Oil firms as China’s economic slowdown was not as big as some expected

Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support. International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close. Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker. China’s Septemb


Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support. International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close. Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker. China’s Septemb
Oil firms as China’s economic slowdown was not as big as some expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, chinas, firms, slowdown, economic, oil, expected, supply, analysts, big, 2018, growth, barrel, crude, opec, prices


Oil firms as China's economic slowdown was not as big as some expected

Oil prices firmed on Monday after data showed China’s economic slowdown was not as big as some analysts had expected, with supply cuts led by the Organization of the Petroleum Exporting Countries also offering support.

International Brent crude oil futures were at $62.83 per barrel at 0259, up 13 cents, or 0.2 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $53.92 a barrel, up 12 cents, or 0.2 percent.

Both oil price benchmarks had dipped into the red earlier in the session on fears that China’s 2018 economic growth figures would be weaker.

In an expected cooling, China’s economy grew by 6.6 percent in 2018, its slowest expansion in 28 years and down from a revised 6.8 percent in 2017, official data showed on Monday. China’s September-December 2018 growth was at 6.4 percent, down from 6.5 percent in the previous quarter.

Although the slowdown was in line with expectations and not as sharp as some analysts had expected, the cooling of the world’s number two economy casts a shadow over global growth.

“The global outlook remains murky, despite emerging positives from a dovish Fed (now boosting U.S. mortgage applications), faster China easing (China credit growth stabilizing) and a more durable U.S.-China truce,” U.S. bank J.P. Morgan said in a note.

Despite this, analysts said supply cuts led by OPEC would likely support crude oil prices.

“Brent can remain above $60 per barrel on OPEC+ compliance, expiry of Iran waivers and slower U.S. output growth,” J.P. Morgan said.

It recommended investors should “stay long” crude oil.

Researchers at Bernstein Energy said the supply cuts led by OPEC “will move the market back into supply deficit” for most of 2019 and that “this should allow oil prices to rise to U.S. $70 per barrel before year-end from current levels of U.S.$60 per barrel.”

In the United States, energy firms cut 21 oil rigs in the week to Jan. 18, taking the total count down to 852, the lowest since May 2018, energy services firm Baker Hughes said in a weekly report on Friday.

It was biggest decline since February 2016, as drillers reacted to the 40 percent plunge in U.S. crude prices late last year.

However, U.S. crude oil production still rose by more than 2 million barrels per day (bpd) in 2018, to a record 11.9 million bpd.

With the rig count stalling, last year’s growth rate is unlikely to be repeated in 2019, although most analysts expect annual production to average well over 12 million bpd, making the United States the world’s biggest oil producer ahead of Russia and Saudi Arabia.


Company: cnbc, Activity: cnbc, Date: 2019-01-21  Authors: jean-paul pelissier
Keywords: news, cnbc, companies, chinas, firms, slowdown, economic, oil, expected, supply, analysts, big, 2018, growth, barrel, crude, opec, prices


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Oil rises on OPEC output cuts, hopes of easing in US-China trade tensions

Oil prices rose on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply. U.S. West Texas Intermediate (WTI) crude futures were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1 percent, from their last settlement. International Brent crude oil futures were up 54 cents, or 0.9 percent, at $61.72 per barrel. OPEC said in its monthly report that its oil output fell by 751,00


Oil prices rose on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply. U.S. West Texas Intermediate (WTI) crude futures were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1 percent, from their last settlement. International Brent crude oil futures were up 54 cents, or 0.9 percent, at $61.72 per barrel. OPEC said in its monthly report that its oil output fell by 751,00
Oil rises on OPEC output cuts, hopes of easing in US-China trade tensions Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: ismail zitouny
Keywords: news, cnbc, companies, rises, opec, cuts, hopes, report, futures, sharply, easing, trade, million, output, crude, bpd, prices, tensions, oil, uschina


Oil rises on OPEC output cuts, hopes of easing in US-China trade tensions

Oil prices rose on Friday after a report from the Organization of the Petroleum Exporting Countries (OPEC) showed its production fell sharply last month, easing fears about prolonged oversupply.

A report by the Wall Street Journal on Thursday saying that Washington was considering lifting some or all tariffs imposed on Chinese imports also buoyed financial markets, including oil, analysts said.

U.S. West Texas Intermediate (WTI) crude futures were at $52.62 per barrel at 0339 GMT, up 55 cents, or 1.1 percent, from their last settlement.

International Brent crude oil futures were up 54 cents, or 0.9 percent, at $61.72 per barrel.

OPEC, along with some other producers including Russia, cut oil output sharply in December before a new accord to limit supply took effect on Jan. 1, it said on Thursday, suggesting that producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand.

