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☆ Oil steady as investors weigh supply and demand drivers
▼ + stars: | 2023-06-08 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices were little changed in early Asia trade on Thursday as investors weighed demand concerns over a global economic slowdown against an expected fall in supply from Saudi output cuts. U.S. crude oil stockpiles fell last week, though fuel product inventories grew, the latest data from Energy Information Administration (EIA) showed on Wednesday. Distillate stockpiles rose by nearly 5.1 million barrels in the week, exceeding analyst predictions of a 1.3 million barrel rise. Meanwhile, U.S. crude inventories fell by 451,000 barrels in the week, while analysts had expected a 1 million barrel rise.

Persons: Saudi Arabia's Organizations: Brent, U.S . West Texas, Citi, OPEC, IEA, Energy Information Administration, EIA Locations: Saudi, Ras Tanura, Saudi Arabia, Asia, U.S

☆ Oil rises on Saudi plan to deepen output cuts from July
▼ + stars: | 2023-06-05 | by ( Noah Browning | ) www.reuters.com time to read: +3 min

[1/2] General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. Both contracts extended gains of more than 2% on Friday after the Saudi energy ministry said the kingdom's output would drop to 9 million bpd in July from about 10 million bpd in May. Consultancy Rystad Energy said the additional Saudi cut is likely to deepen the market deficit to more than 3 million bpd in July, which could push prices higher in the coming weeks. "The immediate market impact of this Saudi cut is likely lower, as drawing inventories takes time, and the market likely already put some meaningful probability on a cut today," the bank's analysts added. In contrast, the United Arab Emirates (UAE) was allowed to raise output targets by 200,000 bpd to 3.22 million bpd to reflect its larger production capacity.

Persons: Ahmed Jadallah, Brent, WTI, keener, Suvro Sarkar, Bjarne Schieldrop, Goldman Sachs, Noah Browning, Florence Tan, Emily Chow, David Goodman Organizations: REUTERS, Saudi, Brent, . West Texas, Saudi Arabia's, Organization of, Petroleum, DBS Bank, OPEC, Rystad Energy, United Arab Emirates, Thomson Locations: Saudi, Saudi Arabia, OPEC, Arabia, Russia, Nigeria, Angola, UAE

☆ Operation to empty Yemen Safer oil tanker set to begin, UN says
▼ + stars: | 2023-05-31 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 30 (Reuters) - Operations to salvage 1.1 million barrels of oil from a decaying tanker moored off Yemen's coast will soon begin after a technical support ship arrived on site on Tuesday, the United Nations said. U.N. officials have been warning for years that the Red Sea and Yemen's coastline was at risk as the Safer tanker could spill four times as much oil as the 1989 Exxon Valdez disaster off Alaska. The Ndeavor tanker, with a technical team from Boskalis/SMIT, is in place at the Safer tanker off the coast of Yemen's Ras Isa, the U.N. Humanitarian Coordinator in Yemen David Gressley said on Twitter from on board the Ndeavor. The war in Yemen caused suspension of maintenance operations on the Safer in 2015. Additional funding is still important to finish the process," the U.N said on its Yemen Twitter account.

Persons: U.N, SMIT, Yemen's Ras Isa, Yemen David Gressley, Muhammad Yusuf The, Nayera Abdallah, Lisa Barrington, Bill Berkrot Organizations: United Nations, Boskalis, Twitter, REUTERS, Thomson Locations: DUBAI, Alaska, Yemen's, Yemen, Ras Issa, China, Iran, Saudi Arabia, Riyadh, Tehran

☆ Oil slides 4% on worries about U.S. debt ceiling, OPEC+ talks
▼ + stars: | 2023-05-30 | by ( ) www.cnbc.com time to read: +2 min

Storage tanks and oil processing facilities operate at Saudi Aramco's Ras Tanura oil refinery and terminal in Ras Tanura, Saudi Arabia, on Oct. 1, 2018. Oil prices fell by more than 4% on Tuesday on concerns about whether U.S. Congress will pass the U.S. debt ceiling pact and as mixed messages from major producers clouded the supply outlook ahead of the OPEC+ meeting this weekend. Some hard-right Republican lawmakers said they might oppose a deal to raise the debt ceiling in the United States, the world's biggest oil user. Traders were uncertain about whether the group will increase output cuts as a slump in prices weighs on the market. 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.

