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☆ This tiny country is giving $2,000 to every household as an Exxon oil boom supercharges its economy
▼ + stars: | 2024-10-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +6 min

Guyana, the tiny South American nation, is giving $2,000 to every household in the country. AdvertisementThe world's fastest-growing economy is handing the equivalent of $2,000 to every household as it works to share its newfound oil wealth and soften the sting of higher living costs. Its oil fund held over $1.7 trillion of assets at the end of June, or more than $300,000 per Norwegian citizen. Sharing the wealthGuyana's $2,000 payment to households "sounds like great news," Karl Widerquist, a philosophy professor at Georgetown University-Qatar and the author of several books about universal basic income (UBI) told BI. Guyana's one-off, unconditional cash grant is a "positive step," Cleo Goodman, the basic income lead at the Autonomy Institute think tank, told BI.

Persons: —, Mohamed Irfaan Ali of, Ali, They've, Nicolas Suarez, Suarez, Karl Widerquist, Cleo Goodman Organizations: Service, Department, Public, Guyanese, P Global Market Intelligence, Resource Fund, Bank, Exxon, Guyana ramped, Monetary Fund, Georgetown University, Qatar, Autonomy Institute Locations: Guyana, Mohamed Irfaan Ali of Guyana, America, Riding, Britain, Venezuela, Brazil, Suriname, Netherlands

☆ China driving oil markets in a 'different way' this year: S&P Global
▼ + stars: | 2024-10-14 | 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 EmailChina driving oil markets in a 'different way' this year: S&P GlobalKang Wu, Global Head of Oil Demand Research at S&P Global, talks about China's impact on oil markets, and flags the persisting challenges for the country's oil demand.

Persons: Kang Wu Organizations: of Oil Demand, P Global Locations: China

☆ Israel is trying to dismantle Hezbollah's leadership, but there's a big problem
▼ + stars: | 2024-10-10 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +5 min

Israel has been targeting Hezbollah's leaders with a series of air strikes. Hezbollah's leadership crisis may lead to internal power struggles and strategic shifts. AdvertisementIsrael is continuing its relentless campaign to dismantle Hezbollah's leadership. Israel says it killed Hezbollah chief Hassan Nasrallah in an airstrike on Beirut. As well as taking out Hezbollah's leadership with strikes in Lebanon and Gaza, Israel is also weighing up a counterattack against Iran after it launched a ballistic missile attack.

Persons: —, Hassan Nasrallah, Hezbollah's, Fu'ad, Ali Karaki, Ibrahim Aqeel, Hashem Safieddine, Israel, Chris McGrath, Benjamin Netanyahu, it's, Netanyahu, Mohammed Albasha, Albasha, Antony Loewenstein, KAWNAT HAJU, William F, Wechsler, Abbas al, Mireille Rebeiz, Nasrallah, Al, Ahmet Kaya Organizations: Service, Israel, Palestine, Sky News, Getty, Atlantic Council, Rafik Hariri Center and Middle, Islamic Jihad Organization, Middle East, Dickinson College, UK's National Institute of Economic, Social Research, CNN Locations: Israel, Syria's, Golan, Beirut, Chris McGrath Israeli, US, Lebanon, AFP, Rafik, Buenos Aires, Iran, Pennsylvania, Gaza

☆ Want to get into the AI industry? Head to Abu Dhabi.
▼ + stars: | 2024-10-08 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

The UAE's AI minister believes we'll have "centers and nodes of excellence across the world." Last year, the country's wealthiest emirate, Abu Dhabi, launched Falcon — its first open-source large language model. Abu Dhabi's ruling family also controls several of the world's largest sovereign wealth funds, including the Abu Dhabi Investment Authority and Mubadala Investment Company, a founding partner of MGX. In 2010, New York University launched a branch in Abu Dhabi that has since developed a focus on AI. Its "true strengths lie in the leadership's strategic vision, substantial investments in AI research and compute capacity, and government-led initiatives in industry.

