DIRS.INFO The most relevant business & tech news

Both Brent crude futures and U.S. West Texas Intermediate crude futures , were trading slightly lower. Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024.

Persons: Brent, Edward Moya, Sudarshan Varadhan, Katya Golubkova, Jamie Freed, Muralikumar Anantharaman, Kim Coghill Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Australia Bank, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

Separately, Shell has suspended loadings of Nigeria's Forcados crude oil due to a potential leak at a terminal. Protests in Libya alone could take away more than 250,000 barrels of oil per day from the market, ANZ Research said. Saudi Arabia and Russia, the world's biggest oil exporters, agreed this month to deepen oil cuts in place since November last year, providing further support to crude prices. The Organization of the Petroleum Exporting Countries (OPEC) on Thursday upgraded its oil demand forecast for 2023, adding it expected demand to grow 2.2% in 2024. U.S. consumer prices rose modestly in June at the smallest annual increase rate in more than two years as inflation continued to subside.

Persons: Edward Moya, Katya Golubkova, Jamie Freed, Muralikumar Organizations: Shell, Brent, . West Texas, ANZ Research, OANDA, of, Petroleum, National Bank of Australia, U.S ., U.S . Federal, Thomson Locations: Libya, Nigeria, SINGAPORE, Saudi Arabia, Russia, TOKYO

Summary Supply cuts by Saudi Arabia, Russia lift benchmark pricesDollar falls to 2-month low, adding support to marketTightening cycle coming to an end, U.S. Fed officials sayJuly 11 (Reuters) - Oil prices edged higher on Tuesday, recouping some of the losses from the previous session, as traders focused on supply cuts by the world's biggest oil exporters Saudi Arabia and Russia and a weaker dollar. Supply cuts by the world's biggest oil exporters Saudi Arabia and Russia set for August helped to lift the benchmark prices, which were also supported as the U.S. dollar fell to a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Any weak economic forecasts by U.S. banks kicking off their earnings season, however, could weigh on prices, he said. Saudi Arabia last week said it would extend its 1 million barrels-per-day (bpd) cut at least to August, and Russia said it would cut its oil exports next month by 500,000 bpd.

Persons: recouping, Edward Moya, Moya, Arathy Somasekhar, Tom Hogue Organizations: Fed, Brent, U.S . West Texas, U.S ., U.S . Federal Reserve, Energy, Traders, American Petroleum Institute, Analysts, Consumer, Thomson Locations: Saudi Arabia, Russia, U.S, China

July 7 (Reuters) - Oil prices rose slightly on Friday and were on track for their second straight weekly gain, as resilient demand resulted in a larger-than-expected fall in U.S. oil stocks, offsetting fears of higher U.S. interest rates. Both benchmarks were set to gain about 2% for the second straight week. "The crude demand outlook is starting to look better as we enter peak summer travel in the U.S., and as the Saudis were able to raise prices to Europe and Asia," said Edward Moya, an analyst at OANDA. That comes as top oil exporters Saudi Arabia and Russia announced a fresh round of output cuts for August. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, Moya, Sudarshan Varadhan, Muralikumar Organizations: Brent, U.S, West Texas Intermediate, OANDA, Energy Information Administration, Federal, Thomson Locations: U.S, Europe, Asia, OANDA ., Saudi Arabia, Russia, OPEC, China, Singapore, Houston

U.S. West Texas Intermediate crude (WTI) was up 44 cents, or 0.6%, at $69.44. However, the challenge has raised questions about President Vladimir Putin's grip on power and concerns about possible disruption of Russian oil supply. Consultancy Rystad Energy said in a note late on Sunday that it did not expect to see a significant increase in oil prices as a result of the "short-lived event". Goldman Sachs analysts said markets could price a moderately higher probability of domestic volatility in Russia leading to supply disruptions. "China's economic growth has been a nightmare for commodity markets, particularly in oil and industrial metals," CMC Markets analyst Tina Teng said in a note.

