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☆ Oil prices steady amid OPEC+ cut doubts, Mid-East tension
▼ + stars: | 2023-12-05 | by ( ) www.cnbc.com time to read: +1 min

Oil prices held steady on Tuesday amid uncertainty over voluntary output cuts by OPEC+ and as continued tension in the Middle East spurred supply concern. Oil prices had declined in the previous trading session as traders doubted that supply cuts by OPEC+ would have a significant impact, and as a stronger U.S. dollar weighed on commodity prices in general, said CMC Markets analyst Tina Teng. A stronger dollar typically makes oil more expensive for holders of other currencies, which could dampen oil demand. Saudi Arabia's energy minister, Prince Abdulaziz bin Salman, told Bloomberg in an interview on Monday that OPEC+ oil production cuts can "absolutely" continue past the first quarter if needed. Those incidents followed a series of attacks in Middle-Eastern waters since war broke out between Israel and Palestinian militant group Hamas on Oct. 7.

Persons: Tina Teng, Prince Abdulaziz bin Salman Organizations: Brent, U.S, West Texas, of, Petroleum, Bloomberg, Hamas Locations: Russia, OPEC, Saudi Arabia, Saudi, Israel, Red, Palestinian

The first option in the draft is listed as "an orderly and just phase-out of fossil fuels". The second option calls for "accelerating efforts towards phasing out unabated fossil fuels". "I don't think we're going to leave Dubai without some clear language and some clear direction on shifting away from fossil fuels," he added. China's fossil fuel emissions rose after it lifted COVID-19 restrictions, while India's rise was a result of power demand growing faster than its renewable energy capacity, leaving fossil fuels to make up the shortfall. "Leaders meeting at COP28 will have to agree rapid cuts in fossil fuel emissions even to keep the 2C target alive," he said.

Persons: Stephane Mahe, Jean Paul Prates, Patrick Pouyanne, Jennifer Morgan, Prince Abdulaziz bin Salman, David Waskow, Exeter, Pierre Friedlingstein, Kate Abnett, William James, Valerie Volcovici, Elizabeth Piper, Katy Daigle Organizations: REUTERS, Petrobras, European, Oxford University, Saudi Arabia's Energy, Bloomberg, World Resources, University of Exeter, Reuters, Thomson Locations: France, Montoir, Bretagne, Saint, Nazaire, DUBAI, COP28, Brazil's, United States, European Union, Saudi Arabia, Russia, Dubai, India, China, Paris

REUTERS/Russell Cheyne/File Photo Acquire Licensing RightsSummaryCompanies Saudi Arabia's PIF buys into Rocco Forte hotel groupPlans to help expand luxury hotel groupItalian investor CDPE checks out of chainDec 4 (Reuters) - Saudi Arabia's PIF sovereign wealth fund will buy a 49% stake in luxury hotel group Rocco Forte Hotels and help to support its expansion, the owner of Britain's Balmoral hotel said on Monday. A spokesperson for Rocco Forte Hotels declined to confirm the size of PIF's stake. Rocco Forte Hotels, founded in 1996, operates across Italy, Britain, Germany, Belgium and Russia and has 20 private villas in addition to its hotels. CDPE, which owned a 23% stake in Rocco Forte Hotels, is owned by Italy's state-backed fund CDP. Rocco Forte, which was advised by Rothschild, reported revenues of around 300 million pounds last fiscal year, with a core profit of around 60 million pounds, according to a source.

Persons: Russell Cheyne, Companies Saudi Arabia's PIF, Rocco Forte, CDPE, Olga Polizzi, Forte, Rocco Forte Hotels, Al Nowaiser, PIF, Rothschild, Yadarisa, Elisa Anzolin, Keith Weir, Dhanya Ann Thoppil, Nivedita Bhattacharjee, Alex Richardson Organizations: REUTERS, Companies Saudi Arabia's, Saudi Arabia's, Rocco Forte Hotels, Financial Times, Granada, Thomson Locations: Balmoral, Scotland, Edinburgh, Britain, Saudi, Italy, Germany, Belgium, Russia, Milan, Sardinia, Italy's, SAUDI ARABIA, Saudi Arabia, Bengaluru, London

☆ 'I don't care how we pay for it': GOP senator backs no-strings Israel aid bill — but only after border funding
▼ + stars: | 2023-12-04 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +3 min

But first, Congress and the White House must hash out a deal to beef up U.S. border security. "I don't care how we pay for it," Sen. Roger Marshall, R-Kan., said of the Israel aid in an appearance on CNBC's "Squawk Box." "The rest of the riddle is not going to be solved unless we have meaningful border security," Marshall said. "House Republicans have resolved that any national security supplemental package must begin with our own border. We believe both issues can be agreed upon if Senate Democrats and the White House will negotiate reasonably," Johnson said on X.

