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He announced the output cut after the meeting, calling it a "Saudi lollipop". Saudi Arabia said it would cut output in July by 10% or 1 million barrels per day (bpd) to 9 million bpd and may extend cuts further if needed. As well as the Saudi cut, OPEC+ lowered its collective production target for 2024 and the nine participating countries extended the April voluntary cuts to the end of 2024. Nonetheless, all those producers stand to benefit if they can keep output the same or pump a bit more, especially if the Saudi cut boosts prices. "Saudi cuts are playing second fiddle to worries about the state of the global economy," said Stephen Brennock of oil broker PVM, although he added the Saudi cut could widen a supply deficit in July.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Abu, Al Arabiya, Brent, Stephen Brennock, Rowena Edwards, Maha El, Simon Webb, David Evans Organizations: Saudi, Saudi Energy, Organization of, Petroleum, United Arab Emirates, Saudi Energy Ministry, OPEC's, Thomson Locations: Riyadh, Saudi, Saudi Arabia, Vienna, OPEC, Russia, Abu Dhabi, OPEC's Vienna, UAE, Nigeria, Angola, Friday's

☆ Oil falls on weak China data, stronger U.S. dollar
▼ + stars: | 2023-05-31 | by ( Rowena Edwards | ) www.reuters.com time to read: +3 min

Companies Saudi Arabian Oil Co FollowLONDON, May 31 (Reuters) - Oil prices fell by over 2% on Wednesday on a stronger U.S. dollar and as weak data from top oil importer China raised demand fears. Further pressure came as the U.S. dollar rose to its highest in over two months, making commodities more expensive for buyers holding other currencies and weighing on oil demand. Mixed signals by major OPEC+ producers on whether or not the group will decide to further cut oil production have sparked recent volatility in oil prices. HSBC said on Wednesday that stronger oil demand from China and the West from the summer onwards will bring about a supply deficit in the second half of the year. Separately, U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Brent's, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, Mark Potter, David Evans Organizations: Saudi Arabian Oil, . West Texas, U.S, Federal Reserve, Organization of, Petroleum, HSBC, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

May 31 (Reuters) - Oil prices settled lower on Wednesday, pressured by a stronger U.S. dollar and weak data from top oil importer China that fed demand fears. A stronger dollar makes oil more expensive for buyers holding other currencies. U.S. data showed job openings unexpectedly rose in April, pointing to persistent strength in the labor market that could push the Federal Reserve to raise interest rates in June. HSBC said stronger oil demand from China and the West from the summer onwards will trigger a supply deficit in the second half. U.S. crude oil and gasoline stockpiles were seen falling last week, while distillate inventories likely increased, a preliminary Reuters poll showed on Tuesday.

Persons: Brent, Bob Yawger, Goldman Sachs, Stephen Brennock, Rowena Edwards, Trixie Yap, Stephanie Kelly, Yuka Obayashi, David Evans, Emelia, Lisa Shumaker, David Gregorio Our Organizations: . West Texas, Senate, Federal Reserve, Mizuho, Traders, Organization of, Petroleum, HSBC, Energy, American Petroleum Institute, Thomson Locations: China, U.S, Russia, London, Singapore, New York, Tokyo

Both benchmarks fell 5% during the previous session, when they also recorded their biggest one-day percentage declines since early January. "The Federal Reserve is expected to deliver another quarter-point increase later today as part of its long-running battle against inflation," PVM Oil analyst Stephen Brennock said. Oil prices extended losses after government data showed U.S. gasoline inventories (USOILG=ECI) unexpectedly rose by 1.7 million barrels last week, compared with analysts' expectations in a Reuters poll for a 1.2 million-barrel drop. U.S. crude inventories (USOILC=ECI) fell by 1.3 million barrels in the week, compared with forecasts for a 1.1 million-barrel drop. China is the world's largest energy consumer and top buyer of crude oil.

☆ Oil drops nearly 4% as recession fears outweigh US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +3 min

Energy Information Administration (EIA) data showing U.S. crude inventories fell last week by 5.1 million barrels to 460.9 million barrels helped to limit the price fall, far exceeding analyst forecasts of a 1.5 million drop in a Reuters poll. Gasoline and distillate stocks also drew down, sinking by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels to 111.5 million barrels, respectively, the EIA said. A forecast of higher refinery activity, but lower crude exports, will continue a push and pull for weeks. Oil prices fell more than 2% on Tuesday as lingering economic concerns and expectations of further interest rate hikes that could curtail fuel demand growth countered signs of improving short-term consumption gains. "This (data) will add credence to claims that the U.S. economy is edging closer to a recession," said PVM Oil's Stephen Brennock.

