Saudi Arabia says it has ‘no intention’ of using oil as a political weapon amid Khashoggi crisis

OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi. It comes as the world’s top oil exporter faces intensifying international pressure to explain exactly what happened to Khashoggi at a Turkish consulate earlier this month. Turkish authorities claim Khashoggi was murdered by a team of Saudi agents inside the consulate and say t


OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi. It comes as the world’s top oil exporter faces intensifying international pressure to explain exactly what happened to Khashoggi at a Turkish consulate earlier this month. Turkish authorities claim Khashoggi was murdered by a team of Saudi agents inside the consulate and say t
Saudi Arabia says it has ‘no intention’ of using oil as a political weapon amid Khashoggi crisis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: sam meredith, anton novoderezhkin, tass via getty images, elif ozturk, anadolu agency, getty images
Keywords: news, cnbc, companies, crisis, amid, embargo, consulate, using, political, weapon, opec, comes, oil, intention, left, israel, journalist, arabia, saudi, khashoggi


Saudi Arabia says it has 'no intention' of using oil as a political weapon amid Khashoggi crisis

OPEC kingpin Saudi Arabia does not wish to impose a 1973-style oil embargo on Western consumers, the country’s energy minister reportedly said Monday, amid a deepening crisis over the killing of journalist Jamal Khashoggi.

It comes as the world’s top oil exporter faces intensifying international pressure to explain exactly what happened to Khashoggi at a Turkish consulate earlier this month.

On Friday, the kingdom admitted for the first time that Khashoggi — a prominent critic of Saudi leaders and former Washington Post journalist — had been killed. The statement comes after Riyadh initially said he had left the building unharmed on October 2.

Turkish authorities claim Khashoggi was murdered by a team of Saudi agents inside the consulate and say they have evidence to prove it.

Saudi Crown Prince Mohammed bin Salman has denied any involvement.

“There is no intention,” Khalid al-Falih told Russia’s TASS news agency when asked whether there could be a replay of the 1973-style oil embargo.

The 1973 oil embargo refers to an extraordinary move by Arab OPEC members to stranglehold oil markets. It was imposed on countries supporting Israel during that year’s Yom Kippur war between Israel and several Arab states. As a result, the U.S was left with a crude shortage and oil prices quadrupled.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: sam meredith, anton novoderezhkin, tass via getty images, elif ozturk, anadolu agency, getty images
Keywords: news, cnbc, companies, crisis, amid, embargo, consulate, using, political, weapon, opec, comes, oil, intention, left, israel, journalist, arabia, saudi, khashoggi


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Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J


Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran. Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel. Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist J
Oil prices fall as Saudi Arabia plans output increase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


Oil prices fall as Saudi Arabia plans output increase

Brent crude fell toward $79 a barrel on Monday, as Saudi Arabia sought to reassure the market that the kingdom remains focused on raising output to compensate for supply losses elsewhere, such as Iran.

Benchmark Brent crude oil futures were down 61 cents on the day to $79.17 a barrel by 9:48 a.m. ET (1348 GMT), while U.S. crude futures fell 83 cents, or 1.2 percent, to $68.29 a barrel.

Several U.S. lawmakers have suggested imposing sanctions on Saudi Arabia over the killing of Saudi journalist Jamal Khashoggi, while the kingdom, the world’s largest oil exporter, has pledged to retaliate to any sanctions with “bigger measures.”

Saudi energy minister Khalid al-Falih told Russia’s TASS news agency that his country had no intention of unleashing a 1973-style oil embargo on Western consumers.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: heinz-peter bader
Keywords: news, cnbc, companies, cents, crude, prices, plans, sanctions, barrel, kingdom, arabia, saudi, futures, output, oil, fall, increase, fell, brent


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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


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Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis

The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative. Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accou


The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative. Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accou
Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, oil, khashoggi, kingdom, saudis, vowing, prices, turning, arabia, week, shrug, saudi, crisis, sanctions, weapons, far, heat, lawmakers, turkey


Oil prices shrug off Khashoggi crisis, but US lawmakers and Turkey are turning up the heat on Saudis

The oil market has so far shrugged off rising U.S.-Saudi tensions over the killing of journalist Jamal Khashoggi by agents of the kingdom in Turkey, but the saga appears to be far from over.

A chorus of U.S. lawmakers is questioning Saudi Arabia’s official story about the murder, raising the prospect of sanctions or a ban on weapons sales to Riyadh. A speech by Turkey’s president slated for Tuesday could give the lawmakers fresh ammunition by further undermining the kingdom’s narrative.

