DIRS.INFO The most relevant business & tech news

Akbar Al Baker, QR Group CEO during the FIFA Legends Event on Dec 11, 2022. He has retired as CEO of Qatar Airways, a source familiar with the matter said on Oct 23, 2023. Qatar Airways could not immediately be reached for comment. Airbus and Qatar Airways settled at the end of January, averting a rare and potentially damaging UK court trial in the jet sector. It was not immediately clear whether Al Baker was retiring from other posts, which include serving as the chief executive of Hamad International Airport and of Qatar Duty Free.

Persons: Akbar Al Baker, Paul Childs, Al Baker, Gulf Badr Mohammed Al Meer, Badr Mohammed Al Meer, Al Baker's, Saad Sherida Al, Kaabi, Alex Macheras, Sheikh Tamim bin Hamid Al Thani, Maha El Dahan, Andrew Mills, Alexander Cornwell, Tim Hepher, Bernadette Baum, Mark Potter, Sharon Singleton Organizations: QR, FIFA, Qatar Airways, REUTERS, DOHA, Reuters, Hamad International Airport, Dubai's, Turkish Airlines, U.S, Airbus, Boeing, Qatar, Qatar Duty Free, Thomson Locations: Gulf, Qatar’s, Dubai's Emirates, East, Berlin, Qatar

☆ UAE, after Israel-Gaza conflict, says it does not mix trade with politics
▼ + stars: | 2023-10-10 | by ( Rachna Uppal | ) www.reuters.com time to read: +1 min

DUBAI, Oct 10 (Reuters) - The United Arab Emirates does not mix trade with politics, the country's trade minister said on Tuesday when asked whether the conflict between Israel and Hamas would impact economic agreements. "We don't mix the economy and trade with politics," Thani al Zeyoudi told reporters in Dubai. In March, a Comprehensive Economic Partnership Agreement (CEPA) between the two countries came into effect, Israel’s first free trade agreement with an Arab state. The UAE was the first Gulf country to normalise relations with Israel in 2020, breaking with decades of Arab policy toward the Palestinian cause. The UAE has described the attacks carried out by the Palestinian Islamist faction Hamas against Israel as a "serious and grave escalation".

Persons: Zeyoudi, Israel’s, Rachna Uppal, Maha El, Alison Williams, Christina Fincher Organizations: United, Thomson Locations: DUBAI, United Arab Emirates, Israel, Thani, Dubai, UAE, Georgia, Palestinian

DUBAI, Oct 9 (Reuters) - The United Arab Emirates is refashioning state-owned Abu Dhabi National Oil Company (ADNOC) in the image of an international oil major by stepping up its global expansion and finding new revenue streams to maximise earnings for the Gulf state. The state-owned company also told Reuters it was investing in energy trading, without giving further details. ADNOC has two trading arms, both set up in 2020: ADNOC Trading, which is focused on crude oil, and ADNOC Global Trading, a joint venture with Italy's Eni (ENI.MI) and OMV which is more focused on refined products. Other recent hires include Bart Cornelissen, who left Deloitte to become ADNOC's senior vice president for group strategy and portfolio last month, according to LinkedIn. Recent senior hires for ADNOC's trading arms include alumni of Gunvor, Litasco, Shell and TotalEnergies, the employment network showed.

Persons: ADNOC, Galp, Austria's, Mohammed bin Zayed, headcount, Michele Fiorentino, Baker Hughes, Musabbeh Al Kaabi, Al Kaabi, Bart Cornelissen, Michael Hafner, Hafner, Morgan Stanley, Neil Quilliam, Sultan al, Jaber, John Kerry, Abu, Maha El Dahan, Yousef Saba, Ron Bousso, David Clarke Organizations: United, Abu, Abu Dhabi National Oil Company, Reuters, BP, NewMed Energy, Italy's Eni, UAE, IOC, Aramco, LinkedIn, Mubadala Energy, Deloitte, Greenhill &, Deutsche Bank, UBS, HSBC, Shell, Eni, Gunvor, The, Chatham House, United Nations, Masdar, Thomson Locations: DUBAI, United Arab Emirates, Abu Dhabi, Gulf, Saudi Arabia, Qatar, UAE, Africa, Mozambique, ADNOC, Geneva, London, The UAE, Europe, Sultan, Dubai

