Two ‘unstable’ OPEC nations may decide whether oil hits $100

“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.” RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration. “If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market,


“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.” RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration. “If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market,
Two ‘unstable’ OPEC nations may decide whether oil hits $100 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, abdullah doma, afp, getty images
Keywords: news, cnbc, companies, militants, oil, barrels, barclays, recent, opec, million, unstable, nations, saudi, nigerias, 100, decide, hits, market, recently


Two 'unstable' OPEC nations may decide whether oil hits $100

“What I always worry about is the stories we should be watching, the unstable suppliers,” Croft recently told CNBC’s “Worldwide Exchange.”

RBC has warned clients that 500,000 barrels per day could be periodically lost from the two nations, and elections may bring additional unrest.

Half a million bpd represents just half a percent of daily global demand, but a disruption of that scale would have an outsize impact given the anticipated loss of roughly 1 million barrels a day of Iranian crude in the coming months. Iran’s exports are shrinking as oil buyers cut off purchases under threat of sanctions from the Trump administration.

“If you’re going to have Venezuela continuing to decline, a million barrels of Iran off the market, you can’t afford to lose another big, major producer,” Croft said.

Washington is largely depending on Saudi Arabia, Russia and a handful of other producers to keep the market supplied and prevent an oil price spike as Iran’s shipments dwindle. Traders recently sent Brent crude to nearly four-year highs above $86 a barrel, as fears that the Saudi alliance will fall short stoked concern about $100 oil.

Investment bank Barclays does not think oil prices will hit triple digits, but the outcome of Nigeria’s elections in February presents the biggest risk to that outlook, Michael Cohen, the bank’s head of energy markets research, said in a recent note to clients.

If Nigeria’s political opposition unseats President Muhammadu Buhari, Barclays analysts believe the new leadership will probably have to renegotiate a deal with militants brokered by Buhari’s government. During a political transition, militants might resume attacks on oil infrastructure, which caused Nigeria’s output to plunge by about 400,000 bpd in early 2016.

Analysts at Barclays say there’s a growing chance that the opposition can present a credible alternative to Buhari, whose popularity is waning and who spent much of his presidency seeking medical treatment overseas.

“Oil market participants ought to be more concerned about the possibility of disruptions in the Niger delta,” Cohen wrote, referring to Nigeria’s southern oil-producing region, a maze of waterways where militants staged daring attacks between 2006 and 2009 and again in recent years.

Oil theft also remains endemic in the Niger Delta. This month, a pipeline blast believed to be caused by petroleum thieves killed dozens, sparking protests among locals who blamed the Nigerian National Petroleum Corporation for the explosion.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, abdullah doma, afp, getty images
Keywords: news, cnbc, companies, militants, oil, barrels, barclays, recent, opec, million, unstable, nations, saudi, nigerias, 100, decide, hits, market, recently


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil prices edge up, but set for weekly loss on stock build, trade row

Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close. The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains. Meanwhile,


Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity. Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close. The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains. Meanwhile,
Oil prices edge up, but set for weekly loss on stock build, trade row Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, trade, iranian, prices, data, barrels, row, crude, weekly, edge, stock, oil, week, war, set, loss, build, million


Oil prices edge up, but set for weekly loss on stock build, trade row

Oil prices nudged higher on Friday on signs of surging demand in China, the world’s second-biggest oil user, though prices are set to fall for a second week amid concerns of the ongoing Sino-U.S. trade war is limiting overall economic activity.

Brent crude oil futures were trading at $79.51 per barrel at 0521 GMT, up 22 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were up 19 cents, or 0.3 percent, at $68.84 a barrel.

For the week, Brent crude was 1.1 percent lower while WTI futures were down 3.5 percent, putting both on track for a second consecutive weekly decline.

Refinery throughput in China, the world’s second-largest oil importer, rose to a record high of 12.49 million barrels per day (bpd) in September as some independent plants restarted operations after prolonged shutdowns over summer to shore up inventories, government data showed on Friday.

The refinery consumption may rise through the fourth quarter as several state-owned Chinese refiners return to service after maintenance.

