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☆ IEA trims oil demand forecast for the first time this year on 'persistent' economic headwinds
▼ + stars: | 2023-07-13 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Two large oil tankers unload at the 300,000-ton crude oil terminal in Yantai Port, Shandong Province, China, July 9, 2023. The International Energy Agency on Thursday cut its global oil demand growth forecast for the first time this year, primarily citing a worsening economic outlook that weighs "especially heavy" on wealthy countries. The world's leading energy watchdog said global oil demand is now on track to climb by 2.2 million barrels per day in 2023 to reach an average of 102.1 million barrels per day. China is set to account for 70% of the demand growth increase, the IEA said. This forecast nevertheless represents a downward revision of 220,000 barrels per day from last month's report, when the IEA predicted an increase of 2.4 million barrels per day of worldwide growth.

Organizations: International Energy Agency, IEA, Federal, Brent, U.S, West Texas Locations: Yantai Port, Shandong Province, China, London

☆ IEA says critical minerals supply could pull close to demand by 2030
▼ + stars: | 2023-07-11 | by ( Eric Onstad | ) www.reuters.com time to read: +3 min

But after investment in critical minerals production jumped 30% last year to $41 billion, having gained 20% in 2021, that picture is looking brighter, the IEA said. In key battery mineral lithium, the IEA forecasts supply by 2030 will reach 420,000 metric tons - only a touch short of demand estimated at 443,000 to meet government pledges, though well below the 702,000 required for net zero. Critical mineral start-up firms raised a record $1.6 billion in 2022, up 160% from the previous year, the IEA said. Demand for critical minerals has surged over the past five years, including a tripling in consumption of lithium and a jump of 70% for cobalt, with the total critical mineral market now worth $320 billion, it said. Mining companies needed to make more progress in curbing greenhouse gas emissions and water use, the IEA said.

Persons: Fatih Birol, Pratima Desai Organizations: Miners, International Energy Agency, Consultants, Reuters, . Mining, Thomson Locations: Paris, China, Indonesia, Congo

☆ South Korea says respects IAEA review of Japan's Fukushima wastewater plan
▼ + stars: | 2023-07-07 | by ( Hyunsu Yim | ) www.reuters.com time to read: +2 min

SEOUL, July 7 (Reuters) - South Korea's government said on Friday it respected the U.N. nuclear energy watchdog's review of Japan's plan to discharge treated radioactive water from the tsunami-wrecked Fukushima plant into the ocean and said it met international standards. Seoul announced its own assessment after the International Atomic Energy Agency (IAEA) gave the greenlight this week to Japan's plan, despite concerns over safety in some neighbouring countries and signs of a consumer backlash. "Therefore the plan meets international standards including those of the IAEA," he said. The plan to discharge the treated water from the Fukushima plant is also expected to "not have any meaningful impact on our ocean areas," Bang said. The announcement comes as Rafael Grossi, director general of the IAEA, is due to arrive in South Korea on Friday for a three-day visit to explain the agency's findings after it approved Japan's plan this week.

Persons: Bang, Yoon Suk Yeol, Rafael Grossi, Jin, Hyunsu Yim, Choi, Ed Davies Organizations: Seoul, International Atomic Energy Agency, Coordination, IAEA, Democratic Party, South Korean Foreign, Thomson Locations: SEOUL, Japan, South Korea, Tokyo

☆ Counteroffensive Is Grueling and Costly, but Promising, Ukraine and U.S. Say
▼ + stars: | 2023-06-15 | by ( Marc Santora | ) www.nytimes.com time to read: +1 min

The United Nations’ chief nuclear energy watchdog, Rafael Mariano Grossi, ventured into the war zone on Thursday to visit the endangered Zaporizhzhia Nuclear Power Plant, held since last year by Russian forces. After crossing the front line to reach the plant, he explained the concern in posts on Twitter, but did not say what he had found. On Thursday, a missile struck Kryvyi Rih, a city in central Ukraine, damaging an industrial area and injuring one man, but no deaths were reported. On Tuesday, a strike in the same city hit an apartment block and a warehouse, killing at least 12 people and wounding dozens of others. A day earlier, a missile destroyed apartments and a warehouse in Odesa, on Ukraine’s southern coast, killing three people and displacing hundreds, officials said.