Persons: we'll, —, Omar Sultan Al Olama, Al Olama, Abu Dhabi's, PwC, It's, Mohamed bin, Abu Dhabi, Nancy Gleason, Mohamed Organizations: United, United Arab Emirates, Service, Stanford's Center, Atlantic Council, International Trade Administration, Abu, Abu Dhabi Investment Authority, Mubadala Investment Company, Atlantic, New York University, University of Artificial Intelligence, Intelligence, NYU Abu Locations: United Arab, Silicon Valley, Malta, Paris, United Arab Emirates, UAE, Silicon, Abu Dhabi, United States, China, Dubai, University, Abu, NYU Abu Dhabi

☆ Satellite imagery shows Iranian oil tankers at country’s major terminal disappearing amid fears of Israeli counterattack
▼ + stars: | 2024-10-04 | by ( Natasha Turak | ) www.cnbc.com time to read: +5 min

A general view of the Port of Kharg Island Oil Terminal in Iran on March 12, 2017. Fatemeh Bahrami | Anadolu Agency | Getty ImagesSatellite imagery revealed a number of oil tankers vacating the waters around Iran's key Kharg Island oil loading terminal, amid fears of an Israeli counterattack on Tehran's energy infrastructure. Their empty VLCC supertankers vacated the country's largest oil terminal, Kharg Island, yesterday," tracking firm TankerTrackers.com wrote in a post on the X social media platform on Thursday evening. VLCC tankers are specifically designed to transport large volumes of crude oil. Kharg Island: Iran's largest oil terminalLocated fifteen miles off Iran's northwestern coast, the Kharg Island terminal handles more than 90% of the country's crude exports.

Persons: Fatemeh, TankerTrackers.com, Hassan Nasrallah —, Samir Madani, Sara Vakhshouri, Joe Biden, Biden Organizations: Anadolu Agency, Getty, National Iranian Tanker Company, Copernicus, Sentinel, Sentinel Hub CNBC, CNBC, Kharg, SVB Energy, Brent, West Texas Locations: Kharg, Iran, Israel, Persian, London

☆ Why oil prices have plunged 3% today
▼ + stars: | 2024-09-26 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Saudi Arabia is committed to boosting oil output in December, the FT reported. The kingdom is resigning itself to a period a lower prices, sources told the FT.Oil markets spiraled on the news, falling as much as 4% on Thursday. AdvertisementA report that Saudi Arabia would ditch its unofficial crude price target sent crude oil prices sharply lower on Thursday. In essence, the kingdom is giving in to lower prices, FT sources said. The eastern-based faction has committed to reopening the country's oil fields in response, a move that could bring more crude output back online.

Persons: —, Brent Organizations: FT ., Service, Financial Times, West Texas Intermediate, Saudi, Bloomberg Locations: Saudi Arabia, Riyadh, Iraq, Kazakhstan, China, Libya

☆ Oil prices little changed as U.S. stockpile drop offsets global demand woes
▼ + stars: | 2024-09-26 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices were little changed on Thursday after falling in the previous session as signs of higher fuel demand and falling stockpiles in the U.S., the world's biggest oil user, offset concerns over demand elsewhere, particularly in China. Oil prices slumped over 2% on Wednesday as worries over supply disruptions in Libya eased and demand concerns continued despite China's latest stimulus plans. Oil prices initially rose following the stimulus announcement from the world's biggest oil importer. "Any revival in Libyan production would return to a market that is already beset by concerns of weak demand in the U.S. and China," ANZ Research said.

Organizations: Brent, U.S, West Texas, ANZ Research, Energy Information Administration Locations: U.S, China, Libya, United States

☆ U.S. crude oil rises above $74 per barrel but is on pace for weekly loss
▼ + stars: | 2024-08-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

The Strategic Petroleum Reserve (SPR) Bryan Mound storage facility located in Brazoria County, Texas, is one of four sites that make up the country's oil reserve. Crude oil futures rose more than 1% on Friday, but are on pace for a weekly loss as slowing demand in China weighs on the market. "That has really evaporated from the market," Croft said. "The market has really refocused on these demand concerns," Croft said. "Chinese demand concerns have really weighed on this market as well as broader concerns about the macro outlook," she said.

