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☆ Oil stares at a bleak future as China's economy sputters. The good news: A market 'bust' is unlikely
▼ + stars: | 2024-09-18 | by ( Lee Ying Shan | In Ying-Shan-Lee | ) www.cnbc.com time to read: +3 min

"We estimate that Brent could fall to roughly $50 per barrel in a moderate [U.S.] recession … We have a fairly benign view on the global economy," Struyven said during the conference. en Luckock global head of oil at Trafigura"Things are slowing down. Trading Giant Trafigura raised concerns about China's weak demand, and the global oil consumption tied to it. China's slowdown has spurred some to scour for alternative oil demand drivers, with a few eyeing India as a potential candidate. India is the third largest consumer of oil at around 5 million barrels of oil per day, 5% of the world's oil consumption.

Persons: Andrey Rudakov, Goldman Sachs, Brent, Struyven, Torbjörn Törnqvist, Ben Luckock, we're, Bing Chen, Gunvor Organizations: Tuapsinsky, Rosneft Oil, Bloomberg, Getty, Global Commodities, Daan, CNBC, Global, Brent, U.S, West Texas Locations: Tuapse, Russia, China, U.S, Ukraine, India, Japan, Germany, Hong

☆ Middle East on knife-edge after killing of Hamas leader in Iran; Israel's opponents vow retaliation
▼ + stars: | 2024-07-31 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Hamas Political Bureau Chairman Ismail Haniyeh attending an exclusive interview with Anadolu in Istanbul, Turkiye on April 20, 2024. Anadolu | Anadolu | Getty ImagesThe Middle East is on edge after a dramatic escalation that saw top Hamas leader Ismail Haniyeh killed in a strike in the Iranian capital of Tehran early Wednesday. Coming hours after the killing of Fuad Shukr in Beirut, the Middle East is on an absolute knife-edge now." Iran's leadership meanwhile has said that the alleged Israeli strike is grounds for "severe punishment" and that the country must "pay a heavy price." An all-out war between Israel and Iran — and Iran's proxies such as Hezbollah — would be devastating to all sides involved.

Persons: Ismail Haniyeh, Israel, Charles Lister, Fuad Shukr, Hezbollah's, Haniyeh, Hamas, Torbjorn, Sheikh Mohammed bin Abdulrahman Al Thani, Yahya Sinwar, Sinwar, Victor Tricaud, Tricaud, Antony Blinken, Will, Yoav Gallant, Iran's, Atta Kenare Organizations: Anadolu, Getty, Middle East Institute, Hezbollah, politburo, Verisk, Qatari, Foreign, CNBC, U.S . State Department, Israel, Israeli, Israel Defense Forces, AFP Locations: Istanbul, Turkiye, Tehran, Israel, Washington, Doha, Beirut, Golan, Iranian, Lebanese, Gaza, Iran, Qatar, Singapore, Palestine Square

☆ Neom's push for foreign investment is getting trickier after allegations of Saudi brutality
▼ + stars: | 2024-05-13 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Saudi Arabia needs foreign businesses to help it realize its Neom megacity project. The BBC reported that Saudi officials were given a license to use lethal force to clear land. But underneath the image is a far darker reality, say campaigners, which could threaten the foreign cash and expertise Saudi Arabia needs to realize its ambitions. Though his decision took place in 2022, it was given new urgency by a whistleblower giving more detail on how Saudi officials may have acted. Amnesty International said businesses ought to be wary of doing deals in Saudi Arabia and called for UK officials to push for an independent investigation into the Neom land clearances.

Persons: —, Malcolm Aw, Col Rabih Alenezi, Dana Ahmed, Mohammed bin Salman, Jamal al, Neom Organizations: BBC, Saudi, Service, UN, Telegraph, Amnesty International, Amnesty, Politico, The Atlantic Council, Business Locations: Saudi Arabia, Saudi

☆ Ukraine says it will hit Russia's precious oil refineries even if the US tells it not to
▼ + stars: | 2024-03-22 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

The US has urged Ukraine not to strike Russian oil refineries, fearing it could drive up prices and prompt retaliation, reports say. Ukraine has ramped up its attacks in recent months, targeting Russia's energy infrastructure. Ukraine has ramped up its attacks on Russia's energy infrastructure in recent months, conducting long-range drone strikes on some of its biggest oil refineries. Russian Emergencies Ministry/ReutersShortly after the Financial Times report, a Ukrainian government official responded publicly, saying that Ukraine would continue to strike oil refineries. More than 10 major refineries and depots have been damaged, and oil prices have spiked in recent weeks.