OPEC said in its monthly report that its oil output fell by 751,000 barrels per day (bpd) in December to 31.58 million bpd, the biggest month-on-month drop in almost two years.

But tempering that support for prices, OPEC also cut its forecast for average daily demand for its crude in 2019 to 30.83 million barrels, down 910,000 bpd from the 2018 average.

Undermining OPEC’s efforts to tighten oil markets has been a surge in crude output from the United States, which increased by more than 2 million bpd in the last year to an unprecedented 11.9 million bpd.

“Though OPEC reports are likely to bolster market sentiment for stronger oil prices in the near-term, we remain cautious in the longer run amidst persistent economic weakness and incremental U.S. shale production,” Benjamin Lu of Singapore-based brokerage Phillip Futures said in a note.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: ismail zitouny
Keywords: news, cnbc, companies, rises, opec, cuts, hopes, report, futures, sharply, easing, trade, million, output, crude, bpd, prices, tensions, oil, uschina


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US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead


The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer. The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts. “While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its lead
US will ‘reinforce its leadership’ as the world’s top crude producer in 2019, IEA says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


US will 'reinforce its leadership' as the world's top crude producer in 2019, IEA says

The level of crude output from the U.S. will once again be a major factor this year, the International Energy Agency (IEA) said its closely-watched report on Friday, with the energy giant on track to reaffirm its position as the world’s leading crude producer.

The IEA report comes shortly after OPEC and non-OPEC producers officially implemented a fresh round of supply cuts.

Alongside Russia and nine other nations, top oil exporter Saudi Arabia struck a deal with the rest of OPEC in December to keep 1.2 million barrels per day (b/d) off the market from the start of January.

“While the other two giants voluntarily cut output, the U.S., already the biggest liquids supplier, will reinforce its leadership as the world’s number one crude producer,” the Paris-based IEA said Friday.

“By the middle of the year, U.S. crude output will probably be more than the capacity of either Saudi Arabia or Russia.”

International benchmark Brent crude traded at around $61.69 Friday morning, up 0.8 percent, while U.S. West Texas Intermediate (WTI) stood at $52.56, almost 1 percent higher.

Brent crude has fallen almost 30 percent since climbing to a peak of $86.29 in early October last year, while WTI is down more than 31 percent over the same period.

The collapse in oil prices was exacerbated by concerns about oversupply, as well as a stock market slump amid worries over rising U.S. interest rates.

That prompted OPEC and non-OPEC producers to throttle back output at the start of 2019, in an effort to try to put a floor under falling oil prices.


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: sam meredith, ken cedeno, corbis news, getty images
Keywords: news, cnbc, companies, output, opec, leadership, worlds, 2019, saudi, oil, producer, wti, crude, reinforce, start, report, iea


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Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei


Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market. OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release thei
Here’s exactly how much oil OPEC members and allied nations intend to cut in 2019 Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


Here's exactly how much oil OPEC members and allied nations intend to cut in 2019

Six weeks after agreeing to slash production, major oil producers are finally giving investors some clarity on exactly how much crude they’ll take off the market.

OPEC on Friday released a table laying out production quotas for each of its 14 members and the 10 allied countries participating in the deal. The two dozen nations agreed last month to slash a combined 1.2 million barrels per day in order to prevent a repeat of the oil glut that caused crude prices to tank from 2014 to 2016.

However, over the following weeks, international benchmark Brent crude prices fell another 18 percent. The continued slide reportedly prompted OPEC to urge oil producers to publicly release their production quotas to boost the market’s confidence in the cuts.

While oil prices have risen for the last three weeks, OPEC has nevertheless decided to publish the output levels under the deal, which runs through the first six months of 2019. The so-called OPEC+ alliance meets April 17-18 to assess the impact of the cuts.

Here’s how much each of the countries in the deal will endeavor to keep off the market:


Company: cnbc, Activity: cnbc, Date: 2019-01-18  Authors: tom dichristopher, bloomberg, getty images
Keywords: news, cnbc, companies, slash, nations, allied, production, producers, opec, 2019, prices, cut, quotas, deal, members, intend, heres, crude, oil, weeks, exactly


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OPEC oil production sinks in December as Saudis cut output more than expected

The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said. The pullback in OPEC production was deepened by supply disruptions in Libya and Iran. It’s output rose 88,000 bpd to just over 4.7 million bpd. Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.