Persons: Joe Biden, Kevin McCarthy, Biden, McCarthy, Phil Flynn, Abdulaziz bin Salman, Alexander Novak Organizations: U.S, Brent, . West Texas, Democratic, Republican, Congress, Treasury Department, Price Futures, of, Petroleum, Traders, Saudi Arabian Energy, OPEC Locations: Saudi, Ras Tanura, Saudi Arabia, Friday's, U.S, United States, Russia, OPEC

☆ Bitcoin could rally 40% by the end of the year, according to a top blockchain founder
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +6 min

A pile of Bitcoin slugs sit in a box ready to be minted on April 26, 2013 in Sandy, Utah. And bitcoin is front-running this scenario, pointing to a future that is effectively a return to relatively low rates. A big reason why bitcoin has performed so well was that it was just really oversold during the collapse of FTX. In such a scenario, all assets would have a correlation of one with each other, including bitcoin and even gold. Big gold buyers like HSBC and JPMorgan have shunned business with Moscow — leaving billions of dollars worth of gold in need of new landing spots.

☆ Bitcoin could more than double and hit a new record high next year as the token sees a big shakeup, blockchain exec says
▼ + stars: | 2023-05-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +4 min

Bitcoin could hit a new record high next year, said Bob Ras, cofounder of blockchain firm Sologenic. He cited bitcoin halving, which will reduce mining rewards and supply of the token. The banking crisis and expectations that the Fed will start easing may also lift bitcoin, he added. "When bitcoin's halving kicks in a year from now, we'll likely be well on our way past the previous all-time high," Ras told Insider. Meanwhile, bitcoin appears to be front-running the belief that looser policy from the Federal Reserve is on the way, Ras explained.

☆ Lukoil's net profit declines 22% to $1.3 billion in Q1
▼ + stars: | 2023-05-02 | by ( ) www.reuters.com time to read: 1 min

Companies NK Lukoil PAO FollowMay 2 (Reuters) - Russian oil company Lukoil (LKOH.MM) posted a net profit under Russian Accounting Standards (RAS) of 104.3 billion roubles ($1.3 billion) in the first quarter of 2023, down 22% from 133.4 billion roubles in the same period 2022. The RAS data does not typically take into account financials from subsidiaries. Russia's second-largest oil producer said that its revenues fell by 63% to 455.83 billion roubles in the January - March period. Lukoil, like many other Russian businesses, stopped publishing their financial results calculated under international standards, after Moscow had sent its troops into Ukraine in February 2022. ($1 = 79.9000 roubles)Reporting by Reuters; Editing by Kevin LiffeyOur Standards: The Thomson Reuters Trust Principles.

☆ Sixteen dead, 9 injured in Dubai residential building fire - local media
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: 1 min

DUBAI, April 16 (Reuters) - Sixteen people were killed and nine were injured in a Dubai residential building fire on Saturday, local newspapers said on Sunday citing the Dubai Civil Defence. The fire engulfed the five-storey building in the Al-Ras neighborhood, one of the oldest parts of Dubai and home to many migrant workers and traders, on Saturday afternoon, according to Abu Dhabi-based newspaper The National. Local media said the fire had been put out. "Preliminary investigations showed that lack of compliance with building security and safety requirements caused the fire" the National said citing a civil defence statement. Reporting by Hatem Maher in Cairo and Nadine Awadalla in Dubai; Writing by Omar Abdelrazek; Editing by Hugh LawsonOur Standards: The Thomson Reuters Trust Principles.

