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☆ Global market sell-off raises the prospect of an emergency OPEC meeting, analyst says
▼ + stars: | 2024-08-06 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailGlobal market sell-off raises the prospect of an emergency OPEC meeting, analyst saysAndy Critchlow, head of news in EMEA for S&P Global Platts, discusses the outlook for oil prices and says OPEC could be forced to hold an emergency meeting if stock market volatility persists.

Persons: Andy Critchlow, P Global Platts Organizations: Email Global, P Global

☆ Declining production a significant issue for Shell, says analyst
▼ + stars: | 2024-05-21 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDeclining production a significant issue for Shell, says analystAndrew Critchlow, head of EMEA news at S&P Global Platts, discusses Shell's AGM and explains why U.S. oil companies are trading at a premium.

Persons: Andrew Critchlow, P Global Platts Organizations: Shell, P Global

☆ The Red Sea attacks appear to be hurting traders and suppliers across the globe — but Russia's oil trade with India is still booming
▼ + stars: | 2024-01-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Russian oil cargoes are still sailing via the Red Sea to get to India, according to S&P Global. Iran-backed Houthi rebels have been attacking commercial ships in the Red Sea since November. Many commercial shipping lines and vessels have rerouted from the Red Sea to avoid getting caught in the attacks. It's not immediately clear why ships carrying Russian oil to India haven't rerouted to avoid potential attacks in the Red Sea. Hardeep Singh Puri, India's petroleum and natural gas minister, said recently that the country is monitoring the situation in the Red Sea.

Persons: —, Lloyd, Sumit Ritolia, It's, Alexander Novak, Hardeep Singh Puri Organizations: P Global, Service, Maersk, Hapag, P, Reuters Locations: India, Iran, Red, Asia, Europe, Cape, South Africa, Moscow, Ukraine, Russia

If General Atlantic decided to sell its stake, a deal could now garner more interest from investors, the sources said. A deal could value the company, which assesses global oil prices and provides industry news, at north of 4 billion pounds ($5.08 billion), Reuters previously reported. Deliberations remain at an early stage and General Atlantic and Hg may decide not to proceed with a transaction, two of the people said. Argus Media, Hg and General Atlantic declined to comment. Hg bought half of General Atlantic's 50% stake in Argus in 2019, valuing the business at more than 2 billion pounds then.

Persons: Adrian Binks, Amy, Jo Crowley, Victoria Farr, Mark Porter Organizations: Argus Media, Reuters, Private, Investments, Atlantic, Atlantic's, Argus, Astorg, Thomson Locations: GIC, London, Argus, Frankfurt

☆ A price cap on Russian oil aims to starve Putin of cash. But it’s largely been untested. Until now
▼ + stars: | 2023-10-23 | by ( ) www.cnbc.com time to read: +8 min

For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. The U.K. Treasury says it is "actively undertaking a number of investigations into suspected breaches of the oil price cap." "And there's a reason why the shippers haven't really complained or haven't flagged any issues with the oil price cap — because it's very easily circumvented."

Persons: —, Hilgenstock, P Global Platts, It's, Benjamin Hilgenstock, Vladimir Putin, They're, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval Organizations: Salym Petroleum, U.S . Treasury Department, Stanford University, Research, Energy, Clean, P Global, Kyiv School of Economics, International Monetary Fund, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard's Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: Salym, Russia, Ukraine, Israel, U.S, Moscow, Helsinki, Saudi Arabia, Ukrainian, Europe, Kozmino, Turkey, India, Russian, Asia

FRANKFURT, Germany (AP) — For months after Ukraine's Western allies limited sales of Russian oil to $60 per barrel, the price cap was still largely symbolic. That time has now come, putting the price cap to its most serious test so far and underlining its weaknesses. But most of that, economists say, stems from Europe's ban on Russian oil, which cost Moscow its main customer. They're accused of carrying Russian oil priced at $75 and $80 per barrel while relying on U.S.-connected service providers. “The price cap is working,” says Nataliia Shapoval, vice president for policy research at the Kyiv school.

