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☆ Oil prices continue to rally on tight supply
▼ + stars: | 2023-09-18 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Oil tankers sail along Nakhodka Bay near the port city of Nakhodka, Russia August 12, 2022. China, considered the engine of oil demand growth, remains possibly the biggest risk because of its sluggish post-pandemic economic recovery. "Lack of protracted progress, nonetheless, will be viewed as a major setback on the demand side," said Tamas Varga of oil broker PVM. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand." "The question is, will the Saudis continue to maintain the deficit given the risk that higher prices must surely, at some point, stimulate US shale (oil output)," Investec analyst Callum Macpherson said.

Persons: Tatiana Meel, Brent, WTI, Tamas Varga, PVM's Varga, Callum Macpherson, Natalie Grover, Florence Tan, Sudarshan, David Goodman Organizations: REUTERS, Brent, West Texas, XM, U.S . Federal Reserve, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, Europe, China, London, Singapore

This was reversed in August as strong crude imports and steady domestic output outweighed the record refinery processing rates. This was up 19.6% from the same month in 2022 and also stronger than July's 14.87 million bpd. Crude imports were 12.43 million bpd in August, the third-highest daily rate on record and up 20.9% from July and 30.9% from August last year. Subtracting processing of 15.23 million bpd leaves a surplus of 1.32 million bpd that flowed into storage tanks. The question is how will China's refiners respond to the higher crude oil prices?

Persons: shouldn't, China doesn't, China's, refiners, Sam Holmes Organizations: National Bureau of Statistics, Brent, Saudi, Reuters, Thomson Locations: LAUNCESTON, Australia, China, OPEC, pare, Iran, Russia, Venezuela

☆ Oil Prices Head Toward Fresh High
▼ + stars: | 2023-09-18 | by ( ) www.wsj.com time to read: 1 min

Oil prices continue to grind higher , putting global benchmark Brent crude on track for its highest closing level in almost a year. Most-active futures contracts rose 0.5% Monday to $94.41 a barrel. Supply cuts by Saudi Arabia and Russia have helped spur a 25% rise in crude prices in the third quarter. The advance has led to higher fuel bills and complicated the Federal Reserve's task of bringing down inflation. The central bank is expected to keep interest rates on hold Wednesday while leaving open the possibility of further hikes.

Organizations: Brent Locations: Saudi Arabia, Russia

☆ Oil just hit its highest level of the year — and some analysts expect a return to $100 before 2024
▼ + stars: | 2023-09-15 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

In an aerial view, oil storage tanks are shown at the Enterprise Sealy Station on August 28, 2023 in Sealy, Texas. Oil prices climbed to their highest level of the year this week, extending a rally that has put a return to $100 a barrel sharply into focus. Indeed, some analysts believe crude prices could hit this milestone before year-end. Analysts at Bank of America have indicated they now believe oil prices could soon spike beyond triple digits. "Should OPEC+ maintain the ongoing supply cuts through year-end against Asia's positive demand backdrop, we now believe Brent prices could spike past $100/bbl before 2024," analysts led by Francisco Blanch said Tuesday in a research note.

Persons: Brent, WTI, Francisco Blanch Organizations: Enterprise, Brent, . West Texas Intermediate, Saudi, Bank of America, bbl Locations: Sealy , Texas, London, Saudi Arabia, Russia

The Organization of the Petroleum Exporting Countries (OPEC) on Tuesday stuck to its forecasts for robust growth in global oil demand in 2023 and 2024. Both benchmarks climbed to 10-month highs on Wednesday before data showed a surprise build in U.S. crude and fuel inventories that worried markets about demand. U.S. crude inventories rose by 4 million barrels last week, confounding analysts' expectations in a Reuters poll for a 1.9 million-barrel drop. Fuel inventories also rose more than expected as refiners stepped up activity. Higher interest rates increase borrowing costs for businesses and consumers, which could slow economic growth and reduce oil demand.