Just one week ago, Saudi Arabia was denying any role in Khashoggi’s disappearance and vowing to retaliate against foreign countries that sought to hold the kingdom accountable. The veiled threat raised concerns that the Saudis would exact revenge on the United States and others by cutting oil supply and allowing crude prices to bubble higher.

The Trump administration is relying on Saudi Arabia to pump more oil to offset the effect of U.S. sanctions on Iran, OPEC’s third biggest producer.


Company: cnbc, Activity: cnbc, Date: 2018-10-22  Authors: tom dichristopher, getty images
Keywords: news, cnbc, companies, oil, khashoggi, kingdom, saudis, vowing, prices, turning, arabia, week, shrug, saudi, crisis, sanctions, weapons, far, heat, lawmakers, turkey


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How a design tweak could transform one crucial area of shipping

Chemical tankers are a crucial cog of the global shipping industry, transporting a range of liquid products around the world in bulk. In the Netherlands, ship designer and contractor Koole Engineering has developed what it describes as “revolutionary tank technology” that can help chemical tankers make savings in several ways. Koole Engineering’s lightweight, vertical and cylindrical tanks are decoupled and are independent from the vessel they travel on. “Koole Engineering tanks are independent,


Chemical tankers are a crucial cog of the global shipping industry, transporting a range of liquid products around the world in bulk. In the Netherlands, ship designer and contractor Koole Engineering has developed what it describes as “revolutionary tank technology” that can help chemical tankers make savings in several ways. Koole Engineering’s lightweight, vertical and cylindrical tanks are decoupled and are independent from the vessel they travel on. “Koole Engineering tanks are independent,
How a design tweak could transform one crucial area of shipping Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: anmar frangoul
Keywords: news, cnbc, companies, koole, tweak, area, tankers, design, tank, engineering, tanks, ship, van, transform, means, miles, oil, crucial, shipping


How a design tweak could transform one crucial area of shipping

Chemical tankers are a crucial cog of the global shipping industry, transporting a range of liquid products around the world in bulk.

In the Netherlands, ship designer and contractor Koole Engineering has developed what it describes as “revolutionary tank technology” that can help chemical tankers make savings in several ways.

Koole Engineering’s lightweight, vertical and cylindrical tanks are decoupled and are independent from the vessel they travel on.

On a conventional ship, the wall, bottom and roof of a tank is part of the ship, Dries van Gorkum, a naval architect at Koole Engineering, explained to CNBC via email. This means that a ship’s hull is “rigidly connected” to the walls of a tank.

“Koole Engineering tanks are independent, cylindrical tanks,” van Gorkum added in a TV interview with CNBC’s “Sustainable Energy”.

“The cylindrical shape is a sturdy shape for storing liquids, which means we need to use less duplex steel for the same strength as you have within, let’s say, a conventional cubic tank,” he added.

In addition to using less duplex steel, Koole Engineering says its tanks cuts heating and cooling costs by 80 percent and speeds up a tanker’s unloading, washing and reloading cycle by as much as 40 percent.

Via email, van Gorkum also added that, on a conventional tanker, any bending of the ship would also result in a bending of its tanks. “This means additional strain is placed on the tank construction, which can be detrimental for the integrity of the tank, resulting in cracks and leakage of dangerous chemicals.”

Looking at the bigger picture, the relationship between tank design, innovation and wastage is an intriguing one, especially when it comes to oil.

“The transport of oil, in particular, depends on being able to put it in tanks and then move it around, usually in ships but often in tankers on the road and even static tankers, bunkers and places like that,” John Miles, a professor at the University of Cambridge’s Department of Engineering, told CNBC.

“Moving from tank to tank is an important part of the life of oil and, of course, each time you move from tank to tank if you have to clean the tanks out you lose a little bit of oil,” Miles added.

“If it’s a difficult job, you lose quite a lot of money … So the design of the tank is pretty important in terms of how efficient the overall process is.” Miles explained that anything that reduced losses during transport and transfer was important to the price of oil at the pump.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: anmar frangoul
Keywords: news, cnbc, companies, koole, tweak, area, tankers, design, tank, engineering, tanks, ship, van, transform, means, miles, oil, crucial, shipping


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Japan inflation ticks up as oil rises but the central bank’s target remains elusive

Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute. BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view


Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute. BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view
Japan inflation ticks up as oil rises but the central bank’s target remains elusive Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, banks, ticks, core, japan, central, elusive, trade, months, inflation, target, rises, boj, remains, price, costs, oil, slightly, prices, consumer


Japan inflation ticks up as oil rises but the central bank's target remains elusive

Japan’s annual core consumer inflation ticked up in September but remained at half the pace of the central bank’s elusive 2 percent target, underscoring the challenge of meeting the price goal as escalating trade frictions cloud the economic outlook.