Persons: Rafael Mariano Grossi, Grossi Organizations: United Nations ’, International Atomic Energy Agency Locations: Russian, Russia, Ukraine, Kyiv, Odesa

☆ Analysis: Saudi Arabia's 'icing on the cake' oil cut could feed US producers
▼ + stars: | 2023-06-05 | by ( Dmitry Zhdannikov | ) www.reuters.com time to read: +5 min

With the new Saudi reduction, the group has agreed to take some 4.6 million bpd off the market in July, equivalent to 4.6% of global demand of 100 million bpd. OPEC+ also agreed on Sunday to extend the group's existing supply cuts of 3.66 million bpd into 2024. In response, oil prices rose nearly $2 a barrel early on Monday to $78 per barrel . "This market needs stabilisation," Saudi Energy Minister Prince Abdulaziz bin Salman said on Sunday, calling his surprise decision to deepen Saudi production cuts "the icing on the cake" for the deal. So far this year, a weakening global economy, concern about the U.S. banking crisis, and a slow Chinese recovery from COVID-19 restrictions have capped oil prices.

Persons: Prince Abdulaziz bin Salman, Prince Abdulaziz, Natasha Kaneva, Morgan, Tamas Varga, Jorge Leon, Sunday's, JPM, Kaneva, Alex Lawler, Ahmad Ghaddar, el, Dmitry Zhdannikov, Simon Webb, Barbara Lewis Organizations: Saudi Energy, OPEC, White, International Energy Agency, Rystad Energy, United, Thomson Locations: Saudi, Saudi Arabia, OPEC, U.S, Russia, Ukraine, Riyadh, United States, States, COVID, Angola, Nigeria, United Arab Emirates

☆ Explainer: Why is OPEC+ cutting oil output?
▼ + stars: | 2023-05-30 | by ( ) www.reuters.com time to read: +4 min

A global recession could lead to lower oil prices. Oil prices have also come under pressure from concerns about the U.S. debt ceiling negotiations and fears of a debt default in the world's biggest oil consumer. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. The United States, which released most stocks, said it would buy back some oil in 2023, but later ruled it out. OPEC observers also say the group needs nominal oil prices to be higher because of money printing by the West in recent years has lowered the value of the U.S. dollar.

Persons: Brent, Alexander Novak, PVM Oil's Tamas Varga, Prince Abdulaziz bin Salman, Saxo Bank's Ole Hansen, Joe Biden's, Ahmad Ghaddar, Dmitry Zhdannikov, Barbara Lewis Organizations: OPEC, Saudi Energy, Standard Chartered, International Energy Agency, West, U.S ., Thomson Locations: Russia, Vienna, OPEC, Saudi Arabia, Russian, Brent, Washington, Ukraine, United States, U.S

☆ Russia-occupied nuclear plant in Ukraine cut off from power grid
▼ + stars: | 2023-05-22 | by ( Pavel Polityuk | ) www.reuters.com time to read: +2 min

May 22 (Reuters) - The Russian-occupied Zaporizhzhia nuclear power plant in southern Ukraine has been cut off from its external power supply and is relying on emergency generators to cool nuclear fuel and prevent a disaster. Each side blamed the other for the power outage on Monday. A Russia-installed local official said Ukraine had disconnected a power line and Ukrainian state nuclear energy company Energoatom said the outage was caused by Russian shelling. Confirming the outage, the head of the United Nations nuclear energy watchdog said the "nuclear safety situation at the plant (is) extremely vulnerable." Energoatom said it was the seventh time power had been cut to the plant since Russia's full-scale invasion of Ukraine in February 2022.

☆ IEA should be 'very careful' about undermining key oil investments -OPEC chief
▼ + stars: | 2023-04-27 | by ( Maha El Dahan | ) www.reuters.com time to read: +3 min

Such comments could lead to oil market volatility in future, he said. Oil prices rose above $80 a barrel on the back of the decision, having fallen as low as $70 per barrel last month. Birol, in an interview with Bloomberg on Wednesday, said OPEC should be careful about pushing oil prices up as that would translate into a weaker global economy. OPEC+ and the IEA have jousted in recent months over their outlooks for global oil supply and demand. OPEC+ decided last year it would stop using data from the West's energy watchdog when assessing the state of the oil market.

