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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

[1/2] An aerial view shows a crude oil tanker at an oil terminal off Waidiao island in Zhoushan, Zhejiang province, China January 4, 2023. Both contracts had their first weekly gain in five weeks as OPEC+ prepares for a meeting that will have output cuts high on the agenda after recent oil price declines on demand concerns and burgeoning supply, particularly from non-OPEC producers. OPEC+ has moved closer to a compromise with African oil producers on 2024 output levels, three OPEC+ sources have told Reuters. "Fundamentals developments have been bearish with rising U.S. oil inventories," ANZ analysts said in a note. Analysts say oil demand growth could weaken to about 4% in the first half of 2024 as the property sector crunch weighs on diesel use.

Persons: John Kilduff, Tony Sycamore, Brent, Craig Erlam, Tina Teng, Paul Carsten, Natalie Grover, Colleen Howe, David Goodman, Louise Heavens, Marguerita Choy Organizations: REUTERS, U.S, Brent, West Texas, Organization of, Petroleum, Reuters, OANDA, ANZ, Petrobras, Thomson Locations: Zhoushan, Zhejiang province, China, Gaza, OPEC, Wednesday's, WTI, Israel, New York, Russia, U.S, London, Beijing

☆ Oil slips 1% on concerns over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Nia Williams | ) www.reuters.com time to read: +2 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 75 cents, or 1%, to $76.35 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed a ministerial meeting at which they were expected to discuss oil output cuts to Nov. 30. OPEC+ members Angola and Nigeria are aiming for higher oil output, officials told Reuters on Thursday. "However, it may be more difficult to bridge the gap with Angola, which has been a moodier member of the producer group since it joined in 2007."

Persons: Angus Mordant, Helima Croft, Phil Flynn, Nia Williams, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson, Marguerita Choy, Jonathan Oatis Organizations: REUTERS, Brent, . U.S . West Texas, U.S, Organization of, Petroleum, Producers, Reuters, Capital Markets, Price Futures Group, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Nigeria, Saudi Arabia, Chicago, British Columbia, London, Houston, Beijing

☆ Oil slips 2% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid $1.37, also about 1.4%, to $75.73 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria are seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman, Alexandra Hudson Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Alexandra Hudson Our, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Saudi Arabia, London, Houston, Beijing

☆ Oil slips 1% on growing angst over delayed OPEC+ meeting
▼ + stars: | 2023-11-23 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

The sun is seen behind a crude oil pump jack in the Permian Basin in Loving County, Texas, U.S., November 22, 2019. U.S. West Texas Intermediate crude slid 86 cents, also about 1.1%, to $76.24 after dropping as much as 5% in the previous session. In a surprise move on Wednesday, the Organization of the Petroleum Exporting Countries and allies including Russia delayed to Nov. 30 a ministerial meeting at which they were expected to discuss oil output cuts. Angola, Congo and Nigeria were seeking to raise their 2024 supply quotas above the provisional levels agreed at the June meeting of the OPEC+ producer group, analysts said. The questions over OPEC+ supply come as data showed that U.S. crude stocks jumped by 8.7 million barrels last week, much more than the 1.16 million build analysts had expected.

Persons: Angus Mordant, Helima Croft, Tamas Varga, Natalie Grover, Arathy, Andrew Hayley, Mark Potter, David Goodman Organizations: REUTERS, Brent, . U.S . West Texas, Organization of, Petroleum, Producers, Capital Markets, Thomson Locations: Loving County , Texas, U.S, ., Russia, OPEC, Angola, Congo, Nigeria, Niger, Saudi Arabia, London, Houston, Beijing

The IEA joins the Organization of the Petroleum Exporting Countries in raising its oil demand growth forecast for 2023. Demand in 2023 has been supported by resilient U.S. deliveries and record September demand from China, the IEA said. SLOWDOWN IN VIEWFor 2024, the IEA raised its oil demand growth forecast to 930,000 bpd from 880,000 bpd. OPEC and the IEA have clashed in recent years over issues such as the long-term oil demand outlook and the need for investment in new supplies. The IEA said the 2024 demand slowdown will arise as "the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves."

