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Top related persons:
Carsten Fritsch - 3 Brent - 2 Mark Potter - 2 Andrew Kelly - 1 Waller - 1 Phil Flynn - 1 Commerzbank's Carsten Fritsch - 1 Christopher Waller - 1
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5 mentions found


☆ Oil prices rise over 2%; focus on OPEC+, storm-hit Kazakh output
  + stars: | 2023-11-28 | by ( Stephanie Kelly | Thomson Reuters | A New-York-Based Correspondent Covering The U.S. Crude Market | ) www.reuters.com   time to read: +3 min
OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. "According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.
Persons: Andrew Kelly, Waller, Phil Flynn, Commerzbank's Carsten Fritsch, Christopher Waller, Stephanie Kelly, Alex Lawler, Natalie Grover, Kim Coghill, David Goodman, David Gregorio Our Organizations: REUTERS, Brent, . West Texas, Organization of, Petroleum, Price Futures Group, United, Reuters, American Petroleum Institute, The U.S, Federal, Thomson Locations: Manhattan , New York City, U.S, Russia, Chicago, Angola, Nigeria, Saudi Arabia, Kuwait, United Arab Emirates
☆ IMF Outlook Worsens for a 'Limping' World Economy. Mideast War Poses New Uncertainty
  + stars: | 2023-10-10 | by ( Associated Press | Oct. | At A.M. | ) www.usnews.com   time to read: +5 min
The IMF said it expects global economic growth to slow to 2.9% in 2024 from an expected 3% this year. “The global economy is limping along, not sprinting," IMF chief economist Pierre-Olivier Gourinchas said at a news conference during the organization's annual meeting in Marrakech, Morocco. If sustained, a 10% increase in oil prices would reduce global economic growth by 0.15% and increase global inflation by 0.4%, Gourinchas said. So far, the increase in oil prices has been “fairly muted,” said Commerzbank commodities analyst Carsten Fritsch. The United States is a standout in the IMF’s latest World Economic Outlook, which was completed before the outbreak of war between Israel and Hamas.
Persons: Pierre, Olivier Gourinchas, “, Gourinchas, “ We’ve, ”, Carsten Fritsch Organizations: Hamas, International Monetary Fund, IMF, United Arab, U.S . Federal Reserve, Saudi Locations: Ukraine, Israel, Marrakech, Morocco, Palestinian, Gaza, Saudi Arabia, United Arab Emirates, Kuwait, Iraq, United States, U.S, Europe, Russia, Beijing
☆ Oil up $1 on tight U.S. supply, China demand
  + stars: | 2023-09-29 | by ( Robert Harvey | ) www.reuters.com   time to read: +2 min
An Aramco employee walks near an oil tank at Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File Photo Acquire Licensing RightsCompanies Saudi Arabian Oil Co FollowLONDON, Sept 29 (Reuters) - Oil prices rose on Friday and were headed for a gain of about 3% for the week, driven by tight U.S. supply and expectations of strong fuel demand in China during the Golden Week holiday. China's fuel demand was set to firm as the week-long Golden Week holiday began on Friday. "(An) increase in international travel during the Golden Week holiday is boosting Chinese oil demand," ANZ analysts said in a client note. Saudi Arabia and Russia's supply cuts will dominate oil prices for the remainder of this year, but a run towards $100 per barrel could be capped by macroeconomic headwinds, analysts said.
Persons: Ahmed Jadallah, Brent, Carsten Fritsch, Robert Harvey, Katya Golubkova, Sonali Paul, Mark Potter Organizations: REUTERS, Rights Companies Saudi Arabian Oil, . West Texas, ANZ, Golden, St . Petersburg International Mercantile Exchange, Reuters, Thomson Locations: Aramco, Saudi, Saudi Arabia, China, U.S, Cushing , Oklahoma, Russia, St
☆ Explainer: Why are OPEC+ supply cuts failing to boost oil prices?
  + stars: | 2023-07-04 | by ( ) www.reuters.com   time to read: +4 min
Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Here are the main reasons why OPEC+ output cuts are failing to significantly lift oil prices:CONCERNS ABOUT WEAK DEMANDData from China has sparked fears that the economic recovery from coronavirus lockdowns in the world's second-largest oil consumer is losing steam. The Energy Information Administration projects U.S. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast increase of 640,000 bpd. This compares with around 10 million bpd as recently as 2018. LESS BULLISHIn 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned traders against betting heavily in the oil market, saying those who gamble on the oil price would be "ouching like hell".
Persons: Brent, Carsten Fritsch, Tamas Varga, Prince Abdulaziz bin Salman, pare, Ole Hansen, Maha El Dahan, Ahmad Ghaddar, Mark Potter Organizations: of, Petroleum, Eurasia Group, U.S . Federal Reserve, International Energy Agency, OPEC, Energy Information Administration, Saudi Energy, Saxo Bank, Thomson Locations: DUBAI, LONDON, OPEC, Russia, Saudi Arabia, China, Japan, U.S, Eurasia, WTI
☆ Oil prices fall on economic fears, dollar strength
  + stars: | 2022-12-06 | by ( Rowena Edwards | ) www.reuters.com   time to read: +2 min
LONDON, Dec 6 (Reuters) - Oil prices fell in a volatile market on Tuesday as the U.S. dollar stayed strong and economic uncertainty offset the bullish impact of a price cap placed on Russian oil and the prospects of a demand boost in China. Brent crude futures fell $1.21, or $1.46%, to $81.47 a barrel by 1254 GMT. In China, more cities are easing COVID-19-related curbs, prompting expectations of increased demand in the world's top oil importer. The price cap adds to the disruption caused by the EU's embargo on imports of Russian crude by sea and similar pledges by the United States, Canada, Japan and Britain. Russia has declared its intention not to sell oil to anyone who signs up to the price cap.
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