Persons: —, Biden, Olga Stefanishyna, Diego Herrera Carcedo, Torbjörn Törnqvist Organizations: US, Service, Financial Times, Russian Emergencies Ministry, Reuters, Anadolu Agency, Getty, Gunvor Locations: Ukraine, Washington, Russia, Ukrainian, Klintsy, Bryansk Region, Bakhmut, Donetsk Oblast, Dnipro

☆ Swedish union blocks Tesla components as dispute intensifies
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +3 min

Around 50 workers that make specialized Tesla components at Hydro Extrusions, a subsidiary of Norwegian aluminium and energy company Hydro, will either stay at home or be given other tasks from Friday until further notice, the IF Metall union said. IF Metall, Sweden's biggest manufacturing union, is locked in a fight with Tesla to get a collective bargaining agreement for its 130 mechanics in Sweden. The U.S. carmaker has a policy to not sign collective bargaining agreements and says its employees have as good or better terms than what the Swedish union is demanding. The union says it is vital to the Swedish labour market model that all companies have collective agreements. Around 90% of all employees in Sweden are covered by collective bargaining agreements, which regulates wages, vacation, overtime pay and other conditions.

Persons: Veli, Pekka Saikkala, Tesla, Metall, Saikkala, carmaker, Torbjorn Johansson, Elon, Johansson, Johan Ahlander, Marie, Victoria Waldersee, Susan Fenton Organizations: Tesla, Hydro Extrusions, Hydro, IF Metall, Metall, LO, Marie Mannes, Thomson Locations: Berlin, Europe, Sweden, U.S, Stockholm, Victoria

☆ Union pressure on Tesla grows in Sweden as dockworkers expand strike
▼ + stars: | 2023-11-17 | by ( ) www.reuters.com time to read: +3 min

A view shows the ship Malacca Highway at shore as port workers are blocking the loading of Tesla vehicles, in Malmo, Sweden, November 7, 2023. Dockworkers joined the strike by mechanics on Nov. 7, blocking Sweden's four largest ports to Tesla cars. So far, unions in the United States and Germany have failed to force the company to accept collective bargaining agreements. In addition to dockworkers, unionised cleaners are refusing to clean Tesla buildings and postal workers have stopped delivering mail. In the 1990s, American toy company Toys "R" Us signed a collective bargaining agreement with its 130 Swedish employees after a three month strike.

Persons: Johan Nilsson, Tesla, Elon Musk, Dockworkers, Musk, Torbjorn Johansson, Norway's Fellesforbundet, Marie Mannes, Louise Rasmussen, Johan Ahlander, Johannes Birkebaek, Simon Johnson, Mark Potter Organizations: TT, Agency, Rights, U.S, Swedish, IF Metall, Hydro Extrusions, Hydro, Thomson Locations: Malacca, Malmo, Sweden, Rights STOCKHOLM, Dockworkers, United States, Germany, American

☆ Tesla's problems in Sweden are getting worse as dockworkers refuse to unload its EVs from ships
▼ + stars: | 2023-11-17 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

The mechanics' trade union is ramping up efforts after talks stalled again this week. AdvertisementThe labor dispute over Tesla's refusal to sign a collective wage agreement in Sweden has escalated into a dramatic labor battle. Unions representing multiple industries announced this week that they would join the strike in solidarity with IF Metall, the Tesla mechanics' trade union. The cleaners were joining the labor action "simply because the [IF] Metall Workers Trade Union asked us to," ombudsman Torbjörn Jonsson told Wired. In Germany, the largest labor union secured a 4% pay rise for 11,000 staff at Teslas Berlin Gigafactory.

Persons: Tesla, —, it's, who've, JOHAN NILSSON, Getty, Torbjörn Jonsson, IG Metall Organizations: Service, IF Metall, Metall, Workers, Union, Tesla, Wired, Metall Workers Trade Union, Teslas Berlin Locations: Sweden, Swedish, Malmo, Germany, Grünheide

LONDON, Nov 12 (Reuters) - Foreign investors pulled a record amount of money from U.S. equity funds tracking Saudi Arabia in October as the Middle East's worst violence in decades shook the region's business-friendly narrative. The iShares MSCI Saudi Arabia ETF saw record net outflows in October of more than $200 million, LSEG data shows, cutting 20% from what it held at the beginning of the month. "Capital flight can be quite indiscriminate," said Torbjorn Soltvedt, principal analyst for the Middle East and North Africa with Verisk Maplecroft. The iShares MSCI Qatar ETF (QAT.O) lost $7.7 million in funds in October, while the iShares MSCI UAE ETF (UAE.O) suffered outflows of $2.75 million. Nearly all the region's main economies are strong enough to weather some turmoil, investors say.

