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[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

☆ Oil prices fall as U.S. rate hike worries overshadow demand outlook
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid on Friday and were on track for weekly losses as strong U.S. economic data heightened concern that the Federal Reserve will continue tight monetary policy to tackle inflation, which could hit fuel demand even as crude stockpiles grow. "Strong U.S. data bolstered concerns over rate hikes and prompted a rise in U.S. Treasury yields, which weighed on oil and other commodity prices," said Kazuhiko Saito, chief analyst at Fujitomi Securities. A build in U.S. crude stockpiles also added to pressure, he said. The Energy Information Administration (EIA) on Wednesday reported U.S. crude oil stockpiles last week rose to their highest level since June 2021 after a larger-than-expected build. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

☆ Saudi energy minister warns sanctions could result in energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 4 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future. The prince also said Saudi Arabia was working to send Liquefied Petroleum Gas (LPG) to Ukraine. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi minister warns sanctions, underinvestment may cause energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 5 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. He said Saudi Arabia was working to send Ukraine liquefied petroleum gas (LPG), which is most commonly used as a cooking fuel and in heating. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith, David Holmes and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia to invest about $266 bln for clean energy - minister
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister. Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen." (This story has been refiled to fix typo in headline.) Reporting By Nayera AbdallahOur Standards: The Thomson Reuters Trust Principles.

☆ Who could buy Manchester United and how much is it worth?
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

Jan 18 (Reuters) - Jim Ratcliffe's company INEOS formally entered the bidding process to buy Manchester United on Tuesday, months after the club owners, the Glazer family, said they were considering selling the club as they explore "strategic alternatives". MIDDLE EASTERN INVESTORSUnited's local rivals Manchester City are bankrolled by the Abu Dhabi United Group, while Saudi Arabia's Public Investment Fund completed a 300 million pound buyout of Newcastle United in 2021. Bloomberg News reported this week that United, Tottenham Hotspur or Liverpool were being targeted by QSI for a potential acquisition. The Times newspaper, which first reported Ratcliffe's INEOS entering the bidding, said that interest from the United States and Asia is also expected. Asked by the BBC at the time if he needed to raise four billion pounds to buy United, O'Neill said: "I'm not sure if it'll necessarily be that much, but let's see."

☆ Japan minister signs clean energy cooperation document during Saudi visit
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Saudi Arabia and Japan signed a memorandum of cooperation (MoC) on Sunday in the fields of the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia, the Saudi Energy Ministry said on Twitter. The MoC was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and Japanese Industry Minister Yasutoshi Nishimura, who is visiting the kingdom, after a meeting in which they both stressed the importance of supporting the stability of global oil markets through encouraging dialogue and cooperation between producers and consumers, the Saudi state news agency (SPA) reported. The two ministers also highlighted the need to ensure safe supplies from all energy sources to global markets and noted that the kingdom is "the largest dependable source" of crude oil supplies to Japan and "a reliable partner in this aspect" as well, SPA said. Reporting by Nayera Abdallah Editing by Peter Graff and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices little changed as U.S. crude drawdown offsets China COVID worries
▼ + stars: | 2022-12-21 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. "A larger-than-expected draw in U.S. inventories, coupled with U.S. plans to refill their Strategic Petroleum Reserve have supported oil prices," said Serena Huang, head of APAC analysis at Vortexa. Oil prices were boosted by these comments which suggest that OPEC+ may continue to keep supply tight to support oil prices, CMC Markets analyst Tina Teng said. Growing worries about a surge in COVID-19 cases in China as the country begins dismantling its strict zero-COVID policy kept oil prices from moving higher.

☆ Oil prices up as U.S. crude stocks seen falling, dollar eases
▼ + stars: | 2022-12-21 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude stocks down, fuel inventories up -sourcesU.S. dollar easesSurging COVID-19 cases in China limit gainsDec 21 (Reuters) - Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers. Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29. U.S. crude oil inventories fell by about 3.1 million barrels in the week ended Dec. 16, according to market sources citing American Petroleum Institute figures. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices, which came close to the all-time high of $147 a barrel in March after Russia invaded Ukraine, have unwound most of their 2022 gains.