Persons: Pascal, Brent, Natalie Grover, Alex Lawler, David Goodman, Jason Neely, David Evans Organizations: IPC Petroleum France, REUTERS, International Energy Agency, OPEC, IEA, Organization of, Petroleum, Thomson Locations: Soudron, Reims, France, Paris, Saudi Arabia, Russia, China, Libya, OPEC, Saudi, London

The other tier comprises mainstream vessels that use Western services for legal oil shipments, including from Russia under the terms of the price cap. In the short term, available ghost vessels could be in particular demand, making chartering them more expensive. Even so, some analysts say removing the price cap could be the way to really punish Russia. But he said that was very unlikely because the price cap at least allows Russian oil to flow, thereby moderating international prices. "The Biden administration is already reeling from higher oil prices compounded by the unrest in Gaza, potentially spreading to a wider Middle Eastern conflict.

Persons: Alexandre Meneghini, Ioannis Papadimitriou, Mike Salthouse, FGE, Vortexa’s Papadimitriou, Richard Bronze, Adi Imsirovic, Biden, Natalie Grover, Robert Harvey, Julia Payne, Andrea Shalal, Barbara Lewis Organizations: REUTERS, Reuters, Maersk, EU, White House, United Arab, Shell, BP, Exxon Mobil, Exxon, U.S, . Treasury, Treasury, Novy Port, Surrey Clean Energy, Thomson Locations: Liberia, Russia, Matanzas, Matanzas , Cuba, Ukraine, United States, Euronav, Turkey, United Arab Emirates, U.S, India, Novy, Gaza, London, Brussels, Washington

Intra-European travel has been doing very well," said aviation analyst James Halstead, adding that limited planes meant ticket prices could stay high. Britain's easyJet (EZJ.L) said earlier this month it wanted to more than double profits and expand its fleet, even though fuel prices could mean higher ticket prices. Spot Northwest European jet fuel prices were at $957 per metric ton on Wednesday, up 5% from before the assault. JET FUELSome airlines have already warned that rising fuel costs will drive up ticket prices or dampen future earnings. He said ticket prices could go up by a mid-single digit percentage ahead of Christmas.

Persons: Charles de, Benoit Tessier, James Halstead, You've, Michael O'Leary, it's, Neil Glynn, Alexander Irving, Bernstein, Agata Rybska, Natalie Grover, Josephine Mason, Mark Potter Organizations: Lufthansa Airbus, Charles de Gaulle International Airport, REUTERS, Air France, KLM, Lufthansa, Air, Brent, JET, Ryanair, Air Control, Thomson Locations: Charles de Gaulle, Roissy, Paris, Israel, Palestinian, Europe, Air France, Ukraine, Gdansk, London

☆ Oil spikes as Middle East strife heightens supply concerns
▼ + stars: | 2023-10-18 | by ( Natalie Grover | ) www.reuters.com time to read: +4 min

Crude oil storage tanks are seen from above at the Cushing oil hub, appearing to run out of space to contain a historic supply glut that has hammered prices, in Cushing, Oklahoma, March 24, 2016. Brent crude futures were up $1.33, or about 1.5%, to $91.23 a barrel at 1231 GMT. West Texas Intermediate crude (WTI) futures were up $1.28, or roughly 1.5%, at $87.94 a barrel. "This turn of diplomatic fortunes again garners fear of conflict spread and therefore the leap in oil," said John Evans of oil broker PVM. Elsewhere in the Saudi city of Jeddah, Iranian Foreign Minister Hossein Amirabdollahian urged members of the Organisation of Islamic Cooperation to impose an oil embargo on Israel.

Persons: Nick Oxford, Brent, Jordan, Biden, Joe Biden, John Evans, Hossein Amirabdollahian, Vivek Dhar, Harry Murphy Cruise, Natalie Grover, Arathy, Muyu Xu, Lincoln, Jason Neely, Elaine Hardcastle, Louise Heavens Organizations: REUTERS, Brent, West Texas, U.S, Hamas, Iranian, of Islamic Cooperation, Reuters, Israel Hamas, Commonwealth Bank of Australia, American Petroleum Institute, Golden, Thomson Locations: Cushing , Oklahoma, Iran, Israel, OPEC, U.S, Gaza, Gaza City, Saudi, Jeddah

Unlike Russia, one of the world's top oil and gas producers, Israel has very modest energy production. But there is a risk the war could spread to major energy producers in the Middle East and affect oil and gas flows. Second, a deal being brokered by Washington to normalise relations between Saudi Arabia and Israel, which could see the kingdom increase oil output, could be derailed. Saudi Arabia told the White House it is willing to boost oil production early next year to help secure the deal, the Wall Street Journal reported last week. Russian Deputy Prime Minister Alexander Novak added on Thursday that current oil prices factored in the conflict and reflected the market's belief that risks posed by the clashes were not that high.