Persons: Brent, Helima Croft, CNBC's, Croft Organizations: Strategic Petroleum Reserve, RBC Capital Markets, Traders Locations: Mound, Brazoria County , Texas, China, Iran, Israel, Tehran

☆ World's largest sovereign wealth fund posts $138 billion in first-half profit as AI demand boosts tech
▼ + stars: | 2024-08-14 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +2 min

Norway's massive sovereign wealth fund on Wednesday posted first-half profit of 1.48 trillion kroner ($138 billion), primarily driven by robust returns on its investments in technology stocks. The so-called Government Pension Fund Global — the world's largest sovereign wealth fund — said it had a value of 17.75 trillion kroner at the end of June. Norway's sovereign wealth fund said its equity portfolio posted a return of 12.5% through the first half of the year, while its fixed income and unlisted real estate portfolios incurred marginal losses. It said higher capital costs had adversely affected the value of investments in the period from January to June. One of the world's largest investors, Norway's sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector.

Persons: —, Nicolai Tangen, Tangen, NBIM's Tangen Organizations: Fund, Norges Bank Investment Management, Reuters

☆ Oil drops on weak sentiment, set for weekly decline
▼ + stars: | 2024-07-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices ticked higher on Thursday, buoyed by a bigger-than-expected weekly decline in U.S. crude stocks. Oil prices fell on Friday, setting up for a second weekly decline, as mixed economic signals weighed on investor sentiment and boosted the dollar. Brent crude prices fell by 51 cents, or 0.6%, to $84.50 a barrel by 0035 GMT. "Crude oil was under pressure amid a broader risk-off tone across markets," Hynes said. Oil prices found some support in the prior two sessions after the U.S. government reported a bigger-than-expected weekly decline in oil stockpiles.

Persons: Daniel Hynes, Hynes, Brent, WTI, FGE Organizations: Brent, . West Texas, U.S, ANZ, Reuters

☆ 7 quirky plans for Neom, from robot hotel clerks to swim lanes for commuters
▼ + stars: | 2024-05-22 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +5 min

Read previewSaudi Arabia has grand plans for its Neom megaproject. The city is part of Saudi Crown Prince Mohammed bin Salman's Vision 2030 project , which plans to revolutionize the country's oil-dependent economy for a post-fossil fuel future. Swim lanes for commutersThe megacity is also considering including swim lanes for commuters, according to a Neom "style catalog" seen by Bloomberg. Neom planners are reportedly considering including canals with swimmable water, which would allow residents to swim to work or school. A robot and AI networkNeom has grand plans to be the most high-tech city in the world.

Persons: —, It's, Prince Mohammed bin Salman's, Jan Paterson, Neom's, Neom, Nadhmi Al, Nasr, Wayne Borg, Paul Marshall Organizations: Service, Business, Planners, Bloomberg, Wired, BBC Locations: Saudi Arabia, Saudi, Neom, Aqaba, Treyam, Neom's

☆ Zelenskyy canceled all his foreign trips, a sign things are critically bad for Ukraine right now
▼ + stars: | 2024-05-16 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +6 min

This has given Russian forces the chance to make small but steady gains. It's one of 30 settlements that have seen heavy bombardment by Russian forces, Kharkiv Governor Oleh Syniehubov said on Monday. AdvertisementHolding on until Western aid comesMeanwhile, chronic delays in Western support has left Ukraine badly under-supplied in ammunition. Advertisement"This year represents a window of opportunity for Russia," military analyst Michael Kofman told the Times. "But if the Russian military is not able to turn these advantages into battlefield gains and generate momentum, there's a fair chance that this window will begin to close as we enter 2025."

Persons: —, Volodymyr Zelenskyy, Zelenskyy's, Sergii Nykyforov, Nykyforov, EFE, King Felipe VI of Spain, Zelenskyy, Hamish de Bretton Gordon, Bretton Gordon, Vladimir Putin, George Barros, Chasiv Yar, Kyryo Budanov, Oleh Syniehubov, Ann Marie Dailey, Russia's, Emmanuel Macron's, de Bretton Gordon, Michael Kofman Organizations: Service, Business, Telegraph, British, Institute, Associated Press, New York Times, BBC, Kharkiv, RAND, Fleet, Russian, Politico, Times Locations: Ukraine, Russia, Spanish, Portugal, Ukrainian, Donetsk, Kharkiv, Chasiv Yar, Vovchansk, Russian, Ukraine's, prevarication, it's

