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REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowDUBAI/LONDON, Aug 4 (Reuters) - An OPEC+ ministerial panel which met on Friday made no changes to the group's current oil output policy after a Saudi decision to extend its voluntary production cut into September helped oil prices rally further. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. "The committee will continue to closely assess market conditions," an OPEC statement issued after the online meeting said, adding that the panel urged members to achieve full compliance with output cut pledges. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, DUBAI, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, LONDON, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

REUTERS/Alexander Manzyuk/File PhotoCompanies Kyndryl Holdings Inc FollowLONDON/DUBAI, Aug 4 (Reuters) - An OPEC+ ministerial panel which meets on Friday is unlikely to tweak the group's current oil output policy, five OPEC+ sources told Reuters, after a Saudi decision to extend its voluntary cut into September helped oil prices rally further. The panel, called the Joint Ministerial Monitoring Committee, can call for a full meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, if warranted. Oil prices rose more than 14% in July compared with June, the biggest monthly percentage increase since January last year, as tighter supply and rising demand outweighed concern that interest rate hikes and stubborn inflation could hit economic growth. Oil prices on Friday traded at nearly $86 a barrel, close to their highest since mid-April. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement.

Persons: Alexander Manzyuk, Alexander Novak, Ahmad Ghaddar, Alex Lawler, Maha El, Lamine Chikli, Kirsten Donovan Organizations: REUTERS, Kyndryl Holdings, Organization of, Petroleum, Saudi, Reuters, OPEC, Thomson Locations: Republic of Tatarstan, Russia, DUBAI, OPEC, Saudi, Saudi Arabia, Algeria, London, Maha El Dahan, Dubai, Olesya, Moscow, Algiers

Hedge funds and other money managers sold the equivalent of 64 million barrels in the six most important petroleum-related futures and options contracts in the seven days ending June 27. Essentially all the sales were concentrated in crude contracts split evenly between Brent (-31 million barrels) and NYMEX and ICE WTI (-33 million barrels). Fund managers had accumulated 136 million barrels of gross short positions in NYMEX WTI, the most since 2017. The slump in WTI positions is likely being intensified by contract changes which have seen WTI crude grades added to the Brent futures contract. From a positioning perspective, extreme pessimism towards crude prices and lopsided positions are creating potential for an explosive rally in future.

Persons: Alexander Manzyuk, Brent, John Kemp, David Evans Organizations: REUTERS, OPEC ⁺, ICE, ICE WTI, Fund, Global, Thomson, Reuters Locations: Republic of Tatarstan, Russia, Saudi Arabia, Brent, NYMEX WTI, North America, Europe, China, U.S, Iran, Venezuela, distillates

☆ Gold flirts with all-time highs as banking concerns deepen
▼ + stars: | 2023-05-04 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. REUTERS/Alexander ManzyukGold made another run toward record highs on Thursday as U.S. banking concerns accelerated a flight to the safe-haven asset and sustained its stellar rally driven by bets for a pause in U.S. rate hikes. Spot gold was up 0.3% at $2,045.79 per ounce after climbing earlier to $2,072.19, shy of a record high of $2,072.49. The Fed Funds target rate stands in the 5%-5.25% range, with markets expecting rate cuts in the second half of the year. In physical markets, lofty prices have tarnished gold demand in top Asian retail hubs.

☆ Gold hovers near 2020 record highs on softer dollar, weak US data
▼ + stars: | 2023-04-05 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukApril 5 (Reuters) - Gold prices hovered near record highs seen in 2020, trading steady above the key $2,000 level on Wednesday, as the dollar eased after weak U.S. economic data fanned expectations that the Federal Reserve might loosen its monetary policy trajectory. FUNDAMENTALS* Spot gold held its ground at $2,020.39 per ounce, as of 0123 GMT. * Data showed U.S. job openings in February dropped to the lowest level in nearly two years, suggesting the labor market was cooling. * While gold is traditionally considered a hedge against inflation and economic uncertainties, higher interest rates dim the appeal for non-yielding bullion. * Spot silver eased 0.1% to $24.99 per ounce, while platinum was 0.2% higher at $1,020.47 and palladium edged up 0.1% to $1,458.51.