Persons: Dado Ruvic, Brent, David Goldwyn, Rob Thummel, Janet Yellen, Iranian Oil Minister Javad Owji, Joe Biden, Helima Croft, Biden, Ben Cahill, Prince Abdulaziz, Alexander Novak, Vladimir Putin, Natalie Grover, Ahmad Ghaddar, Alex Lawler, Laura Sanicola, Kirsten Donovan, Cynthia Osterman Organizations: REUTERS, Hamas, U.S . State Department, Tortoise, Iran, U.S, Treasury, Iranian Oil Minister, RBC Capital Markets, Macquarie, SAUDI, Israel, Wall Street, Washington, Strategic, International Studies, Saudi Arabia's Energy, CNBC, OPEC, Organization of, Petroleum, Thomson Locations: Israel, Ukraine, Russia, U.S, Iran, Hormuz, Washington, Saudi Arabia, Strait, Riyadh, Moscow, United States, Tehran, Washington . Saudi Arabia, Saudi, OPEC, London, New York

REUTERS/Nick Oxford/File Photo Acquire Licensing RightsSummary IEA trims 2024 oil demand forecast to 880,000 bpdOPEC sticks to 2024 forecast of 2.25 million bpdIEA cites signs of demand destruction from higher pricesLONDON, Oct 12 (Reuters) - The gap between two leading oil forecasters' views on 2024 demand growth widened on Thursday, with the International Energy Agency (IEA) predicting a sharper slowdown while producer group OPEC stuck to expectations for buoyant China-led growth. By contrast, in its latest report OPEC stuck to its forecast that demand will rise by 2.25 million bpd in 2024. The difference between the two forecasts - 1.37 million bpd - is equivalent to more than 1% of daily world oil use. Oil demand growth is an indication of likely oil market strength, and can affect prices and fuel costs for consumers and businesses. "In 2024, solid global economic growth, amid continued improvements in China, is expected to further boost oil consumption," OPEC said in a monthly report.

Persons: Nick Oxford, Natalie Grover, Alex Lawler, Jason Neely, Susan Fenton, Jan Harvey Organizations: Midland , Texas U.S, REUTERS, International Energy Agency, of the Petroleum, IEA, OPEC, Economic Co, Development, Thomson Locations: Midland , Texas, China, OPEC, Israel, Palestinian, Nigeria, Pakistan, Egypt, United States, London

LONDON, Oct 12 (Reuters) - The International Energy Agency (IEA) lowered its oil demand growth forecast for 2024 on Thursday, suggesting harsher global economic conditions and progress on energy efficiency will weigh on consumption. The Paris-based agency in its monthly report lowered its 2024 demand growth forecast to 880,000 barrels per day (bpd) from its previous forecast of 1 million bpd. However, it raised its 2023 demand forecast to 2.3 million bpd from a forecast of 2.2 million. In September, global benchmark Brent hit 10-month highs after Saudi Arabia and Russia extended their combined 1.3 million bpd cuts until the end of the year. However, prices dropped dramatically last week as a darkening macroeconomic outlook intensified fears of slower demand growth, eclipsing supply concerns.

Persons: Natalie Grover, Alex Lawler, Jason Neely Organizations: International Energy Agency, OPEC, Brent, Thomson Locations: Paris, OPEC, Saudi Arabia, Russia, London

A strong dollar typically weighs on oil prices as it makes the commodity more expensive for holders of other currencies, dampening demand for crude. Oil prices in September hit 10-month highs as Saudi Arabia and Russia cut a combined 1.3 million barrels per day (bpd) of supply until the end of the year. Oil prices are currently high in part in response to the OPEC+ cuts. This supply shock is expected to dampen consumer purchasing power, weigh on economic growth and eventually depress oil demand, JP Morgan analysts said. And given high interest rates in key Western economies, the combination of relatively high oil prices and the strong dollar cannot last for a long time, said Saxobank analyst Ole Hansen.