Persons: Brent, Wagner, Vladimir Putin's, Rystad, Helima Croft, Putin, Goldman Sachs, Tina Teng, Florence Tan, Jamie Freed, David Goodman Organizations: SINGAPORE, . West Texas, Consultancy Rystad Energy, RBC Capital Markets, White, U.S . Federal, CMC, Thomson Locations: Moscow, Russian, Russia, Rostov, U.S

June 23 (Reuters) - Oil prices fell for a second straight session and were headed for a weekly decline of more than 3% on Friday, as a higher-than-expected interest rate hike in Britain and warnings about looming rate rises in the U.S. ignited concerns over demand. An increase in the value of the dollar, which has risen 0.3% this week, can weigh on oil demand by making the fuel more expensive for holders of other currencies. Federal Reserve Chair Jerome Powell said the central bank would move interest rates at a "careful pace" from here as policymakers edge towards ending their historic round of monetary policy tightening. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand. Fears of hikes by major central banks have clouded the fuel demand outlook for the rest of the year.

Persons: Brent, Tina Teng, Jerome Powell, Edward Moya, Arathy Somasekhar, Sonali Paul, Jamie Freed Organizations: U.S, West Texas, CMC, Bank of England, Energy Information Administration, Energy, OANDA, Thomson Locations: Britain, U.S

India's top solar power producing state Rajasthan has been getting "early warnings" of technical challenges that could arise as the use of renewables increases, a federal power ministry official said. "If proper tariff structures incentivising flexible thermal generation are not introduced, it could result in slower renewable energy adoption," he said. Reuters GraphicsSOLAR, PLUS COALGreen energy capacity in Asia grew 12% in 2022, the fastest rate among major regions, according to the International Renewable Energy Agency. However, authorities in India's sun-drenched Rajasthan state are finding it increasingly difficult to control voltage fluctuations due to the inconsistent nature of solar power output. "Many of these renewable plants are not actually able to comply with such requirements," the official said.

Persons: Rystad, Wood Mackenzie, Lauri Myllyvirta, Pablo Hevia, Koch, Hevia, Florence Tan, Yuka Obayashi, Andrew Hayley, Fransiska, Gopal Sharma, Mei Mei Chu, Joyce Lee, Tony Munroe, Jamie Freed Organizations: Engie, Centre for Research, Clean Energy, Air, Reuters, International Renewable Energy Agency, International Energy Agency, Thomson Locations: China, India, Asia, Wood Mackenzie SINGAPORE, Rajasthan, Pacific, Malaysia, Pakistan, Bangladesh, Vietnam, Singapore, Tokyo, Bangkok, Beijing, Jakarta, Khanh Vu, Hanoi, Kathmandu, Kuala Lumpur, Seoul

Data on Thursday showed China's oil refinery throughput rose 15.4% in May from a year earlier, hitting its second-highest total on record. In the United States, data released on Thursday showed retail sales unexpectedly rose in May, along with higher-than-expected jobless claims last week. A weaker dollar makes oil cheaper for holders of other currencies, which could boost demand. Still, a weak economic outlook looms over market sentiment, as China's industrial output and retail sales growth in May missed forecasts. Higher interest rates ultimately increase borrowing costs for consumers, which could slow economic growth and reduce oil demand.

Persons: Edward Moya, OANDA, Stephanie Kelly, Leslie Adler, Jamie Freed Organizations: Brent, U.S, West Texas, Kuwait Petroleum, Organization of, Petroleum, European Central Bank, U.S . Federal Reserve, Thomson Locations: China, Kuwait, United States, Saudi Arabia, New York, Singapore

"Oil prices are expected to stay in a range of about 3 dollars above and below $70 for WTI in the near term," Satoru Yoshida, a commodity analyst with Rakuten Securities. Oil prices had risen early in the week following Saudi Arabia's pledge over the weekend for deep output cuts, but they pared gains after rising U.S. fuel stocks and weak Chinese export data. Yoshida said factors such as fears over tighter supply and higher demand as the United States enters driving season which could drive prices higher were being offset by worries over a slow pickup in China's fuel demand. "Crude prices didn't get any favours from China as their economic recovery has disappointed," OANDA analyst Edward Moya said. While a Reuters poll of economists showed the U.S. Federal Reserve could skip a rate hike at its June 13-14 meeting, the absence of similar signals from other major central banks was weighing on the oil demand outlook, Moya added.

