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☆ 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 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

☆ 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

[1/2] A tug boat pushes an oil barge through New York Harbor past the Statue of Liberty in New York City, U.S., May 24, 2022. WTI was headed for its highest close since May 26 and Brent on track for its highest close since May 29. Open interest in futures contracts rose on Thursday to the highest since July 2021 for Brent and March 2022 for WTI. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brendan McDermid, Brent, WTI, Baker Hughes, Craig Erlam, Erlam, Shadia Nasralla, Andrew Hayley, Susan Fenton, Kirsten Donovan, David Gregorio Our Organizations: REUTERS, Congress, YORK, U.S, . West Texas, WTI, Senate, U.S . Federal Reserve, Organization of, Petroleum, Thomson Locations: New York Harbor, of, New York City, U.S, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen, London, Beijing

☆ Oil prices jump 2% after U.S. debt deal and jobs data as focus turns to OPEC
▼ + stars: | 2023-06-02 | by ( ) www.cnbc.com time to read: +2 min

Drillers work at a shale oil well site in Jiangyan district of Taizhou, East China's Jiangsu Province, April 7, 2023. Oil prices rose more than 2% on Friday after the U.S. Congress passed a debt ceiling deal that averted a government default in the world's biggest oil consumer and jobs data fed hopes for a possible pause in interest rate hikes ahead of a meeting of OPEC and its allies this weekend. U.S. employment increased more than expected in May, but a moderation in wages could allow the U.S. Federal Reserve to skip an interest rate hike this month for the first time in more than a year. Oil traders have turned their attention to the June 4 meeting of OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia. On the demand side, manufacturing data out of China, the world's second biggest oil consumer, painted a mixed picture.

Persons: Brent, Craig Erlam, Erlam Organizations: Drillers, U.S, Congress, . West Texas, Senate, U.S . Federal Reserve, Organization of, Petroleum Locations: Jiangyan district, Taizhou, East China's Jiangsu Province, Russia, OPEC, Saudi, Saudi Arabia, China, Shanghai, Shenzhen

☆ 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

☆ 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

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

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.

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Oil ticks up as markets weigh U.S. debt deal, rate hike possibility
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. 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. Still, analysts saw any boost in oil prices from it as short-lived. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. The dollar also nudged down on Monday as the debt ceiling deal lifted risk appetite in world markets and dented the greenback's safe-haven appeal.

☆ Oil dips as rate hike fears offset U.S. debt deal
▼ + stars: | 2023-05-29 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

HOUSTON, May 29 (Reuters) - Oil prices slipped on Monday as worries over further interest rate hikes that could curb energy demand trumped a tentative U.S. debt ceiling deal, possibly averting a default in the world's top oil consumer. "The euphoria of the debt deal is wearing off as concern mounts for another rate hike by the Fed in June," brokerage Liquidity Energy LLC wrote in a note. Still, analysts saw any boost in oil prices from the debt deal as short-lived, with earlier gains in the session now lost. "Higher U.S. rates are a headwind for crude oil demand," IG Sydney-based analyst Tony Sycamore said. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

☆ Oil steady after U.S. debt deal but rate hike worries linger
▼ + stars: | 2023-05-29 | by ( Noah Browning | ) www.reuters.com time to read: +2 min

May 29 (Reuters) - Oil prices were steady on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, but concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Still, analysts see any boost in oil prices from the debt deal as short-lived. The U.S. Federal Reserve may still raise interest rates in June, IG's Sydney-based analyst Tony Sycamore said: "Higher U.S. rates are a headwind for crude oil demand," he added. However, comments from Russian oil officials and sources, including Deputy Prime Minister Alexander Novak, indicate the world's third-largest oil producer is leaning towards leaving output unchanged.