Persons: Dado Ruvic, Brent, Colin Asher, Francesco Pesole, Morgan, Ole Hansen, Tamas Varga, PVM, Simon Webb, Sharon Singleton Organizations: REUTERS, U.S ., Reuters Graphics Reuters, U.S, Mizuho, U.S . Federal Reserve, ING, Reuters, Thomson Locations: Saudi Arabia, OPEC, Russia, Israel, Palestinian

"The most serious outcome for crude is that the conflict escalates into a more devastating proxy war which could affect crude supply," said Rebecca Babin, senior energy trader at CIBC Private Wealth US. Israel's port of Ashkelon and its oil terminal have been shut in the wake of the conflict, sources said. Goldman Sachs said the conflict reduced the likelihood of normalization of Israel's relations with Saudi Arabia, and the associated boost to Saudi production over time. The conflict is likely to lead to higher volatility and speculation in oil markets, the CEO of Brazil's Petrobras (PETR4.SA) said. High oil price due to the conflict could bolster inflation, analysts said, forcing rate hikes that could dampen demand.

Persons: recouping, Brent, WTI, Israel, Rebecca Babin, Agustin Marcarian, Goldman Sachs, Caroline Bain, Saxo Bank's Ole Hansen, Nicolas Maduro, Arathy Somasekhar, Natalie Grover, Andrew Hayley, Emily Chow, Kirsten Donovan, Lisa Shumaker, David Gregorio Our Organizations: HOUSTON, . West Texas, Reuters Graphics Reuters, Hamas, CIBC Private Wealth, Israel, REUTERS, Saudi, Analysts, Capital Economics, U.S, Petrobras, PETR4, Thomson Locations: Saudi, Israel, Ashkelon, Israel US, Venezuela, Palestinian, Gaza, Saudi Arabia, Washington, Riyadh, Vaca, Patagonian, Neuquen, Argentina, Moscow, U.S, Iran, Russia, Caracas, Mexico, Tel Aviv, Houston, London, Beijing, Singapore

Brent crude was up $3.24, or 3.8%, to $87.85 a barrel by 11 a.m. ET (1500 GMT), while U.S. West Texas Intermediate crude was at $86.19 a barrel, up $3.40 or about 4.1%. Oil rigs are seen at Vaca Muerta shale oil and gas drilling, in the Patagonian province of Neuquen, Argentina January 21, 2019. Analysts suggested the implications of the conflict could include a potential slowdown in Iranian exports, which have grown significantly this year, despite U.S. sanctions. Any production and export disruption would exacerbate supply tightness as most analysts expect markets to be in a deficit in the second half of the year.

Persons: recouping, Brent, WTI, Tudor Pickering, Matt Portillo, Agustin Marcarian, Saxo Bank's Ole Hansen, Caroline Bain, Arathy Somasekhar, Natalie Grover, Andrew Hayley, Emily Chow, Kirsten Donovan, Lisa Shumaker Organizations: U.S, West Texas, Reuters Graphics Reuters, Saturday, REUTERS, Israel, White, Capital Economics, Thomson Locations: Saudi, Israel, HOUSTON, Palestinian, Holt, Gaza, Vaca, Patagonian, Neuquen, Argentina, Saudi Arabia, Washington, Riyadh, Moscow, Russia, U.S, Iran, Houston, London, Beijing, Singapore

☆ Oil prices jump as Middle East turmoil roils markets
▼ + stars: | 2023-10-09 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

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 RightsLONDON, Oct 9 (Reuters) - Oil prices surged more than 3% on Monday as military clashes between Israel and the Palestinian Islamist group Hamas ignited fears of a wider conflict in the Middle East. While the underlying supply-demand balance is unaffected, said Tamas Varga of oil broker PVM, "any rise in tension in the Middle East usually leads to an increase in oil prices and it is no different this time around". "If the conflict envelopes Iran... up to 3% of global oil supply is at risk. And if a wider conflict eventuates that ends up impacting transit through the Strait of Hormuz, around 20% of global oil supply could be held hostage," energy analyst Saul Kavonic told Reuters.