Persons: —, Benjamin Hilgenstock, Vladimir Putin, ” Hilgenstock, P Global Platts, It's, They're, “, ”, Viktor Katona, haven't, Alexander Novak, Putin, Novak, Europe —, Craig Kennedy, doesn't, Nataliia Shapoval, Shapoval, Josh Boak Organizations: Kyiv School of Economics, International Monetary Fund, U.S . Treasury Department, Stanford University, ”, Russia ”, Research, Energy, Clean, P Global, Russia, U.S . Treasury, United Arab Emirates, Treasury, Radio Business, Harvard’s Davis Center for Russian, Studies, Kyiv, Stanford, Tanker Locations: FRANKFURT, Germany, Ukraine, Israel, Russia, Ukrainian, U.S, Moscow, Helsinki, Saudi Arabia, Europe, Kozmino, Turkey, India, Russian, Asia, Washington, russia, ukraine

☆ 'There's no greater canary in the coal mine': Renowned energy analyst Paul Sankey shares why oil prices will continue to nosedive — and 4 stocks that can hold up anyway
▼ + stars: | 2023-10-07 | by ( James Faris | ) www.businessinsider.com time to read: +7 min

The widely followed energy analyst is often ahead of the curve, including in early 2020 when he warned that oil prices could dip negative. And if there's a recession, less economic activity should lead to even lower oil prices. However, higher oil prices would further weigh on demand from consumers and businesses, which raises the risk of causing — or worsening — a recession. Paul Sankey, Sankey Research (based on Bloomberg data)Although refining margins have downward momentum, Sankey said a long oil market drawdown isn't necessarily a foregone conclusion. Geopolitical tensions are an increasingly serious threat, JPMorgan CEO Jamie Dimon has recently warned, and a sudden conflict breakout could cause oil prices to surge.

Persons: Paul Sankey, Sankey, Platts, It's, it's, they're, Jamie Dimon, he's Organizations: Sankey Research, Mizuho, Wolfe Research, Deutsche Bank . Institutional Investor, JPMorgan, OPEC, Bloomberg, Federal Reserve, Exxon, Chevron, Valero, Plains, American Pipeline, Labor Locations: Saudi Arabia, Saudi, Russia, Kazakhstan, China, India, Africa, Latin America, Europe, San Antonio

☆ Oil prices drop 6% as worries mount over demand destruction
▼ + stars: | 2023-10-04 | by ( Matthew Fox | ) www.businessinsider.com time to read: +3 min

Oil prices fell 6% on Wednesday as worries grow about lower demand and a slowing economy. Reports surfaced that Russia might end its ban on diesel exports, and oil inventories rose in some areas. AdvertisementAdvertisementUS and Brent oil prices both fell as much as 6% on Wednesday, representing a sharp reversal of an uptrend that began in July. According to JPMorgan, oil could be suffering from demand destruction as a result of the sharp rise in prices this summer, especially as the peak travel season winds down. "Demand destruction has begun (again)," JPMorgan's Natasha Kaneva said in a Wednesday note, adding that "global oil stock draws have ended."

Persons: Natasha Kaneva, —, Brent, Platts, Kaneva Organizations: Service, Brent, West Texas Intermediate, Energy Department, JPMorgan Locations: Russia, Saudi Arabia

☆ Auckland Airport hosts its first-ever proposal via PA system
▼ + stars: | 2023-08-30 | by ( Lilit Marcus | ) edition.cnn.com time to read: +4 min

“In Bollywood movies, I think eight out of 10 times, the couple would only come together at the airport,” Chhabra tells CNN Travel. Courtesy Auckland AirportShukla, an Auckland native, lives in Melbourne, Australia, where she works for the Victoria state government. So Chhabra hatched a plan: he’d arrange for their loved ones to be at the Auckland Airport when Shukla arrived for a visit. But it was when he finally connected with Laura Platts, the Auckland Airport communications manager, that everything began to fall into place. When she landed in Auckland, Shukla realized that her luggage hadn’t arrived.