Persons: Torbjorn Soltvedt, Verisk, Natalia Gurushina, Israel, Gurushina, Bonds, Sergey Dergachev, Maplecroft, Dergachev, Libby George, Alexander Smith Organizations: Saudi Arabia ETF, . Exchange, Exchange, ARK Israel Innovative Technology, BlueStar, BlueStar Israel Technology, Hamas, Union Investment, Saudi Arabia's Public Investment Fund, Thomson Locations: Saudi Arabia, Qatar, UAE, Israel, East, North Africa, BlueStar Israel, outflows, Saudi, London, Bengaluru

☆ He visited every country in the world — without flying. Here's how much it cost
▼ + stars: | 2023-10-19 | by ( Charmaine Jacob | ) www.cnbc.com time to read: +5 min

Danish traveler Torbjorn Pedersen says he is the first person to visit every country in the world — without flying. The best and worst timesPedersen had planned to stay in Hong Kong for about a week when he arrived in January 2020. Pedersen spent the most time in Hong Kong, staying 772 days because of the Covid -19 pandemic. "I feel more at home in Hong Kong than I do in Copenhagen, " he said. Torbjorn Pedersen

Persons: Torbjorn Pedersen, Pedersen, Ross, Selena Wright, I've, Torbjorn Pedersen Pedersen, it’s Organizations: CNBC, Ross Energy, United Nations Locations: Singapore, Bolivia, Hong Kong, Vatican City, Copenhagen, Cameroon, Congo, Denmark, Eritrea, Ethiopia, Solomon

GENEVA (AP) — Swiss federal prosecutors on Tuesday said they have indicted a former employee of oil trading giant Gunvor over bribes paid to obtain access to the Republic of Congo's petroleum market more than a decade ago. The attorney general's office says the indictment follows an eight-year investigation, during which the company itself was ordered to pay 94 million Swiss francs (dollars) in 2019 over the bribery allegations. The next day, the U.S. government announced sanctions against Russian interests, including Timchenko himself. Gunvor has since stopped its operations in the Republic of Congo, and said it has improved its compliance programs. Gunvor's main trading office is in Geneva, but its headquarters are in Nicosia, Cyprus.

Persons: “, Gunvor, Torbjörn Törnqvist, Gennady Timchenko, Vladimir Putin, Timchenko Organizations: GENEVA, — Locations: — Swiss, Republic, Congo, Brazzaville, Ukraine, U.S, Republic of Congo, Geneva, Nicosia, Cyprus

☆ Water wars: Afghanistan and Iran's deadly border flare-up spotlights scarcity crisis
▼ + stars: | 2023-06-19 | by ( Natasha Turak | ) www.cnbc.com time to read: +6 min

Kajaki Hydroelectric Dam in Kajaki, Afghanistan in the Helmand province on June 4, 2018 in Kajaki, Afghanistan. Iranian and Afghan border guards clashed on May 27, exchanging heavy gunfire that killed two Iranian guards and one Taliban soldier and wounded several others. A dangerous borderThe 580-mile border between Afghanistan and Iran is porous and crawling with crime, predominantly coming from the Afghan side into Iran. "Iran's Afghan border has always been its most vulnerable," said Kamal Alam, a nonresident senior fellow at the Atlantic Council's South Asia Center. In the 1950s, Afghanistan built two major dams that limited the flow of water from the Helmand river into Iran.