Persons: Agustin Marcarian, Brent, WTI, Tamas Varga, Saul Kavonic, Natalie Grover, Andrew Hayley, Emily Chow, Miral Fahmy, Jason Neely Organizations: REUTERS, U.S, West Texas, Saturday, Israel, White, Citi, Reuters, International Energy Agency, Thomson Locations: Vaca, Patagonian, Neuquen, Argentina, Israel, Palestinian, Gaza, Saudi Arabia, Washington, Riyadh, Saudi, Moscow, Iran, Hormuz, London, Beijing, Singapore

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were up 55 cents to $91.26 a barrel by 1:01 p.m. EDT (1701 GMT), after falling to a session low of $89.50, the lowest price since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, a day after Turkey said operations would start again this week after nearly a six-month stoppage. U.S. crude inventories were expected to have fallen by about 500,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Alexander Novak, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter, Paul Simao Organizations: REUTERS, Brent, . West Texas, U.S ., Federal Reserve, Price Futures Group, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, Saudi Arabia, OPEC, Asia, Turkey, Gulf, Iraq

A view shows oil pump jacks outside Almetyevsk in the Republic of Tatarstan, Russia June 4, 2023. Brent crude oil futures were down 10 cents to $90.61 a barrel by 11:15 a.m. EDT (1515 GMT), after falling to a session low of $89.50, the lowest since Sept. 8. Higher interest rates and a stronger dollar make oil more expensive for holders of other currencies, which could dampen oil demand. Talks to restart Iraqi oil exports via a crude oil pipeline that runs through Turkey are still ongoing, an Iraqi oil official told Reuters on Tuesday, one day after Turkey said operations would start again this week after a near six-month stoppage. U.S. crude inventories were expected to have fallen by about 100,000 barrels last week, a preliminary Reuters poll showed on Monday.

Persons: Alexander Manzyuk, Phil Flynn, Craig Erlam, Stephanie Kelly, Natalie Grover, Laura Sanicola, Trixie Yap, Marguerita Choy, Mark Potter Organizations: REUTERS, Wednesday, Brent, . West Texas, U.S ., U.S, Reserve, Futures, Investors, Organization of, Petroleum, Reuters, Gulf Cooperation, BMI Research, Thomson Locations: Republic of Tatarstan, Russia, OPEC, Saudi Arabia, Asia, Turkey, Gulf, Iraq, .

Retail fuel prices in the U.S. and Europe have risen to multi-month highs as crude prices have rallied. "If energy prices increase and stay high, that'll have an effect on spending, and it may have an effect on consumer expectations for inflation, things like that. High interest rates are already curbing demand across Western economies, including for oil. The U.S. Federal Reserve on Wednesday pressed pause on interest rates, but did not rule out one more hike this year. President Joe Biden has already promised to cut prices, though has not said how, and in the short term the impact of autumn refinery maintenance on supplies could keep prices high.

Persons: Mike Segar, Brent, Jerome Powell, Morgan Stanley, Goldman Sachs, Goldman, PVM's Tamas Varga, I'm, Craig Erlam, Ajay Parmar, Joe Biden, Gordon Balmer, Natalie Grover, Robert Harvey, Mark John, Balazs Koranyi, Dan Burns, Simon Webb, Barbara Lewis Organizations: Exxon, REUTERS, . West Texas Intermediate, Reuters, Retail, Federal, International Energy Agency, Organization of, Petroleum, U.S . Federal Reserve, HSBC, Energy Information Administration, U.S, Diesel, Energy, Petrol Retailers, Thomson Locations: Edgewater , New Jersey, U.S, OPEC, Europe, Brazil, Guyana, United States, Russia, Saudi Arabia, Ukraine, Britain, France, London, Frankfurt, New York

A few compounds picked by AI are now in development, but those bets will take years to play out. Reuters interviews with more than a dozen pharmaceutical company executives, drug regulators, public health experts and AI firms show, however, that the technology is playing a sizeable and growing role in human drug trials. The U.S. Food and Drug Administration (FDA) said it had received about 300 applications that incorporate AI or machine learning in drug development from 2016 through 2022. Without AI, Bayer said it would have spent millions more, and taken up to nine months longer to recruit volunteers. Finding real-world patients by mining electronic patient data can be done manually, but using AI speeds up the process dramatically.

