DIRS.INFO The most relevant business & tech news

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates

☆ Oil rises, Brent tops $80 ahead of OPEC+ meeting
▼ + stars: | 2023-11-28 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

A person puts gas in a vehicle at a gas station in Manhattan, New York City, U.S., August 11, 2022. OPEC+, comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss production targets for 2024. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 2 million barrels.

Persons: Andrew Kelly, Tamas Varga, Alex Lawler, Sudarshan, Kim Coghill, David Goodman Organizations: REUTERS, of, Petroleum, Brent, . West Texas, Reuters, American Petroleum Institute, Thomson Locations: Manhattan , New York City, U.S, OPEC, Russia, Saudi Arabia

☆ Oil on track to snap losing streak on hopes of further OPEC+ cuts
▼ + stars: | 2023-11-28 | by ( ) www.cnbc.com time to read: +1 min

Oil prices rose on Tuesday, snapping a multi-session losing streak ahead of a crucial meeting of OPEC+, which is widely expected to deepen and extend cuts to oil production amid fears of supply being consistently higher than demand. Brent crude futures were up 45 cents, or 0.6%, at $80.43 a barrel at 0152 GMT, on track to snap a four-day losing streak. OPEC+, which combines the Organization of the Petroleum Exporting Countries, or OPEC, and allies including Russia, will hold an online ministerial meeting on Nov. 30 to discuss production targets for 2024. "Crude oil was up sharply in early trade amid reports that OPEC would reduce its output quotas," ANZ Research said in a client note on Tuesday. This may soften the US opposition to any move to tighten oil markets and support prices," ANZ said.

Organizations: Brent, . West Texas, Organization of, Petroleum, ANZ Research, Reuters, ANZ Locations: Russia, Saudi Arabia, United States

Hong Kong Spreephoto.de | Moment | Getty ImagesAsia-Pacific markets are set to rebound slightly after the region saw all its major indexes end the day in negative territory on Monday. Earlier on Tuesday, oil prices eased somewhat lower after Qatar said the truce between Israel and Hamas has been extended by a further two days. Japan's markets started the day close to the flatline, with the Nikkei 225 marginally up and the Topix just slightly below the no change mark. South Korea's Kospi was up 0.42%, while the small-cap Kosdaq saw a larger gain of 0.53%. However, Hong Kong's Hang Seng index looks set to extend its losses from Monday, with HSI futures at 17,517 compared to the index's close of 17,525.06.

Persons: Brent, Kospi, Hong Organizations: West Texas, Nikkei Locations: Hong Kong, Asia, Pacific, Qatar, Israel, Australia

Gas prices have fallen or remained steady since Sep. 19 — marking about a 70-day trajectory of decline, Andrew Gross, spokesperson for motor club AAA, said Tuesday. As of Tuesday, the national average for gas prices stood just below $3.25, according to AAA. Experts point to a recent decline in oil prices and a seasonal dip in demand, as well as easing inflation. Political Cartoons View All 1270 ImagesWHY ARE GAS PRICES FALLING? While the downward trend in gas prices is expected to continue at least into the New Year, anything's possible.

Persons: — It's, Andrew Gross, Patrick De Haan, Gross, ” Gross, De Haan, There's, ” De Haan, — Organizations: AAA, West Texas Locations: U.S, Russia, Ukraine, Saudi Arabia, OPEC, Israel, Texas, Mississippi, Georgia, California, Hawaii, Washington

☆ Why Cramer thinks Broadcom stock could climb to $1,200 a share
▼ + stars: | 2023-11-28 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. "I like the acquisition very much," Jim Cramer said Tuesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB.

Persons: Jim Cramer, Michael Lamach, Ingersoll, Gordon Haskett, Lamach, Jim Cramer's, Jim Organizations: CNBC, Treasury, Organization of, Petroleum, West Texas, Club, Broadcom, VMWare, Bank of America, Honeywell, Trane Technologies, Ingersoll Rand Locations: midmorning

☆ Markets are too optimistic about the economy, and 3 drivers behind big stock gains face headwinds, Mohamed El-Erian says
▼ + stars: | 2023-11-28 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Markets are overly optimistic about the economy next year, Mohamed El-Erian said in a CNBC interview. Meanwhile, November's rally was driven by Goldilocks data, lower yields, and lower oil prices. According to the top economist, markets are overly optimistic about the economy next year. And thirdly, I don't think OPEC is going to stay quiet to see oil prices where they are now." AdvertisementAnd finally, falling oil prices may not sit well with OPEC+ countries, like Saudi Arabia and Russia, who have been slashing production to prop up oil prices.