While the rate of increase was the fastest in seven months, the gain was due mostly to higher oil costs with most other items rising only slightly, government data showed on Friday.

“We’re not seeing inflationary pressure build up. Private spending needs to increase more for core consumer inflation to accelerate beyond 1 percent,” said Takeshi Minami, chief economist at Norinchukin Research Institute.

“Inflation will probably stagnate around current levels for some time.”

The nationwide core consumer price index (CPI), which strips away the effect of volatile fresh food costs, rose 1.0 percent in September from a year earlier, matching a median market forecast and ticking up from 0.9 percent in August.

The so-called core-core CPI, a more closely watched gauge the Bank of Japan uses that excludes the effect of both fresh food and energy costs, stood at 0.4 percent in September, in line with the previous month.

The inflation data will be among factors the central bank examines at its rate review on Oct. 30-31, when it conducts a quarterly review of its growth and price projections.

BOJ Governor Haruhiko Kuroda on Thursday offered a slightly more upbeat view on prices than three months ago, saying that core consumer inflation was “moving around 1 percent.”

Rising energy costs may give the BOJ justification to slightly revise up its inflation forecasts, though the boost may be moderated by uncertainty over the fallout from escalating trade frictions, analysts say.

In a quarterly report scrutinizing Japan’s regional economies, the BOJ cut its assessment for two regions and warned that companies were becoming increasingly worried about the hit from the simmering Sino-U.S. trade frictions.

Under current projections made in July, the BOJ expects core consumer inflation to hit 1.1 percent in the year ending in March 2019, and accelerate to 1.5 percent the following year.

Stubbornly soft inflation has dashed the BOJ’s hopes that solid economic growth will translate into higher prices, and could delay the central bank’s exit from ultra-loose policy.

Japan’s economy rebounded in the second quarter from a contraction in the first three months of this year thanks to robust business spending.

But escalating trade frictions and a series of natural disasters that disrupted supply chains cloud the outlook for the export-reliant economy, with some analysts projecting a slight contraction in the July-September quarter.

Uncertainty over the economic outlook adds to challenges for the BOJ, which has struggled to fire up wages and prices despite years of heavy money printing.


Company: cnbc, Activity: cnbc, Date: 2018-10-19  Authors: kazuhiro nogi, afp, getty images
Keywords: news, cnbc, companies, banks, ticks, core, japan, central, elusive, trade, months, inflation, target, rises, boj, remains, price, costs, oil, slightly, prices, consumer


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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


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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
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US-Saudi Arabia ties: Iran may benefit from Jamal Khashoggi case

Saudi Arabia’s alleged involvement in the disappearance of U.S.-based journalist Jamal Khashoggi could place Riyadh’s longstanding rival Iran at an advantage. A linchpin of America’s foreign policy in the Middle East, Saudi Arabia is a crucial component of President Donald Trump’s plan to isolate Iran. But if the U.S.-Saudi relationship turns sour over accusations that Riyadh killed Khashoggi, Trump’s strategy may not go as planned — and that could lead to economic and political gains for Tehran


Saudi Arabia’s alleged involvement in the disappearance of U.S.-based journalist Jamal Khashoggi could place Riyadh’s longstanding rival Iran at an advantage. A linchpin of America’s foreign policy in the Middle East, Saudi Arabia is a crucial component of President Donald Trump’s plan to isolate Iran. But if the U.S.-Saudi relationship turns sour over accusations that Riyadh killed Khashoggi, Trump’s strategy may not go as planned — and that could lead to economic and political gains for Tehran
US-Saudi Arabia ties: Iran may benefit from Jamal Khashoggi case Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nyshka chandran, atta kenare afp getty images
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US-Saudi Arabia ties: Iran may benefit from Jamal Khashoggi case

Saudi Arabia’s alleged involvement in the disappearance of U.S.-based journalist Jamal Khashoggi could place Riyadh’s longstanding rival Iran at an advantage.