Energy ministers from Saudi Arabia, the United Arab Emirates and Iraq, the three largest members of the Organization of Petroleum Exporting Countries (OPEC), have gathered in the Saudi capital Riyadh for the U.N. MENA climate week. The UAE will host the COP28 climate summit scheduled to take place in Dubai between Nov. 30 and Dec. 12. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate and allows it to be part of the solution through decarbonisation initiatives. Saudi Energy Minister Prince Abdulaziz bin Salman also said the industry should not be stigmatised and the world still needed hydrocarbons. "There is a case for us to be in oil and gas," he told the audience.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Jaber, Suhail, Mazrouei, Sultan al, Prince Abdulaziz bin Salman, Aziz El Yaakoubi, Pesha Majid, Maha El, Toby Chopra, Barbara Lewis Organizations: UAE Industry, Amazon, REUTERS, UAE, Energy, United Arab, Organization of Petroleum Exporting, UAE Energy, Saudi Energy, Thomson Locations: Hangar, Belem , Para State, Brazil, RIYADH, Saudi Arabia, United Arab Emirates, Iraq, Saudi, Riyadh, UAE, Dubai, OPEC, COP28

☆ Adaptation Must Be 'Front and Centre' of Climate Agenda, UAE's COP28 President-Designate Says
▼ + stars: | 2023-10-08 | by ( Oct. | At A.M. | ) www.usnews.com time to read: 1 min

RIYADH (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. “We live in a region of extreme heat, water scarcity and food insecurity. We are also suffering harsh climate impacts, from droughts to the devastating floods of Derna," Jaber said, speaking at the MENA Climate Week in the Saudi capital Riyadh“To deliver for our region we must put adaptation front and center of the climate agenda.”Jaber also said that donors must double adaptation finance and replenish the green climate fund. (Reporting by Maha El Dahan and Aziz El Yaakoubi; Writing by Rachna Uppal; Editing by Toby Chopra)

Persons: Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: Reuters, United Arab Locations: RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh

☆ Adaptation must be "front and centre" of climate agenda, UAE's COP28 president-designate says
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Ueslei Marcelino/File Photo Acquire Licensing RightsRIYADH, Oct 8 (Reuters) - The president designate of COP28, to be held in the United Arab Emirates later this year, Sultan Al Jaber, said on Sunday that adaptation must be "front and centre" of the climate agenda. Adaptation means investing in ways to adapt to climate change like early warning systems, food systems and crop yields. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Jaber was a controversial pick to lead the summit because his country is an OPEC member and a major oil exporter. He has argued for a more inclusive COP that brings the oil and gas industry into the climate debate.

Persons: Sultan Ahmed Al Jaber, Luiz Inacio Lula da Silva, Ueslei Marcelino, Sultan Al Jaber, Jaber, ” Jaber, Maha El Dahan, Aziz El Yaakoubi, Rachna Uppal, Toby Chopra Organizations: UAE Industry, Amazon, REUTERS, Rights, United Arab, Thomson Locations: Hangar, Belem , Para State, Brazil, Rights RIYADH, United Arab Emirates, Derna, MENA, Saudi, Riyadh, Dubai, OPEC

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina/File Photo Acquire Licensing RightsLONDON/DUBAI, Oct 6 (Reuters) - OPEC has raised its medium- and long-term oil demand outlook in a forthcoming report, three OPEC sources said, despite the transition toward renewable energy, highlighting the oil exporting group's more bullish view compared to other forecasters. Higher oil demand would be a boost for producers and the 13-nation OPEC and would underscore the need for continued investment. It also highlights OPEC's more bullish view on the oil demand outlook compared to the International Energy Agency (IEA) and other forecasters. The 2022 version of OPEC's report sees oil demand reaching a plateau after 2035.