Companies Baker Hughes Co FollowMay 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. Analysts said the provisional deal has taken pressure off the markets, offering a relief rally in risk assets, including crude oil. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil rises after US leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( Florence Tan | ) www.reuters.com time to read: +3 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil rises after U.S. leaders strike provisional debt deal
▼ + stars: | 2023-05-29 | by ( ) www.cnbc.com time to read: +3 min

Oil prices rose on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer, although concerns about further interest rate hikes capped gains. "The tentative debt deal offered a relief rally in risk assets, including crude oil," said Tina Teng, a CMC Markets analyst. Analysts see the boost in oil prices from the debt deal as short-lived. "Higher U.S. rates are a headwind for crude oil demand," he added. Future oil output growth in the U.S., the world's biggest producer, also may slow as energy firms cut rigs for a fourth week.

☆ Oil climbs after US leaders strike provisional debt deal
▼ + stars: | 2023-05-28 | by ( Florence Tan | ) www.reuters.com time to read: +2 min

Companies Baker Hughes Co FollowSINGAPORE, May 29 (Reuters) - Oil prices rose in early Asian trade on Monday after U.S. leaders reached a tentative debt ceiling deal, possibly averting a default in the world's largest economy and oil consumer. U.S. President Joe Biden and House Speaker Kevin McCarthy on Saturday reached an agreement in principle to suspend the $31.4 trillion debt ceiling. Both leaders expressed confidence on Sunday that members of the Democratic and Republican parties will vote to support the deal. Last week, Brent and WTI notched a second consecutive weekly gain of more than 1% on the progress of the U.S. debt ceiling talks and after Saudi energy minister warned short-sellers betting oil prices will fall to "watch out" for pain. Investors are watching for China's manufacturing and services data this week as well as U.S. nonfarm payroll data on Friday for signals on economic growth and oil demand.

☆ Oil prices gain 1% on falling U.S. stockpiles, Saudi warning
▼ + stars: | 2023-05-24 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose over 1% on Wednesday, after a large unexpected drawdown in U.S. crude inventories and a warning from the Saudi energy minister that raised the prospect of further OPEC+ production cuts. U.S. crude inventories posted a massive surprise drawdown, falling by 12.5 million barrels last week to 455.2 million barrels, the Energy Information Administration said on Wednesday. U.S. gasoline stocks dropped by 2.1 million barrels in the week to 216.3 million barrels, the EIA said, while distillate stockpiles fell by 600,000 barrels in the week to 105.7 million barrels. Saudi Arabia's energy minister said short-sellers - those betting that prices will fall - should "watch out" for pain. "Oil prices are trading higher ... buoyed by the latest short-seller warning from Saudi Arabia," said OANDA senior market analyst Craig Erlam.

Persons: Phil Flynn, Craig Erlam, Joe Biden, Kevin McCarthy, Price, Britain's Organizations: Brent, U.S, West Texas, Energy Information Administration, Analysts, EIA, Memorial, Price Futures, Organization of Petroleum, Democratic, Republican Locations: Saudi, U.S, Russia, OPEC, Saudi Arabia

☆ Oil gains after Saudi warns short-sellers: 'watch out'
▼ + stars: | 2023-05-23 | by ( ) www.cnbc.com time to read: +2 min

Oil prices rose on Tuesday on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ output cuts. Brent crude futures rose 85 cents, or 1.1%, to settle at $76.84 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures settled at $72.91 a barrel, up 86 cents, or 1.2%. On Monday, prices rose 1% on optimism fed by a surge in U.S. gasoline futures. Gasoline futures rose 1.2% on Tuesday, with analysts expecting a third straight weekly decline in inventories ahead of peak summer travel season which starts on the U.S. Memorial Day holiday on May 29. Erlam added Brent crude prices need to rise above $77.50 a barrel to signal a sentiment shift.