Persons: Sen, Roger Marshall, Ron Price, Jimmy Dunne, LIV, Marshall, James Lankford, Shalanda Young, Mike Johnson, Young, —, Johnson Organizations: PGA Tour, Senate Homeland Security, Governmental Affairs, Golf, Saudi, Republican, Homeland Security, Hamas, Republicans, Israel, Management, Democrats Locations: United States, Hart, Israel, Ukraine, Taiwan, U.S

☆ Most Gulf markets fall on weak oil; Saudi gains
▼ + stars: | 2023-12-03 | by ( ) www.reuters.com time to read: +2 min

A general view shows the Dubai Financial Market after Joe Biden wins U.S. presidency, in Dubai, United Arab Emirates November 8, 2020. REUTERS/Christopher Pike/File Photo Acquire Licensing RightsDec 3 (Reuters) - Most stock markets in the Gulf ended lower on Sunday, in response to Friday's fall in oil prices, although the Saudi index bucked the trend to close higher. Oil prices - a catalyst for the Gulf's financial markets - slumped more than 2% on Friday on investor scepticism over the depth of OPEC+ supply cuts and concern about sluggish global manufacturing activity. Saudi Arabia's benchmark index (.TASI) gained 0.4%, with oil giant Saudi Aramco (2222.SE) rising 0.5% and Arabian Pipes Co (2200.SE) advancing 5.4%. Outside the Gulf, Egypt's blue-chip index (.EGX30) lost 0.7%, with Commercial International Bank (COMI.CA) declining 2%.

Persons: Joe Biden, Christopher Pike, Jerome Powell, Ateeq, Bernadette Baum, Sharon Singleton Organizations: Dubai Financial, United Arab Emirates, REUTERS, Qatar Islamic Bank, Saudi Aramco, Arabian Pipes, Federal, Gulf Cooperation Council, U.S ., Commercial International Bank, Thomson Locations: Dubai, United Arab, Saudi, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

"Since then, the United States has turned ambition into action." On the sidelines of the conference, the United States also unveiled new measures to curb emissions of the powerful greenhouse gas methane from oil and gas operations. That awkward coincidence underscores one of COP28's most contentious questions: Can the world's response to climate change involve continuing use of fossil fuels? Harris told the conference that the United States supports phasing out of "unabated coal" use, but she did not mention other fossil fuels. "We're in a context in which we need to reduce production of fossil fuels and ... we need to be on a path of lower consumption.

Persons: Kamala Harris, Joe Biden, Harris, haven't, aren't, Catherine Abreu, John Podesta, Richard Valdmanis, Valerie Volcovici, Sarah McFarlane, Simon Jessop, Katy Daigle, Kevin Liffey, Diane Craft Organizations: Climate Fund, OPEC, United, UAE, Saturday, Exxon Mobil, Saudi Arabia's Aramco, Oil, Climate Initiative, Reuters, Thomson Locations: DUBAI, United States, Dubai, COP26, America, China, Texas, New Mexico, United Arab Emirates, U.S, Saudi, Ukraine

☆ Satellites are the new climate police for oil and gas polluters
▼ + stars: | 2023-12-02 | by ( Catherine Boudreau | Erin Snodgrass | ) www.businessinsider.com time to read: +8 min

Fifty oil and gas companies pledged to zero out methane emissions by 2030 at the UN climate summit. Satellites are the next tool that will hold oil and gas companies accountable in their promise to cut methane emissions and slow global warming. Many state-owned oil companies signed on, including the UAE's Adnoc, as well as Saudi Arabia's Saudi Aramco. This, in turn, means oil and gas companies responsible for the plumes can be notified faster and potentially take action. The country's state-owned oil companies are also absent from the "decabonization charter" announced in Dubai.