☆ Asia stocks on guard for earnings, China economy surprises
▼ + stars: | 2023-04-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

EYES ON EARNINGS OUTLOOKS&P 500 futures inched up 0.2%, while Nasdaq futures were flat as investors awaited a slew of earnings reports led by Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Bank of America (BAC.N). Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-earlier period, though BofA analyst Savita Subramanian is more concerned about the outlook for 2023. "Our 2023 EPS estimate for the S&P 500 remains $200, still 9% below consensus estimates." In bond markets, the shift in Fed expectations pushed U.S. two-year yields up to 4.12%, having risen 12 basis points last week. Futures have 37 basis points of ECB tightening priced for the May meeting and 82 basis points by October.

☆ Asia stocks brace for updates on earnings, China economy
▼ + stars: | 2023-04-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

☆ Asia stocks on edge for earnings, China data
▼ + stars: | 2023-04-17 | by ( Wayne Cole | ) www.reuters.com time to read: +4 min

EYES ON EARNINGS OUTLOOKS&P 500 futures edged up 0.2%, while Nasdaq futures were flat as investors awaited a slew of earnings reports led by Goldman Sachs (GS.N), Morgan Stanley (MS.N) and Bank of America (BAC.N). Analysts expect Q1 S&P 500 earnings to fall 5.2% from the year-ago period, though BofA analyst Savita Subramanian is more concerned about the outlook for 2023. "Our 2023 EPS estimate for the S&P 500 remains $200, still 9% below consensus estimates." In bond markets, the shift in Fed expectations pushed U.S. two-year yields up to 4.12%, having risen 12 basis points last week. Futures have 37 basis points of ECB tightening priced for the May meeting and 82 basis points by December.

☆ Saudi stocks gain on rising oil prices; Qatar falls
▼ + stars: | 2023-04-16 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

April 16 (Reuters) - Saudi Arabia's stock markets ended higher on Sunday after Friday's rise in oil prices, although the Qatari index extended losses for a second session. Saudi Arabia's benchmark index (.TASI) gained 0.6%, led by a 1.2% increase in Al Rajhi Bank (1120.SE), while oil giant Saudi Aramco (2223.SE) added 0.8%. Saudi Crown Prince Mohammed Bin Salman launched on Thursday four new Special Economic Zones in Saudi Arabia, state media reported on Thursday after the market had closed, citing a statement. In Qatar, the index (.QSI) fell 0.4%, extending losses for a second session, with petrochemical maker Industries Qatar (IQCD.QA) losing 1.5%. Reporting by Ateeq Shariff in Bengaluru; Editing by Sharon SingletonOur Standards: The Thomson Reuters Trust Principles.

☆ TSX notches 6-week high as investors cheer US bank earnings
▼ + stars: | 2023-04-14 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) rose 15.42 points, or 0.1%, to 20,579.91, its highest closing level since March 3. "Good bank earnings out of the U.S. spilled over into Canada," said Allan Small, senior investment advisor of the Allan Small Financial Group with iA Private Wealth. Canadian banks had been pressured in recent weeks by the banking stress in the United States and Europe. The Toronto market's heavily-weighted financials sector added 0.2%, while energy was up 0.3% as oil added to recent gains. Reporting by Shristi Achar A in Bengaluru; Editing by Shilpi MajumdarOur Standards: The Thomson Reuters Trust Principles.

☆ Dollar, yields gain as likelihood of Fed rate hike rises
▼ + stars: | 2023-04-14 | by ( Herbert Lash | ) www.reuters.com time to read: +5 min

Gold pulled back from near record highs as the dollar bounced and Fed Governor Christopher Waller added weight to the prospect of another rate hike, saying the central bank's lack of progress on slowing inflation meant rates needed to move higher. While the economic data suggests the U.S. economy is slowing and next month's expected rate hike may be its last, how long rates stay at the highest since the onset of the global financial crisis in 2007 is unclear. "The Fed is going to stay higher than it's forecast. The 10-year German bund's yield rose to 2.433%, helping the benchmark post its biggest weekly rise since late September. U.S. crude settled up 36 cents at $82.52 a barrel, while Brent rose 22 cents to settle at $86.31.