Persons: refiners, buoying, Arathy Somasekhar, Leslie Adler Organizations: Brent, U.S, West Texas, International Energy Agency, of, Petroleum, Reserve, Thomson Locations: Saudi Arabia, Houston

European stocks (.STOXX) fell as much as 0.5% in early trading, with rate-sensitive tech stocks (.SX8P) losing 0.8%. And the latest spike in oil prices to 10-month highs is unlikely to escape the Fed's attention. Fuelling worries over persistent inflation were oil prices, which firmed after hitting a 10-month peak a day earlier. ECB HIKE BETSThe euro was down 0.1% at $1.074, after nearing one-week highs on the Reuters story which was published late on Tuesday. "The leak raises the possibility of a hawkish hike which would be much more supportive for the EUR," said Steve Englander, global head of G10 FX research at Standard Chartered, referring to the Reuters report.

Persons: Androniki, Robert Alster, you'll, Steve Englander, Tom Wilson, Stella Qiu, Shri Navaratnam, Christina Fincher Organizations: Nikkei, REUTERS, Consumer, Index, Federal Reserve, Management, European Central Bank, Reuters, ECB, Nasdaq, Brent, U.S, West Texas, Markets, Standard Chartered, Thomson Locations: Tokyo, Japan, SYDNEY, Asia, Pacific, London, Sydney

Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. REUTERS/Agustin Marcarian/File Photo Acquire Licensing RightsSept 13 (Reuters) - Oil rose on Wednesday, firming its ground near a 10-month peak reached during trading a day earlier, as the market balanced supply concerns over Libya output and OPEC+ cuts with global macroeconomic headwinds. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute (API) figures on Wednesday. Crude stocks rose by about 1.2 million barrels in the week ended Sept. 8, against analysts estimate of a draw of about 1.9 million barrels. Gasoline inventories rose by about 4.2 million barrels, while distillate inventories rose by about 2.6 million barrels.

Persons: Agustin Marcarian, Satoru Yoshida, Yoshida, Izvestia, Nikolai Shulginov, Brent, Yuka Obayashi, Muyu Xu, Stephen Coates, Jamie Freed, Miral Organizations: REUTERS, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, Energy, American Petroleum Institute, Federal Reserves, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Libya, China, Saudi Arabia, Russia, OPEC

☆ Oil prices hover near 10-month high on supply concerns
▼ + stars: | 2023-09-13 | by ( ) www.cnbc.com time to read: +2 min

Oil prices are expected to increase in the second half of 2023, according to the International Energy Forum. Oil prices edged higher on Wednesday, hovering at a new 10-month high hit the previous day, as expectations of tighter global supply and fears of supply disruption in Libya outweighed concerns of slower demand in some countries such as China. The news of OPEC member Libya shutting four of its eastern oil export terminals due to a deadly storm also lent support to oil prices, he added. The EIA, meanwhile, said global oil inventories were expected to decline by almost a half million bpd in the second half of 2023, causing oil prices to rise with Brent averaging $93 per barrel in the fourth quarter. But U.S. crude oil, distillate and gasoline stockpiles rose last week, according to market sources citing American Petroleum Institute figures on Wednesday.

Persons: LCOc1, Satoru Yoshida, Yoshida, Brent Organizations: International Energy, Brent, U.S, West Texas, OPEC, U.S . Energy, Rakuten Securities, Libya, of, Petroleum, American Petroleum Institute Locations: Libya, China, Saudi Arabia, Russia, OPEC

Still, oil demand at the world's biggest oil importer has so "far remained remarkably unaffected by its economic downturn", the IEA said. Estimates of global demand and supply this year and next differ markedly depending on the forecaster. The IEA estimates 2023 global demand to grow by 2.2 million bpd, while OPEC expects growth of 2.44 million bpd. The IEA expects growth to slow sharply to 1 million bpd, while OPEC has a far rosier estimate of 2.25 million bpd. Meanwhile, the U.S government's Energy Information Administration has forecast demand growth at 1.81 million bpd for 2023 and 1.36 million bpd next year.

Persons: Jean, Paul Pelissier, Tamas Varga, PVM, Natalie Grover, Alex Lawler, Louise Heavens, Jason Neely Organizations: REUTERS, Rights Companies, Rights Companies Danang Petroleum Machinery Technology JSC, International Energy Agency, OPEC, Brent, IEA, U.S government's Energy, Administration, Thomson Locations: Marseille, France, Rights Companies Danang, Saudi Arabia, Russia, OPEC, United States, Brazil, Iran, China, Asia, Africa, Latin America, London

☆ Oil prices stable as market awaits data on inventories, economy
▼ + stars: | 2023-09-12 | by ( ) www.cnbc.com time to read: +1 min

OPEC Secretary General Haitham Al Ghais said finger-pointing and misrepresenting the actions of OPEC and OPEC+ was "counterproductive." Investors awaited industry data on U.S. crude stockpiles due at 2030 GMT on Tuesday. Crude inventories were expected to have fallen by about 2 million barrels in the week to Sept. 8, a preliminary Reuters poll showed on Monday. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lackluster macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast for 2024 unchanged.