☆ Russia saw its oil revenue double in April despite Western sanctions
▼ + stars: | 2024-05-06 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +3 min

Russia's oil revenue soared by 90% in April compared to the previous year, Bloomberg reported. The rise comes as sanctions have struggled to curb Russian energy flows since the war in Ukraine began. AdvertisementThe major funding sources for Vladimir Putin's invasion of Ukraine — the country's oil and gas revenues —doubled in April despite sanctions. Bloomberg data also indicates Moscow will see approximately $126 billion in oil and gas tax revenue in 2024. That said, Bloomberg reported that April's oil and gas revenue to Russia's budget still dropped by about 6.4% compared to March, primarily due to substantial subsidies to the nation's fuel producers.

Persons: —, Vladimir Putin's, Bloomberg Organizations: Bloomberg, Service, Russia's Federal Tax Service, Bloomberg Economics Locations: Ukraine, Russia's, Russia, Moscow, China, India, Persian

☆ Oil prices edge down as Russia lifts supplies, jet fuel demand stirs caution
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +2 min

Oil prices edged down early on Tuesday after gaining in the previous trading session, due in part to the prospect of rising supply from Russia as well as the possibility of slower-than-expected downstream demand in sectors such as jet fuel. The Brent crude oil futures contract for May delivery slipped 16 cents to $86.73 a barrel as at 0300 GMT, whereas that for U.S. West Texas Intermediate (WTI) fell 13 cents to $82.03. Regarding Russia, supply concern stemming from increased exports following Ukrainian attacks on the country's oil infrastructure continued to pressure prices downward. Global jet fuel prices are likely to be "higher by 5.4% over our previous forecast to USD111/bbl as soft demand is expected to give way to peak summer travel and stronger prices", BMI analysts wrote in a client note. "However, a global economic slowdown will temper consumption of air travel and weigh on jet fuel prices limiting price upside," they added.

Persons: JP Morgan Organizations: Brent, U.S . West Texas, U.S ., Global, bbl, BMI Locations: Russia, Saudi Arabia, Iraq, China

☆ How Russia has avoided bankrupting itself after 2 years of waging war in Ukraine
▼ + stars: | 2024-02-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +9 min

1: By waging war outside its own bordersOne critical reason Russia's economy is still ticking is because of the location of the war. AdvertisementConsider the impact of the war on the economies of both Russia and Ukraine. In 2022, the first year of the war, Russia's economy contracted 1.2%, according to official statistics. Russia was facing a demographic crisis with a declining population and falling fertility rate even before its war with Ukraine. 4: By stimulating and steadying its economy with subsidies and policiesGovernment subsidies, spending, and policies are also propping up Russia's economy.

Persons: —, Hassan Malik, Loomis Sayles, it's, Malik, Vladimir Putin's, Sergei Guriev, Malik isn't, Alex Isakov, Putin, Alexandra Prokopenko Organizations: Service, Business, Reuters, US, Exchange, European Bank for Reconstruction, Bloomberg Economics, Vienna Institute for International Economic Studies Locations: Russia, Moscow, Boston, Crimea, Ukraine, Russian, China, India, Austrian

☆ World's largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocks
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Norway's giant sovereign wealth fund on Tuesday reported record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks. "Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022," Nicolai Tangen, chief executive of Norges Bank Investment Management, said in a statement. Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Last year, Norges Bank Investment Management said its return on equity investments was 21.3%, its return on fixed income investments came in at 6.1%, while investments in unlisted real estate returned -12.4%. The fund said a negative year for its unlisted real estate investments was due to rising interest rates and subdued demand.