Persons: Ramzi Boudina, Haitham Al Ghais, Prince Abdulaziz bin Salman, Fatih Birol, Alex Lawler, Maha El, Simon Webb, Sharon Singleton Organizations: Organization of, Petroleum, REUTERS, OPEC, of, International Energy Agency, Saudi Energy, IEA, Financial Times, Thomson Locations: Algiers, Algeria, DUBAI, Riyadh, Saudi Arabia, OPEC, Vienna

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, held an online meeting. The panel, named the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Saudi Energy Minister Prince Abdulaziz bin Salman, who chairs the JMMC, last month said OPEC+ cuts were needed to stabilise the market, and prices were not being targeted. Ahead of the meeting, OPEC+ sources had told Reuters that policy was likely to remain steady although with oil rallying, some analysts had cited an increasing probability the Saudi voluntary cuts will be reduced. The next JMMC meeting is on Nov. 26, the statement said, the same day as the next scheduled full meeting of OPEC+ to decide policy.

Persons: Ramzi Boudina, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Olesya Astakhova, El, Alex Lawler, Simon Cameron, Moore, Elaine Hardcastle Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi, Saudi Energy, Reuters, Thomson Locations: Algiers, Algeria, Saudi Arabia, Russia, MOSCOW, DUBAI, OPEC, Saudi

☆ COP28 president says oil companies support 2050 net-zero goal
▼ + stars: | 2023-10-02 | by ( Maha El Dahan | ) www.reuters.com time to read: +2 min

Jaber, who is also head of United Arab Emirates oil giant ADNOC, has this year urged the energy industry to join the fight against climate change. He was a controversial pick to lead COP28, which begins next month, because his country is an OPEC member and a major oil exporter. "We need a system-wide holistic transformation of entire economies - economies that currently run on the equivalent of 250 million barrels of oil, gas, and coal every single day," Jaber said at an oil and gas conference in Abu Dhabi. The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. Major oil and gas company chiefs held meetings with heavy industry bosses on Sunday in the UAE to discuss a decarbonization commitment ahead of COP28.

Persons: Sultan Al Jaber, ABU, Sultan al, Jaber, it's, Maha El Dahan, Yousef Saba, Alexander Cornwell, Nadine Awadalla, Louise Heavens, Bernadette Baum Organizations: Africa Climate Summit, United Nations, United, United Arab Emirates, Thomson Locations: UAE, Africa, Nairobi, Kenya, ABU DHABI, United Arab, OPEC, Abu Dhabi, Dubai, COP28

☆ Turkey says to re-start operations of Iraq oil pipeline this week
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

Turkey's Energy Minister Alparslan Bayraktar talks during a meeting in Ankara, Turkey, September 14, 2023. Turkish Energy Ministry Press Office/PPO/Handout via REUTERS/File photo Acquire Licensing RightsABU DHABI, Oct 2 (Reuters) - Turkey will restart operations this week on a crude oil pipeline from Iraq that has been suspended for about six months, Turkey's Energy Minister Alparslan Bayraktar said on Monday. "Within this week, we will start operating the Iraq-Turkey pipeline after resuming operations. Turkey has been a reliable transit route for oil and gas, he added. Turkey was weighing legal action against Iraq, which has an outstanding enforcement case against Turkey, Bayraktar said last month.