Persons: Satoru Yoshida, Saudi Arabia's, Yoshida, Edward Moya, Moya, Yuka Obayashi, Shri Navaratnam Organizations: Saudi, Brent, U.S . West Texas, WTI, Rakuten Securities, U.S . Federal, Thomson Locations: SINGAPORE, United States, Iran, U.S, United, China

SINGAPORE, June 7 (Reuters) - Bangladesh is facing its worst electricity crisis since 2013, a Reuters analysis of government data shows, due to erratic weather and difficulty paying for fuel imports amid declining forex reserves and value of its currency. Bangladesh, the world's second-largest garments exporter behind China supplying global retailers including Walmart, H&M and Zara, has been forced to cut power for 114 days in the first five months of 2023, a Reuters analysis of power grid data showed. Supply was short of demand by as much as 25% early on Monday, the data showed. Over 40% of the 7.5 GW of power plants running on diesel and fuel oil could not operate because they lacked fuel, according to the operator. Power imports by the energy hungry nation, which has very little renewable capacity, held steady at less than 10% of total supply, the data showed.

Persons: Bangladesh Taka, Ruma Paul, Matthew Chye Organizations: Walmart, Reuters Graphics Reuters, Power, Power Grid Co, Reuters Graphics, Oil, Reuters, Bangladesh, U.S ., Thomson Locations: SINGAPORE, Bangladesh, China, Zara

DHAKA, May 18 (Reuters) - Apparel makers in Bangladesh are considering rare bulk exports by air to Europe and the United States, as they race to meet deadlines and avoid cancellations after a cyclone delayed shipments, caused power cuts and disrupted production. Bangladesh, the world's second-largest garment exporter, has already been hit by weakening global demand, with exports falling in both March and April. Another garment owner who supplies H&M said some of his shipments had been delayed. Power cuts in the last two months, first due to a scorching heatwave, and then the cyclone, have put more stress on apparel companies. "Now there are also chances of missing orders for the next season, as we are struggling to provide samples on time due to the regular power cuts," Ehsan said.

SummarySummary Companies Biden, McCarthy push forward towards deal on US debt ceilingU.S. rate hike prospect weighs on oil pricesMay 18 (Reuters) - Oil prices fell in early Asian trade on Thursday as traders warily watched for signs of progress on talks to raise the U.S. debt ceiling, after surging nearly 3% in the previous session on optimism over U.S. fuel demand. President Joe Biden and top U.S. congressional Republican Kevin McCarthy on Wednesday underscored their determination to reach a deal soon to raise the federal government's $31.4 trillion debt ceiling and avoid an economically catastrophic default. On Thursday, investors were "awaiting further evidence that a deal will happen soon," said Edward Moya, an analyst at OANDA. Also weighing on prices was the increased probability of an interest rate hike by the U.S. Federal Reserve. After a months-long standoff, Biden and McCarthy on Tuesday agreed to negotiate directly.

U.S. West Texas Intermediate crude edged down 2 cents to $70.84 as of 0222 GMT. "Crude prices remain heavy as energy traders just can't shake off global demand concerns. U.S. crude stockpiles rose by about 3.6 million barrels in the week ended May 12, according to market sources citing American Petroleum Institute figures. U.S. government data on crude and product stockpiles is due at 1430 GMT. The U.S. Treasury Department has estimated that the United States will go into a crippling default as early as June 1 if Congress does not lift the debt ceiling.