☆ Dollar, yields gain as expectations of Fed rate hike increase
▼ + stars: | 2023-04-14 | by ( Herbert Lash | ) www.reuters.com time to read: +3 min

Retail sales fell 1.0% last month, the Commerce Department said. Data for February was revised up to show retail sales falling 0.2% instead of 0.4% as previously reported. The yield on two-year Treasuries, which reflect interest rate expectations, rose 12 basis points to 4.097%, while on benchmark 10-year notes they rose 6.4 basis points to 3.515%. "The first quarter is going to be better than lowered expectations, which is good, but the guidance at best will be uncertain," Conger said. Atlanta Fed President Raphael Bostic told Reuters that one more quarter percentage point interest rate hike could allow the Fed to end its tightening cycle.

☆ Saudi-Led Oil Cuts Risk Fueling Inflation and Harming Global Economy, IEA Says
▼ + stars: | 2023-04-14 | by ( Will Horner | ) www.wsj.com time to read: 1 min

The oil market will fall into a far larger oil deficit sooner than expected following surprise production cuts from some of OPEC’s leading members, the International Energy Agency said Friday. The gaping hole in the global oil market between the availability of crude and rebounding demand will reach 2 million barrels a day by the third quarter of the year, the Paris-based energy watchdog said in a closely followed monthly report.

☆ OPEC+ cuts partly due to reshaping of global oil flows, IEA says
▼ + stars: | 2023-04-14 | by ( Ahmad Ghaddar | ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters) - European Union and G7 restrictions on Russian oil exports led to a global shift in oil flows, with Asian refiners soaking up discounted Russian crude, in part explaining the recent OPEC+ decision to curtail output further, the West's energy watchdog said on Friday. "The rapid upheaval in global crude trade flows, may in part explain the recent decision by OPEC+ to cut production," the IEA said. Unlike Asian refiners, which benefited from heavy discounts on Russian crude, European refiners have not been given any price incentive to process Middle East crudes, the IEA said. Bottlenecks and logistical constraints which prevent some European refiners from handling very large crude carriers (VLCCs) and a rise in Middle East crude differentials to the region partly explain why Europeans shunned Middle Eastern medium sour. Higher energy costs for reducing sulphur content in crude to produce cleaner fuels, a process known as hydrotreating, was another reason, the IEA said.

Summary IEA warns supply cuts could stunt economic recoveryGlobal oil supply to fall by 400,000 bpd by year end -IEAWorld demand to climb by 2 mln bpd in 2023, IEA saysBEIJING, April 14 (Reuters) - Oil prices edged lower on Friday after the West's energy watchdog warned that output cuts announced by OPEC+ producers could exacerbate an oil supply deficit and hurt consumers. OPEC on Thursday flagged downside risks to summer oil demand as part of the backdrop for the 1.16 million barrels per day (bpd) cut. In its benchmark monthly report on Friday, the International Energy Agency (IEA) said the OPEC+ decision could hurt consumers and global economic recovery. "Consumers confronted by inflated prices for basic necessities will now have to spread their budgets even more thinly," the IEA said in its monthly oil report. At the same time, world oil demand is set to grow by 2 million bpd in 2023 to a record 101.9 million bpd, driven in most part by stronger Chinese consumption, it said.

☆ Oil demand will hit a new record in 2023, driving up prices as supply declines, IEA says
▼ + stars: | 2023-04-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Global oil demand is expected to hit a new record this year, spelling trouble for crude prices. The IEA estimated oil demand could hit 101.9 million barrels per day in 2023. The energy watchdog predicted the world's crude oil demand would jump to a record 101.9 million barrels a day in 2023, up by 2 million barrels a day from last year. OPEC+ announced a surprise production cut earlier this month of over 1 million barrels a day. Oil prices briefly spiked into the triple-digits last year as Russia's invasion of Ukraine created chaos in markets.

