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☆ Saudi's crown prince and Putin are teaming up to keep oil prices high in a geopolitical gambit likely to annoy the US
▼ + stars: | 2023-06-05 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia said it is cutting oil production to stabilize oil markets. The move is likely to irk Joe Biden, who has clashed with the Saudis on oil production. The Saudis have previously worked with Russia to cut production, thus boosting prices. Saudi Arabia is the world's biggest oil producer and most influential member of the group, so has significant power over global oil markets. The production cut will likely be among the issues discussed when US Secretary of State Anthony Blinken visits Saudi Arabia next week.

Persons: irk Joe Biden, —, Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz, Saudi Arabia's, Prince Mohammed bin Salman, Alexander Novak, Biden, State Anthony Blinken Organizations: Saudis, Service, Privacy Policy, Reuters, Brent, White, State, New York Times, Kremlin Locations: Saudi Arabia, Russia, Privacy Policy Saudi Arabia, Saudi, Vienna, Austria, Russian, Riyadh, Ukraine, Opec, India

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

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

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

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

☆ Premarket stocks: Markets may be overly optimistic about the Fed
▼ + stars: | 2023-06-05 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Economists say that could mean more rate hikes from the Federal Reserve are coming, but investors appear sanguine. That makes it more difficult for the data-dependent Federal Reserve to justify a pause to interest rate hikes at its June meeting. It has been very strange and certainly our own expectations were that the labor market would deteriorate more than it has. So you have a strong consumer and strong labor market essentially supporting each other for the time being. “That level is more consistent with a 2% growth economy and a 2% inflation economy, not a 4% inflation level economy,” Moynihan added.

Persons: CME’s FedWatch, Bell, Seema Shah, Powell, It’s, there’s, it’s, Brian Moynihan, “, ”, Moynihan, ” Moynihan, Brent, Mark Thompson, Michelle Toh, ” Prince Abdulaziz bin Salman Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Federal, Reserve, Asset Management, Fed, Bank of America, CBS, Reuters Locations: New York, United States, Europe, Asia, Americas, Saudi Arabia, OPEC, China, Saudi

☆ Saudi Arabia needs more than higher oil prices to fund its grand plans
▼ + stars: | 2023-06-05 | by ( Eoin Mcsweeney | ) edition.cnn.com time to read: +8 min

Abu Dhabi, UAE CNN —Saudi Arabia surprised traders again on Sunday with an oil production cut of about 1 million barrels a day, roughly 1% of global supply, which sent oil prices climbing. But Saudi Arabia knows that it cannot rely solely on a fluctuating oil market for income. Saudi Arabia targets $100 billion in annual foreign direct investment (FDI) by 2030. “We think about where most of the tourism development for Saudi Arabia, it’s along the Red Sea coast. Alongside China’s slowing economy and a sluggish oil market, there are fears for a potential global recession, with Russia’s ongoing war on Ukraine adding uncertainty to the market.

Persons: Amena Bakr, “ There’s, ”, Karen Young, Investment Khalid Al, Falih, CNN’s Becky Anderson, “, ’, ” Falih, Prince Mohammed bin Salman, King Salman, Young, Bakr Organizations: UAE CNN —, Brent, Saudi, Organization of, Petroleum, Energy Intel, Monetary Fund, Columbia University Center, Global Energy, Forbes, Saudi Central Bank, ”, Investment, Gulf Cooperation, Investors, CNN, EU Locations: Abu Dhabi, UAE, UAE CNN — Saudi Arabia, Riyadh, Saudi Arabia, OPEC, Saudi, “, Riyadh Monday, Gulf, Dubai, Turkey, Qatar, Syria, Yemen, Iran, Sudan, Red, China, Japan, Korea, Germany, Europe, United States, Ukraine

These comments represent just one of the contradictions in the current oil market. The desire for a stable oil market is extremely difficult to reconcile with being unpredictable. But the risk is that the increase isn't sustained, largely as a result of another oil market contradiction. It's another contradiction for the oil market to resolve as those three exporters are all under some form of Western sanctions. It may well be the case that the second half of this year sees a huge pick-up in crude oil demand.

