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☆ Oil bounces as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Brent crude gained 37 cents, or 0.5%, to $79.41 a barrel by 1100 GMT while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $74.59. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine. It has since unwound most of this year's gains as supply concerns were edged out by recession fears, which remain a drag on prices. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil prices bounce as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

SummarySummary Companies Reopening of Chinese economy buoys demand hopesRising interest rates and recession fears weighU.S. to begin purchases for strategic reserveLONDON, Dec 19 (Reuters) - Oil prices rose on Monday after tumbling by more than $2 a barrel in the previous session as optimism over the Chinese economy outweighed concern over a global recession. China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Despite a surge in COVID cases, optimism over the reopening of the Chinese economy and its accommodative policy improve oil's demand outlook, said CMC Markets analyst Tina Teng. The U.S. Federal Reserve and European Central Bank raised interest rates last week and promised more. "The prospect of further rate rises will hit economic growth in the New Year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ OPEC's U.S. shale worries subside as it cuts forecast
▼ + stars: | 2022-12-16 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

On Tuesday, OPEC trimmed its forecast for 2023 growth in U.S. tight oil, another term for shale, to 780,000 barrels per day. The group kept its 2022 forecast unchanged at 590,000 bpd, having steadily cut the figure from 880,000 bpd in July. from OPEC's monthly oil market reportU.S. shale oil drillers over the last two decades helped to turn the United States into the world's largest producer. OPEC+ in October made its biggest output cut since the pandemic took hold in 2020. Rapid growth in shale has previously caused problems for OPEC, as when it helped to create a supply glut during 2014-2016.

☆ Oil rebounds from 2022 lows on China demand hopes, tanker delays
▼ + stars: | 2022-12-08 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China on Wednesday announced the most sweeping changes to its resolute anti-COVID regime since the pandemic began, while at least 20 oil tankers faced delays in crossing to the Mediterranean from Russia's Black Sea ports. Western officials were in talks with Turkish counterparts to resolve the tanker queues, a British Treasury official said on Wednesday, after the G7 and European Union rolled out new the restrictions on Dec. 5 aimed at Russian oil exports. The queues suggest that "available supply from the Black Sea is already affected by the punitive measure," said Tamas Varga of oil broker PVM. Concerns of economic slowdown, weakening fuel demand and the prospect of more interest rate hikes in the United States weighed. While U.S. crude inventories fell last week, gasoline and distillate inventories surged, adding to concern about easing demand.

☆ Oil falls close to 2022 lows on economic worries, easing supply fears
▼ + stars: | 2022-12-07 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Warnings from big U.S. banks about a likely recession next year weighed, and supported the U.S. dollar. A stronger dollar makes oil more expensive for holders of other currencies and tends to dampen appetite for risk assets. Fears were easing that the price cap on Russian crude could cause a supply shock. "Clearly, investors are not worried the least about any potential supply shortage that might be the result of the price cap and the EU ban on Russian oil sales." In focus is the latest U.S. supply report from the Energy Information Administration due at 1530 GMT and whether it confirms the large decline in crude stocks.

Summary No discussions of Russian price cap so far - delegatesOil prices have come under pressure from weak economyLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ agreed to stick to its oil output targets at a meeting on Sunday, two OPEC+ sources told Reuters. The decision comes two days after the Group of Seven (G7) nations agreed a price cap on Russian oil. Oil prices have declined since October due to slower Chinese and global growth and higher interest rates. On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. Moscow said it would not sell its oil under the cap and was analysing how to respond.

Summary OPEC+ to begin virtual talks at 1100 GMTNo discussions of Russian price cap so far - delegatesWill keep existing cuts in placeLONDON/DUBAI, Dec 4 (Reuters) - OPEC+ is poised to stick to its oil output targets when it meets on Sunday, four OPEC+ sources said as the alliance gathers after the Group of Seven (G7) nations agreed a price cap on Russian oil. Washington accused the group and one of its leaders, Saudi Arabia, of siding with Russia despite Moscow's war in Ukraine. OPEC+ argued it had cut output because of a weaker economic outlook. OPEC met virtually on Saturday without Russia and allies and did not discuss the Russian price cap, sources have said. OPEC+ begins talks at 1100 GMT with a meeting of the advisory Joint Ministerial Monitoring Committee (JMMC) panel, followed by the full ministerial conference.

On Friday, G7 nations and Australia agreed a $60 per barrel price cap on Russian seaborne crude oil in a move to deprive President Vladimir Putin of revenue while keeping Russian oil flowing to global markets. OPEC virtually met on Saturday without allies such as Russia and discussed mostly administrative matters, sources said. The ministers did not discuss the Russian price cap. Five OPEC+ delegates said on Saturday the OPEC+ meeting on Sunday would likely approve a policy rollover. On Friday, two separate OPEC+ sources said a further output cut was not completely off the table given concern about economic growth and demand.