Persons: Nicolai Tangen, Norges Bank Investment Management's Tangen Organizations: Fund, Norges Bank Investment Management, Technology, Norges Bank Investment Locations: America, China

☆ How Guyana's big oil boom turned it into the world's fastest-growing economy
▼ + stars: | 2024-01-27 | by ( Anuz Thapa | ) www.cnbc.com time to read: +2 min

Guyana, a tiny South American nation home to more than 800,000 people, made big headlines in December. "What has happened is that it's been exacerbated by the discovery of oil (in Guyana)," said Dr. Terrence Blackman, founder and CEO at Guyana Business Journal. The 2015 oil discovery made Guyana the world's fastest-growing economy, recording the world's highest real GDP growth rate in 2022 and 2023. Venezuela has the world's largest oil reserves, but that hasn't stopped its economy from collapsing since Maduro took power in 2013. Watch the video above to dive deep into Guyana's oil economy, its ongoing escalation with Venezuela, what the country's oil means for the U.S. and more.

Persons: Nicolás Maduro, it's, Terrence Blackman, hasn't, Maduro, Venezuela doesn't, Valerie Marcel, Gregory Brew Organizations: Guyana Business, New Producers Group, Eurasia Group, U.S Locations: Guyana, American, Venezuela, Essequibo, United States, South America

☆ Russia has burned through almost half of the liquid reserves in its national wealth fund as it bleeds money amid the war in Ukraine
▼ + stars: | 2024-01-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Read previewThe stash of liquid assets in Russia's national wealth fund has fallen over 44% since Moscow invaded Ukraine, according to a Bloomberg report of Russian finance ministry data on Wednesday. Meanwhile, the national wealth fund's total holdings tumbled 12% over the same period. The massive slump in the national wealth fund's liquid assets came as its holdings in Russian companies and in infrastructure bonds surged by 2 trillion rubles, per Bloomberg calculations. AdvertisementRussia's finance ministry also used around 3 trillion rubles from the fund to cover its budget deficit in 2023 after it doubled defense spending in the same period. Alex Isakov, an economist at Bloomberg Economics, said Russia's national wealth fund's liquid assets will last for another year or two if the country's oil export prices fall below $50 a barrel.

Persons: —, Alex Isakov Organizations: Service, Bloomberg, Business, National, Bloomberg Economics Locations: Moscow, Ukraine, Russia, Russia's, Israel

☆ Israel-linked hackers claim cyberattack that hit 70% of Iran's gas stations
▼ + stars: | 2023-12-18 | by ( Natasha Turak | ) www.cnbc.com time to read: +3 min

Iranian state TV cited the country's Oil Minister Javad Owji saying that outside interference was a possible cause after 70% of Iran's gas stations were hit by service disruptions, according to Reuters. "We, Gonjeshke Darande, carried out another cyberattack today, taking out a majority of the gas pumps throughout Iran. Gonjeshke Darande has claimed responsibility for previous cyberattacks on Iran, including on one of the country's major steel companies in June 2022. These cyber-attacks [are] being carried out carefully to protect innocent individuals," Gonjeshke Darande wrote in a Telegram post at the time. As for the Monday hit to Iran's gas stations, the country's civil defense agency said an investigation was underway and that it was still examining all possible causes for the disruption.

Persons: Hossein Beris, HOSSEIN BERIS, that's, Javad Owji, Gonjeshke, Ayatollah Ali Khamenei, Khamenei, Darande, Gonjeshke Darande Organizations: Getty, country's Oil, Reuters, Islamic, Revolutionary Guard Corps Locations: Tehran, Iran, Israel, Persian, Islamic Republic

REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 27 (Reuters) - OPEC+ is looking at deepening oil production cuts despite its policy meeting being postponed to this Thursday amid a quota disagreement between some producers, an OPEC+ source said on Monday. An OPEC+ source said he expected there to be an option for a "collective further reduction" on Thursday, without providing details. OPEC+ sources earlier this month said the group was set to consider additional cuts. OPEC member Kuwait is committed to any decisions issued by OPEC, especially those that concern market quotas and oil production, the country's oil ministry said in a post on social media platform X. This will be followed at 1400 GMT by a meeting of the full policy-making group of OPEC+ ministers, the agenda showed.