Persons: Adnoc, Catherine Boudreau, Erin Snodgrass, Michael Bloomberg, Sultan Al Jaber, Peter Dejong, Fred Krupp, Bloomberg Philanthropies, Melanie Robinson, Robinson Organizations: ExxonMobil, Shell, Service, United, Saturday, Environmental Defense Fund, Bloomberg, UN, Summit, EDF, IEA, RMI, European Union, Environmental Protection Agency, EPA, EU, Russia —, World Resources Institute Locations: Saudi Aramco, Dubai, United Arab Emirates, Los Angeles, Saudi, Argentina, EU, Glasgow, Scotland, China, Russia

[1/2] World leaders and delegates walk at Dubai's Expo City ahead of the World Climate Action Summit during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, December 1, 2023. Away from the main stage, delegations and technical committees set to work on Friday with the mammoth task of assessing their progress in meeting global climate targets, specifically the Paris Agreement goal of limiting global warming to within 2 degrees Celsius above preindustrial temperatures. The United Nations on Friday published its first draft for what could serve as a template for a final agreement from the COP28 summit, which ends Dec. 12. The summit also clinched an early victory by adopting a new fund to help poor nations cope with costly climate disasters. ___For daily comprehensive coverage on COP28 in your inbox, sign up for the Reuters Sustainable Switch newsletter here.

Persons: Thomas Mukoya, Britain's King Charles, Antonio Guterres, William Ruto, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Valerie Volcovici, William James, Katy Daigle, Miral Organizations: United Nations, Change, United Arab Emirates, REUTERS, Rights, Saudi, United Arab, Reuters, Thomson Locations: Dubai, United Arab, Paris, United Arab Emirates

☆ Saudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO says
▼ + stars: | 2023-12-01 | 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 EmailSaudi Arabia's Vision 2030 is 'very clear' in what it wants to achieve, ACWA Power CEO saysMarco Arcelli, ACWA Power CEO, discusses Saudi Arabia's Vision 2030 with CNBC's Dan Murphy at COP28 in the United Arab Emirates.

Persons: Marco Arcelli, CNBC's Dan Murphy Organizations: Saudi, ACWA, United Locations: COP28, United Arab Emirates

What the group did agree was total production curbs of 2.2 million bpd from eight members, a figure that includes an extension of the existing voluntary Saudi and Russian cuts of 1.3 million bpd. This is up 1.86 million bpd from the figure of 40.10 million bpd for 2022, according to Kpler. China's crude imports were 11.36 million bpd in the first 10 months of the year, up 1.21 million bpd from the level for 2022 as a whole. India saw arrivals of 4.62 million bpd in the first 10 months of the year, according to LSEG data, up 462,000 bpd on the 4.14 million bpd for 2022. Asia's crude imports in the first 10 months of the year were 26.93 million bpd, according to LSEG data, up 1.34 million bpd on the 25.59 million bpd recorded for the whole of 2022.

Persons: It's, Stephen Coates Organizations: Organization of, Petroleum, Brent, OPEC, International Energy Agency, world's, Reuters, Thomson Locations: LAUNCESTON, Australia, OPEC, Russia, Saudi, United States, Brazil, Guyana, Asia, China, India

☆ What to watch at COP28 on Friday?
▼ + stars: | 2023-11-30 | by ( ) www.reuters.com time to read: +1 min

United Arab Emirates Minister of Industry and Advanced Technology and COP28 President Sultan Ahmed Al Jaber speaks during the United Nations Climate Change Conference (COP28) in Dubai, United Arab Emirates, November 30, 2023. REUTERS/Amr Alfiky Acquire Licensing RightsDUBAI, Dec 1 (Reuters) - This year's COP28 climate summit, being held in the glitzy Middle East city of Dubai, clicks into its first full day of scheduled events on Friday. Britain's King Charles III, who has spent decades working on environmental issues, is expected to address the conference. A second day of leaders' speeches is planned for Saturday. The summit's opening on Thursday featured pleas by the COP28 president, Sultan Ahmed al-Jaber, for all parties to work together toward a consensus on the future of fossil fuels.