Millions of Bangladeshi citizens have been hit by frequent power cuts in recent months, as erratic weather patterns and high global energy prices have made fuel supply to power plants unreliable. "We are experiencing power cuts every other hour and there is hardly any gas to cook. Zainul Abdin Farroque, a senior leader of the main opposition Bangladesh Nationalist Party, accused the government of not doing enough to ensure reliable power supply despite hiking tariffs. Power supply was about 17% short of demand on Monday while the deficit was more than 14% on Sunday, data from Bangladesh's grid operator showed. Bangladesh's other floating LNG unit, the Moheshkhali LNG terminal, will resume operations "in the next few days", Petrobangla Chairman Zanendra Nath Sarker told Reuters.

SINGAPORE, May 8 (Reuters) - Oil prices rose slightly in early Asian trade on Monday as fears of a recession in the U.S., which drove prices down for three straight weeks for the first time since November, began to recede. Brent crude futures were up 6 cents at $75.36 a barrel at 0022 GMT. U.S. West Texas Intermediate (WTI) crude futures were up 8 cents at $71.42. "Crude prices may continue to take the rebounding tailwind," CMC'S Teng said. Reporting by Sudarshan Varadhan; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Since Friday, however, Brent has dropped more than 9% and earlier on Thursday fell to as low as $71.28. Prices have plunged this week amid signs of weak manufacturing growth in China, the world's largest oil importer, and after the U.S., the world's biggest oil user, raised interest rates to their highest since 2007 on Wednesday, which threatens future economic growth there. "Oil is starting to find some support as all the bad supply and demand news has been priced in," said Edward Moya, an analyst at OANDA. The collapse of the third U.S. bank since March, spurred by their inability to manage rising interest rates, has also weighed overall financial markets. Investors are also awaiting developments from the European Central Bank, which is set to raise interest rates for the seventh meeting in a row on Thursday.

DHAKA, April 20 (Reuters) - Bangladesh is being forced to cut power to millions of people as a relentless heatwave has led to a surge in demand for power resulting in massive electricity supply shortfalls. Greater use of irrigation pumps by farmers and an increase in commercial activity due to preparations for festivities for the end of the holy month of Ramadan have contributed to increased power demand, officials say. Power shortages have been most severe at night, government data showed. The average maximum temperature in Dhaka was 6.5% higher during the seven days ended on Tuesday, compared with the week before, government data showed. Overall electricity supply fell short of demand by 6.2% over the seven days to Tuesday, government data showed, as demand surged nearly 15% compared with the preceding seven days.

Summary China consumer inflation drop spurs stimulus casePOLL-US crude, product stockpiles seen down last weekComing up: API data on US crude stocks at 4:30 p.m. ETCHENNAI, April 11 (Reuters) - Oil prices rose on Tuesday on expectations of potential economic stimulus by China, healthy demand in the rest of Asia and a drop in U.S. crude stockpiles. Brent crude futures rose 64 cents, or 0.8%, to $84.82 a barrel at 0557 GMT, while U.S. West Texas Intermediate futures gained 67 cents, or 0.8%, to $80.41 a barrel. Crude futures also climbed as the dollar eased on expectations that the U.S. Federal Reserve is getting closer to ending its rate hike cycle. Signs of strong fuel demand in India, the world's third-biggest oil consumer, in March also supported prices.

Companies United States of America FollowApril 5 (Reuters) - Oil prices rose on Wednesday, boosted by expectations of U.S. crude inventory declines as well as the latest output cut targets set by the OPEC+ producer alliance. The rises came as an industry report showed U.S. crude stocks fell by about 4.3 million barrels in the week ended March 31. However, weak manufacturing activity in the U.S. and China - the two biggest oil consumers - have kept oil prices from moving up further, despite the prospect of tighter supply following the OPEC+ cuts. Traders will be looking for cues on broader economic trends from the U.S. non-farm payrolls data due later this week, analysts say. Reporting by Laila Kearney in New York; Editing by Gerry Doyle and Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.