Persons: Alparslan Bayraktar, ABU, Bayraktar, Maha El, Nadine Awadalla, Louise Heavens, Jonathan Spicer Organizations: Turkey's Energy, Turkish Energy Ministry Press, REUTERS, International Chamber of Commerce, ICC, Iraq, Thomson Locations: Ankara, Turkey, Handout, ABU DHABI, Iraq, Abu Dhabi, Baghdad

The COP28 summit is scheduled to take place in Dubai between Nov. 30 and Dec. 12. The United Arab Emirates' president of the conference, Jaber, has said the oil and gas industry needs to be part of the conversation on climate change. He has urged the energy industry to achieve net-zero emissions by or before 2050 and to accelerate an industry-wide commitment to reach near-zero methane emissions by 2030. "If the oil and gas industry signs up to decarbonization agreements and methane abatement that is a huge contribution to the debate," Amin said. Jaber, who is also head of UAE state oil giant ADNOC, was a controversial pick to lead the climate summit because his country is an OPEC member and a major oil exporter.

Persons: Amr Alfiky, COP28 UAE's Jaber, Adnan Amin, Amin, Sultan al, Jaber, John Kerry, COP28, Maha El, Emelia Sithole Organizations: United, United Arab Emirates, REUTERS, United Arab, Reuters, COP28, U.S . Climate, Thomson Locations: Abu Dhabi, United Arab, ABU DHABI, United Arab Emirates, United Nations, Dubai, U.S, Scotland, COP28, UAE, OPEC

Ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+, meet on Oct. 4. The panel, called the Joint Ministerial Monitoring Committee, can call for a full OPEC+ meeting if warranted. Four OPEC+ sources who declined to be named said the committee would probably not make any changes to existing policy during Wednesday's online meeting. With oil rallying, some analysts have cited an increasing probability the Saudi voluntary cuts will be reduced. The next full OPEC+ meeting is not until November.

Persons: Leonhard Foeger, Prince Abdulaziz bin Salman, Ahmad Ghaddar, Maha El, Olesya Astakhova, Alex Lawler, Dmitry Zhdannikov, Emelia Organizations: Organization of, Petroleum, REUTERS, LONDON, Oil, Brent, Saudi Energy Ministry, Saudi Energy, Saudi, OPEC, Thomson Locations: Vienna, Austria, Saudi, Russia, DUBAI, MOSCOW, OPEC, Saudi Arabia

The logo of German chemicals maker Covestro is pictured outside its headquarters in Leverkusen, Germany, July 26, 2019. The sign of change from Covestro's previous stance comes after two top-15 investors of the plastics and chemicals maker told Reuters last month that it should engage in formal takeover talks in the interest of its shareholders. The German group's shares were up 8.6% at 51.96 euros at 1445 GMT, their highest level in about 18 months. In August, ADNOC indicated to Covestro, which has not commented on the takeover approach, that it could raise its informal offer to 60 euros conditional on the German company entering formal talks, Reuters reported at the time. That non-binding offer would value Covestro, a maker of chemicals used in insulation, upholstery foams, coatings and transparent engineering plastics, at about 11.6 billion euros ($12.4 billion).

Persons: Wolfgang Rattay, Abu, ADNOC, Ludwig Burger, Urvi, Elisa Martinuzzi, Jason Neely Organizations: REUTERS, Abu Dhabi National Oil Company, Reuters, Covestro, BASF, Bloomberg News, Thomson Locations: Leverkusen, Germany, Abu Dhabi, Frankfurt, Bengaluru

☆ Exclusive: Poland charters tankers used for Russian oil to import Arab crude
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +4 min

Many oil majors have avoided contracting tankers that have carried Russian crude because of the risk of sanctions and self-imposed restrictions. Under the price cap, western companies can ship and provide insurance for Russian oil and products provided they are sold at less than $60 per barrel. "Dead freight is one of the issues when working with Russian oil as not all companies agree to use ships involved in Urals deliveries," the trader said. Orlen said it was not involved in any Russian oil shipping and it screened all vessels it uses to ensure no Russian sanctions are violated. Russian oil has been mostly shipped to Asia following the EU embargo.