Persons: Prince Abdulaziz bin, Brent, Sonali Paul Organizations: Organization of, Petroleum, Saudi Energy, Brent, International Energy Agency, SECOND, Saudi Aramco, Aramco, Reuters, Thomson Locations: LAUNCESTON, Australia, Saudi, OPEC, Vienna, Russia, China, India, Saudi Arabia

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ IATA director general weighs in on Saudi Arabia’s new carrier Riyadh Air
▼ + stars: | 2023-06-05 | 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 EmailIATA director general weighs in on Saudi Arabia’s new carrier Riyadh AirIATA Director General Willie Walsh discusses Saudi Arabia’s new carrier Riyadh Air, announced by Prince Mohammed bin Salman in March 2023.

Persons: Willie Walsh, Prince Mohammed bin Salman Organizations: Riyadh Air, Saudi Locations: Saudi

☆ OPEC+ sticks to 2023 oil production targets as Saudi Arabia announces further voluntary cuts
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023. The influential Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, on Sunday made no changes to its planned oil production cuts for this year, as coalition chair Saudi Arabia announced further voluntary declines. OPEC+ also announced in a statement that it will limit combined oil production to 40.463 million barrels per day over January-December 2024. The Saudi energy minister described the kingdom's additional 1 million barrel-per-day voluntary reduction as a "Saudi lollipop" and stressed it will implemented. Ahead of the meeting, Saudi oil minister Prince Abdulaziz bin Salman in late May warned oil market speculators to "watch out," in a comment widely read as heralding another supply cut.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Alexander Novak, Suhail, Prince Abdulaziz bin Salman, Brent Organizations: Energy, Organization of Petroleum Exporting, of, Petroleum, Sunday, Russia's, Reuters, OPEC Locations: Saudi, Vienna, OPEC, Saudi Arabia, Russia, UAE, Moscow, Riyadh

☆ Saudi Arabia to slash oil production again as OPEC+ extends supply curbs
▼ + stars: | 2023-06-04 | by ( Mark Thompson | ) edition.cnn.com time to read: +4 min

“The Kingdom [of Saudi Arabia] will implement an additional voluntary cut in its production of crude oil, amounting to one million barrels per day, starting in July for a month that can be extended,” the state-owned Saudi Press Agency said Sunday. The Saudi statement followed a meeting Sunday in Vienna of the alliance known as OPEC+, which includes members of the Organization of the Petroleum Exporting Countries (OPEC), Russia, and other smaller producers. At the meeting, Riyadh also agreed to extend a production cut of 500,000 barrels per day — announced in April — through 2024. Other members of OPEC+ would also continue to curb output until the end of next year, Reuters reported. Oil prices surged after the surprise April cut, reaching a peak later that month, but reversed course in subsequent weeks.

Persons: —, Alexander Novak, Saudi Ministry of Energy “, Brent, Energy Prince Abdulaziz bin Salman, Joe Klamar, “, ”, …, ” Prince Abdulaziz bin Salman Organizations: London CNN, Saudi Press Agency, Organization of, Petroleum, Reuters, Saudi Ministry of Energy, OPEC, Federal, Saudi, Energy, Bloomberg, Wall Street Journal Locations: Saudi Arabia, OPEC, Saudi, Vienna, Russia, Riyadh, —, Moscow, Ukraine —, AFP, Qatar, United States, China, Germany, Europe’s

☆ Watch CNBC’s full interview with Saudi Arabia's Energy Minister Abdulaziz bin Salman
▼ + stars: | 2023-06-04 | 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 EmailWatch CNBC’s full interview with Saudi Arabia's Energy Minister Abdulaziz bin SalmanSaudi Arabia's energy minister speaks to CNBC’s Dan Murphy after OPEC+ stuck to 2023 oil production targets and the Kingdom announced further voluntary cuts.

