DIRS.INFO The most relevant business & tech news

☆ Saudi Arabia’s Oil Production Cuts Reflect Cost of Reshaping Economy
▼ + stars: | 2023-04-03 | by ( Summer Said | Stephen Kalin | ) www.wsj.com time to read: 1 min

DUBAI—An oil production cut by Saudi Arabia and its allies demonstrated how Crown Prince Mohammed bin Salman is willing to set aside U.S. concerns to pursue a nationalist energy policy aimed at funding an expensive makeover of his kingdom. This weekend’s move came as a surprise after Saudi Energy Minister Prince Abdulaziz bin Salman told industry analysts privately in February that the kingdom would tolerate oil prices slipping to around $65 or $70 a barrel, according to analysts and Saudi officials familiar with the matter. Brent crude, the international benchmark, was trending downward since late last year on global recession fears, nearing $70 a barrel last month. On Monday, oil prices posted their steepest one-day increase in more than a year, rising 6.3% to $84.93 a barrel.

☆ 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.

☆ Brent oil prices slip under $72 per barrel amid banking turmoil
▼ + stars: | 2023-03-20 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

Brent oil prices logged losses Monday, dropping below $72 per barrel in intraday trade amid turmoil in the banking sector. The Brent contract with May delivery was trading at $71.64 per barrel at 11:00 London time, down by $1.33 per barrel from the Friday close. The front-month April WTI Nymex was at $65.52 per barrel, lower by $1.22 per barrel from the previous settlement. It added that the options market is now intensifying the decline in oil prices through delta-hedging plays. Questions linger over the potential demand boost from a reopening China — the world's largest importer of crude oil, whose buying was reined in for much of last year by Covid-19 restrictions.

U.S. West Texas Intermediate crude futures (WTI) gained 98 cents, or 1.4%, to $72.31 a barrel. "The OPEC upgrade in Chinese oil demand outlook also lent support, though investors were still concerned over a cascading financial crisis after the recent collapse of U.S. banks," he said, noting that whether WTI can stay above $70 a barrel is being closely watched. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left total global demand steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

TOKYO, March 15 (Reuters) - Oil prices rebounded more than 1% on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. The Organization of the Petroleum Exporting Countries (OPEC on Tuesday further raised its forecast for Chinese oil demand growth in 2023 due to the relaxation of the country's COVID-19 curbs, although it left the global demand total steady, citing potential downside risks for world growth. China's demand recovery is bullish for oil prices, said Stefano Grasso, a senior portfolio manager at 8VantEdge in Singapore. "The consensus is that the oil supply-demand balance will tighten in the second half, driven by China rebound, unless a severe global recession hits," he added. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, in line with a Reuters poll, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ Oil prices bounce back, helped by stronger OPEC outlook for China
▼ + stars: | 2023-03-15 | by ( Yuka Obayashi | ) www.reuters.com time to read: +2 min

TOKYO, March 15 (Reuters) - Oil prices rose in early Asia trade on Wednesday, recovering from the previous day's plunge, as a stronger OPEC outlook on China's demand helped offset bearish global investor sentiment in the wake of the recent U.S. bank failures. Brent crude futures climbed 62 cents, or 0.8%, to $78.07 a barrel by 0058 GMT. U.S. West Texas Intermediate crude futures (WTI) gained 70 cents, or 1.0%, to $72.03 a barrel. "The oil market has bounced back on its own after the recent sharp losses," said Toshitaka Tazawa, an analyst at Fujitomi Securities Co Ltd, adding some investors had taken advantage of the slide to hunt for bargains. Meanwhile, U.S. crude oil inventories rose by about 1.2 million barrels in the week ended March 10, while fuel stockpiles fell, according to market sources citing American Petroleum Institute figures on Tuesday.

☆ OPEC+ decisions not politicised, Saudi energy minister says
▼ + stars: | 2023-02-20 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Feb 20 (Reuters) - Decisions by OPEC+ are not politicised and are based on market fundamentals, Saudi Arabian energy minister Prince Abdulaziz bin Salman said on Monday, adding that the alliance of oil producers is sufficiently flexible to adjust policy as needed. Prince Abdulaziz was speaking at a media forum in the capital Riyadh about last October's decision to cut the group's production target by 2 million barrels per day. The group comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia agreed the cuts until the end of 2023. Prince Abdulaziz reiterated in an interview with Energy Aspects last week that the decision was locked in for the rest of the year. Reporting by Aziz El Yaakoubi Editing by Kirsten Donovan and David GoodmanOur Standards: The Thomson Reuters Trust Principles.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses of 2.5% as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

