 2021. The Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia, known as OPEC+, will meet on Dec. 4. read moreInvestors also focused on Western plans for a price cap on Russian oil. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude also takes effect.
WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. China, the world's top oil importer, has stuck with President Xi Jinping's zero-COVID policy even as much of the world has lifted most restrictions. Meanwhile, Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. But a meeting of EU government representatives, scheduled for Nov. 25 evening to discuss the issue, was cancelled, EU diplomats said. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.
TOKYO, Nov 28 (Reuters) - Japan's Kyushu Electric Power Co (9508.T) said on Monday that it has not received any notification of antitrust fines from the Fair Trade Commission and would fully cooperate with the regulator's investigation. Kyushu Electric Power said it is under the investigation and it will announce information swiftly if necessary. The Fair Trade Commission declined to comment on a report Friday in The Nikkei the commission has decided to fine three major utility firms including Kyushu Electric Power tens of billions of yen in total for breaching antitrust laws. The newspaper reported that the regulator will penalise Kyushu Electric Power, Chugoku Electric Power Co (9502.T) and Chubu Electric Power Co (9504.T) for agreeing not to expand in each other's industrial power supply markets. Reporting by Kaori Kaneko and Yuka Obayashi; Editing by David GregorioOur Standards: The Thomson Reuters Trust Principles.
WTI's trading range is expected to fall to $70-$75, he said, adding the market could stay volatile depending on the outcome of the OPEC+ meeting and the price cap on Russian oil. read moreInvestors also focused on Western plans for a price cap on Russian oil. Group of Seven(G7) and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. On Thursday, EU governments were split on the level at which to cap Russian oil prices. The price cap is due to come into effect on Dec. 5 when an EU ban on Russian crude kicks off.
TOKYO, Nov 28 (Reuters) - Japan's Fair Trade Commission has issued no notice of antitrust fines to Kyushu Electric Power Co (9508.T) and Chugoku Electric Power Co (9502.T), the two utilities said on Monday, following a report they were in trouble for anti-competitive behaviour. The regulator would penalise Kyushu Electric, Chugoku Electric and Chubu Electric Power Co (9504.T) for agreeing not to expand into each other's industrial power-supply markets, the Nikkei said. Nikkei said Kansai Electric Power Co (9503.T) had also been part of the scheme and, along with the three other firms, had been raided by the commission last year. Kansai Electric had probably avoided penalty by reporting the matter to the antitrust regulator and taking advantage of a leniency policy, the newspaper said. A Kansai Electric spokesperson said on Monday the company was fully cooperating with the regulator, which so far had not called it to appear before an investigation hearing on the matter.
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.
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. "If the EU agree to an oil price cap of $65‑$70/bbl this week, we see downside risks to our oil price forecast of $95/bbl this quarter," Dhar said. Commonwealth Bank's $95/bbl forecast was based on the assmption that EU sanctions and a price cap on Russian oil would disrupt enough supply to offset global growth concerns, Dhar said. Some Indian and Chinese refiners are paying prices below the proposed price cap level for Urals crude, traders said.
Both benchmarks plunged more than 3% on Wednesday on news the planned price cap on Russian oil could be above the current market level. "If the EU agree to an oil price cap of $65‑$70/bbl this week, we see downside risks to our oil price forecast of $95/bbl this quarter," Dhar said. Commonwealth Bank's forecast assumed EU sanctions accompanied by a price cap on Russian oil would disrupt enough supply to offset ongoing global growth concerns, he said. Some Indian and Chinese refiners are paying prices below the proposed price cap level for Urals crude, traders said. EU governments will resume talks on the price cap on Thursday or Friday, according to EU diplomats.
Summary G7 price cap on Russian oil could be above current tradinglevelEIA U.S. gasoline stocks data shows higher-than-expected buildU.S. may soon authorize Chevron to boost Venezuelan outputTOKYO, Nov 24 (Reuters) - Oil prices fell on Thursday, extending losses from the previous session, as fears of supply disruption eased on news that the Group of Seven (G7) nations were considering a high price cap on Russian oil. Both benchmark contracts plunged more than 3% on Wednesday on news that the planned price cap could be above the current market level. "If the EU agree to an oil price cap of $65‑70/bbl this week, we see downside risks to our oil price forecast of $95/bbl this quarter," Dhar said, adding that the forecast assumed EU sanctions accompanied by a price cap on Russian oil would disrupt enough supply to offset ongoing global growth concerns. EU governments will resume talks on Thursday evening or on Friday, according to EU diplomats. read moreBoth Venezuelan parties and U.S. officials are pushing to hold talks in Mexico City this weekend, the people said.
Japan calls off business forum after Saudis cancel trip
  + stars: | 2022-11-18 | by ( ) www.reuters.com   time to read: +1 min
"Nothing has been decided regarding a visit to Japan from Saudi Arabia's Crown Prince and Prime Minister Mohammed (bin Salman)," Japan Chief Cabinet Secretary Hirokazu Matsuno told reporters. "Japan's relationship with Saudi Arabia is crucial given they are a significant strategic partner. It is important we hold high-level visits between Japan and Saudi Arabia in the near future," Matsuno said. Saudi Arabia signed investment agreements worth $30 billion with South Korean companies during the visit. Prince Mohammed has since arrived in Thailand for a state visit, according to state media.
Mitsubishi raises profit forecast on higher coal, LNG prices
  + stars: | 2022-11-08 | by ( ) www.reuters.com   time to read: +2 min
TOKYO, Nov 8 (Reuters) - Mitsubishi Corp (8058.T) on Tuesday raised its full-year net profit forecast by 21% to a record 1.03 trillion yen ($7 billion), amid strength in metals and energy segments thanks to higher prices of coking coal and liquefied natural gas (LNG). Like global energy companies, Japanese trading houses have benefited from surging oil, gas and coal prices this year in the wake of Russia's invasion of Ukraine. Mitsubishi boosted its profit outlook for the year to March 31 to over 1 trillion yen from its May estimate of 850 billion yen. The latest forecast was in line with a mean estimate of 1.08 trillion yen in a poll of 10 analysts by Refinitiv. For the April-September first half, net profit nearly doubled to a record 720 billion yen, helped by a rally in coking coal and LNG as well as a one-off gain from selling a real estate management company.
Nov 3 (Reuters) - Key North Asian economies are stockpiling fuel, diversifying sources and conserving power to ensure adequate supplies for winter, as an unprecedented global energy crisis makes spot liquefied natural gas (LNG) purchases costly. * City gas providers held 2.54 million tonnes at end-August, ministry data shows, versus 1.97 million tonnes a year earlier and also above a five-year average. * South Korea's LNG stocks stood near 3.9 million tonnes at end-September, a source with knowledge of the matter said. * Households and businesses are being encouraged to reduce energy consumption through incentives like tax cuts, though details have not been announced. CHINA* China is expected to stay clear of spot LNG purchases this winter due to higher prices and slow demand growth amid COVID-19 curbs.
"If LNG from Russia is disrupted, we will need to negotiate to take alternatives from other suppliers," Hirofumi Sato added. Meanwhile, China is expected to steer clear of spot LNG this winter amid higher prices and low demand growth due to COVID-19 curbs. This pushed Asian spot LNG prices to record levels, though they have since eased amid solid inventory levels. Asia LNG prices rise above seasonal levels for most of 2022 as supplies tighten after Russia cuts gas supply to EuropeBut supply risks persist. "Supply side risks remain with Freeport LNG still undergoing maintenance in the U.S. and Nigeria LNG under force majeure."
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