Persons: Abdulaziz bin Salman, CNBC’s Dan Murphy Organizations: Saudi Arabia's Energy, Kingdom Locations: Abdulaziz bin Salman Saudi

☆ Saudi energy minister defends voluntary oil cuts as precautionary
▼ + stars: | 2023-06-04 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +1 min

Saudi Minister of Energy Prince Abdulaziz bin Salman al-Saud arrives for the Organization of Petroleum Exporting Countries (OPEC) meeting in Vienna on June 3, 2023Saudi Energy Minister Prince Abdulaziz bin Salman defended the voluntary output cuts announced by some allied oil producers in April, which he noted were first criticized as likely to spike crude prices — then, as failing to support them. This Sunday, they extended these measures through the end of 2024, with Riyadh announcing an additional 1 million-per-day voluntary and extensible drop, starting in July. The OPEC+ group otherwise collectively decided to stick to its targets for 2023, with production at 40.463 million barrels per day next year. On Sunday, the Saudi oil minister defended the voluntary moves as precautionary. "It was just our sensibility, if you will call it, that the environment was not sufficiently allowing confidence to be there.

Persons: Energy Prince Abdulaziz bin Salman al, Saud, Prince Abdulaziz bin Salman, —, Abdulaziz, CNBC's Dan Murphy Organizations: Energy, Organization of Petroleum Exporting, Saudi Energy, Organization of, Petroleum Locations: Saudi, Vienna, OPEC, Riyadh

☆ Saudi energy minister tells market to 'trust OPEC+' after announcing further voluntary cuts
▼ + stars: | 2023-06-04 | 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 EmailSaudi energy minister tells market to 'trust OPEC+' after announcing further voluntary cutsSaudi Energy Minister Abdulaziz bin Salman tells the market to "trust OPEC+" after announcing further voluntary production cuts.

Persons: Abdulaziz bin Salman Organizations: Saudi, Saudi Energy

[1/2] Participants gather near a screen showing Russian President Vladimir Putin, who delivers a speech at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 17, 2022. The forum in St Petersburg, the former imperial capital built by Tsar Peter the Great 300 years ago as a "window" to Europe, has been held since 1997 and is cast by many officials as Russia's answer to the World Economic Forum held in Davos. Western journalists have never before been banned from the forum in such a blanket way. "It has indeed been decided this time not to accredit publications from unfriendly countries to the SPIEF," Kremlin spokesman Dmitry Peskov told TASS, using the acronym for the forum. "Unfriendly countries" is a definition used by Moscow to describe those who have sanctioned it over the war in Ukraine.

Persons: Vladimir Putin, Anton Vaganov, Tsar Peter the Great, Dmitry Peskov, Peskov, Prince Abdulaziz bin Salman, Alexander Novak, Putin, Guy Faulconbridge, Christina Fincher, Angus MacSwan Organizations: St ., Economic, REUTERS, St Petersburg, Reuters, Russian, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, MOSCOW, St Petersburg, Europe, Davos, Moscow, Ukraine, Saudi Arabia, China

☆ OPEC+ prepares for weekend meeting after Saudi warns speculators to 'watch out'
▼ + stars: | 2023-06-02 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Led by Saudi Arabia and Russia, OPEC+ agreed in early October to reduce production by 2 million barrels per day from November. After convening remotely throughout the Covid-19 pandemic, OPEC+ has returned to in-person meetings and will gather in Vienna on June 4. The OPEC ministers gather for a separate meeting unlikely to address output on June 3. Ministers face an oil market rattled by supply volatility, demand uncertainty, and a prospective recession, which could throttle transport fuel consumption. Two OPEC+ delegates, who did not want to be named due to the market sensitivity of the meeting, told CNBC that further output cuts were unlikely this weekend.