MOSCOW, March 29 (Reuters) - Russian President Vladimir Putin on Wednesday pointed to record low unemployment and marginally higher real wages as evidence of a gradual economic recovery, although data showed that consumer demand and industrial output dropped in February. Data from the Rosstat federal statistics service showed that unemployment dropped to 3.5% in February, a record low, while real wages, which are adjusted for inflation, rose 0.6% in January. Retail sales, a key gauge of consumer demand, fell 7.8% year-on-year in February, while industrial output dropped 1.7%. But that decline, combined with double-digit inflation meant that real disposable incomes fell 1% in 2022, according to Rosstat, with real wages only now starting to pick up again. "The population's wages and real disposable incomes have again started growing in real terms in the country as a whole," Putin said.

☆ Gold bounces 1% as investors seek cover from US banking rout
▼ + stars: | 2023-03-13 | by ( ) www.cnbc.com time to read: +2 min

Ingots of 99.99 percent pure gold are placed in a workroom at Krastsvetmet precious metals plant in the Siberian city of Krasnoyarsk, Russia, January 31, 2023. Spot gold was up 0.8% at $1,882.70 per ounce, as of 0416 GMT. Gold rallied 2% on Friday after California banking regulators closed tech startup-focused Silicon Valley Bank (SVB) SIVB.O. Meanwhile, investors also took stock of measures by U.S. officials to stem the financial fallout, and which have been cheered by stock markets on Monday. "When it becomes apparent that the risk is contained, gold will be less appealing as a safe-haven," City Index's Simpson said.

☆ Gold slips as U.S. inflation data heightens rate-hike jitters
▼ + stars: | 2023-02-15 | by ( ) www.cnbc.com time to read: +2 min

Spot gold was down 0.5% at $1,845.96 per ounce, as of 0538 GMT, after falling to its lowest since early January on Tuesday. U.S. gold futures fell 0.5% to $1,856.60. Rising interest rates discourage investors from placing money in non-yielding assets such as gold. Fed officials said on Tuesday the U.S. central bank would need to keep gradually raising interest rates to beat inflation. Money markets expect the Fed's target rate to peak at 5.263% in July from a current range of 4.50% to 4.75%.

☆ Moscow's decades-old gas ties with Europe lie in ruins
▼ + stars: | 2023-02-14 | by ( Vladimir Soldatkin | ) www.reuters.com time to read: +10 min

Washington has long criticised Germany's policy of reliance on Russian energy, which until last year, Berlin had said was a means to improve relations. In October, he mooted an idea of a gas hub in Turkey to divert the Russian gas flows from the Baltic Sea and North-West Europe. The 20-year supply deal is worth about $30 billion in current gas prices. In Europe, gas prices hit record levels and international oil prices shortly after the special military operation began spiked close to their all-time high. Domestic gas prices are regulated by the government and there have been discussions about liberalising the gas market, a sensitive issue for Russian households.

☆ Gold subdued as investors brace for U.S. inflation data
▼ + stars: | 2023-02-13 | by ( ) www.cnbc.com time to read: +2 min

REUTERS/Alexander ManzyukGold prices edged lower on Monday on a firmer dollar as investors squared positions before U.S. inflation data that could influence the Federal Reserve's rate-hike roadmap. Spot gold was down 0.2% at $1,861.95 per ounce, as of 0302 GMT. Bullion is often seen as an inflation hedge, but the opportunity cost of holding it is higher when interest rates are raised to combat inflation. Data on Tuesday is likely to show the U.S. monthly consumer prices climbing 0.4% month-on-month in January, according to a Reuters survey of economists. The Labor Department's annual revisions of CPI data on Friday showed the consumer price index edged up 0.1% in December rather than dipping 0.1% as reported last month.

☆ Gold eases as steady dollar, U.S. rate-hike outlook dent appeal
▼ + stars: | 2023-02-09 | by ( ) www.cnbc.com time to read: +1 min

REUTERS/Alexander ManzyukGold prices edged lower on Thursday, as the dollar steadied and after U.S. Federal Reserve officials said more interest rate increases were likely to curb inflation. Spot gold was down 0.1% at $1,874.58 per ounce, as of 0054 GMT. Gold is sensitive to high interest rates which lift the opportunity cost of holding non-yielding bullion. SPDR Gold Trust , the world's largest gold-backed exchange-traded fund, said its holdings rose 0.03% to 921.10 tonnes on Wednesday from 920.82 tonnes on Tuesday. Spot silver fell 0.1% to $22.28 per ounce, platinum was 0.3% lower at $966.85 and palladium eased 0.1% to $1,646.89.