☆ Electric cars get a reality check
▼ + stars: | 2023-04-11 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, April 11 (Reuters Breakingviews) - Regulators want to encourage electric vehicles by flattering them less. The U.S. Department of Energy has proposed tweaking a decades-old formula for calculating EVs’ fuel efficiency. The overhaul will lower electric mileage ratings – but could encourage automakers to ditch fossil fuels more quickly. Automakers must meet a minimum overall CAFE mileage; falling short results in penalties. GM and rivals already want to catch up to electric leader Tesla – and its $600 billion valuation.

☆ Why is OPEC cutting oil output?
▼ + stars: | 2023-04-03 | by ( ) www.reuters.com time to read: +4 min

Redburn research said the size of the latest cut was probably overdone unless OPEC feared a major global recession. Surprise production cutsPUNISHING SPECULATORSThe cut will also punish oil short sellers or those who bet on oil price declines. "The latest cut would hurt those who bet against oil really badly," said a source familiar with OPEC+ thinking. However, excessively high oil prices represent a risk for OPEC+ as they speed up inflation, including for goods the group needs to purchase. Oil prices rebound after OPEC+ announces production cutsTENSIONS WITH WASHINGTONWashington has called the latest move by OPEC+ inadvisable.

☆ Oil Demand to be Driven by Asia This Year as China Reopens, IEA Says
▼ + stars: | 2023-02-15 | by ( Will Horner | ) www.wsj.com time to read: 1 min

A resumption of international travel across Asia was largely behind the increase in oil demand this year, the International Energy Agency said. The International Energy Agency raised its forecasts for oil demand this year to a record level, as China’s reopening fueled a surge in air travel across Asia, while also adding to its supply forecast as Russian production remained surprisingly resilient to Western sanctions. The Paris-based energy watchdog said in a monthly report that it expects oil demand to grow to 101.9 million barrels a day this year—a record level—propelled almost entirely by rising demand in Asia. The figure is 200,000 barrels a day more than the IEA forecast last month, which was also a record amount.

☆ Oil Demand to Hit New Record This Year as China Reopens, IEA Says
▼ + stars: | 2023-02-15 | by ( Will Horner | ) www.wsj.com time to read: 1 min

A resumption of international travel across Asia was largely behind the increase in oil demand this year, the International Energy Agency said. The world will burn more oil than ever this year, the International Energy Agency forecast, as China’s emergence from Covid-19 lockdowns returns global crude demand to its upward, prepandemic trajectory. The Paris-based energy watchdog said in a monthly report that it expects oil demand to grow to a record 101.9 million barrels a day this year, propelled almost entirely by booming demand in Asia. The figure is 200,000 barrels a day more than the IEA was forecasting last month.

☆ OPEC+ committee recommends no change in oil output policy at virtual meeting
▼ + stars: | 2023-02-01 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +3 min

A technical committee of the influential OPEC+ oil producers' coalition has made no recommendation to change the group's existing production policy in its latest meeting, according to three delegates. The OPEC+ Joint Ministerial Monitoring Committee, which tracks the alliance's compliance with its output quota, convened digitally on Wednesday. The second OPEC+ technical group, the Joint Technical Committee that studies market fundamentals, canceled a virtual meeting originally scheduled for Jan. 31, according to a delegate. Neither committee can outright decide OPEC+ production policy, but the JMMC can recommend plans for the review of coalition ministers. Under that provision, the group would nominally lower their production output quotas by 2 million barrels per day.

☆ Oil Demand to Hit Record Level This Year as China Reopens, IEA Says
▼ + stars: | 2023-01-18 | by ( Will Horner | ) www.wsj.com time to read: 1 min

The International Energy Agency raised its forecast for Chinese oil demand to 15.9 million barrels a day. China’s rapid shift to reopen its economy following lengthy Covid-19 lockdowns should help oil demand rise to a record level this year, the International Energy Agency said. The energy watchdog lifted its forecast for oil demand growth this year by nearly 200,000 barrels a day to 1.9 million barrels a day. The extra demand means that the IEA now expects total oil demand this year to average 101.7 million barrels a day, well above pre-Covid levels and a record amount.

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