[1/2] Word "Oil" and stock graph are seen through magnifier displayed in this illustration taken September 4, 2022. REUTERS/Dado Ruvic/Illustration/FilesFeb 17 (Reuters) - Oil prices were on track for weekly losses as strong U.S. economic data heightened concerns that the Federal Reserve would further tighten monetary policy to tackle inflation, a move that could hit fuel demand even as crude stockpiles grow. Data showed that the U.S. producer price index (PPI) rose 0.7% in January, after declining 0.2% in December. "Crude oil prices were also lower due to risk-off trades following the selloff on Wall Street following the PPI data and a strong U.S. dollar," Teng said. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

☆ Oil prices fall as U.S. rate hike worries overshadow demand outlook
▼ + stars: | 2023-02-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices slid on Friday and were on track for weekly losses as strong U.S. economic data heightened concern that the Federal Reserve will continue tight monetary policy to tackle inflation, which could hit fuel demand even as crude stockpiles grow. "Strong U.S. data bolstered concerns over rate hikes and prompted a rise in U.S. Treasury yields, which weighed on oil and other commodity prices," said Kazuhiko Saito, chief analyst at Fujitomi Securities. A build in U.S. crude stockpiles also added to pressure, he said. The Energy Information Administration (EIA) on Wednesday reported U.S. crude oil stockpiles last week rose to their highest level since June 2021 after a larger-than-expected build. Oil prices have seesawed over the past weeks between fears of a recession hitting the United States amid inflation-fighting rate hikes and hopes for a pick-up in demand in China, the world's top oil importer.

☆ Saudi energy minister warns sanctions could result in energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 4 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday Western sanctions against Russia could result in a shortage of energy supplies in future. The prince also said Saudi Arabia was working to send Liquefied Petroleum Gas (LPG) to Ukraine. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith and David HolmesOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi minister warns sanctions, underinvestment may cause energy shortages
▼ + stars: | 2023-02-04 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Feb 5 (Reuters) - Saudi Energy Minister Prince Abdulaziz bin Salman warned on Saturday that sanctions and underinvestment in the energy sector could result in a shortage of energy supplies. The European Union has imposed a series of sanctions against Russia, reducing Russian energy exports, and other Western powers have also imposed measures as they seek to further limit Moscow's ability to fund its war in Ukraine. He said Saudi Arabia was working to send Ukraine liquefied petroleum gas (LPG), which is most commonly used as a cooking fuel and in heating. Asked what lessons had been learnt from energy market dynamics in 2022, Prince Abdulaziz said the most important one was for the rest of the world to "trust OPEC+". Reporting by Nayera Abdallah and Maha El Dahan; Editing by Alexander Smith, David Holmes and Jan HarveyOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi Arabia to invest about $266 bln for clean energy - minister
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: 1 min

Jan 30 (Reuters) - Saudi Arabia will invest up to one trillion riyals ($266.40 billion) to generate "cleaner energy", Saudi state TV reported on Monday, citing the kingdom's energy minister. Prince Abdulaziz bin Salman added that the investments aim also to "add transport lines and distribution networks in order to eventually export the energy to the world and produce clean hydrogen." (This story has been refiled to fix typo in headline.) Reporting By Nayera AbdallahOur Standards: The Thomson Reuters Trust Principles.

☆ Who could buy Manchester United and how much is it worth?
▼ + stars: | 2023-01-18 | by ( ) www.reuters.com time to read: +3 min

Jan 18 (Reuters) - Jim Ratcliffe's company INEOS formally entered the bidding process to buy Manchester United on Tuesday, months after the club owners, the Glazer family, said they were considering selling the club as they explore "strategic alternatives". MIDDLE EASTERN INVESTORSUnited's local rivals Manchester City are bankrolled by the Abu Dhabi United Group, while Saudi Arabia's Public Investment Fund completed a 300 million pound buyout of Newcastle United in 2021. Bloomberg News reported this week that United, Tottenham Hotspur or Liverpool were being targeted by QSI for a potential acquisition. The Times newspaper, which first reported Ratcliffe's INEOS entering the bidding, said that interest from the United States and Asia is also expected. Asked by the BBC at the time if he needed to raise four billion pounds to buy United, O'Neill said: "I'm not sure if it'll necessarily be that much, but let's see."