Undermining the strong refinery data, China did on Friday report its weakest economic growth since 2009 in the third quarter, with gross domestic product expanding by only 6.5 percent, missing estimates.

The weak economic data raised concerns that the country’s trade war with United States is beginning to have an impact on growth, which may limit China’s oil demand.

The trade war concerns combined with surging U.S. oil stockpiles reported on Thursday are capping the day’s price gains.

U.S. crude stocks last week climbed 6.5 million barrels, the fourth straight weekly build, almost triple the amount analysts had forecast, the U.S. Energy Information Administration said on Wednesday.

“EIA Weekly Petroleum Status Report was a complete shocker sending Oil markets spiralling lower amidst some concerning development for oil bulls,” said Stephen Innes, head of trading APAC at OANDA in Singapore.

Inventories rose sharply even as U.S. crude production slipped 300,000 barrels per day (bpd) to 10.9 million bpd last week due to the effects of offshore facilities closing temporarily for Hurricane Michael.

Meanwhile, Iranian oil exports may have increased in October when compared to the previous month as buyers rush to lift more cargoes ahead of looming U.S. sanctions that kick in on Nov. 4.

An unprecedented volume of Iranian crude oil is set to arrive at China’s northeast Dalian port this month and in early November before U.S. sanctions on Iran take effect, according to an Iranian shipping source and data on Refinitiv Eikon.

So far, a total of 22 million barrels of Iranian crude oil loaded on supertankers owned by the National Iranian Tanker Co (NITC) are expected to arrive at Dalian in October and November, the data showed. Dalian typically receives between 1 million and 3 million barrels of Iranian oil each month, according to data that dates back to January 2015.


Company: cnbc, Activity: cnbc, Date: 2018-10-19
Keywords: news, cnbc, companies, trade, iranian, prices, data, barrels, row, crude, weekly, edge, stock, oil, week, war, set, loss, build, million


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US oil edges up after 3 percent drop on big stock build

Oil prices edged up on Thursday, steadying after a big drop overnight due to a jump in U.S. crude stockpiles and supported by ongoing tensions over the death of a prominent Saudi journalist. U.S. crude stocks rose 6.5 million barrels last week, the fourth straight weekly build, almost triple what analysts had forecast, the U.S. Energy Information Administration said on Wednesday. U.S. lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journa


Oil prices edged up on Thursday, steadying after a big drop overnight due to a jump in U.S. crude stockpiles and supported by ongoing tensions over the death of a prominent Saudi journalist. U.S. crude stocks rose 6.5 million barrels last week, the fourth straight weekly build, almost triple what analysts had forecast, the U.S. Energy Information Administration said on Wednesday. U.S. lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journa
US oil edges up after 3 percent drop on big stock build Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18
Keywords: news, cnbc, companies, saudi, oil, production, drop, build, crude, week, stock, prominent, arabia, barrels, million, big, edges, rose


US oil edges up after 3 percent drop on big stock build

Oil prices edged up on Thursday, steadying after a big drop overnight due to a jump in U.S. crude stockpiles and supported by ongoing tensions over the death of a prominent Saudi journalist.

U.S. West Texas Intermediate crude for October delivery was up 17 cents, or 0.2 percent, at $69.92 a barrel by 0031 GMT, after falling 3 percent in the previous session to settle below $70 for the first time in a month.

Front-month London Brent crude for December delivery was up 23 cents, or 0.3 percent, at $80.28, having ended down 1.7 percent.

U.S. crude stocks rose 6.5 million barrels last week, the fourth straight weekly build, almost triple what analysts had forecast, the U.S. Energy Information Administration said on Wednesday.

Inventories rose sharply even as U.S. crude production slipped 300,000 barrels per day to 10.9 million bpd last week due to the effects of offshore facilities closing temporarily for Hurricane Michael.

U.S. lawmakers pointed the finger at the Saudi leadership over the disappearance of prominent Saudi critic and journalist Jamal Khashoggi, suggesting sanctions could be possible.

Western pressure mounted on Riyadh to provide answers, but comments by President Donald Trump suggested the White House may not take additional action against the Saudis, particularly after Saudi Arabia said it will conduct an investigation.