Persons: Orlen, Russia's Zarubezhneft, Sidi Kerir, Nissos Delos, Marek Strzelecki, Maha El, Barbara Lewis Organizations: MOSCOW, Group, European Union, Botafogo, TMS, Kyklades, Saudi Aramco, Reuters, Thomson Locations: Asia, Lithuania, Poland, Russian, Russia, Ukraine, Moscow, ASIA, Poland's Gdansk, Lithuania's, Russian Baltic, Baltic, Primorsk, Mundra, West India, Saudi, Sidi, Gdansk, Waikiki, Bonita, Nissos, Calida, Butinge, Russia's, Ust, India, Warsaw, Maha, Maha El Dahan, Dubai

☆ Taliban stopped 100 women flying to Dubai for university scholarships, UAE billionaire says
▼ + stars: | 2023-08-23 | by ( Charlotte Greenfield | ) www.reuters.com time to read: +2 min

[1/2] Afghan women shout slogans during a rally to protest against what the protesters say is Taliban restrictions on women, in Kabul, Afghanistan, December 28, 2021. REUTERS/Ali Khara/File Photo Acquire Licensing RightsAug 23 (Reuters) - The head of a Dubai-based conglomerate on Wednesday said Afghanistan's Taliban authorities had stopped around 100 women from travelling to the United Arab Emirates where he was to sponsor their university education. Spokespeople for the Taliban administration and Afghan foreign affairs ministry did not immediately respond to Reuters requests for comment. They allow Afghans to leave the country but usually require Afghan women travelling long distances and abroad to be accompanied by a male chaperone, such as their husband, father or brother. Reporting by Charlotte Greenfield and Maha El Dahan Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

Persons: Ali Khara, Khalaf Ahmad Al Habtoor, Al Habtoor, Charlotte Greenfield, Maha El, Bill Berkrot Organizations: REUTERS, United, United Arab Emirates, Al, UAE, Thomson Locations: Kabul, Afghanistan, Dubai, United Arab, Maha

This would boost the oil giant's non-binding bid to about 11.6 billion euros ($12.63 billion), the people said. The indication of a raised offer is, however, not in writing, the people cautioned, adding that Covestro will take time to consider any next steps. ADNOC last raised its informal offer to 57 euros per share in July. Covestro shares jumped about 4.2% in a volume spike after Bloomberg News first reported that ADNOC was prepared to sweeten its offer. Earlier in August, Covestro reported a 21% fall in revenues to 3.7 billion euros in the second quarter.

Persons: Toru Hanai, ADNOC, Covestro, Austria's, Emma, Victoria Farr, Maha El Dahan, Yousef Saba, Tomasz Janowski Organizations: REUTERS, Abu Dhabi National Oil Co, Reuters, Bloomberg News, Thomson Locations: Gastech, Chiba, Japan, FRANKFURT, DUBAI, Abu Dhabi, Frankfurt, Maha, Dubai

☆ Aramco Q2 profit down 38% to $30 bln
▼ + stars: | 2023-08-07 | by ( ) www.reuters.com time to read: 1 min

A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. REUTERS/Maxim Shemetov/File PhotoCompanies Saudi Arabian Oil Co FollowDUBAI, Aug 7 (Reuters) - Saudi Arabian state oil giant Aramco (2222.SE) on Monday reported a near 38% drop in second-quarter net profit reflecting lower oil prices and thinner margins in refining and chemicals. Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion a year earlier, the company said in a bourse filing, but topped the $29.8 billion expected by 15 analysts in an Aramco-provided poll. ($1 = 3.7513 riyals)Reporting by Maha El Dahan and Yousef Saba; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Maxim, Maha El Dahan, Yousef Saba, Jason Neely Organizations: Saudi, REUTERS, Companies Saudi Arabian Oil, Thomson Locations: Saudi Aramco, Abqaiq, Saudi Arabia, DUBAI, Saudi Arabian, Aramco, bourse

Aramco's net profit fell to 112.81 billion riyals ($30.07 billion) for the quarter to June 30 from 181.64 billion riyals a year earlier, beating a company-provided median estimate from 15 analysts of $29.8 billion. The group declared a base dividend of about $19.5 billion for the second quarter, roughly in line with its payout for the first quarter. Aramco will begin paying performance-linked dividends for six quarters, starting with a $9.87 billion payout in the third quarter, it said. A view shows branded oil tanks at Saudi Aramco oil facility in Abqaiq, Saudi Arabia October 12, 2019. The firm still sees capital expenditure at between $45 billion and $55 billion this year, Nasser said on a media call.