Persons: Saudi Arabia —, Prince Abdulaziz bin Salman, …, Alexander Novak, Prince Faisal bin Farhan al, Saud, Sergey Lavrov Organizations: Ministers, Russia, CNBC, Saudi Foreign, Brent Locations: Saudi Arabia, Russia, OPEC, Vienna, Saudi, Moscow, Riyadh, Cape Town, China, London, Washington

Two OPEC+ sources said they did not expect the group to agree further output cuts on Sunday, when OPEC+ ministers gather at 2 p.m. in Vienna (1200 GMT). Before then, OPEC ministers will meet at 11 a.m. on Saturday. As the economic outlook worsened, several members of OPEC+ in April pledged voluntary cuts starting from May, adding to a 2 million barrels per day (bpd) reduction agreed last year. A fourth source said the idea of formalising the voluntary cuts as an OPEC+ decision was being looked at. Last week, Prince Abdulaziz told investors he said were shorting the oil price to "watch out", which many market watchers interpreted as a warning of additional supply cuts.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Kirsten Donovan Organizations: OPEC, Organization of, Petroleum, Saudi Energy, United, Thomson Locations: VIENNA, OPEC, Russia, Vienna, Algeria, United Arab Emirates, Russian

LONDON/DUBAI, June 1 (Reuters) - OPEC and its allies are unlikely to deepen supply cuts at their ministerial meeting on Sunday despite a fall in oil prices toward $70 per barrel, four sources from the alliance told Reuters. It brought total output cuts to 3.66 million bpd, or about 4% of global consumption. In March 2020, it abandoned production quotas altogether, launching a Saudi-Russian price war at the onset of the COVID-19 pandemic that sent oil prices 25% lower. It quickly re-established quotas with its biggest output cut to date of about 10 million bpd, agreed in April, 2020. OPEC has said it expects oil demand growth to reach 2.33 million bpd this year as non-OPEC supplies grow by 1.4 million bpd.

Persons: Brent, Prince Abdulaziz bin Salman, Alexander Novak, Goldman Sachs, Ahmad Ghaddar, Alex Lawler, Rowena Edwards, Maha El, Simon Webb, Barbara Lewis Organizations: LONDON, OPEC, Reuters, Organization of, Petroleum, West, Brent, Saudi Energy, Saudi, HSBC, Thomson Locations: DUBAI, Russia, West African, Nigeria, Angola, Kurdistan Region, Iraq, Vienna, Russian, China, 2H23, OPEC, London, Maha El Dahan, Dubai, Moscow

☆ Royal wedding showpiece highlights Jordan's role as West's stable ally
▼ + stars: | 2023-06-01 | by ( Suleiman Al-Khalidi | ) www.reuters.com time to read: +4 min

Prince Mohammed last visited Jordan a year ago following years of tensions, also prompting hopes then that warmer ties would unlock more fulsome economic support. KING-IN-WAITING[1/10] Jordan's Crown Prince Hussein and Rajwa Al Saif are seen together at their royal wedding ceremony, in Amman, Jordan, June 1, 2023 in this screen grab taken from a video. At the Arab League summit in Jeddah last month, he walked alongside his father to greet Crown Prince Mohammad. Washington's desire for a stable ally in an otherwise volatile region meant it too has often turned a blind eye to Jordan's slow democratic reforms and mixed human rights record. It's the prince's wedding, not ours," said Abdullah al-Fayez, a retired servicemen living on slim savings on the outskirts of Amman.