☆ Oil prices steady after drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising Covid-19 cases in top oil importer China. Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices were boosted by these comments which suggests that OPEC + may continue to keep supply tight to support oil prices, Teng added. However, growing worries about a surge in Covid-19 cases in China as the country begins dismantling its strict zero-Covid policy kept oil prices from moving higher.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi energy minister sees no clear results yet from Russia price cap
▼ + stars: | 2022-12-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

[1/2] Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap. The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said. Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead. He also said he insisted that every OPEC+ alliance member take part in decision-making.

☆ When China and Saudi Arabia meet, nothing matters more than oil
▼ + stars: | 2022-12-08 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier of crude oil. Saudi Arabian Foreign Ministry/Anadolu Agency/Getty ImagesEnergy is coreLast year, bilateral trade between Saudi Arabia and China hit $87.3 billion, up 30% from 2020, according to Chinese customs figures. China’s crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. Beyond security of supply, Saudi Arabia could offer Beijing another prize with bigger geopolitical ramifications. Eurasia Group’s Kamal believes it’s “highly unlikely” that Saudi Arabia would take such a step, unless there is an implosion on the US-Saudi relationship.

LONDON, Nov 29 (Reuters) - OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown. Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely. Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market. The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.

☆ Saudi, Iraqi energy ministers meet, review oil markets
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq's energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday. In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed. Prince Abdulaziz said earlier this week the group remains ready to take further measures if needed to balance supply and demand. Reporting By Maha El Dahan, Writing by Moaz Abd-Alaziz; Editing by Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Oil inches up amid wrangling over Russian oil price cap
▼ + stars: | 2022-11-25 | by ( Sonali Paul | Mohi Narayan | ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 25 (Reuters) - Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing. Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT. G7 and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Russian President Vladimir Putin has said Moscow will not supply oil and gas to any countries that join in imposing the price cap, which the Kremlin reiterated on Thursday. "This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices," ANZ said in a separate commodity note.

☆ The Saudi Arabian government would 'definitely support' private bids for UK soccer clubs Manchester United or Liverpool, sports minister says
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sports minister told BBC it will support private bids for Manchester United and Liverpool FCs. A consortium led by Saudi Arabia's Public Investment Fund already owns Newcastle United FC. A consortium led by Saudi Arabia's Public Investment Fund purchased Newcastle United FC in October 2021 for $409 million. Manchester United and Liverpool are among the world's most valuable sports teams. Forbes estimates Manchester United is worth around $4.6 billion, while Liverpool is worth about $4.45 billion.

☆ Saudi Arabia wants its investors to own Manchester United and Liverpool
▼ + stars: | 2022-11-25 | by ( Rob Harris | ) www.cnbc.com time to read: +5 min

Cristiano Ronaldo of Manchester United in action during the Premier League match between Manchester United and Liverpool FC on Aug. 22, 2022 in Manchester, England. Ash Donelon | Manchester United | Getty ImagesSaudi Arabia says it wants its investors to take over Manchester United and Liverpool – and hopes Cristiano Ronaldo comes to play in its domestic league. More from Sky Sports:Glazers open to selling Manchester United; Club valued around £5 billionWill Manchester United and Liverpool sales turn into bidding war? Manchester United sale Q&A: Who are the contenders? Cristiano Ronaldo of Manchester United walks on the pitch during a Premier League match between Manchester United and Liverpool FC on Aug. 22, 2022 in Manchester, England.

☆ Prince Abdulaziz bin Turki Al-Faisal: 'I'm waiting for someone to wake me up,' says Saudi sports minister after remarkable win over Argentina
▼ + stars: | 2022-11-23 | by ( Zeena Saifi | ) edition.cnn.com time to read: +6 min

CNN —A day after Saudi Arabia’s historic win against Argentina at the Qatar World Cup, the Kingdom’s sports minister Prince Abdulaziz bin Turki Al-Faisal says he’s “waiting for someone to wake me up.”“It’s been an unbelievable result. Saudi Arabia's victory is the most famous in the Arab world, alongside Algeria's victory over West Germany in 1982. People that don’t know Saudi Arabia, have never been to Saudi Arabia, go out and talk about it as if they’ve lived there for 30 years, 40 years. In honor of the team’s historic win, Saudi Arabia’s King Salman bin Abdulaziz Al Saud ordered a national public holiday for a day on Wednesday. Asked if Saudi Arabia would put in a bid, similar to its takeover of Newcastle United last year, Prince Abdulaziz didn’t confirm nor deny.