☆ Oil slides as recession fears outweigh large US inventory draw
▼ + stars: | 2023-04-26 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

Brent crude fell by $1.08, or 1.3%, to $79.69 a barrel by 10:54 a.m. EDT (1454 GMT). U.S. West Texas Intermediate crude fell 76 cents, or 1%, to $76.31. U.S. crude oil inventories fell last week by 5.1 million barrels to 460.9 million barrels, far exceeding analysts' expectations in a Reuters poll for a 1.5 million-barrel drop, the Energy Information Administration (EIA) said. Gasoline and distillate stocks also drew down by 2.4 million barrels to 221.1 million barrels and almost 600,000 barrels in to 111.5 million barrels, respectively, the EIA said. Russian Deputy Prime Minister Alexander Novak said on Wednesday that OPEC+ remains an efficient tool for coordination on global oil markets.

☆ Oil mixed as recession fears are tempered by U.S. inventories
▼ + stars: | 2023-04-26 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

U.S. crude oil stocks fell by about 6.1 million barrels in the week ended April 21, according to market sources citing American Petroleum Institute (API) figures on Tuesday. Analysts had expected crude inventories to fall by about 1.5 million barrels. Gasoline inventories fell by 1.9 million barrels last week while distillate inventories rose by 1.7 million barrels, the sources said. U.S. crude oil stockpiles have been falling since the middle of March as refineries have increased runs to produce more gasoline ahead of the peak summer demand period that starts in May. This has pushed WTI futures prices into backwardation, when prompt futures are higher than later-dated futures, reflecting the higher refinery demand.

☆ Oil slips on economy worries, despite upbeat China data
▼ + stars: | 2023-04-18 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude was also pressured by the Iraq federal government and Kurdistan Regional Government (KRG) taking a step towards a resumption in northern oil exports from the Turkish port of Ceyhan after they were halted last month. Brent crude fell by 18 cents, or 0.2%, to $84.58 a barrel by 1336 GMT, giving up early gains. "As things stand, it's all systems go in China, much to the relief of those betting on higher oil prices," said Stephen Brennock of oil broker PVM. But the prospect of another increase to U.S. interest rates, which has been supporting the U.S. dollar, remained a drag on sentiment. Analysts expect U.S. crude inventories to fall by about 2.5 million barrels and also forecast declines in gasoline and distillates.

☆ Oil gains for 3rd day on Kurdish supply concern, easing banking fears
▼ + stars: | 2023-03-29 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

Crude exports of 450,000 barrels per day (bpd) from Iraq's semi-autonomous northern Kurdistan region were halted on Saturday following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. "The longer the stoppage continues, the tighter the supply outlook will become," said Stephen Brennock of oil broker PVM. On Wednesday, Norwegian oil firm DNO said it had begun shutting down production at its fields in Kurdistan. We can see that risk sentiment has recovered to some extent, which pushed (the) global stock markets and crude oil rebound," said CMC Markets analyst Leon Li. Attention will focus on official U.S. inventory data from the Energy Information Administration at 1430 GMT to see if it confirms the crude stock decline.

☆ Oil rises as banking fears ease for now
▼ + stars: | 2023-03-21 | by ( ) www.cnbc.com time to read: +2 min

Oil rose on Tuesday, extending a recovery from a 15-month low hit the previous day, as the rescue of Credit Suisse eased worries about global banking sector risks that could hit economic growth and fuel demand. "Banking jitters may have taken a breather yesterday but remain in play," said Stephen Brennock of oil broker PVM. A meeting of key ministers from OPEC+, which includes OPEC members plus Russia and other allies, is scheduled for April 3. OPEC+ sources told Reuters the drop in prices reflects banking fears, rather than a worsening supply and demand balance. Also coming into view is the latest U.S. oil inventory reports, which a Reuters survey expects to show lower crude and product inventories.

LONDON, March 3 (Reuters) - Oil prices slumped on Friday after the Wall Street Journal reported that the United Arab Emirates had an internal debate about leaving the Organization of the Petroleum Exporting Countries and pumping more oil. Oil prices this week had been boosted by strong Chinese economic data, underpinning hopes for oil demand growth, but those gains were all but erased on Friday. China's seaborne imports of Russian oil are set to hit a record high this month. "Those betting on higher oil prices are basking in the afterglow of the positive macro data out of China," said PVM analyst Stephen Brennock. Russia's plan to deepen oil export cuts in March also helped to buoy prices.