Persons: Prince Hussein, Rajwa Al Saif, Britain's William, Kate AMMAN, King Abdullah, Jordan, Prince Mohammed bin Salman, Lady Jill Biden, Britain's Prince, Princess of Wales, William, Kate, Prince Mohammed, Hamza, Hussein, Joe Biden, Prince Mohammad, Prophet Mohammed, Alia Ibrahim, Abdullah al, Suleiman Al, Khalidi, John Stonestreet Organizations: West, Saudi, U.S, Royal Hashemite, REUTERS, Georgetown, Sandhurst, League, International Monetary Fund, Thomson Locations: Saudi, West, U.S, Amman, Jordan, Jeddah, Mecca, Iraq, Syria

☆ Jordan royals marry into Saudi family with ties to MBS
▼ + stars: | 2023-06-01 | by ( Celine Alkhaldi | ) edition.cnn.com time to read: +2 min

The bride is related to Saudi Arabia’s crown prince and de facto ruler, Mohammed bin Salman (MBS), through her mother, who hails from the prominent Al-Sudairi family. Jordan's Crown Prince Hussein and Rajwa Alseif sit during the wedding ceremony in Amman, Jordan on Thursday. Crown Prince Al Hussein bin Abdullah II of Jordan and Miss Rajwa Alseif. Ties between Saudi Arabia and Jordan have recently thawed after years of tension. During a trip to Jordan last year, MBS was quoted by Saudi media as saying that he was keen to “push relations [with Jordan] to a new phase.”

Persons: CNN —, Prince, Princess, Jill Biden, Prince Hussein bin Abdullah II, Alseif, Jordan, Crown Prince, Rajwa, Mohammed bin Salman, Prince Hussein, Rajwa Alseif, AP Saudi Arabia’s King Salman, King Abdulaziz, Hussa bint Ahmed Al, Katb Al, Prince Al Hussein bin Abdullah II of Jordan, Miss Rajwa Alseif Organizations: CNN, Syracuse University, Crown, Royal Hashemite Court, AP Saudi Arabia’s, Miss, Royal Hashemite, AP, MBS Locations: Saudi, Wales, Zahran, Jordanian, Amman, New York, Jordan's, Amman , Jordan, Saudi Arabia, Jerusalem, Russia, Jordan

☆ OPEC excludes some WSJ, Reuters and Bloomberg reporters from meeting
▼ + stars: | 2023-06-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

OPEC reporters from three large news organizations have not been invited to the oil producing alliance's meetings this weekend, sources told CNBC. The OPEC Secretariat, which oversees media accreditation, on Tuesday issued invitations to some journalists to cover the June 3-4 meetings on-site. Two Wall Street Journal reporters who do not regularly cover OPEC received invitations. Spokespeople for the OPEC Secretariat and Wall Street Journal did not immediately respond to a request for comment. OPEC+ ministerial meetings often see news agencies such as Reuters, Bloomberg and the Wall Street Journal compete to break the results of the meetings before they have been concluded.

Persons: —, Russia —, Prince Abdulaziz bin Salman, Alexander Novak Organizations: CNBC, OPEC Secretariat, Reuters, Bloomberg, Wall Street, Street, CNBC —, Financial Times, OPEC, Wall Locations: OPEC, Russia, China, Saudi Arabia, Saudi

SummarySummary Companies China May PMI contracts more than expectedUS debt ceiling bill comes up for vote on WednesdaySaudi Arabia may cut July crude price - Reuters pollMay 31 (Reuters) - Oil prices extended losses early on Wednesday as worries of slowing demand from top oil importer China after the release of weaker-than-expected economic data outweighed some positive progress on the U.S. debt ceiling bill. If passed, the Biden administration would not likely need to negotiate the debt ceiling again before the November 2024 presidential election, Dhar said. Traders were uncertain about whether the group would increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Vivek Dhar, Joe Biden, Kevin McCarthy, Biden, Dhar, Abdulaziz bin Salman, Alexander Novak, Stephanie Kelly, Trixie Yap, Himani Sarkar, Jamie Freed Organizations: PMI, Wednesday, Reuters, Brent, U.S, West Texas, Commonwealth Bank of Australia, Organization of, Petroleum, Traders, Saudi Arabian Energy, Saudi Aramco, OPEC, Thomson Locations: Wednesday Saudi Arabia, China, U.S, Russia, OPEC, Asia, Saudi Arabia