☆ Japan minister signs clean energy cooperation document during Saudi visit
▼ + stars: | 2022-12-25 | by ( ) www.reuters.com time to read: +1 min

Dec 25 (Reuters) - Saudi Arabia and Japan signed a memorandum of cooperation (MoC) on Sunday in the fields of the circular carbon economy, carbon recycling, clean hydrogen and fuel ammonia, the Saudi Energy Ministry said on Twitter. The MoC was signed by Saudi Energy Minister Prince Abdulaziz bin Salman and Japanese Industry Minister Yasutoshi Nishimura, who is visiting the kingdom, after a meeting in which they both stressed the importance of supporting the stability of global oil markets through encouraging dialogue and cooperation between producers and consumers, the Saudi state news agency (SPA) reported. The two ministers also highlighted the need to ensure safe supplies from all energy sources to global markets and noted that the kingdom is "the largest dependable source" of crude oil supplies to Japan and "a reliable partner in this aspect" as well, SPA said. Reporting by Nayera Abdallah Editing by Peter Graff and Leslie AdlerOur Standards: The Thomson Reuters Trust Principles.

☆ Oil prices little changed as U.S. crude drawdown offsets China COVID worries
▼ + stars: | 2022-12-21 | by ( Isabel Kua | ) www.reuters.com time to read: +2 min

Companies United States of America FollowSINGAPORE, Dec 21 (Reuters) - Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising COVID-19 cases in top oil importer China. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. "A larger-than-expected draw in U.S. inventories, coupled with U.S. plans to refill their Strategic Petroleum Reserve have supported oil prices," said Serena Huang, head of APAC analysis at Vortexa. Oil prices were boosted by these comments which suggest that OPEC+ may continue to keep supply tight to support oil prices, CMC Markets analyst Tina Teng said. Growing worries about a surge in COVID-19 cases in China as the country begins dismantling its strict zero-COVID policy kept oil prices from moving higher.

☆ Oil prices up as U.S. crude stocks seen falling, dollar eases
▼ + stars: | 2022-12-21 | by ( Laila Kearney | ) www.reuters.com time to read: +2 min

SummarySummary Companies API shows U.S. crude stocks down, fuel inventories up -sourcesU.S. dollar easesSurging COVID-19 cases in China limit gainsDec 21 (Reuters) - Oil prices rose in early Asian trade on Wednesday as U.S. crude stocks were seen falling last week, while the dollar weakened, making oil less expensive for non-American buyers. Brent crude futures rose 8 cents to $80.07 per barrel by 0126 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 6 cents to $76.29. U.S. crude oil inventories fell by about 3.1 million barrels in the week ended Dec. 16, according to market sources citing American Petroleum Institute figures. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices, which came close to the all-time high of $147 a barrel in March after Russia invaded Ukraine, have unwound most of their 2022 gains.

☆ Oil prices steady after drawdown in U.S. crude stocks
▼ + stars: | 2022-12-21 | by ( ) www.cnbc.com time to read: +2 min

Oil prices were little changed on Wednesday as a larger-than-expected draw in U.S. crude stocks offset worries about rising Covid-19 cases in top oil importer China. Brent crude futures rose 7 cents, or 0.1%, to $80.06 per barrel by 0404 GMT, while U.S. West Texas Intermediate (WTI) crude futures gained 4 cents, or 0.1%, to $76.27. Gasoline inventories rose by about 4.5 million barrels, while distillate stocks rose by 828,000 barrels, according to the sources, who spoke on condition of anonymity. Oil prices were boosted by these comments which suggests that OPEC + may continue to keep supply tight to support oil prices, Teng added. However, growing worries about a surge in Covid-19 cases in China as the country begins dismantling its strict zero-Covid policy kept oil prices from moving higher.

☆ Saudi leads fall in major Gulf markets amid Fed policy jitters
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +2 min

Dec 12 (Reuters) - Saudi Arabia's stock market dropped in early trade on Monday, leading declines in the Gulf region ahead of interest rate decision from the U.S. Federal Reserve. The Fed is widely expected to raise rates by 50 basis points at its last meeting of 2022 on Wednesday. Investors will also focus on the central bank's updated economic projections and Fed Chair Jerome Powell's press conference. Dubai's main share index (.DFMGI) fell 0.6%, hit by a 1.5% fall in top lender Emirates NBD (ENBD.DU). The Qatari index (.QSI) slipped 1.4%, as most of the stocks in the index were in neagtive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), down 2.2%.