☆ Oil settled up as rising supplies face Chinese demand hopes
▼ + stars: | 2023-03-01 | by ( ) www.cnbc.com time to read: +3 min

Permian Basin rigs in 2020, when U.S. crude oil production dropped by 3 million a day as Wall Street pressure forced cuts. Oil prices settled up slightly on Wednesday as signs of ample supply, including growing U.S. crude inventories, offset growing hopes for higher demand after a jump in manufacturing in top crude importer China. Brent crude futures settled up 86 cents, or 1%, to $84.31 a barrel. In other signs of ample supply, Russia's oil production reached the pre-sanctions level for the first time in February, the Kommersant business daily reported. An official index showed China's manufacturing activity expanded in February at the fastest pace in more than a decade, feeding hopes for a boost in oil demand.

Brent crude settled up $1.40, or 1.7%, to $85.09 a barrel while U.S. West Texas Intermediate (WTI) crude settled up $1.33, or 1.7%, to $78.47. Investors hope less aggressive U.S. interest rate increases will help the world's biggest economy dodge a sharp economic slowdown or recession that would hit oil demand. "A looming oil demand surge together with lacklustre global supply growth will ensure that the oil balance tightens over the coming months," said Stephen Brennock of oil broker PVM. The earthquake that struck Turkey and Syria on Monday stopped crude oil flows from Iraq and Azerbaijan out of the Turkish port of Ceyhan. U.S. Energy Information Administration data showing U.S. oil production rose last week to the highest level since April 2020, however, limited oil's gains.

☆ Europe is set to ramp up its oil war against Russia — and markets are bracing for more disruption
▼ + stars: | 2023-02-03 | by ( Sam Meredith | ) www.cnbc.com time to read: +5 min

The European Union's ban on Russian oil product exports is slated to kick in on Feb. 5. The Group of Seven implemented a $60 price cap on Russian oil on Dec. 5. "We also expect this to put upward pressure on prices for oil products more generally." Yet this also means that they will continue to take cheap imported crude oil and process it domestically rather than buying refined oil." "This will create logistical challenges and higher transport costs if Russia seeks to redirect product flows to Asia, as it has done with crude oil," analysts at Eurasia Group said.

Brent crude futures were down $2.6, or 3.5%, at $82.50 a barrel by 12:50 p.m. West Texas Intermediate (WTI) U.S. crude futures fell $2.67, or 3.4% to $76.20. U.S. crude oil and fuel inventories rose last week to their highest levels since June 2021, the Energy Information Administration said, as demand remained weak. "The market is reacting to the report that indicates there isn't demand for crude oil or fuels," said John Kilduff, partner at Again Capital LLC in New York. Elsewhere, Russia's Deputy Prime Minister said he expected oil demand to rise on the back of Chinese economic activity.

LONDON, Feb 1 (Reuters) - Oil prices ticked up as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures rose 45 cents, or 0.5%, to $85.91 a barrel at 1215 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 62 cents, or 0.8%, to $79.49 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Feb 1 (Reuters) - Oil prices were broadly stable as the market is looking towards a meeting of OPEC and its allies as well as a Federal Reserve rate decision and U.S. government data on crude and fuel stockpiles on Wednesday. Brent crude futures dipped 11 cents, or 0.1%, to $85.35 a barrel at 0949 GMT. West Texas Intermediate (WTI) U.S. crude futures rose 8 cents, or 0.1%, to $78.95 a barrel. Tamer U.S. rate hike expectations helped lower the dollar index , which supported oil prices as a weaker greenback makes the commodity cheaper for buyers holding other currencies, according to Stephen Brennock, analyst at PVM. OPEC's oil output fell in January, as Iraqi exports dropped and Nigeria's output did not recover, with the 10 OPEC members pumping 920,000 barrels per day (bpd) below their targeted volumes under the OPEC+ agreement, a Reuters survey found.

LONDON, Jan 27 (Reuters) - Oil prices rose for a second session on Friday, buoyed by stronger than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand. OPEC+ delegates meet next week to review crude production levels, with sources from the oil producer group expecting no change to current output policy. "The positive batch of data gave oil prices a lift," said PVM analyst Stephen Brennock. Gains on U.S. crude were capped by a 4.2 million barrel build in stocks at Cushing, the pricing hub for NYMEX oil futures, this week. Reporting by Shadia Nasralla Additional reporting by Sudarshan Varadhan in Singapore Editing by David GoodmanOur Standards: The Thomson Reuters Trust Principles.