☆ Oil edges up after steep losses ahead of U.S. debt ceiling vote
▼ + stars: | 2023-05-31 | by ( ) www.cnbc.com time to read: +2 min

Oil storage tanks stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., at night in Tuapse, Russia. Oil prices edged up on Wednesday after steep losses in the prior session, as market participants awaited an expected vote on a bipartisan deal to lift the $31.4 trillion U.S. debt ceiling. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. Saudi Arabian Energy Minister Abdulaziz bin Salman last week warned short-sellers betting oil prices would fall to "watch out" in a possible signal that OPEC+ may cut output. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning toward leaving output unchanged.

Persons: Brent's, Kevin McCarthy, hardliner, Abdulaziz bin Salman, Alexander Novak Organizations: Rosneft Oil, Brent, U.S, West Texas, Republican, of, Petroleum, Traders, Saudi Arabian Energy, OPEC, Reuters Locations: Tuapse, Russia, U.S, OPEC, Saudi Arabia

☆ OPEC+'s mixed messages, recession fears make it too early to buy the dip on our oil stocks
▼ + stars: | 2023-05-31 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +4 min

A slide in crude oil prices has weighed on the Club's three energy holdings. Brent crude — the global oil benchmark — and West Texas Intermediate Crude, the U.S. oil standard, have fallen roughly 7% and 8%, respectively, over the past week. @CL.1 5D mountain West Texas Intermediate crude prices over the past five days. In those instances, Gabelman said he thinks oil prices are unlikely to react significantly. In sum, we find the situation leading up to the OPEC+ meeting too murky to make a move on our oil stocks, despite their recent swoon.

Persons: Saudi Arabia — OPEC's, —, Prince Abdulaziz bin Salman, Alexander Novak, Jason Gabelman, Gabelman, We're, Jim Cramer's, Jim Cramer, Jim, Joe Klamar Organizations: of Petroleum, Russian, Brent, West, Energy, Natural Resources, Halliburton, HAL, Texas, Cowen, CNBC, OPEC, AFP, Getty Locations: OPEC, Saudi Arabia, Russia, Saudi, West Texas, U.S, Covid, Europe, Austrian, Vienna, Austria

☆ Factbox: What have OPEC+ producers said ahead of June oil policy meeting?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +3 min

LONDON, May 30 (Reuters) - Mixed signals by major OPEC producers and their main allies have sparked volatility in oil prices ahead of an OPEC+ oil policy meeting set to take place this weekend. Russian Deputy Prime Minister Alexander Novak said on Thursday he expected no new steps from OPEC+ in Vienna, Russian media reported. Novak later added in a statement that OPEC+ would make a decision on what is best for the oil market. Three sources with knowledge of current Russian thinking told Reuters last week Russia is leaning towards leaving oil production volumes unchanged. IRANIranian President Ebrahim Raisi told the secretary general of OPEC on Saturday that he hopes oil producers can calm the market, calling for the unity of OPEC members, Iranian media reported.

TOKYO, May 30 (Reuters) - Oil prices rose on Tuesday as the expectations the debt ceiling deal in U.S., the world's biggest oil user, will spur more demand but fears of further interest rate rises and that OPEC+ will leave output quotas unchanged capped gains. U.S. President Joe Biden and House of Representatives Speaker Kevin McCarthy over the weekend forged an agreement to suspend the $31.4 trillion debt ceiling and cap government spending for the next two years. The U.S. House Rules Committee said it will meet on Tuesday afternoon to discuss the debt ceiling bill, which needs to pass a divided Congress before June 5. Saudi Energy Minister Abdulaziz bin Salman last week warned short-sellers betting that oil prices will fall to "watch out," in a possible signal that OPEC+ may further cut output. In April, Saudi Arabia and other members of OPEC+ announced further oil output cuts of around 1.2 million barrels per day (bpd), bringing the total volume of cuts by OPEC+ to 3.66 million bpd, according to Reuters calculations.

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