Persons: Haitham Al Ghais, Brent, OPEC's Organizations: Brent, U.S, West Texas, Investors, European Central Bank, European, International Energy Agency, Organization of, Petroleum, IEA Locations: OPEC, Europe, U.S, Saudi Arabia, Russia

☆ Brent falls below $90/bbl, pausing rally, on weaker demand outlook
▼ + stars: | 2023-09-07 | by ( Erwin Seba | ) www.reuters.com time to read: +3 min

Brent crude futures settled 68 cents, or 0.8%, lower at $89.92 a barrel, after trading between $89.46 and $90.89. U.S. West Texas Intermediate crude (WTI) futures finished down 67 cents, or 0.8%, at $86.67 a barrel, after trading between $86.39 and $87.74. Thursday's fall came after nine straight sessions of gains in WTI and seven straight gains in Brent. But crude imports surged 30.9%. "The wind has been taken out of the bulls' sail overnight by rising Chinese product exports last month, albeit crude oil imports rose," PVM Oil analyst Tamas Varga said.

Persons: Agustin Marcarian, Thursday's, Prices, Dennis Kissler, John Kilduff, Tamas Varga, Leon Li, Erwin Seba, Arathy Somasekhar, Ahmad Ghaddar, Trixie Yap, Marguerita Choy, Frances Kerry, Nick Macfie Organizations: REUTERS, HOUSTON, Brent, . West Texas, U.S, BOK, Again, Markets, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Iran, Venezuela, WTI, Brent, Saudi Arabia, Russia, China, Saudi, U.S, Shanghai, Houston, London, Singapore

☆ G7 shelves regular Russian oil cap reviews as prices soar - sources
▼ + stars: | 2023-09-06 | by ( Julia Payne | ) www.reuters.com time to read: +4 min

BRUSSELS, Sept 6 (Reuters) - The G7 and allies have shelved regular reviews of the Russian oil price cap scheme, people familiar with the matter told Reuters, even though most Russian crude is trading above the limit because of a rally in global crude prices. The Group of Seven (G7) countries along with the European Union and Australia imposed the price cap mechanism on Russian oil last December, followed by a cap on fuel from February. The idea was spearheaded by Washington to cut Moscow's revenues amid its war on Ukraine while avoiding market disruptions as a result of an EU ban on Russian oil. According to LSEG data, Russian crude has been trading above the cap since mid-July and is currently being traded at around $67 a barrel at Russian crude terminals. Russian refined products such as fuel oil and diesel have also surpassed their caps.

Persons: Julia Payne, Tomasz Janowski Organizations: Reuters, European Union, General Assembly, Brent, U.S . Treasury, Thomson Locations: BRUSSELS, Australia, United States, Washington, Ukraine, Russian Urals, Russia, Western, Russian, U.S

DUBAI, United Arab Emirates (AP) — Saudi Arabia and Russia agreed Tuesday to extend their voluntary oil production cuts through the end of this year, trimming 1.3 million barrels of crude out of the global market and boosting energy prices. The decision “is aimed at strengthening the precautionary measures taken by OPEC+ countries in order to maintain stability and balance of oil markets,” Novak said. There was no immediate reaction in Washington, though U.S. lawmakers have criticized OPEC, Saudi Arabia and Russia over their past production decisions. The Saudi reduction, which began in July, comes as the other OPEC+ producers have agreed to extend earlier production cuts through next year. But Saudi Arabia also has to manage its relationship with Washington.