Persons: Sultan Ahmed Al Jaber, Amr Alfiky, Britain's King Charles III, William Ruto, Tayyip Erdogan, Volodymyr Zelenskiy, Prince Mohammed bin Salman Al Saud, Sultan Ahmed al, Jaber, Katy Daigle, Lisa Shumaker Organizations: United Arab Emirates Minister of Industry, Advanced Technology, United Nations, Change, United Arab Emirates, REUTERS, Rights, Kenyan, Saudi, Thomson Locations: Dubai, United Arab, East

☆ After years of building up its navy, Saudi Arabia is testing its new warships with real-world missions
▼ + stars: | 2023-11-30 | by ( Paul Iddon | ) www.businessinsider.com time to read: +7 min

Saudi Arabia has invested heavily in its navy in recent years, buying a number of new warships. AdvertisementThe first of the Spanish-built corvettes, Al Jubail, arrived at the Saudi naval base in Jeddah in August 2022. Patrol boats for Saudi Arabia at a German shipyard in April 2019. During that decade, Saudi Arabia initiated the first Saudi Naval Enhancement Program, which equipped its navy with modern American, French, and British warships. The current buildup, called Saudi Naval Enhancement Program II, or SNEP II, is the most significant one since then.

Persons: —, Leonardo Jacopo Maria Mazzucco, MCS3 Louis Thompson Staats, Mazzucco, Al Jubail, Juan Carlos Toro, Lockheed Martin, Stefan Sauer, Nixon, Shah, HMS Badr, Paul Iddon Organizations: Service, Saudi, Royal Saudi Naval Forces, Combined Maritime Forces, International, Analytics, Stimson Center, US Navy, Royal Saudi Naval Force, Getty, RIM, Saudi Western Fleet, Saudi Eastern Fleet, Lockheed, Fleet, Saudi Naval Enhancement, Islamic Revolutionary Guard Corps, IRGC Navy, SNEP Locations: Saudi Arabia, Riyadh, Persian, Saudi, Iran, Yemen, Washington, Al, Madinah, Navantia's, Cádiz, Spain, Jeddah, East Africa, Iraq, Gulf

Saudi Arabia, Russia and other members of OPEC+ pump more than 40% of the world's oil, or some 43 million bpd. Two OPEC+ sources told Reuters a preliminary agreement has been reached for a cut of more than 1 million bpd. This would include Saudi Arabia extending the voluntary cut of 1 million bpd it has had in place since July plus additional contributions from other members, sources said. "It depends on other group participants, could be near or more," the third source said when asked about the possible 1 million bpd cut. The OPEC+ meeting coincides with the opening of the United Nations' COP28 climate summit being hosted by OPEC member the United Arab Emirates.

Persons: Dado Ruvic, Helima Croft, Alex Lawler, Olesya Astakhova, Maha El Dahan, Ahmad Ghaddar, David Goodman, Jason Neely Organizations: REUTERS, OPEC, Reuters, Saudi, Brent, RBC Capital Markets, International Energy Agency, United Nations, United, United Arab Emirates, Thomson Locations: OPEC, MOSCOW, DUBAI, Saudi Arabia, Russia, United Arab

☆ Asia's first ETF tracking Saudi equities debuts in Hong Kong
▼ + stars: | 2023-11-29 | by ( Xie Yu | ) www.reuters.com time to read: +3 min

Bull statues in front of screens showing Hong Kong stock prices outside Exchange Square, in Hong Kong, China, August 18, 2023. REUTERS/Tyrone Siu/File Photo Acquire Licensing RightsHONG KONG, Nov 29 (Reuters) - A new exchange-traded fund (ETF) tracking Saudi equities made its trading debut in Hong Kong on Wednesday, becoming the first product of its kind in Asia amid warming bilateral relations between China and Saudi Arabia. The ETF, called CSOP Saudi Arabia ETF (2830.HK), is managed by Hong Kong-based CSOP Asset Management. "Today is a milestone in our financial cooperation with Saudi Arabia," said Hong Kong Financial Secretary Paul Chan at a launch event. Through the ETF, investors in Hong Kong will be able to trade Saudi stocks including the oil giant Saudi Aramco (2222.SE) and the Saudi National Bank (1180.SE) in Hong Kong dollars or Chinese yuan.