Persons: Leonhard Foeger, Ahmad Ghaddar, Alex Lawler, Louise Heavens, Dmitry Zhdannikov, Christina Fincher Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Kuwait, Saudi Arabia, Saudi

Washington in mid-October issued a general license lifting through April sanctions on the country's oil production and exports. POLICY SHIFTThe U.S. imposed sanctions on Venezuela's oil industry to try to oust President Nicolas Maduro, whose 2018 re-election it considers a sham. In the last three weeks, PDVSA has signed new term deals to sell products, including fuel oil and asphalt cement with little known firms. LINING UPShortly after sanctions were eased last month, Trafigura chartered a vessel to pick up a fuel oil cargo at a Venezuelan port. The firm that won the offer is Romania-registered Ke Lo Ke Mgmt, PDVSA documents seen by Reuters showed.

Persons: Marco Bello, Nicolas Maduro's, PDVSA, Nicolas Maduro, Joe Biden's, Trafigura, Lo, Ke Lo Ke, Gunvor, Marianna Parraga, Gary McWilliams, Barbara Lewis Organizations: REUTERS, Gunvor, Reuters, Bloomberg, Thomson Locations: Puerto Cabello, Carabobo, HOUSTON, Washington, U.S, Venezuela, PDVSA, Venezuelan, Romania

Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas U.S. August 22, 2018. Brent crude futures closed below $84 a barrel for the first time since Hamas Islamists' Oct. 7 attack on Israel. A recovery in oil exports from the Organization of Petroleum Exporting Countries also added to the pressure on oil prices, UBS analyst Giovanni Staunovo said. On the demand side, China's crude oil imports in October showed robust growth but its total exports of goods and services contracted at a quicker pace than expected. "There are concerns in the oil markets about both rising supply and sliding demand," said Mizuho analyst Robert Yawger.

Persons: Nick Oxford, Powell, Craig Erlam, Giovanni Staunovo, Staunovo, Brent, Fiona Cincotta, Neel Kashkari, Jerome Powell, Robert Yawger, It's, Shariq Khan, Trixie Yap, Yuka Obayashi, David Gregorio, Matthew Lewis Organizations: Midland , Texas U.S, REUTERS, bbl, BENGALURU, Brent, U.S, West Texas, Traders, Organization of Petroleum, UBS, U.S . Energy Information Administration, ., Minneapolis Federal, Investors, Thomson Locations: Midland , Texas, Israel, U.S, Bengaluru, Singapore, Tokyo

☆ World’s largest sovereign wealth fund loses $34 billion as all asset classes fall in third quarter
▼ + stars: | 2023-10-24 | by ( Sam Meredith | ) www.cnbc.com time to read: +1 min

Norway's $1.4 trillion sovereign wealth fund, the world's largest, on Tuesday reported losses of 2.1% in the third quarter, as all asset classes fell in value. The fund last reported a quarterly loss one year ago. "The stock market saw a weaker quarter compared to the two previous quarters," Trond Grande, deputy chief executive of Norges Bank Investment Management, said in a statement. Norway's gigantic sovereign wealth fund was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. The fund reported a quarterly loss of 3.3% on its investments in unlisted real estate, while the third-quarter loss on its renewable energy infrastructure investments came in at 2.4%.

Persons: Trond Grande Organizations: Fund Global, Norges Bank Investment Management

☆ 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

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. In earlier trade, both benchmarks gained more than $2 to touch their highest levels in two weeks. Jordan then cancelled a summit it was to host with U.S. President Joe Biden and Egyptian and Palestinian leaders. "A long occupation looms as the scenario that pushes Brent oil futures above $US100/bbl because it raises the risk that the Israel Hamas conflict expands and potentially draws in Iran directly," Dhar said. Also supporting oil prices, U.S. crude stocks fell by about 4.4 million barrels in the week ended Oct. 13, according to market sources citing American Petroleum Institute figures on Tuesday.

Persons: Nick Oxford, Jordan, Joe Biden, Biden, Vivek Dhar, Dhar, Harry Murphy Cruise, Arathy Somesekhar, Muyu Xu, Sonali Paul, Lincoln Organizations: REUTERS, Brent, West Texas, U.S, Israel Hamas, Commonwealth Bank of Australia, Israel, Hamas, American Petroleum Institute, Golden, Federal Reserve, Thomson Locations: Cushing , Oklahoma, Gaza, Gaza City, Israel, Iran, China

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