Persons: U.S ., Craig Erlam, Erlam, Brent, haven't, Rob Haworth Organizations: Brent, U.S . West Texas, U.S, U.S . Memorial, American Petroleum Institute, U.S . Energy, Administration, of Petroleum, Strategic Petroleum Reserve, Bank Wealth Management Locations: Saudi, U.S, Russia, OPEC

☆ IEA should be 'very careful' about undermining key oil investments -OPEC chief
▼ + stars: | 2023-04-27 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

Such comments could lead to oil market volatility in future, he said. Oil prices rose above $80 a barrel on the back of the decision, having fallen as low as $70 per barrel last month. Birol, in an interview with Bloomberg on Wednesday, said OPEC should be careful about pushing oil prices up as that would translate into a weaker global economy. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. OPEC+ decided last year it would stop using data from the West's energy watchdog when assessing the state of the oil market.

☆ White House hails Yemen steps after meeting with Saudi crown prince
▼ + stars: | 2023-04-14 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +2 min

April 14 (Reuters) - Senior aides to U.S. President Joe Biden on Friday hailed progress toward resolving conflict in Yemen after "constructive" talks in Saudi Arabia with Crown Prince Mohammed Bin Salman. The meetings included Biden's top Middle East adviser, Brett McGurk, and his Yemen envoy, Tim Lenderking, and took place on Thursday and Friday, said Adrienne Watson, a spokesperson for the White House National Security Council. "The U.S. side confirmed its support for the defense of Saudi Arabia against threats from Yemen and elsewhere." The White House summary did not mention the surprise decision earlier this month by Saudi-led OPEC+ to cut oil production. Yemen's war is seen as one of several proxy battles between Iran and Saudi Arabia.

☆ Russia’s oil exports are back to pre-war levels
▼ + stars: | 2023-04-14 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Russia’s oil exports have bounced back to levels last seen before it invaded Ukraine, despite a barrage of Western sanctions. Moscow’s exports of crude oil and oil products rose in March to their highest level since April 2020, jumping by 600,000 barrels a day, the International Energy Agency (IEA) said in its monthly oil report Friday. The rise lifted Russia’s estimated revenue from oil exports to $12.7 billion last month. Western countries have imposed a raft of sanctions on Moscow’s energy exports since President Vladimir Putin ordered his troops into Ukraine in February last year. Meanwhile, demand is expected to climb by 2 million barrels per day to hit a record of almost 102 million barrels per day this year.

☆ Iran appoints first UAE ambassador since 2016 as Gulf relations improve
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +1 min

CAIRO, April 4 (Reuters) - Iran said on Tuesday it had appointed an ambassador to the United Arab Emirates for the first time since 2016, amid a realignment of relations between Gulf states and Iran. The move comes after the UAE in August moved to upgrade ties and said it was returning its ambassador to Tehran. The UAE downgraded relations with Iran after Saudi Arabia severed ties with Iran in January 2016 after Iranian protesters stormed the Saudi embassy in Tehran following Riyadh's execution of a prominent Shi'ite cleric. The UAE, which has business and trade ties with Iran stretching back more than a century, started re-engaging with Tehran in 2019 after attacks in Gulf waters and on Saudi energy sites. Iran's newly appointed ambassador Reza Ameri had served as the director general of the Iranian expatriates office in the foreign ministry, Iranian state media said.

☆ Saudi Arabia’s Oil Production Cuts Reflect Cost of Reshaping Economy
▼ + stars: | 2023-04-03 | by ( Summer Said | Stephen Kalin | ) www.wsj.com time to read: 1 min

DUBAI—An oil production cut by Saudi Arabia and its allies demonstrated how Crown Prince Mohammed bin Salman is willing to set aside U.S. concerns to pursue a nationalist energy policy aimed at funding an expensive makeover of his kingdom. This weekend’s move came as a surprise after Saudi Energy Minister Prince Abdulaziz bin Salman told industry analysts privately in February that the kingdom would tolerate oil prices slipping to around $65 or $70 a barrel, according to analysts and Saudi officials familiar with the matter. Brent crude, the international benchmark, was trending downward since late last year on global recession fears, nearing $70 a barrel last month. On Monday, oil prices posted their steepest one-day increase in more than a year, rising 6.3% to $84.93 a barrel.

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