Persons: Maxim, Graphics Brent, Brent, Amin Nasser, Nasser, Maha El Dahan, Yousef Saba, Jan Harvey, Bernadette Baum Organizations: Aramco, Investment Fund, Saudi, REUTERS, Graphics, of, Petroleum, Thomson Locations: China chem, DUBAI, Saudi Arabian, Aramco, Saudi, Saudi Arabia, Russia, Saudi Aramco, Abqaiq, Moscow, Riyadh

☆ Ukraine seeks progress towards peace at Saudi Arabia talks
▼ + stars: | 2023-08-05 | by ( Maha El Dahan | ) www.reuters.com time to read: +5 min

Ukrainian, Russian and international officials say there is no prospect of direct peace talks between Ukraine and Russia at present, with the war raging. The world's top oil exporter Saudi Arabia, which has maintained contacts with both sides since Russia invaded Ukraine last February, has played a role in convening countries that did not join earlier meetings, Western diplomats have said. SAUDI DIPLOMACYWestern officials and analysts said Saudi diplomacy had been important in securing China's presence at the talks. Zelenskiy attended an Arab League summit in Saudi Arabia last year where MbS voiced readiness to help mediate in the war. In March, Beijing brokered a resumption of ties between Saudi Arabia and its arch regional foe Iran.

Persons: Andriy Yermak, Volodymyr Zelenskyi, Volodymyr Zelenskiy's, Zelenskiy, Russia's, Eurasian Affairs Li Hui, Ajit Doval, Crown Prince Mohammed bin Salman, Xi Jinping, Kristian Coates Ulrichsen, Rice, Yun Sun, Sun, Lidia Kelly, Maha El Dahan, Omar Abdel, Michael Martina, Aftab Ahmed, Angus McDowall, Andrew Cawthorne Organizations: International, REUTERS, Saudi, Global, Kremlin, Eurasian Affairs, Indian National Security, Crown, Arab, MbS, Shanghai Cooperation Organization, Iran, Baker Institute, Stimson, Razek, Thomson Locations: Ukraine, Kyiv, China, India, Jeddah Ukraine, Russia, DUBAI, United States, Saudi Arabia, Ukrainian, Copenhagen, Beijing, Moscow, Jeddah, Riyadh, SAUDI, Saudi, Turkey, Middle East, Washington, Warsaw, Maha, Dubai, New Delhi

☆ OPEC+ ministers keep oil output policy unchanged - sources
▼ + stars: | 2023-08-04 | by ( ) www.reuters.com time to read: 1 min

The OPEC logo pictured ahead of an informal meeting between members of the Organization of the Petroleum Exporting Countries (OPEC) in Algiers, Algeria, September 28, 2016. REUTERS/Ramzi Boudina//File PhotoLONDON, Aug 4 (Reuters) - A panel meeting of the top ministers of OPEC+ has kept oil output policy unchanged on Friday, two OPEC+ sources said. The panel, called the Joint Ministerial Monitoring Committee, includes ministers from the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, known as OPEC+. "Nothing new," one of the sources said. Reporting by Maha El Dahan, Ahmad Ghaddar, Olesya Astakhova and Alex Lawler, editing by Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Ramzi Boudina, Maha El Dahan, Ahmad Ghaddar, Olesya Astakhova, Alex Lawler, Tomasz Janowski Organizations: Organization of, Petroleum, REUTERS, OPEC, Thomson Locations: Algiers, Algeria, Russia, OPEC