Persons: Maplecroft, Wakil Kohsar, Soltvedt, Kamal Alam, Alam, Ryan Bohl, Rane, Ebrahim Raisi, Yamil Lage Organizations: Orbital, Copernicus Sentinel, Getty Images, CNBC, Taliban, Afp, Getty, Asia Center, East Locations: Kajaki, Afghanistan, Helmand, Getty Images Iran, Iran, Tehran, destabilization, East, North Africa, Afghan, Zaranj, Iran's, Khuzestan, Nimruz, Helmand Province, Sistan, Baluchistan, Havana, Cuba

☆ Energy trader Gunvor posts record $2.36 bln net profit in 2022
▼ + stars: | 2023-04-05 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

Companies Gunvor Group Ltd FollowLONDON, April 5 (Reuters) - Gunvor Group posted a record net profit of $2.36 billion in 2022 with a strong performance across all trading desks, the energy trader said in a statement on Wednesday. Gunvor's rivals also had a bumper year amid high price volatility and as Russia's war in Ukraine reshaped global commodity flows, with Vitol and Mercuria previously posting record net profits of $15 billion and $2.98 billion, respectively. Gunvor said its trading volumes fell to 165 million tonnes in 2022 from 240 million tonnes the previous year, due primarily to reduced trading in natural gas, but expected volumes to rebound in the coming year. "The performance was broad-based across all geographies and all desks, including refining and shipping," Gunvor said. Last month, CEO Torbjorn Tornqvist told Reuters that it was considering whether to book a provision in the 2022 year.

☆ Oil rises 2% in retreat from 15-mth low as banking fears subside
▼ + stars: | 2023-03-22 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

"Fears of a banking crisis and a recession have eased, brightening the oil demand outlook at least for now," said Fiona Cincotta, Senior Financial Markets Analyst at City Index. Wall Street indexes also closed sharply higher on Tuesday as fears over liquidity in the banking sector abated and market participants eyed the Fed. Meanwhile, U.S. crude oil inventories rose by about 3.3 million barrels last week, according to market sources citing American Petroleum Institute figures. OPEC+ sources told Reuters the drop in prices reflects banking fears rather than supply and demand. The CEO of energy trader Gunvor, Torbjorn Tornqvist, said he expected oil prices to move higher toward year end as rising Chinese demand tightens the market further.

☆ Exclusive: Gunvor to expand in United States after strong profits - CEO
▼ + stars: | 2023-03-22 | by ( Julia Payne | ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File PhotoSummarySummary Companies Gunvor on hiring kick, to expand in U.S. power, oil and LNGCEO says Europe only covered half of missing Russian gasCEO has been in dialogue with ADNOCLAUSANNE, Switzerland, March 21 (Reuters) - Energy trader Gunvor made strong profits last year and is looking to expand its oil trading and develop a significant power trading arm in the United States, its CEO told Reuters. Gunvor, traditionally focused on oil and gas, metals and bulk commodities, has in recent years also begun trading power in Europe. Tornqvist said the firm's traded oil and LNG volumes are more than 3 million barrels per day of oil equivalent. "We are looking at whether to take a provision on our books for 2022," Tornqvist said. As co-founder of Gunvor, Tornqvist remains the majority owner of the company but his stake slipped to 85.7% at the end of 2022, down from 88.4% year-on-year.

☆ The China-brokered Saudi-Iran deal has big repercussions for the Middle East — and the U.S.
▼ + stars: | 2023-03-15 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Taking up a specific role that the U.S. could not have fulfilled, this was Beijing's first foray into Middle East mediation, an area that for the past few decades was largely occupied by Washington. "I think China was a good partner to do this. I think they're the right people," he said, noting that China invests heavily in Saudi Arabia and is its top trading partner. Chinese President, Xi Jinping (L) is welcomed by Crown Prince of Saudi Arabia Mohammed bin Salman Al Saud (R) at the Palace of Yamamah in Riyadh, Saudi Arabia on December 8, 2022. And not just economically, as it already exports an immense amount of goods to the Middle East and is the largest importer of Saudi oil – but politically.

The comments at the CERAWeek energy conference in Houston show the industry remains on edge after weathering the initial aftermath of one of the biggest shocks to global energy flows in recent memory. On Feb.5, the G7 and allies also implemented a price cap on Russian fuel sales. On Tuesday, the Kremlin said it did not recognize the price cap. A STABLE OIL MARKET? China's oil demand will grow 500,000 to 600,000 barrels per day in 2023, OPEC's Al Ghais said, while global oil demand growth is expected to grow 2.3 million barrels per day in 2023.