Persons: Dado Ruvic, Jeffrey Morgan, Amgen, Badhri Srinivasan, Sameer Pujari, drugmaker Bayer, Bayer, Blythe Adamson, Roche, Richard Pazdur, Gen Li, John Concato, Natalie Grover, Martin Coulter, Julie Steenhuysen, Josephine Mason, David Clarke Organizations: Pharmaceutical Research, REUTERS, Pharmaceutical, Bayer, Novartis, Deloitte, U.S . Food, Drug Administration, Reuters, World Health, Flatiron Health, FDA, European Medicines Agency, FDA's Oncology, Excellence, Medical, FDA's Center, Drug, Research, Thomson Locations: U.S, Johannesburg, Texas, Finland, United States, London, Chicago

An aerial view shows oil tanks of Transneft oil pipeline operator at the crude oil terminal Kozmino on the shore of Nakhodka Bay near the port city of Nakhodka, Russia June 13, 2022. U.S. West Texas Intermediate crude (WTI) climbed 36 cents, or 0.4%, to $90.02. The Fed on Wednesday maintained interest rates, but stiffened its hawkish stance, projecting a quarter-percentage-point increase to 5.50-5.75% by year-end. "The Fed stance and a strong labor market has driven equities and commodities lower, pressuring oil," said Kilduff. Oil prices remained supported by concern about tight supply globally entering the fourth quarter.

Persons: Tatiana Meel, Brent, refiners, Tamas Varga, Vargas, John Kilduff, Paul Carsten, Natalie Grover, Laura Sanicola, Trixie Yap, Sonali Paul, Jane Merriman, Alexandra Hudson, David Gregorio Our Organizations: . West Texas, . Federal, Fed, U.S ., U.S . Labor Department, Bank of England, Organization of, Petroleum, Thomson Locations: Nakhodka, Russia, Russian, ., New York, Norway's, Cushing, London

Chevron Chief Executive Mike Wirth also said he thinks oil will cross $100 per barrel in a Bloomberg News interview. Saudi Arabia and Russia this month extended a combined 1.3 million barrels per day (bpd) of supply cuts to the end of the year. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman on Monday defended OPEC+ cuts to oil market supply, saying international energy markets need light-handed regulation to limit volatility. China, considered the engine of oil demand growth, is a key risk because of its sluggish post-pandemic economic recovery, though its oil imports have remained robust. "The high-for-longer mantra would ultimately have a negative impact on economic growth and would affect oil demand."

Persons: Tatiana Meel, Brent, WTI, Fiona Cincotta, Mike Wirth, Prince Abdulaziz bin Salman, Callum Macpherson, Tamas Varga, PVM's Varga, Arathy Somasekhar, Natalie Grover, Florence Tan, Sudarshan, David Goodman, Timothy Gardner Organizations: REUTERS, Rights, Brent, U.S, West Texas, Citi, Monday, Chevron, Bloomberg, ANZ, XM, U.S . Federal, Thomson Locations: Nakhodka, Russia, Saudi Arabia, Ukraine, China, Saudi, Investec, Europe, Houston, London, Singapore

☆ 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

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

Brent crude settled down 1 cent to $90.64 a barrel while U.S. West Texas Intermediate crude settled down 22 cents to $87.29. "Much of this reduced supply has simply served to offset a major slowdown in global oil demand," said Jim Ritterbusch, president of Ritterbusch and Associates in Galena, Illinois. Meanwhile, Europe is expecting a light refinery maintenance season this autumn as refiners look to profit from high margins, which could support crude demand. The IEA last month lowered its 2024 forecast for oil demand growth to 1 million bpd, citing lacklustre macroeconomic conditions. OPEC's August report, meanwhile, kept its 2.25 million bpd demand growth forecast unchanged.

Persons: Brent, Wally Adeyemo, Jim Ritterbusch, Ras Lanuf, Wood Mackenzie, Naeem Aslam, OPEC's, Robert Harvey, Natalie Grover, Florence Tan, Emily Chow, Emelia Sithole, Andrea Ricci, Chizu Organizations: cnsphoto, REUTERS, West Texas, Monday U.S, Ritterbusch, Associates, U.S, Zaye, European Central Bank, International Energy Agency, Organization of, Petroleum, IEA, Thomson Locations: Zhoushan, Zhejiang province, China, Saudi, Saudi Arabia, Russia, United States, Galena , Illinois, U.S, Libya, Zueitina, Brega, Es Sidra, Europe

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