Persons: Joe Biden, Alexander Novak, ” Novak, Brent, Biden, Prince Mohammed bin Salman, Jamal Khashoggi, Prince Mohammed, Vladimir Putin Organizations: United Arab Emirates, Brent, Saudi Press Agency, OPEC, Energy Ministry, Benchmark Brent, AAA, Labor, Washington, Washington Post, U.S Locations: DUBAI, United Arab, Saudi Arabia, Russia, Riyadh, Moscow, Saudi, United States, Ukraine, Washington, U.S, China, Israel, America, Iran, India

Deputy Prime Minister of Russia Alexander Novak arrives for an OPEC meeting in Vienna, Austria, June 4, 2023. Russia, the world's second largest oil exporter, has been cutting output and exports in tandem with Saudi Arabia on top of existing OPEC+ supply reductions. Novak, Russian President Vladimir Putin's point man on oil, first mentioned a new deal on oil export cuts last week without disclosing parameters. Russia had said it would voluntarily cut oil exports by 500,000 barrels per day, or around 5% of its output, in August and by 300,000 bpd in September. Russia is also reducing its oil production by 500,000 bpd until the end of 2024.

Persons: Alexander Novak, Leonhard Foeger, Novak, Vladimir Putin's, Vladimir Soldatkin, Oksana Kobzeva, Mark Trevelyan, Kevin Liffey Organizations: REUTERS, Rights, Brent, OPEC, Thomson Locations: Vienna, Austria, Russia, Saudi Arabia

☆ The greenback is 'losing some influence' in the oil markets — and it means a partial de-dollarization is likely, says JPMorgan
▼ + stars: | 2023-09-05 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The US dollar is losing some influence in the oil markets, according to JPMorgan. The correlation between the USD's strength and oil prices has weakened, per the bank's research. The analyst drew the conclusion by looking at the impact of a strengthening dollar on oil prices. AdvertisementAdvertisementThe relationship exists because the dollar is traditionally inversely correlated to oil prices — meaning that when the greenback's value rises, oil prices fall, and vice versa. This trend is because more oil is now being transacted in non-dollar currencies, JPMorgan said in its report, such as the Chinese yuan.

Persons: Natasha Kaneva, Kaneva, Jahangir Aziz, —, It's Organizations: JPMorgan, Service, Brent, Reuters, Russia Locations: Wall, Silicon, China, Russia, Ukraine, Washington

☆ India isn't over dependent on Russian oil, Indian energy minister says
▼ + stars: | 2023-08-25 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +2 min

"India doesn't get over dependent on anyone," Hardeep Singh Puri told CNBC's Tanvir Gill when asked if his country was too dependent on the Kremlin. Moscow has since leapfrogged to become India's leading source of crude oil, accounting for about 40% of India's crude imports. Hardeep Singh Puri India's Minister of Petroleum and Natural GasIndia is the world's third largest energy importer, and purchases more than 80% of its crude oil from international markets. Asked if India was getting a $15 or $30 discount per barrel on Russian crude, Puri said: "Yes, there have been discounts. According to data from S&P Global in July, India's crude oil sources come largely from Middle East and Russia.

Persons: Hardeep Singh Puri, CNBC's Tanvir Gill, India's, Puri Organizations: India's, Petroleum, Natural Gas, CNBC, P Global, Brent, U.S . West Texas, West Texas Locations: India, Russia, Ukraine, Moscow, Natural Gas India, Iraq, Saudi Arabia, UAE, Kuwait, Middle East, U.S

LAUNCESTON, Australia, Aug 17 (Reuters) - China made a rare draw on crude oil inventories in July as imports softened and refinery processing remained elevated to meet rising domestic demand and a surge in refined fuel exports. China doesn't disclose the volumes of crude flowing into or out of strategic and commercial stockpiles, but an estimate can be made by deducting the amount of crude processed from the total of crude available from imports and domestic output. The volume of crude available to refiners was 14.36 million bpd, consisting of imports of 10.29 million bpd and domestic output of 4.07 million bpd. Subtracting the refinery throughput from the total crude available leaves a deficit of 510,000 bpd. Imports dropped 2.38 million bpd in July from June's 12.67 million bpd, and were the lowest monthly total since January.

Persons: China doesn't, refiners, Brent, Robert Birsel Organizations: National Bureau of Statistics, Brent, Refinitiv Oil Research, Reuters, Thomson Locations: LAUNCESTON, Australia, China, storages, June's, East, Saudi Arabia, Brent, Singapore

☆ Americans can't get a break thanks to surging mortgages, food and fuel costs. Here's all the ways consumers are getting screwed.
▼ + stars: | 2023-08-12 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +4 min

Americans can't get a break financially, largely thanks to higher interest rates and "greedflation." The US economy may be in good shape, but Americans are getting squeezed from all sides. On top of that, it's become more expensive to pay back debt in a world of higher interest rates. US mortgage rate are at 23-year highsHigher interest rates influence mortgage rates. Mortgage rates tend to fluctuate with 10-year Treasury yields, given lenders typically tie rates to the yield of the 10-year bond.