Persons: Tyrone Siu, CSOP, Paul Chan, Yazeed, Humied, PIF, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Saudi, Saudi Arabia ETF, HK, Management, Public Investment Fund, Hong, Hong Kong Financial, FTSE, Saudi Aramco, Saudi National Bank, Reuters, Hong Kong Stock Exchange, bourse, ETF, People's Bank of China, Saudi Central Bank, Thomson Locations: Hong Kong, Exchange, China, HONG KONG, Asia, Saudi Arabia, Saudi, FTSE Saudi Arabia, Europe, East, Africa, Beijing, Riyadh

☆ Saudi Arabia's PIF to buy 10% stake in Heathrow airport holding company - SPA
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: 1 min

RIYADH, Nov 29 (Reuters) - Saudi Arabia's Public Investment Fund (PIF) has struck a share purchase agreement to buy a 10% stake in TOPCO, the holding company of Heathrow Airport Holdings Ltd, from Ferrovial (FERF.AS), state news agency (SPA) reported on Wednesday. Reporting by Clauda Tanios Editing by Mark PotterOur Standards: The Thomson Reuters Trust Principles.

Persons: Clauda, Mark Potter Organizations: Saudi, Public Investment Fund, Heathrow Airport Holdings, Thomson Locations: RIYADH, TOPCO, Ferrovial

REUTERS/Dado Ruvic/File Photo Acquire Licensing RightsDUBAI/LONDON, Nov 29 (Reuters) - OPEC+ is continuing to hold talks on 2024 oil policy, with no delay to a meeting scheduled for Thursday currently expected, two sources from the producer group said on Wednesday. On Tuesday, sources had said a further delay to the meeting was possible amid talks which one of them described as difficult as countries maintained their positions. "The negotiations are ongoing, but no delay is expected," one of the sources said. OPEC+ sources said this was because of a disagreement over output quotas for African producers, though sources since said the group had moved closer to a compromise on this point. OPEC+ talks over production quotas have often been difficult in the past, most recently at their June meeting, which extended existing oil output cuts into 2024 and agreed the increase for the UAE because of its efforts to expand production capacity.

Persons: Dado, Maha El, Olesya Astakhova, Alex Lawler, Ahmad Ghaddar, Mark Potter, Kim Coghill Organizations: REUTERS, Rights, United, Brent, OPEC, Thomson Locations: Rights DUBAI, LONDON, OPEC, United Arab Emirates, UAE, Saudi Arabia, Russia, Saudi

☆ PGA Tour commissioner says he's talking to possible investors ahead of Saudi deal deadline
▼ + stars: | 2023-11-29 | by ( Drew Richardson | ) www.cnbc.com time to read: +4 min

PGA Tour Commissioner Jay Monahan speaks during a press conference prior to the TOUR Championship at East Lake Golf Club on August 24, 2022 in Atlanta, Georgia. PGA Tour Commissioner Jay Monahan said Wednesday that the organization is talking to several potential investors as a deadline to clinch a deal with Saudi Arabia's Public Investment Fund rapidly approaches. LIV and the PGA Tour were engaged in an antitrust legal battle dating back to last year. The deal had the PGA Tour retaining control in the face of an existential threat, he added. The PIF and "likely another co-investor with significant experience in business and sports will help the PGA Tour take share from other sports and be even more competitive."

Persons: Jay Monahan, " Monahan, Yasir bin Othman Al, Saudi Crown Prince Mohammed bin Salman, Monahan, LIV Golf, LIV, Phil Mickelson, Tiger Woods, Rory McIlroy, Saud Arabia's Organizations: East Lake Golf Club, PGA, Saudi Arabia's Public Investment Fund, The New York Times, Saudi Crown, PGA Tour, Public Investment Fund, Boston Red Sox, Fenway Sports Group, Endeavor Group Holdings, Endeavor Locations: Atlanta , Georgia, Saudi

A huge billboard advertising Riyadh, Saudi Arabia as candidate of the World Expo 2030 is seen in Paris as the host country of The World Expo 2030 will be elected by BIE Member States that will gather in the 173rd General Assembly in Paris, France, November 25, 2023. REUTERS/Gonzalo Fuentes/File Photo Acquire Licensing RightsPARIS, Nov 28 (Reuters) - Saudi Arabia's Riyadh won the right to host the Expo 2030 world fair, vote results showed on Tuesday, in another diplomatic victory for a Gulf country after the Qatar soccer World Cup last year. South Korea's Busan and Italy's Rome were also in the running to host the world fair, a five-yearly event that attracts millions of visitors and billions of dollars in investment. The Saudi capital has proposed to host the event between October 2030 and March 2031. Saudi had in particular won French support, irking Rome.