Investors worry Saudi Arabia could use oil supply to retaliate against critics. But Saudi Arabia has assured OPEC that it is “committed, capable and willing” to ensure there will be no shortage in the oil market, OPEC’s secretary-general said on Wednesday.

Saudi Arabia and Kuwait will struggle to resume oil production from jointly operated fields that produced some 500,000 barrels per day any time soon due to operational differences and souring political ties, sources said on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-18
Keywords: news, cnbc, companies, saudi, oil, production, drop, build, crude, week, stock, prominent, arabia, barrels, million, big, edges, rose


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil prices sink as US crude stockpiles rise by 6.5 million barrels

Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles. U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said. Brent crude was down $1.77, or 2.2 p


Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles. U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said. Brent crude was down $1.77, or 2.2 p
Oil prices sink as US crude stockpiles rise by 6.5 million barrels Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-17
Keywords: news, cnbc, companies, sink, barrels, oct, weekcrude, stockpiles, oil, stocks, 65, crude, rose, 22, rise, week, twoweek, million, prices


Oil prices sink as US crude stockpiles rise by 6.5 million barrels

Oil prices extended losses on Wednesday after U.S. inventory data showed a much larger than expected rise in U.S. crude stockpiles.

U.S. commercial crude stockpiles rose by 6.5 million barrels in the week to Oct. 12, the U.S. Energy Information Administration reported. A Reuters survey of eight analysts estimated crude stocks rose by about 2.2 million barrels last week.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.8 million barrels, EIA said.

Brent crude was down $1.77, or 2.2 percent, at $79.64 a barrel by 10:41 a.m. ET (1441 GMT), after gaining $1.15 in the previous three sessions. The global benchmark, which hit a two-week low last week as equity markets dropped, is trading around $6 below a four-year high of $86.74 reached on Oct. 3.


Company: cnbc, Activity: cnbc, Date: 2018-10-17
Keywords: news, cnbc, companies, sink, barrels, oct, weekcrude, stockpiles, oil, stocks, 65, crude, rose, 22, rise, week, twoweek, million, prices


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘Expensive energy is back’ — and it’s threatening the global economy, IEA warns

The International Energy Agency (IEA) is concerned about a dramatic upswing in energy prices, according to its latest monthly report, with oil, gas and coal prices currently trading at multi-year highs. “Our position is that expensive energy is back … And it poses a threat to economic growth,” the Paris-based organization said Friday. Oil prices have surged more than 25 percent this year, prompting some investors to speculate about the possibility of a return to triple-digits before year-end. Me


The International Energy Agency (IEA) is concerned about a dramatic upswing in energy prices, according to its latest monthly report, with oil, gas and coal prices currently trading at multi-year highs. “Our position is that expensive energy is back … And it poses a threat to economic growth,” the Paris-based organization said Friday. Oil prices have surged more than 25 percent this year, prompting some investors to speculate about the possibility of a return to triple-digits before year-end. Me
‘Expensive energy is back’ — and it’s threatening the global economy, IEA warns Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: sam meredith, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, day, global, prices, iea, growth, wti, mbd, yearendmeanwhile, economy, demand, barrels, threatening, energy, expensive, warns


'Expensive energy is back' — and it's threatening the global economy, IEA warns

The International Energy Agency (IEA) is concerned about a dramatic upswing in energy prices, according to its latest monthly report, with oil, gas and coal prices currently trading at multi-year highs.

“Our position is that expensive energy is back … And it poses a threat to economic growth,” the Paris-based organization said Friday.

Oil prices have surged more than 25 percent this year, prompting some investors to speculate about the possibility of a return to triple-digits before year-end.

Meanwhile, President Donald Trump has repeatedly blamed OPEC for rising gasoline costs, as prices continue to head in the wrong direction for American consumers with midterms just around the corner.

As a result of soaring energy prices, the IEA downwardly revised its demand outlook over the next two years. The group now expects demand growth to slow by 110,000 barrels per day to 1.3 million barrels per day (mb/d) in 2018 and 1.4 mb/d in 2019.