Persons: it's, Freddie Mac, Fitch, Larry McDonald, Paul Krugman, That's Organizations: Morning, Federal Reserve, U.S, AAA, Brent, West Texas Intermediate Locations: Ukraine, Saudi Arabia, Russia

☆ US gas prices are surging to their highest level since October 2022 – and economists are warning of an inflation 'smile'
▼ + stars: | 2023-08-07 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +2 min

US gas prices are on the rise again, stoking concerns that it could fuel inflation. The average gallon of gas traded at $3.89, its highest level since October 2022. The average gallon of gas traded at $3.89, its highest level since October 2022, per AAA. The surge in gas prices comes amid rising oil prices, largely spurred by supply cuts by key producers including Saudi Arabia and Russia. Mark Zandi, chief economist of Moody's Analytics, said the spike in oil prices were a threat to his optimism about US inflation.

Persons: Mohamed El, Erian, Mark Zandi Organizations: Federal Reserve, AAA, Brent, West Texas Intermediate, Allianz Locations: Saudi Arabia, Russia

☆ Oil prices are up 20% and energy stocks are rebounding
▼ + stars: | 2023-08-04 | by ( Krystal Hur | ) edition.cnn.com time to read: +5 min

New York CNN —Energy stocks are making a comeback after being left for dead earlier this year. Energy stocks faltered in the beginning of the year, defying investors’ expectations for last year’s boom to accelerate on a lack of global supply. That drop in energy stocks came despite OPEC+ producers, the cartel of oil producing countries plus Russia, announcing several output cuts in a bid to bump up crude prices. US WTI crude oil prices have gained 22% since June 11, while global benchmark Brent is up by 19%. Jobs report will likely be strongMarkets and economists are expecting another solid jobs report on Friday, reports my colleague Alicia Wallace.

Persons: That’s, what’s, ”, Rebecca Babin, Chevron, Derek Amey, Jobs, Alicia Wallace, Daniel Zhao, Refinitiv, Read, Here’s what’s, Danielle Wiener, Bronner, We’ve, ” Read Organizations: CNN Business, Bell, New York CNN — Energy, Energy, OPEC, Brent, Federal Reserve, CIBC Private Wealth, titans, Shell, Reuters, Glassdoor, USA Rice Federation Locations: New York, Russia, Saudi Arabia, China

Russia remained the top supplier to China, with pipeline and seaborne arrivals of 2.04 million bpd in July, which was down from June's 2.56 million bpd. However, it was still enough to exceed imports from Saudi Arabia, which Refinitiv estimated at 1.82 million bpd in July, down from 1.94 million bpd in June. It's also worth noting that much of the strength in China's crude imports is because of massive inflows into commercial or strategic storages. India's refiners continue to gorge on discounted Russian crude, with arrivals in July estimated at an all-time high of 2.08 million bpd. Japan's July oil imports are estimated at 2.49 million bpd, up from June's 2.11 million bpd, while South Korea's are put at 2.76 million bpd, up from 2.53 million bpd in June.

Persons: Amit Dave LAUNCESTON, It's, China doesn't, India's refiners, Brent, Clyde Russell, Christopher Cushing Organizations: REUTERS, Refinitiv Oil Research, Brent, OPEC, Reuters, Thomson Locations: Vadinar, Gujarat, India, Australia, China, Asia, Russia, June's, Saudi Arabia, OPEC, Angola, Oman, East, Iraq, Moscow, South, North Asia

☆ Stock Market Today: Nasdaq, Dow Close Lower as Earnings Continue; U.S. Credit Downgraded
▼ + stars: | 2023-08-02 | by ( ) www.wsj.com time to read: +1 min

Stocks finished lower as investors parsed earnings and stronger-than-expected employment data and Fitch downgraded the U.S.'s credit rating . “Earnings are coming in a bit more lackluster.”Companies reporting earnings early Wednesday included CVS Health, Humana, Kraft Heinz and Carlyle Group . Stocks fell. The Dow, S&P 500 and Nasdaq notched declines, with the Nasdaq off more than 2%. The 30-year yield also finished at its highest level since November.