☆ Oil slips as U.S. inventory rise offsets China hopes
▼ + stars: | 2023-01-25 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

The price of crude has rallied this year on the ending of China's COVID controls and hopes that the rise in U.S. interest rates will soon taper off. Still, some analysts said the speed of China's actual demand rebound looks uncertain. "Whether or not oil prices can resume their march higher will depend on how quickly China's crude demand bounces back this quarter," said Stephen Brennock of oil broker PVM. An OPEC+ panel is likely to endorse the group's current policy at a Feb. 1 meeting, five OPEC+ sources said on Tuesday. OPEC+ in October decided to trim output by 2 million barrels per day from November through 2023 on a weaker economic outlook.

Summary China's reopening set to drive record 2023 oil demand -IEAChinese oil demand to rebound in 2023 -OPECRecord U.S. shale oil output seen in Feb -EIAAPI reports due at 4.30 p.m. ET (2130 GMT)LONDON, Jan 18 (Reuters) - Oil prices rose on Wednesday to their highest since early December on optimism that the lifting of China's strict COVID-19 curbs will lead to a fuel demand recovery in the world's top oil importer. China's economic growth slowed sharply to 3% in 2022, missing the official target of "around 5.5%" and marking its second-worst performance since 1976. Analysts polled by Reuters see 2023 growth rebounding to 4.9%. But OPEC kept its 2023 global demand growth forecast unchanged.

Brent futures rose 72 cents, or 0.8%, to $86.64 a barrel by 11:46 a.m. EST (1646 GMT), while U.S. West Texas Intermediate (WTI) crude rose 94 cents, or 1.2%, to $81.12. But the data still beat analysts' forecasts after China started rolling back its zero-COVID policy in early December. The lifting of COVID-19 restrictions in China is set to boost global oil demand to a record high this year, according to the International Energy Agency (IEA), while price cap sanctions on Russia could dent supply. A report showing U.S. retail sales fell more than expected in December provided some counterintuitive support for oil prices. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies.

For the week, both Brent and WTI were down over 8%, their biggest weekly dives to start the year since 2016. "The oil market might be regaining some composure following the bloodbath earlier this week, but the upside potential remains limited, at least in the near term. That U.S. jobs report caused the U.S. dollar to rally as investors bet that inflation is easing and the U.S. Federal Reserve (Fed) need not be as aggressive as some feared. A weaker dollar can boost demand for oil, as dollar-denominated commodities become cheaper for holders of other currencies. Stock markets in China, the world's largest crude oil importer, logged a five-day winning streak on Friday on investors' expectations that the Chinese economy would soon emerge from its COVID woes and stage a robust recovery in 2023.

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. Brent crude gained 76 cents to settle at $79.80 a barrel, while U.S. West Texas Intermediate crude rose 90 cents to $75.19. Oil surged toward its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. It has since unwound most of this year's gains as supply concerns were edged out by recession fears. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil rises on hopes for China's economy
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but said it plans to step up support for the economy in 2023. "There is no doubt that demand is being adversely influenced," said Naeem Aslam, analyst at brokerage Avatrade. Brent crude gained 65 cents, or 0.8%, to $79.69 a barrel by 1248 GMT while U.S. West Texas Intermediate crude rose 85 cents, or 1.1%, to $75.14. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine in February. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

☆ Oil bounces as China demand hopes offset recession fears
▼ + stars: | 2022-12-19 | by ( Alex Lawler | ) www.reuters.com time to read: +2 min

China, the world's top crude oil importer, is experiencing its first of three expected waves of COVID-19 cases after Beijing relaxed mobility restrictions but plans to step up support for the economy in 2023. Brent crude gained 37 cents, or 0.5%, to $79.41 a barrel by 1100 GMT while U.S. West Texas Intermediate crude rose 30 cents, or 0.4%, to $74.59. Oil surged towards its record high of $147 a barrel earlier in the year after Russia invaded Ukraine. It has since unwound most of this year's gains as supply concerns were edged out by recession fears, which remain a drag on prices. "The prospect of further rate rises will hit economic growth in the new year and in doing so curb demand for oil," said Stephen Brennock of oil broker PVM.

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