☆ Oil steadies after dipping on China outlook; investors await Fed clues
▼ + stars: | 2023-03-06 | by ( Arathy Somasekhar | ) www.reuters.com time to read: +3 min

SummarySummary Companies China's growth outlook down from last year's targetFed chair speaks to Congress this weekU.S. February jobs report also in focusHOUSTON, March 6 (Reuters) - Oil prices were steady on Monday as top oil executives debated supply tightness at an oil conference in Houston. Oil market and logistics are tight and vulnerable to any unexpected supply disruption, as Russian oil is still getting to the market, but at different costs, oil major Chevron Corp (CVX.N) Chief Executive Mike Wirth said at the CERAWeek energy conference. Trading company Gunvor's CEO Torbjorn Tornqvist said crude prices may rise in the second half of the year as Chinese demand returns to the market, adding that the oil market has stabilised. China's closely watched growth outlook, announced on Sunday, was lower than last year's 5.5% target for gross domestic product (GDP) growth. At the same time, oil prices are likely to be affected by increases to interest rates across the world as global central banks tighten policy over fears of rising inflation.

☆ Dollar edges down from six-week peak, Swedish crown jumps
▼ + stars: | 2023-02-20 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures the dollar against six other major currencies, slipped 0.2% to 103.81. Hawkish comments from Fed officials have also underpinned the U.S. dollar, as they signalled interest rates would need to rise to quash inflation. The euro fell 1.1% against the Swedish crown to 11.05 crowns while the dollar was down 1% to 10.3405. The euro was little changed against the dollar at $1.0690, just above Friday's six-week low of $1.06125. The Australian dollar rose 0.6% to $0.6918 ahead of minutes from the Reserve Bank of Australia's latest policy meeting on Tuesday.

☆ Dollar edges lower from six-week peak, Swedish crown jumps
▼ + stars: | 2023-02-20 | by ( Samuel Indyk | ) www.reuters.com time to read: +3 min

The U.S. dollar index , which measures the dollar against six other major currencies, slipped 0.1% to 103.91. Hawkish comments from Fed officials have also underpinned the U.S. dollar, as they signalled interest rates would need to rise to quash inflation. The euro fell 1.1% against the Swedish crown to 11.059 crowns while the dollar was down 0.8% to 10.3604. The euro was little changed against the dollar at $1.0687, just above Friday's six-week low of $1.06125. "Euro rates are probably likely to stay at higher levels, whereas we think dollar rates will more easily turn lower," Turner added, which he said could support the euro in the first half of the year.

☆ Energy trader Gunvor expands leadership team
▼ + stars: | 2022-11-24 | by ( Julia Payne | ) www.reuters.com time to read: +1 min

Companies Gunvor Group Ltd FollowLONDON, Nov 24 (Reuters) - Geneva-based energy trader Gunvor Group has widened its executive committee to 14 people including its chief executive, reflecting the growing importance of gas trading for the firm, the company’s website showed on Thursday. Gunvor has a separate company, Nyera, set up in 2021 to invest in renewable energy sources. As one of the world's top five oil traders, the company traded about 3.1 million barrels per day of oil last year. It posted a record profit in 2021 and a record first half of this year on the back of record energy price volatility. The leadership changes also come amid talks with Abu Dhabi National Oil company (ADNOC) to acquire the whole or a stake in Gunvor.

☆ Iran blamed for a drone attack on an Israel-linked oil tanker off the coast of Oman
▼ + stars: | 2022-11-16 | by ( Bethany Dawson | ) www.businessinsider.com time to read: +2 min

A drone armed with a bomb hit an oil tanker off the coast of Oman on Tuesday evening. An Israeli government official has said that they believe Iran is responsible for the strike. The company said there had been "minor damage to the vessel's hull," but there was no "spillage of cargo," referring to the gas oil the tanker was carrying. However, no one has claimed responsibility for the Oman drone attack. Due to tensions between Iran and Israel, Tehran's possible involvement in the attack is suspected.

☆ Biden threatens 'consequences' for Saudi Arabia after OPEC cut, but his options are limited
▼ + stars: | 2022-10-12 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

Washington has since the 1940s provided billions of dollars in military and security aid to Saudi Arabia. A file photo of cannisters containing Patriot missiles to intercept missiles fired at Saudi Arabia or its neighboring countries. We must pull all US troops out of Saudi Arabia, stop selling them weapons & end its price-fixing oil cartel." "The White House has few good options despite Biden's warning of 'consequences' after the cut," he said, noting U.S. lawmakers' threats of anti-trust legislation and removal of U.S. military assets from Saudi Arabia. While both courses of action would send a clear message, this could backfire for both the U.S. and for crude prices.

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