Persons: Gonzalo Fuentes, Cristiano Ronaldo, Crown Prince Mohammed bin, Prince Faisal bin Farhan Al Saud, Prince Mohammed, Jamal Khashoggi, Emmanuel Macron, Elizabeth Pineau, Michel Rose, Christina Fincher, Richard Chang Organizations: BIE Member, 173rd, Assembly, REUTERS, Rights, Saudi Arabia's, Qatar, Korea's, Riyadh, Busan, Rome, Saudi, Al, Crown, Saudi Foreign, irking, Thomson Locations: Riyadh, Saudi Arabia, Paris, BIE, BIE Member States, France, Saudi, Saudi Arabia's Riyadh, Korea's Busan, Italy's Rome, irking Rome, Lebanon

A huge billboard advertising Riyadh, Saudi Arabia as candidate of the World Expo 2030 is seen in Paris as the host country of The World Expo 2030 will be elected by BIE Member States that will gather in the 173rd General Assembly in Paris, France, November 25, 2023. South Korea's southeastern city of Busan is competing against Saudi Arabia's Riyadh and Italy's Rome. More than one vote will be necessary if no country gets a majority at the first ballot. Italian Prime Minister Giorgia Meloni personally got involved in trying to persuade international leaders to back the Rome bid, giving it her full political backing. Rome is looking to use the Expo as a way of attracting investment, much as Milan did when it successfully hosted the 2015 Expo.

Persons: Gonzalo Fuentes, Roberto Gualtieri, Crown Prince Mohammed bin, Prince Mohammed, Jamal Khashoggi, Yoon Suk Yeol, Giorgia Meloni, Michel Rose, Elizabeth Pineau, Crispian Balmer, Giselda Vagnoni, Hyonhee, Christina Fincher Organizations: BIE Member, 173rd, Assembly, REUTERS, PARIS, Saudi, City, Crown, Paris . South, Thomson Locations: Riyadh, Saudi Arabia, Paris, BIE, BIE Member States, France, Busan, Saudi's Riyadh, Italy's Rome, Italy, South Korea, South, Rome, Saudi, Lebanon, Paris ., Korea, Italian, Milan, Europe, Dubai, Osaka, Japan, Seoul

☆ Ray Dalio hails the Gulf's 'renaissance states' amid a period of 'greater disorder' globally
▼ + stars: | 2023-11-28 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Ray Dalio speaks during the 2023 Forbes Iconoclast Summit at Pier 60 on June 12, 2023 in New York City. We're now talking about a renaissance state here that happens within this greater geopolitical and economic environment," Dalio told CNBC's Dan Murphy on Tuesday. The UAE "is a renaissance state," Dalio said. Amid higher oil prices in recent years, the region's mammoth sovereign wealth funds had ever more to spend. The region's combined 10 largest sovereign wealth funds managed some $4 trillion in early 2023, according to the Sovereign Wealth Fund Institute.

Persons: Ray Dalio, ABU, Dalio, CNBC's Dan Murphy, Dalio's Organizations: Forbes, Getty, United, United Arab Emirates, Bridgewater Associates, United Arab, CNBC, Abu, Abu Dhabi Finance, GCC, Gulf Cooperation, Dalio's Bridgewater Associates, Pensions & Investments, The, Dubai International Financial, Sovereign Wealth Fund, —, Saudi Arabia's Public Investment Fund Locations: New York City, Taylor, ABU DHABI, United Arab, Gulf, United Arab Emirates, Abu Dhabi, U.S, Singapore, The UAE, UAE, Saudi Arabia, Dubai, London, New York, France

The logo of the Organization of the Petroleoum Exporting Countries (OPEC) is seen outside of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger/File Photo Acquire Licensing RightsLONDON, Nov 28 (Reuters) - OPEC+ talks on 2024 oil policy are difficult, making a rollover of the previous agreement a possibility rather than deeper production cuts, four OPEC+ sources said on Tuesday. Two of the sources said an additional cut - a step that sources have said would be looked at - was not being actively discussed. OPEC+ sources said this was because of a disagreement over output levels for African producers, though sources have since said the group has moved closer to a compromise on this point. OPEC's previous meeting in June had already extended output cuts into 2024.