A linchpin of America’s foreign policy in the Middle East, Saudi Arabia is a crucial component of President Donald Trump’s plan to isolate Iran. The White House needs Riyadh to stabilize the energy market when U.S. sanctions on Iranian oil production take place in November.

But if the U.S.-Saudi relationship turns sour over accusations that Riyadh killed Khashoggi, Trump’s strategy may not go as planned — and that could lead to economic and political gains for Tehran.

“The fallout from Jamal Khashoggi’s disappearance is the latest political misstep from Saudi Arabia that will geopolitically benefit Iran,” Sanam Vakil, a senior consulting research fellow at U.K. think tank Chatham House, wrote in a note this week. “Saudi Arabia has already threatened to retaliate against [U.S.] sanctions by using its leverage here, and oil prices have accordingly risen, thereby benefiting Iran in its last few weeks of oil sales before sanctions take effect.”

Khashoggi, a Washington Post columnist and Saudi national, was a critic of the kingdom’s Crown Prince Mohammed bin Salman. He was last seen entering the Saudi consulate in Istanbul on Oct. 2. Turkish officials allege that he was murdered by a team of Saudi operatives, but Riyadh has denied those accusations.

There have been growing calls for the U.S. to punish Riyadh if the allegations were found to be true. “What I would do, I know what I’m going to do, I’m going to sanction the hell out of Saudi Arabia,” Republican Senator Lindsey Graham from South Carolina said on Tuesday. Trump, whose close links to the kingdom has been scrutinized, may now be forced to act amid international and domestic pressure.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nyshka chandran, atta kenare afp getty images
Keywords: news, cnbc, companies, place, khashoggi, saudi, oil, arabia, political, ussaudi, iran, sanctions, case, jamal, riyadh, ties, benefit, trumps


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Four market experts weigh in on the biggest risks to the oil market

“I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. • John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. Our hope is that energy prices drift back lower.” Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.


“I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. • John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. Our hope is that energy prices drift back lower.” Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.
Four market experts weigh in on the biggest risks to the oil market Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nia warfield, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, having, weigh, saudi, going, oil, risks, biggest, prices, energy, crude, seymour, experts, investors, higher, market


Four market experts weigh in on the biggest risks to the oil market

Crude is getting crushed.

The rally in the commodity appears to be losing steam as WTI crude falls below $70 and hits its lowest level in a month.

Here’s what four market experts have to say about the move:

• Helima Croft, global head of commodity strategy at RBC Capital, warns investors to keep a close eye on trade talk between the U.S. and Saudi Arabia. “The Saudis are already reaching probably the limits of what they can bring on in terms of easy oil, and so we’re going to have to see what happens as we approach Iran sanctions,” she cautioned. “We see WTI in the low- to mid-70s ending the year. We see Brent [in the] mid-80s. But again these are the type of political wild cards that could send oil much higher.”

• Tim Seymour, CIO of Seymour Asset Management, says investors shouldn’t count out the energy space looking into the fourth quarter. “I think you’re seeing actually the year-over-year comps look fantastic for all these [energy] companies that are being run differently,” Seymour explained. “I realize that energy prices have been feeding through some of these inflation reads you’ve been getting. But you strip them out like we did in retail sales … and you actually see that people are not giving any ground.”

• John Kilduff, founding partner of Again Capital, warns that an imminent stand-off with oil producers in the Middle East could shoot crude prices higher. “You’re going to hear stories about the Iranians smuggling [oil] out … and selling some of their oil effectively on the black market or having it turn up in Turkey and be, you know, washed,” he explained. “We’re going to grind higher. I’m not in the $100 camp but certainly $85-$90 for Brent.”

• Larry Fink, CEO of Blackrock, says that a strong dollar could put additional pressure on the oil markets. “Having a strong dollar in front of having rising commodity prices is really destabilizing for the world, and so we need to have proper diplomacy with Saudi. Our hope is that energy prices drift back lower.”

Bottom Line: Crude prices will likely grind higher in the near term. Investors should continue to monitor talks with Saudi Arabia and oil production numbers out of the Middle East.


Company: cnbc, Activity: cnbc, Date: 2018-10-18  Authors: nia warfield, getty images, nick oxford, michael nagle, bloomberg, aly song, kcna, thomas barwick getty images, source, lawrence mcdonald
Keywords: news, cnbc, companies, having, weigh, saudi, going, oil, risks, biggest, prices, energy, crude, seymour, experts, investors, higher, market


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