Persons: Mohamed El, Erian, —, they've, I'm, Treasurys, there's Organizations: CNBC, Service, Federal, West Texas Locations: Saudi Arabia, Russia

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel. U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday, an OPEC+ source said on Monday. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman, David Gregorio Our Organizations: REUTERS, HOUSTON, Brent, . West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, U.S . Commodity Futures Trading Commission, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. "We still expect an extension of the unilateral Saudi and Russia cuts through at least the first quarter of 2024," the bank added. Higher crude stockpiles in the United States have also put downward pressure on prices, analysts said. The Middle East crisis had impacted oil prices as investors worried about impacts on supply.

Persons: Angus Mordant, Rebecca Babin, Goldman Sachs, Arathy Somasekhar, Paul Carsten, Florence Tan, Mohi Narayan, Peter Graff, Mark Potter, Tomasz Janowski, Cynthia Osterman Organizations: REUTERS, HOUSTON, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Saudi, CIBC Private Wealth, ING, OPEC, United, International Energy Agency, Qatar, Hamas, Thomson Locations: Loving County , Texas, U.S, Saudi, Russia, OPEC, Saudi Arabia, United Arab Emirates, Iraq, Turkey, United States, Gaza, Houston, London

☆ Brent slips toward $80/bbl ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSINGAPORE, Nov 27 (Reuters) - Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, Goldman Sachs analysts said in a note, in line with the group's supply targets. The International Energy Agency said it expects a slight surplus in global oil markets in 2024 even if the OPEC+ nations extend their cuts into next year.

Persons: Angus Mordant, Brent, Goldman Sachs, Vivek Dhar, Florence Tan, Sonali Paul Organizations: REUTERS, Rights, Brent, U.S, West Texas, Organization of, Petroleum, Reuters, Friday, ING, OPEC, United, International Energy Agency, Commonwealth Bank, IEA, Thomson Locations: Loving County , Texas, U.S, Rights SINGAPORE, OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

☆ Brent holds above $80 a barrel ahead of OPEC+ meeting
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Monday, with Brent holding above $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024. Brent crude futures edged up 12 cents, or 0.2%, to $80.70 a barrel by 0028 GMT, while U.S. West Texas Intermediate crude futures were at $75.64 a barrel, up 10 cents, or 0.1%. Since then, the group has moved closer to a compromise, four OPEC+ sources told Reuters on Friday. "We still expect an extension of the unilateral Saudi and Russia cuts through at least 2024 Q1, and unchanged group cuts, although a deeper group insurance cut is likely on the table," Goldman Sachs analysts said in a note. Ahead of the OPEC+ meeting, estimated exports by OPEC countries have declined to 1.3 million barrels per day below levels in April, they added, in line with the group's supply targets.

Persons: Brent, Goldman Sachs, Vivek Dhar Organizations: Brent, U.S, West Texas, Organization of, Petroleum, Reuters, OPEC, United, International Energy Agency, Commonwealth Bank, IEA Locations: OPEC, Saudi Arabia, Russia, Saudi, United Arab Emirates, Gaza

☆ US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year
▼ + stars: | 2023-11-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US gas prices have dropped for 60 consecutive days, per Bloomberg. It's the longest streak of declines in more than a year, according to the report. A gallon of gas on average in the US costs $3.25, about 30 cents cheaper than this time last year. AdvertisementUS gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year. Meanwhile, the Federal Reserve's aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices.

Persons: —, Brent Organizations: Bloomberg, Service, Biden Administration, Saudi, West Texas

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Brent climbs ahead of OPEC+ oil production decision
▼ + stars: | 2023-11-24 | by ( Colleen Howe | ) www.reuters.com time to read: +2 min

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Brent crude futures gained 29 cents, or 0.4%, to $81.71 at 0213 GMT, after settling down 0.7% in the previous session. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent, Colleen Howe, Sonali Paul Organizations: REUTERS, Rights, Brent, . West Texas, of Petroleum, IG, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Rights BEIJING, WTI, U.S, Saudi Arabia, OPEC, Sydney

☆ Oil declines as traders speculate on OPEC agreement on output
▼ + stars: | 2023-11-24 | by ( ) www.cnbc.com time to read: +1 min

Oil rig and pump of H&P Rig 488 in Stanton, Texas, on June 8, 2023. Oil prices fell slightly Friday as traders speculated on whether OPEC+ would come to an agreement on further production cuts. Trading remained subdued because of the Thanksgiving holiday in the U.S.On the demand side, poor refining margins have led to weaker crude demand from refineries in the U.S., analysts said. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. In China, analysts say oil demand growth could weaken to around 4% in the first half of 2024 from strong post-COVID growth levels in 2023, as the country's property sector crunch weighs on diesel use.