Persons: Stocks, Fitch, ”, Laura Cooper, Kraft Heinz, Dow, Brent Organizations: BlackRock, ”, CVS Health, Humana, Kraft, Carlyle Group, Nasdaq, Devices, Treasury, Global Locations: U.S

Companies International Monetary Fund FollowISLAMABAD, Aug 1 (Reuters) - Pakistan announced an increase in petrol and diesel prices on Tuesday to better reflect rising international prices and to raise revenue to meet the objectives of an International Monetary Fund (IMF) bailout. In a recorded video statement, Finance Minister Ishaq Dar said gasoline, or petrol, prices would be raised by 19.95 Pakistani rupees to 272.95 Pakistani rupees ($0.952) per litre and diesel by 19.90 rupees to 273.40 rupees per litre, an increase of 7.8% for both fuels. Fuel prices have increased sharply in global markets in the last 15 days, Dar said, adding his government had tried to minimise the hike. The IMF has also called on Pakistan to maintain a tight monetary policy. The central bank on Monday, however, kept the policy rate steady at 22%, with its governor saying the lender's requirement of tight policy didn't necessarily mean raising the rate.

Persons: Ishaq Dar, Dar, Asif Shahzad, Kim Coghill, Jamie Freed, Christian Organizations: International Monetary, International Monetary Fund, Brent, IMF, Thomson Locations: Pakistan, Islamabad

LONDON/HOUSTON/SINGAPORE, July 31 (Reuters) - Oil inventories are beginning to fall in some regions as demand outpaces supply constrained by deep production cuts from OPEC leader Saudi Arabia, providing support for prices which are expected to rise in coming months. JP Morgan analysts said this month that oil inventories - which include crude and fuel products - now play a bigger role in determining oil prices than the U.S. dollar because Western sanctions on Russia have accelerated oil trading in other currencies. Stock declines have been geographically uneven so far, with inventory falls in the United States and Europe offset by increases in China and Japan. Weekly stocks of diesel, jet fuel and fuel oil in the five regions are also currently below their five-year averages. Crude inventories in Japan have added 25 million barrels, or 8%, since April to stand at their highest in nearly two years, according to Kayrros.

Persons: Morgan, Christopher Haines, Cushing, Kayrros, Antoine Halff, Macquarie, Vikas Dwivedi, JP Morgan, Dwivedi, we've, Muyu Xu, Stephanie Kelly, Simon Webb, Kirsten Donovan Organizations: U.S, Energy, International Energy Agency, Organization of, Petroleum, OECD, OPEC, UBS, U.S . Energy Information Administration, Reuters Graphics Reuters, FGE Energy, United Arab, Reuters Graphics, Macquarie, Thomson Locations: HOUSTON, SINGAPORE, Saudi Arabia, Russia, United States, Europe, China, Japan, Saudi, Oklahoma, Singapore, Fujairah, United Arab Emirates, Mideast, Ukraine, Portugal, Reuters Graphics China, Iran, Venezuela, North Africa, Asia, New York

☆ Exxon profits slump 56%, joins global peers in energy price hit
▼ + stars: | 2023-07-28 | by ( Sabrina Valle | ) www.reuters.com time to read: +4 min

Profits for global oil majors have dropped by about half from a bumper 2022, when Russia's invasion of Ukraine sent oil and gas prices soaring. Excluding last year's record second quarter, however, Exxon posted its strongest result for the April-to-June quarter in more than a decade, the largest U.S. oil company said, helped by cost cuts and the sale of less profitable assets. "You would have to go back to the second quarter of 2011 to find the last time we produced this level of earnings in the second quarter" excluding last year, she said. "Exxon results came in slightly weaker than expected across earnings and cash flow," RBC analyst Biraj Borkhataria wrote in a note. It distributed about $8 billion in cash to shareholders in the second quarter, including about $3.7 billion in dividends.

Persons: Kathryn Mikells, Biraj Borkhataria, Darren Woods, Woods, Mikells, Sabrina Valle, Sonali Paul, Jason Neely, Marguerita Choy Organizations: Exxon, Reuters, RBC, Chevron, Brent, Reuters Graphics Reuters, Thomson Locations: Ukraine, U.S, Guyana

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