International benchmark Brent crude traded at around $81.29 Friday morning, up around 1.2 percent, while U.S. West Texas Intermediate (WTI) stood at $71.73, slightly over 1 percent higher.


Company: cnbc, Activity: cnbc, Date: 2018-10-12  Authors: sam meredith, daniel acker, bloomberg, getty images
Keywords: news, cnbc, companies, day, global, prices, iea, growth, wti, mbd, yearendmeanwhile, economy, demand, barrels, threatening, energy, expensive, warns


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due


Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected. Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels. In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due
Oil extends losses as other markets fall, inventories rise Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Oil extends losses as other markets fall, inventories rise

Oil prices fell to two-week lows on Thursday as they extended big losses from the previous session amid a rout in global stock markets, with oil also taking a hit from an industry report showing U.S. crude inventories rose more than expected.

Supply worries also eased as Hurricane Michael likely spared oil assets from significant damage as it smashed into Florida, even as it caused at least one death, injuries and widespread destruction.

Brent crude futures were down $1.22, or 1.5 percent, at $81.87 a barrel by 0237 GMT. They earlier touched their lowest since Sept. 28 at $81.61, after closing 2.2 percent lower on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were down by $1, or 1.4 percent, at $72.17, having also fallen to their lowest since Sept. 28. They dropped 2.4 percent in the previous session.

Stocks on major world markets slid to a three-month low on Wednesday, with the benchmark S&P500 stock index falling more than 3 percent, its biggest one-day decline since February.

Technology shares tumbled on fears of slowing demand and concerns about U.S.-China tensions. Japan’s Nikkei 225 was down nearly 4 percent on Thursday.

“Ugly, very very ugly,” Greg McKenna an independent market strategist based near Sydney said in a morning note, referring to declines in global markets including oil.

U.S. crude stockpiles rose more than expected last week, while gasoline inventories increased and distillate stocks drew, industry group the American Petroleum Institute said on Wednesday.

Crude inventories climbed by 9.7 million barrels in the week to Oct. 5 to 410.7 million, compared with analyst expectations for an increase of 2.6 million barrels.

Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.2 million barrels, API said. [API/S]

The U.S. Energy Information Administration (EIA) is due to release official government inventory data Thursday at 11 a.m. EDT.

In the U.S. Gulf of Mexico, producers have cut daily oil production by roughly 42 percent due to the storm, the Bureau of Safety and Environmental Enforcement said. The cuts represent 718,877 barrels per day of oil production.

While production has been cut because of the hurricane, “down time is expected to be brief and Gulf of Mexico output now accounts for a comparatively small portion of total U.S. production,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a note.

U.S. oil output is expected to rise 1.39 million bpd to a record 10.74 million bpd, the EIA said in its monthly forecast on Wednesday.


Company: cnbc, Activity: cnbc, Date: 2018-10-11
Keywords: news, cnbc, companies, rise, barrels, oil, inventories, fall, expected, rose, crude, week, extends, production, million, markets, losses


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil falls as Saudi and Russia quietly agree to output rise, US stocks swell

Brent crude oil futures were trading at $85.85 per barrel at 0104 GMT, down 44 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 30 cents, or 0.4 percent, at $76.11 a barrel. U.S. crude oil stocks rose by nearly 8 million barrels last week to about 404 million barrels, the biggest increase since March 2017, Energy Information Administration data showed on Wednesday. Meanwhile, U.S. crude oil production remained at a record-high of 11.1 milli


Brent crude oil futures were trading at $85.85 per barrel at 0104 GMT, down 44 cents, or 0.5 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were down 30 cents, or 0.4 percent, at $76.11 a barrel. U.S. crude oil stocks rose by nearly 8 million barrels last week to about 404 million barrels, the biggest increase since March 2017, Energy Information Administration data showed on Wednesday. Meanwhile, U.S. crude oil production remained at a record-high of 11.1 milli
Oil falls as Saudi and Russia quietly agree to output rise, US stocks swell Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-04
Keywords: news, cnbc, companies, million, russia, energy, falls, futures, quietly, output, rise, bpd, stocks, barrels, agree, saudi, swell, prices, demand, crude, oil


Oil falls as Saudi and Russia quietly agree to output rise, US stocks swell

Oil prices on Thursday fell from four-year highs reached the previous session, pressured by rising U.S. inventories and after sources said Russia and Saudi Arabia struck a private deal in September to raise crude output.