"It is unlikely there will be any change to the policy," an OPEC+ source said. Talks begin on Saturday when OPEC ministers hold a virtual meeting at 1100 GMT. Some OPEC+ delegates and analysts are not ruling out a surprise at Sunday's meeting. JPMorgan, in a report this week, said OPEC+ was likely to hold the line at the meeting while leaving the door open to a cut of more than 500,000 bpd if demand deteriorates further. Reporting by Alex Lawler, Maha El Dahan, Ahmad Ghaddar and Rowena Edwards; Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

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.

NEW YORK, Nov 28 (Reuters) - The global oil market is signaling a potential shift, as traders and analysts worry about reduced crude demand and an oversupplied market in the coming months. On Dec. 5, a European Union ban on Russian crude imports is set to start, along with a plan by the G7 nations to force shippers to comply with a price cap on Russian oil sales. In the last week, crude futures contracts have flipped in and out of contango, where the prompt price of a commodity is lower than the future price, which suggests short-term weakness. Offers of Angolan and other West African crude oil to China, a main customer, are a barometer of physical crude demand from the country. In addition, European refiners have found themselves oversupplied with crude as an expected shortage owing to the looming EU ban on Russian oil has yet to materialise.

☆ 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.

☆ 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.

☆ Oil falls on easing geopolitical tensions, China demand outlook
▼ + stars: | 2022-11-17 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +2 min

"Thankfully, those fears have abated and the situation de-escalated, which has seen oil gains unwound," said Craig Erlam, senior market analyst at OANDA. Brent crude fell $2.13 to $90.73 a barrel, a 2.3% loss, by 10:58 a.m. China reported rising daily COVID-19 infections and Chinese refiners have asked to reduce Saudi crude volume in December, Reuters has reported, while also slowing Russian crude purchases. "Struggling Chinese consumption is embodied in sinking domestic need for both Russian and Saudi crude oil," said Tamas Varga of oil broker PVM. Oil gained some support from official figures that U.S. crude stocks fell by a bigger than expected 5 million barrels in the most recent week.

☆ Petro-Logistics says OPEC appears to be making oil output cut
▼ + stars: | 2022-11-16 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Companies Petro Logistics LLC FollowLONDON, Nov 16 (Reuters) - Crude oil exports by OPEC have fallen significantly so far this month, leading tanker-tracker Petro-Logistics said on Wednesday, suggesting members are delivering on their share of the output cut agreed by the group and its allies. OPEC+, which groups the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies, decided to cut output by 2 million barrels per day, about 2% of world output, from November as concerns of recession grow. The view from Petro-Logistics is an early assessment of the extent to which OPEC is delivering on the OPEC+ cuts, which it said were decided in the light of an uncertain global economic outlook. "I would expect OPEC exports to be down by as much as 1 million barrels per day in November, which suggests that the OPEC+ cuts are being implemented as promised," he said. OPEC is scheduled in its next Monthly Oil Market Report on Dec. 13 to publish production figures for November.

☆ OPEC cuts oil demand growth forecast again as economic challenges mount
▼ + stars: | 2022-11-14 | by ( Alex Lawler | ) www.reuters.com time to read: +1 min

LONDON, Nov 14 (Reuters) - OPEC on Monday cut its forecast for 2022 global oil demand growth for a fifth time since April and also trimmed next year's figure, citing mounting economic challenges including high inflation and increases to interest rates. "The world economy has entered a period of significant uncertainty and rising challenges in the fourth quarter of 2022," OPEC said in the report. The group, which recently cut production targets, will remain cautious, Saudi Arabia's energy minister was quoted as saying last week. For October, with oil prices weakening on recession fears, the group made a 100,000 bpd cut to the OPEC+ production target, with an even bigger reduction starting in November. The report said that OPEC output fell by 210,000 bpd in October to 29.49 million bpd, more than the pleged OPEC+ reduction.

☆ Oil prices rise 1% after tepid U.S. inflation data
▼ + stars: | 2022-11-10 | by ( Shariq Khan | ) www.reuters.com time to read: +2 min

After three days of declines, crude futures rallied after the inflation data supported investor hopes that the U.S. Federal Reserve would temper its interest rate hikes, which could support oil demand. "(Consumer Price Index data) could be the turning point investors have craved," said Craig Erlam, senior market analyst at OANDA. Brent crude rose 94 cents, or 1%, to $93.59 a barrel by 12:52 a.m. EDT (1752 GMT). U.S. West Texas Intermediate crude rose 69 cents, or 0.8%, to $86.52. The U.S. dollar index , as the sunny economic data lured investors away from the safe-haven greenback towards riskier assets including oil.

"We are only a phone call away if the requirements are there," he said. OPEC+ faced one of its biggest clashes with the West after it agreed oil production cuts in October, a decision the U.S. administration called shortsighted. OPEC+ producers rallied around top oil exporter Saudi Arabia after the United States accused it of pushing members into the cut. Saudi Arabia and the UAE, two of the world's biggest oil producers, are boosting output and refining, and working on clean hydrogen, Saudi Energy Minister Prince Abdulaziz bin Salman said on Monday. The UAE is releasing its first revision of its energy plan in 2023, which will increase its green targets, Mazrouei said.

