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☆ Oil prices steady as supply cuts counter economic headwinds
▼ + stars: | 2023-07-11 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

Supply cuts by top exporters Saudi Arabia and Russia for August helped to lift the benchmark prices, which were also supported by the U.S. dollar hitting a two-month low. A weaker dollar makes crude cheaper for holders of other currencies and often boosts oil demand. Anxiety is still palpable that recession fears could lead to downgrades in oil demand," said PVM analyst Tamas Varga. Seperately on Tuesday several sources told Reuters that top buyer China again requested less supply from the world's biggest oil exporter, Saudi Aramco (2222.SE). Meanwhile, the secretary general of OPEC on Tuesday told a Nigerian oil and gas conference that global energy demand is forecast to rise 23% by the end of 2045.

Persons: Brent, Edward Moya, Tamas Varga, Seperately, Natalie Grover, Arathy Somasekhar, Jason Neely, David Goodman Organizations: Saudi, . West Texas, U.S, U.S . Federal, International Energy Agency, Reuters, China, OPEC, Tuesday, Thomson Locations: Russian, Saudi Arabia, Russia, U.S, China, Saudi Aramco, Nigerian, London

☆ Brent crude steady as economic fears offset supply cuts
▼ + stars: | 2023-07-05 | by ( Natalie Grover | ) www.reuters.com time to read: +3 min

LONDON, July 5 (Reuters) - Brent crude oil prices were little changed on Wednesday as concern over the global economy countered supply cuts announced this week by top crude exporters Saudi Arabia and Russia. Recent surveys have shown a slump in global factory activity, reflecting sluggish demand in China and Europe. Russia and Algeria, meanwhile, are lowering their August output and export levels by 500,000 bpd and 20,000 bpd respectively. Seperately, Kazakhstan oil output on July 4 plunged by about a fifth from July 2 levels after widespread power outages. Kazakh crude accounts for about 1.7% of global oil production.

Persons: Brent, Tamas Varga, Prince Abdulaziz bin Salman, Morgan Stanley, Natalie Grover, Yuka Obayashi, Xu, David Goodman Organizations: Brent, . West Texas Intermediate, U.S, Thomson Locations: Saudi Arabia, Russia, ., Monday's, China, Europe, Algeria, Saudi, OPEC, Seperately, Kazakhstan, London, Tokyo, Singapore

☆ Turkey says it is "meaningless" to restore NATO dialogue with Sweden, Finland
▼ + stars: | 2023-01-26 | by ( ) www.reuters.com time to read: 1 min

ANKARA, Jan 26 (Reuters) - Turkish Foreign Minister Mevlut Cavusoglu said on Thursday it was "meaningless" to hold a trilateral meeting with Sweden and Finland to discuss their NATO bids after protests this month in Stockholm. Speaking at a news conference, Cavusoglu also said there is no offer to evaluate Sweden's and Finland's NATO membership seperately. Swedish Prime Minister Ulf Kristersson has said his country wanted to restore NATO dialogue with Turkey after Ankara indefinitely postponed trilateral talks with Sweden and Finland over their membership. Reporting by Ece Toksabay and Ali Kucukgocmen; Writing by Huseyin HayatseverOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices mixed amid uncertain demand, supply concerns
▼ + stars: | 2022-10-20 | by ( Emily Chow | ) www.reuters.com time to read: +3 min

REUTERS/Nick Oxford/File PhotoSINGAPORE, Oct 20 (Reuters) - Oil prices were mixed on Thursday as investors balanced caution over tightening supply against concerns that a global slowdown could curb demand. "Oil prices are being whipsawed by a number of drivers in Q4 2022," said Commonwealth Bank commodities analyst Vivek Dhar in a note. Upward pressure though is coming from OPEC+ supply cuts and imminent EU sanctions on seaborne imports of Russian oil and refined production." Global recession concerns and the potential for another aggressive U.S. rate hike were clouding the outlook for oil prices, said CMC Markets analyst Leon Li. "Therefore, oil prices would return to a downtrend after a short-term rebound," he said.

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