Brent crude oil futures were trading at $85.85 per barrel at 0104 GMT, down 44 cents, or 0.5 percent, from their last close.

Brent on Wednesday hit a four-year high of $86.74 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were down 30 cents, or 0.4 percent, at $76.11 a barrel.

“Data for last week showed a much more significant than expected … build in U.S. commercial crude (inventories), which generally suggests that oil prices should tumble,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

U.S. crude oil stocks rose by nearly 8 million barrels last week to about 404 million barrels, the biggest increase since March 2017, Energy Information Administration data showed on Wednesday.

U.S. weekly Midwest refinery utilization rates dropped to 78.9 percent, their lowest since October 2015, according to the data.

Meanwhile, U.S. crude oil production remained at a record-high of 11.1 million barrels per day (bpd).

“This on top of the other big news of the day from Riyadh that … Saudi Arabia and Russia will boost output,” Innes said.

Russia and Saudi Arabia struck a private deal in September to raise oil output to cool rising prices, Reuters reported on Wednesday, before consulting with other producers, including the rest of the Organization of the Petroleum Exporting Countries (OPEC).

Russia’s and Saudi Arabia’s actions come as markets have heated up ahead of U.S. sanctions against Iran’s oil sector, which are set to kick in from Nov. 4, and which many analysts expect to knock around 1.5 million bpd of supply out of markets.

On the demand side, there is increasing concern that high oil prices and weakening emerging market currencies are creating a toxic inflationary mix that could erode fuel demand and economic growth.

“We have been taking a very close look at the demand signals in the market, and what we have been seeing is not good, JBC Energy said on Wednesday in a note to clients.

The energy consultancy said it had revised its oil demand forecast downwards amid Brent prices above $80 and diving currencies in many emerging markets, as well as burgeoning product stocks and the ongoing Sino-U.S. trade dispute.

“We are not talking about cosmetic changes either. We have cut our forecast for 2018 demand growth by a whopping 300,000 bpd to below 1.1 million bpd,” it said.


Company: cnbc, Activity: cnbc, Date: 2018-10-04
Keywords: news, cnbc, companies, million, russia, energy, falls, futures, quietly, output, rise, bpd, stocks, barrels, agree, saudi, swell, prices, demand, crude, oil


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

‘Show me the barrels’: Oil prices set to spike as OPEC and Trump go head-to-head, analysts say

“The market and certainly the U.S. president is saying to OPEC and Saudi Arabia: ‘Show me the barrels,'” Herman Wang, OPEC specialist at S&P Global Platts, told CNBC’s “Street Signs” on Friday. “And Saudi Arabia and OPEC have kind of turned around and said: ‘Well, show me the demand,'” he added. Earlier this week, Trump urged OPEC to ramp up production levels to prevent further price rises ahead of the mid-term elections in November. Further to this, Washington is also asking buyers of Iranian o


“The market and certainly the U.S. president is saying to OPEC and Saudi Arabia: ‘Show me the barrels,'” Herman Wang, OPEC specialist at S&P Global Platts, told CNBC’s “Street Signs” on Friday. “And Saudi Arabia and OPEC have kind of turned around and said: ‘Well, show me the demand,'” he added. Earlier this week, Trump urged OPEC to ramp up production levels to prevent further price rises ahead of the mid-term elections in November. Further to this, Washington is also asking buyers of Iranian o
‘Show me the barrels’: Oil prices set to spike as OPEC and Trump go head-to-head, analysts say Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-28  Authors: sam meredith, ali mohammadi bloomberg via getty images
Keywords: news, cnbc, companies, prices, market, headtohead, saudi, president, barrels, opec, producers, spike, say, analysts, set, arabia, oil, told, trump, production


'Show me the barrels': Oil prices set to spike as OPEC and Trump go head-to-head, analysts say

Analyst says Trump asking OPEC and Saudi Arabia: ‘Show me the barrels’ 7:11 AM ET Fri, 28 Sept 2018 | 03:48

OPEC producers and President Donald Trump are both embracing a “show me” attitude to energy market uncertainty, analysts told CNBC on Friday, as traders speculate about the possibility of $100 a barrel before year-end.