☆ OPEC+ announces surprise oil cuts, while U.S. calls the move inadvisable
▼ + stars: | 2023-04-02 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in 2018. Saudi Arabia and other OPEC+ oil producers on Sunday announced further oil output cuts of around 1.16 million barrels per day, in a surprise move that analysts said would cause an immediate rise in prices and the United States called inadvisable. Oil prices last month fell towards $70 a barrel, the lowest in 15 months, on concern that a global banking crisis would hit demand. The latest reductions could lift oil prices by $10 per barrel, the head of investment firm Pickering Energy Partners said on Sunday, while oil broker PVM said it expected an immediate jump once trading starts after the weekend. The Saudi energy ministry said the kingdom's voluntary reduction was a precautionary measure aimed at supporting the stability of the oil market.

☆ Top analysts are bullish on these five long-term picks
▼ + stars: | 2023-04-02 | by ( Tipranks.Com Staff | ) www.cnbc.com time to read: +7 min

Here are five stocks chosen by Wall Street's top analysts, according to TipRanks, a platform that ranks analysts based on their past performance. Rakesh holds the 94th position among more than 8,000 analysts followed on TipRanks. The analyst ranks 439th among more than 8,000 analysts followed on TipRanks. The analyst remains bullish on the stock and raised his price target to $134 from $128, as he continues to see a "meaningful upside." Santarelli holds the 27th position among more than 8,000 analysts on TipRanks.

☆ Analysis: Russian sanctions shift oil price-making power to Asia from Europe
▼ + stars: | 2023-03-14 | by ( Alex Lawler | ) www.reuters.com time to read: +6 min

Western Sanctions have led Russia to sell more than twice as much crude to Asia in the year to January, according to Kpler data. Iran, under U.S. sanctions, has boosted exports to the highest in three years on some estimates, with China the biggest buyer. Hardeep Singh Puri, India's oil minister, said in early February the country will keep buying from Russia if prices "continue to be good". EUROPE LOSES SUPPLY SOURCEIndia was among those to have complained about the Asian premium they paid to the big exporters. "These normal sorts of patterns of Asian premium or discount don't really apply," he said.

☆ Students who participated in a strike at Temple University are being told they will lose their tuition and health care benefits
▼ + stars: | 2023-02-08 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +4 min

Temple University is eliminating free tuition for graduate students who participate in a strike. In a statement, Temple confirmed students will be denied tuition benefits "while they are on strike." On average, such workers make $19,500 a year, according to the Temple University Graduate Students' Association (TUGSA), a union that represents nearly 750 affected workers. Stephen Orbanek, director of communications at the university, told Insider that those who choose to participate in the grad-student strike will be denied not just their pay but their tuition benefits. Temple is not the first institution to cancel health benefits for striking employees.

☆ Oil slips as U.S. crude, fuel inventories reignite demand concerns
▼ + stars: | 2023-01-11 | by ( ) www.cnbc.com time to read: +2 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Oil prices fell on Wednesday, erasing the previous session's gains, after industry data showed an unexpected build in crude and fuel inventories in the United States, the world's biggest oil user, which reignited worries about fuel demand. Analysts polled by Reuters expected crude stocks to fall by 2.2 million barrels and distillate stocks to drop by 500,000 barrels. The big focus this week is on U.S. inflation data, due on Thursday. A weaker dollar can boost oil demand as it makes the commodity cheaper for buyers holding other currencies.

☆ Dubai scraps 30% tax on alcohol sales amid economic rebound
▼ + stars: | 2023-01-02 | by ( ) www.reuters.com time to read: +2 min

[1/2] Fireworks explode from the Burj Khalifa, the tallest building in the world, during the New Year's Eve celebrations in Dubai, United Arab Emirates, January 1, 2023. REUTERS/Satish KumarDUBAI, Jan 2 (Reuters) - Dubai has suspended a tax of 30% on alcohol and dropped a licence fee previously needed to buy alcohol in the commercial and tourism hub, two major retailers said on social media. "With the removal of 30% municipality tax and a free alcohol licence, buying your favourite drinks is now easier and cheaper than ever," MMI, one of two major purveyors of alcohol in Dubai, said on its Instagram account. Another retailer, African+Eastern, confirmed the tax no longer applied, but prices would remain subject to a 5% value added tax (VAT). The Dubai Media Office did not immediately respond to a request for comment.