☆ Gold demand surged to an 11-year high in 2022 on 'colossal' central bank buying
▼ + stars: | 2023-02-01 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Alexander Manzyuk | ReutersGold demand soared to an 11-year high in 2022 on the back of "colossal central bank purchases, aided by vigorous retail investor buying," according to the World Gold Council. Annual gold demand jumped 18% to 4,741 tons (excluding over-the-counter or OTC trading) across the year, the largest annual figure since 2011, fueled by record fourth-quarter demand of 1,337 tons. "Central bank net purchases in Q4 totalled 417t, lifting H2 total buying to 862t. The majority of the central bank buying in 2022 came from emerging markets, with the Central Bank of Turkey the largest buyer at a record 542 tons. This means that the purchasing power of non-U.S. buyers is reduced and harms global gold demand.

☆ Supreme dollar rules the roost in gold market
▼ + stars: | 2022-12-30 | by ( Bharat Gautam | Swati Verma | ) www.reuters.com time to read: +2 min

REUTERS/Alexander ManzyukThe Fed’s fight against inflation is expected to dictate sentiment in precious metals markets next year. Russia’s invasion of Ukraine, surging inflation, COVID-19 restrictions and slowing growth meant precious metals had a mixed 2022. Spot gold at $1,821.50 an ounce at 19:28 GMT is on course to wrap up 2022 about 0.4% lower. Among other precious metals, silver at $23.87 an ounce is set to end the year over 2% up. Nornickel should also complete its smelter maintenance, allowing it to increase output,” according to Heraeus Precious Metals.

☆ Russia's Rosneft to pay $3.6 bln in first nine-month dividend
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +2 min

Reuters calculations found the payout would be 216 billion roubles. In reply to a Reuters request, Rosneft said the board had recommended paying the nine-month dividend as 50% of net profits earned in the first six months, declining further comments. In January-October, the budget showed a surplus of 128.4 billion roubles, reflecting a one-off mineral extraction tax (MET) on Gazprom. To meet the 1.25 trillion roubles in MET hike, Gazprom cancelled dividends for first time since 1998. Next year, the finance ministry forecasts the deficit will double to 3 trillion roubles, or 2% of GDP, and analysts say the gap could be up to 4.5 trillion roubles.

REUTERS/Alexander ManzyukNEW YORK, Oct 12 (Reuters) - The United States is already starting to see success with discussions of a Russian oil price cap, as Washington has heard countries are negotiating deals with Russia to buy oil far below the benchmark Brent crude price, a top U.S. Treasury official said Wednesday. A price cap on Russian seaborne oil deliveries is being developed by the United States and other G7 countries to cut Russia's oil revenues, while encouraging Moscow to continue to produce oil. Governments and companies restricted purchases of Russian oil after Moscow invaded Ukraine in on Feb. 24. The price cap on Russian oil was agreed in principle last month by the Group of Seven rich countries. The United States will look at historical data for what Russia has earned in the past for their oil to set the price cap, Adeyemo said.

REUTERS/Alexander Manzyuk//File PhotoSummary Registry by NGOs Carbon Tracker, Global Energy MonitorFirst global registry of world's fossil fuel assetsShows burning all known reserves would blow CO2 targetsLONDON, Sept 19 (Reuters) - Carbon Tracker and Global Energy Monitor said on Monday they had launched the first global registry of oil and gas reserves, production and emissions with data for more than 50,000 fields. It could also help activists in their efforts to pressure producers or governments to cut fossil fuel output. The Global Registry of Fossil Fuels contains data for fields in 89 countries, covering 75% of global production the non-governmental organisations which developed it said. While there is little doubt that much of the world's oil and gas reserves will have to stay underground to avoid a dramatic worsening of the climate, the registry has put a number on this. It is not straightforward to calculate the life-cycle emissions of a unit of oil, gas or coal, often relying on calculations rather than measurements which can differ widely.

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