“The market and certainly the U.S. president is saying to OPEC and Saudi Arabia: ‘Show me the barrels,'” Herman Wang, OPEC specialist at S&P Global Platts, told CNBC’s “Street Signs” on Friday.

“And Saudi Arabia and OPEC have kind of turned around and said: ‘Well, show me the demand,'” he added.

Earlier this week, Trump urged OPEC to ramp up production levels to prevent further price rises ahead of the mid-term elections in November.

Trump’s calls for the Middle-East dominated cartel to raise global production levels comes as the U.S. prepares to impose targeted crude sanctions against Iran in around five weeks’ time. Further to this, Washington is also asking buyers of Iranian oil to slash imports to zero to force Tehran to negotiate a new nuclear agreement.

OPEC and non-OPEC producers were initially expected to be reluctant to immediately respond to heightened pressure from the Trump administration, but Saudi Arabia is now expected to quietly add additional barrels of oil to the market over the next couple of months.


Company: cnbc, Activity: cnbc, Date: 2018-09-28  Authors: sam meredith, ali mohammadi bloomberg via getty images
Keywords: news, cnbc, companies, prices, market, headtohead, saudi, president, barrels, opec, producers, spike, say, analysts, set, arabia, oil, told, trump, production


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

US crude rises 46 cents, settling at $70.78, but pares gains after report OPEC may hike output

Oil prices pared gains on Friday, reversing a late morning rally, following a report that OPEC and its allies are considering a coordinated increase in crude production. The talks are occurring ahead of the producers’ meeting in Algeria this weekend, where they are scheduled to discuss allocating a production increase announced in June. Brent crude, the international benchmark for oil prices, rose as high as $80.12 on Friday, but fell sharply after the Reuters report. U.S. West Texas Intermediat


Oil prices pared gains on Friday, reversing a late morning rally, following a report that OPEC and its allies are considering a coordinated increase in crude production. The talks are occurring ahead of the producers’ meeting in Algeria this weekend, where they are scheduled to discuss allocating a production increase announced in June. Brent crude, the international benchmark for oil prices, rose as high as $80.12 on Friday, but fell sharply after the Reuters report. U.S. West Texas Intermediat
US crude rises 46 cents, settling at $70.78, but pares gains after report OPEC may hike output Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-21  Authors: tom dichristopher
Keywords: news, cnbc, companies, gains, opecs, hike, meeting, trump, crude, output, cents, prices, report, rises, opec, producers, million, settling, pares, oil, barrels


US crude rises 46 cents, settling at $70.78, but pares gains after report OPEC may hike output

Oil prices pared gains on Friday, reversing a late morning rally, following a report that OPEC and its allies are considering a coordinated increase in crude production.

The 15-nation OPEC cartel and a group of producers led by Russia are discussing a potential increase of 500,000 barrels a day, Reuters reported, citing an unnamed source. The talks are occurring ahead of the producers’ meeting in Algeria this weekend, where they are scheduled to discuss allocating a production increase announced in June.

Brent crude, the international benchmark for oil prices, rose as high as $80.12 on Friday, but fell sharply after the Reuters report. It was trading up 11 cents at $78.81 by 2:29 p.m. ET.

U.S. West Texas Intermediate crude ended Friday’s session up 46 cents at $70.78, off a session high of $71.80.

The report also comes after President Donald Trump criticized OPEC on Twitter, saying the group is pushing oil prices higher while benefiting from U.S. military protection. Trump has tweeted at OPEC several times this year, demanding the producer group take action to tame oil prices, which are near a four-year high above $80 a barrel.

Prior to the Reuters report, analysts told CNBC it was highly unlikely that Sunday’s meeting in Algiers would produce a major policy decision. However, they said top exporter Saudi Arabia faced the challenge of appeasing Trump, who wants OPEC to boost production, while maintaining cohesion among the producers, many of whom could be hurt by lower oil prices caused by a supply increase.