☆ Oil rises as Saudi comments outweigh recession concerns
▼ + stars: | 2022-11-22 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

"Crude oil prices are trying to recover their losses," said Avatrade analyst Naeem Aslam. "That Saudi Arabia has denied there was any discussion about an increase in oil supply with OPEC and its allies has supported the market today." On Dec. 5. a European Union ban on Russian crude imports is set to start, as is a G7 plan that will allow shipping services providers to help to export Russian oil, but only at enforced low prices. Concerns over oil demand in the face of the U.S. Federal Reserve's interest rate hikes and China's strict COVID lockdown policies limited the upside. Additional reporting by Laura Sanicola and Isabel Kua Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices edge up as softer dollar outweighs China demand concerns
▼ + stars: | 2022-11-22 | by ( Isabel Kua | ) www.reuters.com time to read: +3 min

SINGAPORE, Nov 22 (Reuters) - Oil prices inched higher on Tuesday as the dollar eased, but global recession worries and concerns about China's rising COVID-19 case numbers denting demand from the world's top crude oil importer weighed on sentiment. Brent crude futures rose 44 cents, or 0.5%, to $87.89 by 0513 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 30 cents, or 0.4%, to $80.34 a barrel. In the United States, crude oil stocks were estimated to have dropped by about 2.2 million barrels in the week to Nov. 18, a preliminary Reuters poll showed on Monday. The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, which suggests supply concerns are easing.

Nov 22 (Reuters) - Oil prices rose slightly in early Asian trade on Tuesday, a day after Saudi Arabia denied a media report that it was discussing an increase in oil supply with OPEC and its allies. Brent crude futures rose 17 cents, or 0.2%, to $87.62 by 0007 GMT. U.S. West Texas Intermediate (WTI) crude futures for January began trading Tuesday, rising 7 cents, or 0.1%, to $80.11 a barrel. Prices rebounded quickly in full after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the WSJ report. The front-month Brent crude futures spread narrowed sharply last week, while WTI flipped into contango, reflecting easing supply concerns.

☆ Oil rebounds from early plunge after Saudis deny OPEC+ output report
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January settled at $87.45, shedding 17 cents. U.S. West Texas Intermediate (WTI) crude futures for December settled at $79.73 a barrel, falling 35 cents ahead of the contract's expiry later on Monday. Oil then retraced its losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is sticking with output cuts and not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Oil prices rebound from early dive as reports vary on OPEC+ output
▼ + stars: | 2022-11-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Brent crude futures for January fell 77 cents, or 0.9%, to $86.85 a barrel by 12:54 p.m. EST (1754 GMT) . U.S. West Texas Intermediate (WTI) crude futures for December were down 58 cents, or 0.7%, at $79.50 ahead of the contract's expiry later on Monday. Oil retraced most losses after Saudi Arabian energy minister Prince Abdulaziz bin Salman said the kingdom is not discussing a potential oil output increase with other OPEC oil producers, state news agency SPA reported, denying the Journal report. Expectations of further increases to interest rates have buoyed the greenback, making dollar-denominated commodities like crude more expensive for investors. The front-month Brent crude futures spread narrowed sharply last week while WTI flipped into contango, reflecting dwindling supply concerns.

☆ Saudi denies oil output hike discussion, says OPEC+ may cut if needed
▼ + stars: | 2022-11-21 | by ( ) www.reuters.com time to read: +2 min

The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. Oil prices, which had slid more than 5% to below $83 a barrel after the Wall Street Journal report , pared losses following the minister's comments. Last month, OPEC+ unexpectedly decided to reduce output targets sharply. It would be unusual for the group to increase production at a time of declining prices and growing concern about the economic outlook. Prince Abdulaziz was also quoted as saying OPEC+ was ready to reduce output further if needed.

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