Persons: Vash Chhabra, Riiya Shukla, Chhabra, Shukla, Laura Platts, Platts, hadn’t, “, ” Shukla, it’s, Melbourne, ” Organizations: CNN, “, CNN Travel, ”, Shukla, Auckland, Auckland Airport, Chhabra, Melbourne - Locations: Chhabra, Auckland, Melbourne, Australia, Victoria, New Zealand, Melbourne - Auckland, India, panicking, Punjab

☆ Sustainable Aviation Fuel Leader Talks Green Premiums and Impact of Tax Incentives
▼ + stars: | 2023-07-19 | by ( Dieter Holger | ) www.wsj.com time to read: +11 min

Many airlines, corporate fliers and governments see so-called sustainable aviation fuel, or SAF, as a way to reduce aviation’s contribution to global warming. It recently converted an oil refinery in California and is expanding its refineries in Singapore and Rotterdam. We worked on a former fossil-fuel refinery and converted that into a renewable refinery. The carbon footprint of aviation can be affected today from today’s SAF technology. It will continue to incentivize current SAF production, but it will be difficult to be the impetus for future production.

Persons: P, Chris Cooper, We’ve, we’ve, Neste, Dieter Holger Organizations: Aviation, International Energy Agency, International Council, Clean Transportation, SAF, Sustainable, Neste’s U.S, Airlines, International Air Transport Association, Neste, Bloomberg New Energy Finance Summit, Dallas Fort Worth International Airport, DHL, Amazon, Marathon Petroleum, Sustainable Business, today’s SAF, Air, dieter.holger Locations: California, Singapore, Rotterdam, U.S, Neste U.S, San Francisco, Dallas, City, Oakland, Air Canada, Alaska, American, Delta, Los Angeles, San Jose, Washington, York, New York, New Jersey, . Oregon

☆ Russia's crude price exceeds G7 price cap as market braces for supply crunch
▼ + stars: | 2023-07-14 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

Spot prices of Russia's crude oil this week surpassed the $60-per-barrel threshold of the Group of Seven's oil price cap scheme, as Moscow and Riyadh tighten supplies. The G7 introduced its oil price cap mechanism on Dec. 5 to retain Russian flows in the market while also limiting revenue for the Kremlin's war coffers. Under the G7 scheme, Western shipping and insurance providers can offer services to non-G7 buyers of Russian crude if the crude oil is acquired at a price below $60 per barrel. Spot assessments from commodities pricing agency Argus show that Urals prices on July 12 reached $60.18 and $60.78 per barrel for Primorsk and Novorossiysk-loaded cargoes, respectively. S&P Global Platts meanwhile valued Primorsk cargoes at $60.32 per barrel on July 11 and Novorossiysk Urals crude at $60.26 per barrel on July 12.

Persons: P Global Platts, —, Giovanni Staunovo, they're, David Fyfe Organizations: Argus, P Global, CNBC, Ice Brent, of, Petroleum, International Energy Agency, UBS, P, Commodity Insights Locations: Moscow, Riyadh, Ust, Luga, Novorossiysk, —, Libya, OPEC, Saudi Arabia, Russia, Turkey, Iraq, Lower U.S

☆ Asia refiners expect Saudi Arabia to cut August crude prices
▼ + stars: | 2023-07-03 | by ( ) www.reuters.com time to read: +3 min

Saudi Arabia in June unexpectedly raised prices for July-loading cargoes, eating into Asian refiners' margins. Profits at a typical Singapore refinery processing Dubai crude fell to an average of $3.44 a barrel in June, from $4.78 a barrel last month. Saudi crude prices typically closely track changes in benchmark Dubai monthly price spreads, but the two have disconnected in recent months. Saudi crude OSPs are usually released around the fifth of each month, and set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million bpd of crude bound for Asia. Below are expected Saudi prices for August 2023 (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; Editing by Florence Tan and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Unipec, Muyu Xu, Florence Tan, Jamie Freed Organizations: Saudi Aramco, Dubai, Global, Kuwaiti, bbl, Thomson Locations: SINGAPORE, Saudi Arabia, OPEC, Saudi, Dubai, Oman, Singapore, PetroChina, Asia

☆ OPEC withholds media access to Reuters, Bloomberg, WSJ for July event
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

The three media organizations are among the world's leading suppliers of financial news and information. OPEC declined to comment on why reporters from the three media organizations were not invited to cover the OPEC-hosted July 5-6 seminar in Vienna. "Reuters will continue to cover OPEC in an independent, impartial and reliable way, in keeping with the Thomson Reuters Trust Principles." This would be the second consecutive OPEC+ event in which OPEC has restricted media coverage. OPEC sent an email on Tuesday inviting reporters at other media organizations to attend, the sources said.