☆ Earthquake of magnitude 5.6 strikes southern Iran; felt in UAE - EMSC
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: 1 min

Nov 30 (Reuters) - An Earthquake of magnitude 5.6 struck southern Iran on Wednesday and was felt in the United Arab Emirates, the European-Mediterranean Seismological Centre (EMSC) said. Iranian state TV reported that rescue teams were dispatched to the quake-hit area and added there were no casualties. The quake was at a depth of 10 km (6 miles) and about 88 km northwest of Ras Al Khaimah City in the UAE, EMSC added. Reporting by Ann Maria Shibu in Bengaluru; Editing by Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

[1/6] QatarEnergy CEO and Qatar's Minister of Energy, Saad al- Kaabi and ConocoPhillips CEO, Ryan Lance attend the signing ceremony of two sales and purchase agreements to export liquefied natural gas (LNG) to Germany, in Doha, Qatar, November 29, 2022. The deal, the first of its kind to Europe from Qatar's North Field expansion project, will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. ICIS head of energy analytics Andreas Schroeder said the starting date of 2026 was late, as Germany needed LNG for 2023 and 2024. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field, which Qatar shares with Iran.

REUTERS/Imad Creidi/File PhotoDOHA, Nov 29 (Reuters) - QatarEnergy and ConocoPhillips (COP.N) on Tuesday signed two sales and purchase agreements to export liquefied natural gas (LNG) to Germany for at least 15 years from 2026, the first such supply deal to Europe from Qatar's North Field expansion project. The deal will provide Germany with 2 million tonnes of LNG annually, arriving from Ras Laffan in Qatar to Germany's northern LNG terminal of Brunsbuettel, QatarEnergy's chief executive said. "(The agreements) mark the first ever long-term LNG supply agreement to Germany, with a supply period that extends for at least 15 years, thus contributing to Germany's long-term energy security," Saad al-Kaabi said in a joint news conference with ConocoPhillips CEO Ryan Lance. The deal comes a few days after QatarEnergy signed a 27-year sales and purchase agreement with China's Sinopec. The North Field is part of the world's biggest gas field that Qatar shares with Iran, which calls its holding South Pars.

☆ Goldman cuts oil forecast on 'lack of clarity' over G-7 Russia oil price cap, China Covid outbreaks
▼ + stars: | 2022-11-21 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia, in 2018. Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations' plan to cap Russian oil prices. China recorded recorded three Covid deaths over the weekend, the country's first deaths from the virus since May this year. China's capital Beijing tightened Covid measures in the last three days as the local case count climbed to several hundred per day. The economists added that the possibility of more lockdowns in the world's top importer of oil will dent demand from it even further.

☆ Turkish air strikes hit villages in northern Syria, SDF says
▼ + stars: | 2022-11-19 | by ( ) www.reuters.com time to read: +1 min

Nov 20 (Reuters) - Turkish aircraft shelled two villages populated with internally displaced people in northern Syria, a spokesman for the Kurdish-led Syrian Democratic Forces (SDF) said on Twitter late on Saturday. Turkey said on Tuesday it plans to pursue targets in northern Syria after it completes a cross-border operation against outlawed Kurdistan Workers Party (PKK) militants in Iraq, following a deadly bomb last weekend in Istanbul. "In addition to the Dahir al-Arab village, which is populated with Ras al-Ain IDPs who were also forcibly displaced by the Turkish occupation in 2019," he added. No group has claimed responsibility for the blast on the busy pedestrian avenue, and the PKK and SDF have denied involvement. Turkey has conducted three incursions so far into northern Syria against the Syrian Kurdish YPG militia, which it says is a wing of the PKK.