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

General view of Saudi Aramco's Ras Tanura oil refinery and oil terminal in Saudi Arabia May 21, 2018. REUTERS/Ahmed Jadallah/File PhotoSummary Saudi Arabia flags possibility of 'deepening' cut in the futureRussia announces 300,000 bpd export cut in Sept.OPEC+ panel to meet FridayDUBAI, Aug 3 (Reuters) - Saudi Arabia will extend a voluntary oil output cut of one million barrels per day for another month to include September, it said on Thursday, adding it could be extended beyond that or deepened. The cut may be "extended, or extended and deepened", he added, flagging the possibility of further market tightening. Russia will also cut oil exports by 300,000 bpd in September, Deputy Prime Minister Alexander Novak said shortly after the Saudi announcement. Oil rose on Thursday, rebounding from an earlier decline after the Saudi announcement, with Brent crude futures up 42 cents to $83.62 a barrel by 1328 GMT.

Persons: Ahmed Jadallah, Alexander Novak, Prince Abdulaziz bin Salman, Ahmed Elimam, El, Alex Lawler, Jane Merriman, Jan Harvey Organizations: REUTERS, Friday DUBAI, OPEC, Organization of, Petroleum, Ministerial, Brent, Saudi Energy, Thomson Locations: Saudi, Saudi Arabia, Russia, OPEC, Vienna, Riyadh, El Dahan, Dubai, London

SINGAPORE/LONDON, July 7 (Reuters) - Thailand's largest energy company, state-controlled PTT (PTT.BK), is in advanced talks with Qatar for a 15-year liquefied natural gas (LNG) supply deal, four trading sources told Reuters. The Gulf energy giant has been in negotiations with several other Asian buyers this year and has so far signed three LNG supply deals with Asian buyers, with more expected later this year. PTT also signed a nine-year deal with Oman LNG at the start of the year, which will see it receive 800,000 tons of LNG per year beginning 2026. Thailand, a net oil and gas importer, needs to increase imports of LNG to offset a steep production fall at its gas fields. So far, the country has imported around 6 million tons of LNG this year versus 8.7 million tons in 2022, according to data firm Kpler.

Persons: Maha El, Mark Potter Organizations: Qatar, Reuters, PTT, LNG, Oman LNG, Thomson Locations: SINGAPORE, LONDON, Qatar, Ukraine, Europe, Russia, Oman, Thailand, Maha El Dahan, Dubai, Chayut, Bangkok

☆ Explainer: Why are OPEC+ supply cuts failing to boost oil prices?
▼ + stars: | 2023-07-04 | by ( ) www.reuters.com time to read: +4 min

Members Saudi Arabia and Russia, the world's biggest oil exporters, deepened oil supply cuts on Monday in an effort to send prices higher. Here are the main reasons why OPEC+ output cuts are failing to significantly lift oil prices:CONCERNS ABOUT WEAK DEMANDData from China has sparked fears that the economic recovery from coronavirus lockdowns in the world's second-largest oil consumer is losing steam. The Energy Information Administration projects U.S. crude oil production will climb by 720,000 bpd to 12.61 million bpd this year, above a prior forecast increase of 640,000 bpd. This compares with around 10 million bpd as recently as 2018. LESS BULLISHIn 2020, Saudi Energy Minister Prince Abdulaziz bin Salman warned traders against betting heavily in the oil market, saying those who gamble on the oil price would be "ouching like hell".

Persons: Brent, Carsten Fritsch, Tamas Varga, Prince Abdulaziz bin Salman, pare, Ole Hansen, Maha El Dahan, Ahmad Ghaddar, Mark Potter Organizations: of, Petroleum, Eurasia Group, U.S . Federal Reserve, International Energy Agency, OPEC, Energy Information Administration, Saudi Energy, Saxo Bank, Thomson Locations: DUBAI, LONDON, OPEC, Russia, Saudi Arabia, China, Japan, U.S, Eurasia, WTI

Search resuls for: "El Dahan"

25 mentions found