Persons: Platts, Simon Webb, Rosalba O'Brien Organizations: OPEC, Reuters, Bloomberg, Wall Street, of, Petroleum, Thomson Reuters Corp, Thomson, Street, Financial Times, P, Commodity, Argus, Financial Locations: OPEC, Saudi Arabia, Russia, Vienna

☆ OPEC denies media access to Reuters, Bloomberg, WSJ for weekend policy meets
▼ + stars: | 2023-06-02 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Leonhard FoegerVIENNA, June 2 (Reuters) - OPEC has denied media access to reporters from Reuters, Bloomberg and the Wall Street Journal to report on oil policy meetings in Vienna this weekend, reporters, Bloomberg and people familiar with the matter said on Friday. OPEC staff declined on Friday to give media accreditation to Reuters journalists to cover the event. The staff handling media accreditation at one of Vienna's luxury hotels said they could not issue accreditation without an invite. A Bloomberg spokesperson confirmed on Friday the company has not been given accreditation to cover the OPEC meeting. Reporters from the three outlets, many of whom have been covering OPEC meetings for years, did not receive invitations from OPEC ahead of the meeting.

Persons: Leonhard Foeger VIENNA, Platts, Alex Lawler, Dmitry Zhdannikov, Ahmad Ghaddar, Julia Payne, Maha El, Simon Webb, Marguerita Choy Organizations: Organization of, Petroleum, REUTERS, OPEC, Reuters, Bloomberg, Wall Street Journal, of, Thomson Reuters Corp, Thomson, Street, Argus Locations: Vienna, Austria, OPEC, Saudi Arabia, Russia

☆ OPEC has not invited Reuters, Bloomberg to report on weekend policy meets
▼ + stars: | 2023-05-31 | by ( ) edition.cnn.com time to read: +2 min

OPEC has not invited Reuters or Bloomberg news agencies to report on ministerial meetings in Vienna this weekend to discuss future oil policy, according to reporters, Bloomberg and an OPEC source on Wednesday. The Reuters text journalists that cover meetings and are registered with OPEC as members of the press have not received an invite to cover the event. OPEC has also not offered accreditation to Bloomberg to cover the meeting, a Bloomberg News spokesperson said on Wednesday. Two reporters from the Wall Street Journal who regularly cover OPEC have also not received invites, people familiar with the matter said. Reporters at some other media outlets including CNBC, and pricing agencies Argus and Platts said they have received invitations to cover the meetings.

Persons: “, ”, Platts Organizations: Reuters, Bloomberg, Organization of, Petroleum, OPEC, Wall Street Journal, Financial Times, CNBC, Argus, OPEC’s Public Relations Department Locations: Vienna, OPEC, Saudi Arabia, Russia, Platts

☆ In change for oil market, new US crude in Brent index lacks loading plan
▼ + stars: | 2023-04-28 | by ( Alex Lawler | ) www.reuters.com time to read: +3 min

Oil-index publisher S&P Global Platts is adding U.S. WTI Midland crude to its dated Brent oil price assessment for June deliveries, which is now in focus as the market trades roughly a month ahead. Dated Brent is part of the wider Brent complex including physical cargoes, swaps and futures that is used to price millions of barrels of oil each day. The companies that run the North Sea crude streams, known as the operator, issue planned cargo loading lists which the industry monitors as an indication of supply. "We see no reason for issues," said Joel Hanley, global director, crude and fuel oil, at S&P Global Commodity Insights. Thomson Reuters competes with S&P Global Platts in providing news and data about the oil market.

In Norway, this will be exported to Europe, while in Kenya it will be turned into fertiliser for local farmers. FLAT IRON ORE OUTPUTFortescue on Monday posted steady iron ore shipments in the March quarter, while costs jumped 12%, but retained its full year shipment guidance despite a cyclone this month that disrupted exports from Australia's iron ore hub. Shares in the world's fourth largest iron ore miner fell as much as 5.3%, underperforming a 2.2% drop in the broader mining sector (.AXMJ) amid a drop in iron ore prices to near four-month lows on demand concerns. It left its shipments guidance for the year to June 2023 unchanged at 187 Mt to 192 Mt. Fortescue said it aims to start mining at its Belinga Iron Ore project in Gabon in the second half of 2023.