☆ Sberbank 10-month net profit tops 50 bln roubles under RAS, CEO says
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: 1 min

Nov 10 (Reuters) - Russia's largest lender Sberbank's (SBER.MM) net profit for the first ten months of the year exceeded 50 billion roubles ($811.7 million) under Russian accounting standards, its chief executive said on Thursday. The company also said it would return to publishing results on a monthly basis. Reporting by Elena Fabrichnaya; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Manhunt underway for ‘armed and dangerous’ suspect who shot 2 New Jersey police officers, officials say
▼ + stars: | 2022-11-02 | by ( Marlene Lenthang | Marlene Lenthang Is A Breaking News Reporter For Nbc News Digital. | ) www.nbcnews.com time to read: +2 min

A manhunt is underway for a suspect who shot two police officers at close range and left them hospitalized in Newark, New Jersey, on Tuesday, officials said. Police are searching for Kendall Howard, 30, describing him as “armed and dangerous” in connection with the Tuesday shooting. Police at the scene where two officers were shot, in Newark, N.J., on Nov. 1, 2022. Newark Mayor Ras Baraka said that a concerned citizen called police regarding a suspect in a previous shooting that took place Oct. 28. The other officers was shot in the leg and also remains hospitalized in stable condition.

☆ Ryan Fox: Heir to cricket and rugby excellence, New Zealand golfer blazes his own trail
▼ + stars: | 2022-10-28 | by ( Jack Bantock | ) edition.cnn.com time to read: +7 min

Central Press / Hulton Archive / Getty ImagesThen came Wallace’s son-in-law Grant Fox, a name that needs no introduction to anyone familiar with rugby. Both Wallace and Fox were individually honored during Queen Elizabeth’s reign for services to their sports. If that wasn’t enough family sporting heritage, Wallace’s brother and son – George and Gregory – both played first-class cricket for Auckland. “It’s pretty cool to be the third generation of my family to represent New Zealand,” Fox told CNN’s The Jazzy Golfer. Marty Melville / Getty ImagesNot playing his first tournament until 18, Fox was a late bloomer, but made up for lost time emphatically.

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. JPMorgan and Goldman Sachs made nearly $77 million and $42 million respectively in investment banking fees in Saudi Arabia last year, Refinitiv data showed. "For the most part, I do not see U.S. companies actively avoiding Saudi Arabia due to recent political tensions," said Adel Hamaizia, managing director at Highbridge Advisory and a visiting fellow at Harvard University. FDI FLATForeign direct investment still lags behind targets, though there has been movement in new sectors as the kingdom opens up. As Boeing netted an $80 million defence contract last year, Fedex announced a $400 million 10-year investment plan in the country, the Arab world's biggest economy.

☆ Lebanon says Israeli gunboat violated its waters, Israel denies it
▼ + stars: | 2022-10-18 | by ( ) www.reuters.com time to read: +1 min

Oct 18 (Reuters) - The Lebanese army said on Tuesday that an Israeli gunboat had violated Lebanese territorial waters on Monday morning, an allegation denied by Israel in the second such dispute this week as the countries work toward a maritime border demarcation. The alleged naval incursion took place in an area of the Mediterranean sea opposite Ras Naqura, the Lebanese army said. In response, an Israeli military spokesperson said "there was no crossing" into Lebanese terrorial waters on Monday. The countries are technically at war but this month clinched a U.S.-brokered agreement to demarcate a maritime border. On Sunday, the Lebanese army said Israeli gunboats had violated Lebanese territorial waters several times on Saturday opposite Ras Naqura.

Former Wall Street Journal reporter Jay Solomon poses for a photograph in front of a building in Bethesda, Maryland, U.S., September 28, 2022. REUTERS/Raphael SatterLaw firms Dechert LLP FollowWASHINGTON, Oct 15 (Reuters) - A former Wall Street Journal reporter is accusing a major U.S. law firm of having used mercenary hackers to oust him from his job and ruin his reputation. Azima - who filed his own lawsuit against Dechert on Thursday in New York - did not immediately return a message. read moreSolomon’s suit is the latest in a series of legal actions that follows Reuters’ reporting about hired hackers operating out of India. Reuters has reported that lawyers for Ras Al Khaimah’s investment agency – RAKIA – used the emails to help win a fraud lawsuit filed against Azima in London in 2016.

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