“The 500,000 barrels is sort of a clever way for the Saudis to placate Trump too,” said John Kilduff, founding partner at energy hedge fund Again Capital. “It’s not that big of a number. It shouldn’t really sink prices materially, but it does throw the president a boon.”

The Reuters report did not specify whether the producers were considering taking the action at this weekend’s meeting, which is meant to monitor adherence with OPEC’s deal with other producers to keep 1.8 million barrels a day off the market. That kind of major policy decision is usually made only during OPEC’s “ordinary” or “extraordinary” meetings.

The so-called Vienna Alliance agreed earlier this year to restore about 1 million barrels a day to the market after producers cut output more than they intended, putting upward pressure on oil prices. The producers are preparing for the impact of U.S. sanctions on Iran, OPEC’s third largest producer, which could cut supply by about 1 million barrels a day.

“The country out in the cold obviously is Iran because nobody’s standing in league with them,” said Kilduff. “Everyone’s talking about getting more oil on the market to offset the Iranian losses.”


Company: cnbc, Activity: cnbc, Date: 2018-09-21  Authors: tom dichristopher
Keywords: news, cnbc, companies, gains, opecs, hike, meeting, trump, crude, output, cents, prices, report, rises, opec, producers, million, settling, pares, oil, barrels


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post

Oil industry needs to invest $11 trillion to meet demand through 2040, OPEC says

The oil industry will need to shell out about $11 trillion over the next two decades to meet the world’s growing appetite for crude, OPEC says in its annual outlook. The cost of keeping the globe fueled up assumes that OPEC’s vision for the future comes to pass. In that vision, oil demand continues to grow and crude still makes up the lion’s share of the energy mix, even as more electric vehicles hit the road. OPEC has warned for years that oil producers shouldn’t get complacent about investing


The oil industry will need to shell out about $11 trillion over the next two decades to meet the world’s growing appetite for crude, OPEC says in its annual outlook. The cost of keeping the globe fueled up assumes that OPEC’s vision for the future comes to pass. In that vision, oil demand continues to grow and crude still makes up the lion’s share of the energy mix, even as more electric vehicles hit the road. OPEC has warned for years that oil producers shouldn’t get complacent about investing
Oil industry needs to invest $11 trillion to meet demand through 2040, OPEC says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-09-21  Authors: tom dichristopher, essam al-sudani, getty images
Keywords: news, cnbc, companies, meet, trillion, world, industry, barrels, 11, needs, oil, 2040, future, opecs, demand, day, invest, opec, vision, million


Oil industry needs to invest $11 trillion to meet demand through 2040, OPEC says

The oil industry will need to shell out about $11 trillion over the next two decades to meet the world’s growing appetite for crude, OPEC says in its annual outlook.

The cost of keeping the globe fueled up assumes that OPEC’s vision for the future comes to pass. In that vision, oil demand continues to grow and crude still makes up the lion’s share of the energy mix, even as more electric vehicles hit the road.

OPEC has warned for years that oil producers shouldn’t get complacent about investing in future production. Spending on new output fell significantly in 2015 and 2016 during an historic oil price downturn.

“While investments picked up slightly in 2017 compared to the previous two years, and the expectations are for higher levels again in 2018, it is vital that as an industry we ensure there is timely and adequate investment so as not to lead to a supply shortage in the future,” OPEC Secretary General Mohammad Barkindo said in OPEC’s World Oil Outlook 2018

The report forecasts global oil demand will grow by 7.3 million barrels a day between 2017 and 2023, eventually hitting 104.5 million barrels a day. By 2040, OPEC sees the world consuming nearly 112 million barrels a day.


Company: cnbc, Activity: cnbc, Date: 2018-09-21  Authors: tom dichristopher, essam al-sudani, getty images
Keywords: news, cnbc, companies, meet, trillion, world, industry, barrels, 11, needs, oil, 2040, future, opecs, demand, day, invest, opec, vision, million


Home Forums

    • Forum
    • Topics
    • Posts
    • Last Post