☆ OPEC raises long-term oil demand view, calls for investment
▼ + stars: | 2022-10-31 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Summary OPEC raises 2030, 2045 oil demand forecastsMaintains view that oil demand will plateau after 2035Sees $12.1 trillion of oil investment needed to 2045ABU DHABI, Oct 31 (Reuters) - OPEC raised its forecasts for world oil demand in the medium-and longer-term in an annual outlook released on Monday and said$12.1 trillion of investment is needed to meet this demand despite the energy transition. Another decade of oil demand growth would be a boost for OPEC, whose 13 members depend on oil income. In the report, OPEC maintained its view that world demand will plateau after 2035.Other predictions from companies and banks see oil demand peaking earlier. ENERGY SECURITY DEMAND BOOSTThe report said world oil demand will reach 103 million barrels per day in 2023, up 2.7 million bpd from 2022. By 2030, OPEC sees world demand averaging 108.3 million bpd, up from 2021, and lifted its 2045 figure to 109.8 million bpd from 108.2 million bpd in 2021.

☆ OPEC expected to stick to view of long-term oil demand rise
▼ + stars: | 2022-10-28 | by ( Alex Lawler | ) www.reuters.com time to read: +4 min

The Organization of the Petroleum Exporting Countries is scheduled to update its long-term oil demand forecasts in its 2022 World Oil Outlook on Oct. 31. The 2021 version sees oil demand plateauing after 2035. The latest update is likely to keep OPEC among the more optimistic forecasters of oil demand. OPEC World Oil Outlook 2021"It is similar to last year in terms of the demand outlook," one of the OPEC sources said. LOWER PROJECTIONSLast year, OPEC saw oil demand reaching 108.2 million barrels per day in 2045, up from 90.6 million bpd in 2020.

☆ Oil prices settle up; China demand hopes outweigh recession worry
▼ + stars: | 2022-10-21 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Register now for FREE unlimited access to Reuters.com RegisterBrent crude settled at $93.50 a barrel, up $1.12, or 1.2%. U.S. West Texas Intermediate crude (WTI) settled at$85.05 a barrel, up 54 cents, 0.6%. Swings in the U.S. dollar, which typically moves inversely with oil prices, added to choppy trade. China, the world's largest crude importer, has stuck to strict COVID-19 curbs this year, weighing heavily on business and economic activity and reducing demand for fuel. U.S. oil rigs rose two to 612 this week, their highest since March 2020, while gas rigs were unchanged at 157.

☆ OPEC cuts 2022, 2023 oil demand growth view as economy slows
▼ + stars: | 2022-10-12 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Even after the downgrade, OPEC still expects demand growth to be stronger this year and next than the International Energy Agency, which issues its latest forecasts on Thursday. Next year, OPEC sees oil demand rising by 2.34 million bpd, 360,000 bpd less than previously forecast, to 102.02 million bpd. OPEC cut its 2022 global economic growth forecast to 2.7% from 3.1%, trimmed next year's figure to 2.5% and said there was potential for further weakness. The report showed OPEC output rose by 146,000 bpd to 29.77 million bpd in September, led by Saudi Arabia and Nigeria. Still, the OPEC+ output cut agreed last week runs for all of 2023 and is much larger, at 2 million bpd.

Brent crude settled down $1.90, or 2%, to $94.29 a barrel while U.S. West Texas Intermediate crude settled down $1.78, or 2%, to $89.35. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. U.S. crude oil stockpiles were expected to have risen last week after having fallen the prior two weeks, a preliminary Reuters poll showed on Tuesday. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said inflation remained a continuing problem. Brent crude was down $1.62, or 1.7%, to $94.57 a barrel by 12:14 p.m. EDT (1614 GMT). Oil also came under pressure from a strong dollar, which hit multi-year highs on worries about interest rate increases and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite. President Joe Biden is re-evaluating the U.S. relationship with Saudi Arabia after OPEC+ announced last week it would cut oil production, White House national security spokesman John Kirby said on Tuesday.

☆ Oil falls on recession fears and China COVID worries
▼ + stars: | 2022-10-11 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

World Bank President David Malpass and International Monetary Fund Managing Director Kristalina Georgieva warned on Monday of a growing risk of global recession and said that inflation remains a continuing problem. Register now for FREE unlimited access to Reuters.com Register"There is growing pessimism in the markets now," said Craig Erlam of brokerage OANDA. Those worries aside, fears of a further hit to demand in China also weighed. read moreOil also came under pressure from a strong dollar, which hit multi-year highs on worries about increases to interest rates and escalation of the Ukraine war. A strong dollar makes oil more expensive for buyers with other currencies and tends to weigh on risk appetite.

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