☆ CNBC Daily Open: Oil is the Fed’s new headache
▼ + stars: | 2023-04-04 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

I'm sitting in for the rest of this week for Yeo Boon Ping, who is on leave. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. The Federal Reserve has a new headache: oil prices. As oil prices maintain higher levels, analysts warned the move could push oil back above $100, a level it reached last year for the first time in 2014 after Russia invaded Ukraine.

☆ CNBC Daily Open: Oil is the Fed’s new problem
▼ + stars: | 2023-04-04 | by ( Jihye Lee | ) www.cnbc.com time to read: +2 min

I'm sitting in for the rest of this week for Yeo Boon Ping, who is on leave. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Today, the Reserve Bank of Australia held its interest rates steady for the first time since April last year. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Exclusive: Russia shifts to Dubai benchmark in Indian oil deal - sources
▼ + stars: | 2023-04-03 | by ( Nidhi Verma | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/IllustrationNEW DELHI, April 3 (Reuters) - Russia's largest oil producer Rosneft (ROSN.MM) and India's top refiner Indian Oil Corp (IOC.NS) agreed to use the Asia-focused Dubai oil price benchmark in their latest deal to deliver Russian oil to India, three sources familiar with the deal said. Rosneft's chief executive Igor Sechin said in February that the price of Russian oil would be determined outside of Europe as Asia has emerged as largest buyer of Russian oil since the West imposed progressively tighter sanctions on the export. Under the new deal, announced on March 29, Rosneft will nearly double oil sales to Indian Oil Corp (IOC.NS), two of the sources told Reuters. The European Union nations stopped buying Russian oil from Dec. 5 and the Group of Seven (G7) countries joined the EU in imposing a price cap on Russian crude of $60 per barrel. The move was aimed at cutting Russia's oil revenue while maintaining stability on the global oil market.

☆ OPEC+ oil production cut signals loss of U.S. influence on core producers, analyst says
▼ + stars: | 2023-04-03 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailOPEC+ oil production cut signals loss of U.S. influence on core producers, analyst saysAndrew Critchlow, head of news for Europe, the Middle East and Africa at S&P Global Platts, says the decision represents a "big failure in terms of U.S. foreign policy in the Middle East."

☆ 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.

Unlike rivals Anglo American (AAL.L) and Rio Tinto (RIO.AX), (RIO.L), London-listed Glencore is still mining coal. Activist investor Bluebell Capital Partners last year argued that Glencore should spin off the coal division, following in the steps of Anglo American. His plan is to hang on to coal and keep annual production steady at around 110 million tonnes up to 2025. Over the longer term, he’ll then start shutting coal mines, with at least a dozen closures planned before 2035. EBITDA from Glencore’s coal operations rose to $17.9 billion from $5.2 billion the previous year due to increasing prices.

☆ Saudi Arabia may lower crude prices to Asia for 4th straight month
▼ + stars: | 2023-01-30 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

The European Union is set to ban Russian oil products imports from Feb. 5, which is expected to curb Russia's oil processing and lead to more crude oil exports. Saudi crude OSPs set the trend for Iranian, Kuwaiti and Iraqi prices, affecting about 9 million barrels per day (bpd) of crude bound for Asia. Saudi Aramco sets its crude prices based on recommendations from customers and after calculating the change in the value of its oil over the past month, based on yields and product prices. Saudi Aramco officials as a matter of policy do not comment on the kingdom's monthly OSPs. Below are expected Saudi prices for March (in $/bbl against the Oman/Dubai average):Reporting by Muyu Xu; editing by Uttaresh.VOur Standards: The Thomson Reuters Trust Principles.

LONDON, Jan 19 (Reuters) - European Union energy regulators published their first daily liquefied natural gas (LNG) price assessment on Thursday, a first step in the EU's plan to launch a new European LNG benchmark price by the end of March. WHY DOES THE EU WANT A NEW LNG PRICE? Unlike pipeline gas, LNG is not widely traded on exchanges, so there is less visibility on how much the fuel costs. HOW WILL ACER'S LNG PRICE BE DIFFERENT? ACER can only produce a price assessment if it receives at least five transactions in the assessed five-day period.

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