BEIJING, March 31 (Reuters) - Oil prices ticked down in Asian trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data to be released later in the day. U.S. West Texas Intermediate (WTI) crude fell by 22 cents, or -0.3%, to $74.15, having gained about 8% this week. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. "Disappointing data may cause concerns about Fed policy again and cap the recent gains," she added. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

BEIJING, March 31 (Reuters) - Oil prices were very slightly down in Asian morning trade on Friday as bullish sentiment about Chinese demand and potential Middle Eastern supply disruptions was tempered by uncertainty over U.S. economic data on Friday. Markets are now waiting for U.S. spending and inflation data on Friday and the resulting impact on the U.S. dollar. Industrial activity in China has become a key determinant of prices in recent weeks after its ending of coronavirus-related restrictions, amid weaker global demand. Oil prices are set to cap a second straight week of gains after the largest bank failure after the 2008 financial crisis spooked traders and roiled markets. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

SINGAPORE, March 31 (Reuters) - Oil prices climbed in early Asian trade on Friday as sentiment was boosted by an expansion in factory activity in China, the world's second largest crude consumer, and as concerns grew about Middle Eastern supply. U.S. West Texas Intermediate (WTI) crude rose 17 cents, or 0.23%, to $74.54, having gained about 8% this week. China's manufacturing activity rose in March at a slower pace compared with a record breaking expansion in February, but still exceeded expectations by economists in a Reuters poll. Industrial activity in China has become a key determinant of prices in recent weeks following its ending of coronavirus-related restrictions, amid weaker global demand. The U.S. Energy Information Administration said U.S. crude oil stockpiles fell unexpectedly in the week to March 24 to a two-year low.

U.S. West Texas Intermediate (WTI) crude futures were down 39 cents, or 0.6%, at $69.28. Traders and analysts will be looking out for data from the U.S. Energy Information Administration on Wednesday to see whether it confirms signs of weaker crude demand. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse. An emergency rescue of Credit Suisse over the weekend helped revive oil prices. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

U.S. West Texas Intermediate (WTI) crude futures were down 47 cents, or 0.7%, at $69.20. Data from the American Petroleum Institute on Tuesday showed U.S. crude inventories rose by about 3.3 million barrels in the week ended March 17, sources said. Following the meeting, Chair Jerome Powell is expected to unveil new economic projections and the central bank's path for interest rate hikes. Oil prices posted their biggest declines in months last week, after high-profile U.S. bank failures beginning March 10 and a crisis at Europe's Credit Suisse culminated in an emergency rescue over the weekend. OPEC+ officials, hedge fund managers and oil market participants have called the recent decline in oil prices speculative and insisted that increasing demand will push prices to higher levels in the coming months.

Companies United States of America FollowMarch 10 (Reuters) - Oil prices were little changed on Friday as traders remained cautious about frequent and steeper rate hikes by the U.S. Federal Reserve, concerns that have triggered a rout in energy prices over the last three days. U.S. Federal Reserve Chair Jerome Powell has warned of higher and potentially faster rate hikes, saying the Fed was wrong in initially thinking inflation was "transitory" and was surprised by the strength of the labour market. Expectations of ongoing rate hikes in the world's largest oil producing country and similar remarks over the weekend by the European Central Bank President have cast a shadow over global growth, setting oil up for a weekly fall after two straight weeks of gains. The prospect of Friday's jobs report triggering faster rate hikes is already initiating steep declines in other financial markets, and analysts expect oil prices could also be under pressure. Analysts expect the U.S. economy to have added 205,000 jobs last month, and see unemployment rate holding firm.

Search resuls for: "Sudarshan Currently Reports On The Evolving Energy Landscape In Asia"

25 mentions found