Persons: Leonhard Foeger, Brent, Maha El Dahan, Ahmad Ghaddar, Olesya, Alex Lawler, Kirsten Donovan, Susan Fenton, David Goodman Organizations: Organization, REUTERS, of, Petroleum, Reuters, OPEC, Thomson Locations: OPEC's, Vienna, Austria, OPEC, Russia, Saudi Arabia, Saudi

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

☆ US gas prices have tumbled for 2 months to notch their longest streak of declines in over a year
▼ + stars: | 2023-11-27 | by ( Phil Rosen | ) www.businessinsider.com time to read: +2 min

US gas prices have dropped for 60 consecutive days, per Bloomberg. It's the longest streak of declines in more than a year, according to the report. A gallon of gas on average in the US costs $3.25, about 30 cents cheaper than this time last year. AdvertisementUS gas prices have dropped for 60 consecutive days, notching their longest streak of declines in more than a year. Meanwhile, the Federal Reserve's aggressive interest-rate hiking since March 2022 has weighed on economic growth and consumer spending, which analysts point to as one reason contributing to softer oil and gas prices.

Persons: —, Brent Organizations: Bloomberg, Service, Biden Administration, Saudi, West Texas

☆ Most Gulf markets in the red on falling oil prices
▼ + stars: | 2023-11-26 | by ( Ateeq Shariff | ) www.reuters.com time to read: +1 min

A trader looks on near electronic boards showing stock market data at Bahrain Bourse after Joe Biden won the U.S. presidency, in Manama, Bahrain, November 8, 2020. REUTERS/Hamad I Mohammed/File Photo Acquire Licensing RightsNov 26 (Reuters) - Stock markets in the Gulf ended lower on Sunday in response to Friday's fall in oil prices, although the Saudi index bucked the trend to trade higher. Oil - a catalyst for the Gulf's financial markets - fell on Friday as the release of some hostages in Gaza reduced the geopolitical risk premium. Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.8%, with top lender Commercial International Bank (COMI.CA) losing 2%. Saudi Arabia's benchmark index (.TASI) edged 0.1% higher, ending two sessions of losses, helped by a 1.2% rise in Elm Company (7203.SE).

Persons: Joe Biden, Hamad I Mohammed, Ateeq, Louise Heavens Organizations: Bahrain Bourse, U.S, REUTERS, Stock, Qatar Islamic Bank, Industries Qatar, Commercial International Bank, Elm Company, Thomson Locations: Bahrain, Manama, Saudi, Gaza, Qatar, OPEC, Saudi Arabia, Ateeq Shariff, Bengaluru

☆ What to expect from OPEC meeting as traders digest recent price 'carnage'
▼ + stars: | 2023-11-24 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

"The oil suite remains rather stunned after the cancellation of Saudi Sunday," wrote John Evans of PVM Oil Associates in a note Friday. U.S. crude recovered most of Wednesday's intraday losses and trading has been relatively muted amid the Thanksgiving holiday with investors trying to digest the recent volatility. Europe demand headache for OPEC With the meeting delayed, investors are left with more bearish news on the demand side. "The likelihood of new demand coming from the continent is tantamount to zero giving more reason to be wary for oil investors and another layer of headache for OPEC," Evans wrote. "It's undermining the Saudi efforts to get the price really back to $100 a barrel plus," Kilduff told CNBC's " Power Lunch " on Wednesday.

Persons: John Evans, Brent, Evans, John Kilduff, PVM's Evans, Kilduff, CNBC's, PVM, Goldman Sachs, Michael Hsueh, Russia's Organizations: Organization of Petroleum, —, PVM Oil Associates, West Texas Intermediate, JPMorgan, Deutsche Bank, Bank of America Locations: China, Europe, Angola, Nigeria, Saudi, Riyadh, U.S, Russia, Moscow, Saudi Arabia

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