Persons: Tony Sycamore, Brent Organizations: Brent, U.S, West Texas, of Petroleum, IG, ANZ, Petrobras Locations: Stanton , Texas, OPEC, Sydney, U.S, China

☆ Asian shares dragged lower by China, dollar on back foot
▼ + stars: | 2023-11-24 | by ( Stella Qiu | ) www.reuters.com time to read: +3 min

REUTERS/Kim Kyung-Hoon/File Photo Acquire Licensing RightsSYDNEY, Nov 24 (Reuters) - Asian shares were dragged lower by China on Friday amid little guidance from Wall Street which was closed for a holiday, while the dollar remained on the back foot as investors bet U.S. rates have peaked. MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) eased 0.4% but are headed for a weekly gain of 0.9%. Japan's markets (.N225) returned from a holiday, with Nikkei (.225) climbing 1.0% to charge towards a 33-year high hit on Monday. In Europe, slightly better than expected euro zone PMIs nudged the euro and shares higher and Sweden's crown dropped as its central bank left rates on hold. In the currency markets, the dollar < =USD> was on the back foot against its peers at 103.71, nearing a three month low of 103.17.

Persons: Kim Kyung, Shane Oliver, Cash Treasuries, Stella Qiu, Sam Holmes Organizations: Tokyo Stock Exchange, REUTERS, Rights, Nikkei, AMP, European Central Bank, Bank of England, Brent, West Texas, Thomson Locations: Tokyo, Japan, China, Asia, Pacific, Hong Kong, Beijing, Europe

☆ What to expect from OPEC meeting as traders digest recent price 'carnage'
▼ + stars: | 2023-11-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"The oil suite remains rather stunned after the cancellation of Saudi Sunday," wrote John Evans of PVM Oil Associates in a note Friday. U.S. crude recovered most of Wednesday's intraday losses and trading has been relatively muted amid the Thanksgiving holiday with investors trying to digest the recent volatility. Europe demand headache for OPEC With the meeting delayed, investors are left with more bearish news on the demand side. "The likelihood of new demand coming from the continent is tantamount to zero giving more reason to be wary for oil investors and another layer of headache for OPEC," Evans wrote. "It's undermining the Saudi efforts to get the price really back to $100 a barrel plus," Kilduff told CNBC's " Power Lunch " on Wednesday.

Persons: John Evans, Brent, Evans, John Kilduff, PVM's Evans, Kilduff, CNBC's, PVM, Goldman Sachs, Michael Hsueh, Russia's Organizations: Organization of Petroleum, —, PVM Oil Associates, West Texas Intermediate, JPMorgan, Deutsche Bank, Bank of America Locations: China, Europe, Angola, Nigeria, Saudi, Riyadh, U.S, Russia, Moscow, Saudi Arabia

☆ Oil slips 1% on concerns over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to Nov. 30. OPEC+ members Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday. "However, it may be more difficult to bridge the gap with Angola, which has been a moodier member of the producer group since it joined in 2007."

Persons: Angus Mordant, Helima Croft, Phil Flynn, Nia Williams, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, Brent, . U.S . West Texas, U.S, Organization of, Petroleum, Producers, Reuters, Capital Markets, Price Futures Group, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Nigeria, Saudi Arabia, Chicago, British Columbia, London, Houston, Beijing

☆ Oil slips 2% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid $1.37, also about 1.4%, to $75.73 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria are seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Alexandra Hudson Our, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Saudi Arabia, London, Houston, Beijing

☆ Oil slips 1% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 86 cents, also about 1.1%, to $76.24 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group, analysts said. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, London, Houston, Beijing

☆ Oil down more than 1% as uncertainty swirls over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Analysts said that Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the OPEC+ June meeting. U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes (BKR.O) said in its closely followed report on Wednesday.