☆ Saudi energy minister sees no clear results yet from Russia price cap
▼ + stars: | 2022-12-11 | by ( Aziz El Yaakoubi | ) www.reuters.com time to read: +3 min

[1/2] Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman Al-Saud speaks at the Future Investment Initiative conference, in Riyadh, Saudi Arabia, October 25, 2022. "These tools were created for political purposes and it is not clear yet whether they can achieve these political purposes," he said, referring to the price cap. The OPEC+ alliance decision to cut production by 2 million barrels per day on Oct. 5 was proven to be the correct one when recent developments are taken into consideration, he said. Prince Abdulaziz said the alliance would continue to focus on market stability in the year ahead. He also said he insisted that every OPEC+ alliance member take part in decision-making.

☆ When China and Saudi Arabia meet, nothing matters more than oil
▼ + stars: | 2022-12-08 | by ( Laura He | ) edition.cnn.com time to read: +9 min

Saudi Arabia is China’s largest trading partner in the Middle East and the top global supplier of crude oil. Saudi Arabian Foreign Ministry/Anadolu Agency/Getty ImagesEnergy is coreLast year, bilateral trade between Saudi Arabia and China hit $87.3 billion, up 30% from 2020, according to Chinese customs figures. China’s crude imports from Saudi Arabia stood at $43.9 billion in 2021, accounting for 77% of its total goods imports from the kingdom. Beyond security of supply, Saudi Arabia could offer Beijing another prize with bigger geopolitical ramifications. Eurasia Group’s Kamal believes it’s “highly unlikely” that Saudi Arabia would take such a step, unless there is an implosion on the US-Saudi relationship.

LONDON, Nov 29 (Reuters) - OPEC+ is likely to keep oil output policy unchanged at a meeting on Sunday, five OPEC+ sources said, although two sources said an additional production cut was also likely to be considered to bolster prices that have slid due to fears of an economic slowdown. Five OPEC+ sources told Reuters that the Sunday meeting would most likely roll over existing policy. Two more sources said the group could discuss another output cut, although neither thought another cut was highly likely. Top OPEC exporter Saudi Arabia on Nov. 21 said OPEC+ was sticking with output cuts and could take further measures to balance the market. The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday.

☆ Saudi, Iraqi energy ministers meet, review oil markets
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - The energy ministers of Saudi Arabia and Iraq met on Thursday and stressed the importance of adhering to OPEC+ output cuts that last until the end of 2023, the Saudi energy ministry said in a statement on Friday. Iraq's energy minister Hayan Abdel-Ghani met Saudi energy minister Prince Abdulaziz bin Salman on a visit to the kingdom which began on Wednesday. In its last meeting on Oct. 5 an output cut of 2 million barrels a day was agreed. Prince Abdulaziz said earlier this week the group remains ready to take further measures if needed to balance supply and demand. Reporting By Maha El Dahan, Writing by Moaz Abd-Alaziz; Editing by Muralikumar Anantharaman and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ Oil inches up amid wrangling over Russian oil price cap
▼ + stars: | 2022-11-25 | by ( Sonali Paul | Mohi Narayan | ) www.reuters.com time to read: +2 min

MELBOURNE, Nov 25 (Reuters) - Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing. Brent crude futures inched up 13 cents, or 0.2%, to trade at $85.47 a barrel at 0121 GMT. G7 and European Union diplomats have been discussing a price cap on Russian oil of between $65 and $70 a barrel, with the aim of limiting revenue to fund Moscow's military offensive in Ukraine without disrupting global oil markets. Russian President Vladimir Putin has said Moscow will not supply oil and gas to any countries that join in imposing the price cap, which the Kremlin reiterated on Thursday. "This remains a headwind for oil demand that, combined with weakness in the U.S. dollar, is creating a negative backdrop for oil prices," ANZ said in a separate commodity note.

☆ The Saudi Arabian government would 'definitely support' private bids for UK soccer clubs Manchester United or Liverpool, sports minister says
▼ + stars: | 2022-11-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Saudi Arabia's sports minister told BBC it will support private bids for Manchester United and Liverpool FCs. A consortium led by Saudi Arabia's Public Investment Fund already owns Newcastle United FC. A consortium led by Saudi Arabia's Public Investment Fund purchased Newcastle United FC in October 2021 for $409 million. Manchester United and Liverpool are among the world's most valuable sports teams. Forbes estimates Manchester United is worth around $4.6 billion, while Liverpool is worth about $4.45 billion.

Search resuls for: "Prince Abdulaziz"

25 mentions found