Persons: Angus Mordant, Baker Hughes, Brent, Helima Croft, RBC's Croft, Arathy Somasekhar, Andrew Hayley, Sonali Paul, Muralikumar Organizations: REUTERS, OPEC, . U.S . West Texas, Trade, Organization of, Petroleum, Producers, RBC Capital Markets, ING Bank, U.S . Coast Guard, Thomson Locations: Loving County , Texas, U.S, ., United States, Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, Gulf of Mexico, Houston, Beijing

☆ Saudi Arabia may make surprise oil cuts, sending prices soaring and the futures market into backwardation, says a 30-year energy expert
▼ + stars: | 2023-11-23 | by ( Laila Maidan | ) www.businessinsider.com time to read: +3 min

Oil prices fell on Thursday after OPEC delayed its meeting from November 26 to November 30. AdvertisementAs the US Thanksgiving holiday puts the stock market at a standstill, oil prices are still on the move. There are three levels at which production can be pulled back: through OPEC+, an extension of the existing voluntary cuts, and new voluntary cuts. But, what he anticipates could happen is an announcement about additional voluntary cuts from Saudi Arabia. If Saudi Arabia does implement additional cuts, then this will flip the futures curve into backwardation, he noted.

Persons: It's, Anas Alhajji, —, Alhajji Organizations: Service, West Texas, Outlook Advisors Locations: OPEC, Saudi Arabia, Nigeria, Angola, Dubai, backwardation, contango

☆ Oil down 1% on bearish view of delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( ) www.cnbc.com time to read: +1 min

Oil prices fell 1% in early trading on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting stoking views the producers might cut output less than earlier anticipated. In a surprise move, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting where they were expected to discuss oil output cuts. Producers were struggling to agree on output levels and hence possible reductions ahead of the meeting originally set for Nov. 26, OPEC+ sources said. Three OPEC+ sources, however, said this was linked to African countries, which are smaller producers in the group, which eased investor concerns. U.S. oil rigs remained unchanged at 500 in the week to Nov. 22, energy services firm Baker Hughes said in its closely followed report on Wednesday.

Persons: pumpjack, Brent, Baker Hughes Organizations: OPEC, . U.S . West Texas, Trade, Organization of, Petroleum, Producers, U.S . Coast Guard Locations: Bakersfield, Kern County , California, USA, ., United States, Russia, OPEC, Gulf of Mexico

☆ Oil edges lower in choppy trade as OPEC+ delays meeting
▼ + stars: | 2023-11-22 | by ( Nicole Jao | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. The delay stoked concerns that more production could come online from oil producers in the coming months, said Dennis Kissler, senior vice president of trading at BOK Financial. A rise in inventories also pressured prices lower on Wednesday morning, he said. U.S. crude oil inventories rose by 8.7 million barrels last week on higher imports, the Energy Information Administration (EIA) said. To support prices, OPEC and its allies will need to not only extend, but increase cuts, said John Evans of oil broker PVM in a note.

Persons: Angus Mordant, Dennis Kissler, John Evans, Nicole Jao, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely, Marguerita Choy, David Gregorio, Deepa Babington Organizations: REUTERS, . West Texas, U.S, Organization of, Petroleum, BOK, Energy Information Administration, U.S ., greenback, Reuters, International Energy, Thomson Locations: Loving County , Texas, U.S, Brent, OPEC, Saudi Arabia, Russia

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. REUTERS/Angus Mordant/File Photo Acquire Licensing RightsSummaryCompanies OPEC+ meeting delayed to Nov. 30Brent falls below $80Eyes on whether OPEC+ cuts will be rolled over or deepenedLONDON, Nov 22 (Reuters) - Oil prices tanked 4% on Wednesday as OPEC+ producers unexpectedly delayed a meeting on output planned for Sunday, raising questions about the future course of crude production cuts. OPEC+ delayed its ministerial meeting to Nov. 30 from Nov. 26 as previously scheduled, OPEC said in a statement, a surprise development that gave no reason for the postponement. Earlier on Wednesday, Bloomberg News reported that the OPEC+ meeting could be delayed for an unspecified period of time after Saudi Arabia expressed its dissatisfaction with other members about their output numbers. Analysts had predicted before the delay that OPEC+ was likely to extend or even deepen oil supply cuts into next year.

Persons: Angus Mordant, Brent, Rong Yeap, John Evans, Paul Carsten, Ahmad Ghaddar, Laura Sanicola, Colleen Howe, Jason Neely Organizations: REUTERS, Brent, . West Texas, OPEC, Wednesday, Bloomberg News, Reuters, Organization of, Petroleum, IG, International Energy, Thomson Locations: Loving County , Texas, U.S, Saudi Arabia, Russia, OPEC, London

Search resuls for: "Texas Intermediate"

25 mentions found