The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said. The pullback in OPEC production was deepened by supply disruptions in Libya and Iran. It’s output rose 88,000 bpd to just over 4.7 million bpd. Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.
OPEC oil production sinks in December as Saudis cut output more than expected Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: tom dichristopher, mahmud turkia, afp, getty images
Keywords: news, cnbc, companies, opecs, million, supply, largest, output, bpd, sinks, saudis, second, production, oil, month, expected, cut, opec


OPEC oil production sinks in December as Saudis cut output more than expected

OPEC Sec Gen to US oil producers: We’re in the ‘same boat’ 6:50 PM ET Sun, 13 Jan 2019 | 02:22

When OPEC announced the deal, Saudi Energy Minister Khalid al Falih initially said his country’s output would fall to 10.7 million bpd in December from a record high 11.1 million bpd in November. The Saudis are targeting another drop to 10.2 million bpd this month, Falih has said.

The pullback in OPEC production was deepened by supply disruptions in Libya and Iran.

Output in Libya fell by 172,000 bpd to 928,000 bpd in December, after a group of armed protesters and aggrieved workers took over the country’s largest oil field.

In Iran, production dropped by another 159,000 bpd to just under 2.8 million bpd, as the nation enters a second month under wide-ranging U.S. sanctions. The Islamic Republic has gone from being OPEC’s third biggest producer to its fifth largest, falling behind the United Arab Emirates and Kuwait in December.

Iraq saw the biggest jump in production in the final month of the year. It’s output rose 88,000 bpd to just over 4.7 million bpd. At that level, Baghdad would need to cut about 200,000 bpd in January to meet its quota under the supply cut agreement. Iraq, OPEC’s second largest producer, regularly pumped above its quota throughout the group’s last round of supply cuts.

December marks OPEC’s first monthly report since Qatar left the organization amid an ongoing blockade against the Gulf nation by neighbors including Saudi Arabia and UAE.

Excluding Qatar, OPEC forecasts demand for the group’s oil will average 30.8 million bpd in 2019, about 900,000 bpd lower than last year. Demand for OPEC’s oil fell by about 1.2 million bpd last year, the group says.


Company: cnbc, Activity: cnbc, Date: 2019-01-17  Authors: tom dichristopher, mahmud turkia, afp, getty images
Keywords: news, cnbc, companies, opecs, million, supply, largest, output, bpd, sinks, saudis, second, production, oil, month, expected, cut, opec


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Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook

Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since. While OPEC and Russia cut supply and Iran is restrained by sanctions, cru


Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains. International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since. While OPEC and Russia cut supply and Iran is restrained by sanctions, cru
Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: essam al-sudani
Keywords: news, cnbc, companies, slowdown, sanctions, late, barrel, cuts, million, russia, rises, outlook, supply, crude, production, weighs, oil, economic, opec


Oil rises 1 percent on supply cuts, but economic slowdown weighs on outlook

Oil prices rose 1 percent on Tuesday amid supply cuts led by producer club OPEC and Russia, although a darkening economic outlook capped gains.

International Brent crude oil futures were at $59.64 per barrel at 0257 GMT, up 65 cents, or 1.1 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $51.09 per barrel, up 58 cents, or 1.2 percent.

“The impact of OPEC+ (OPEC and others including Russia) cuts, Iran sanctions and lower month-on-month growth in U.S. production should help to support oil prices from current levels,” U.S. bank J.P. Morgan said in a note.

The Middle East-dominated producer club of the Organization of the Petroleum Exporting Countries (OPEC) and some non-OPEC allies, including Russia, agreed in late 2018 to cut supply to rein in a global glut.

Meanwhile, the United States last November re-imposed sanctions against Iran’s oil exports. Although Washington granted sanctions waivers to Iran’s biggest oil customers, mostly in Asia, the Middle Eastern country’s exports have plummeted since.

“Iranian exports have already fallen sharply and are likely to remain at around 1.3 million barrels per day (bpd) in 2019, 1.3 million bpd down vs their 1H18 average,” HSBC said in its 2019 oil market outlook.

While OPEC and Russia cut supply and Iran is restrained by sanctions, crude oil production in the United States hit a record 11.7 million bpd late last year.

The surging output increasingly allows U.S. oil producers to export crude, including to top importer China.

Three cargoes of U.S. crude are currently heading to China from the U.S.

Gulf Coast, the first departures since late September and a 90-day pause in the two countries’ trade war that began last month.

The tankers are scheduled to arrive at Chinese ports between late January and early March, according to shipbrokers and vessel tracking data.

Looming over oil and financial markets, however, is an economic slowdown.

Tuesday’s oil price increases came after crude futures fell by more than 2 percent the previous session, dragged down by weak Chinese trade data which pointed to a global economic slowdown.

“The outlook for the global economy continues to be highly uncertain,” HSBC said.

The bank said it had cut its average 2019 Brent crude oil price forecast by $16 per barrel, to $64 per barrel, citing surging U.S. production and an “increasingly uncertain demand backdrop”.


Company: cnbc, Activity: cnbc, Date: 2019-01-15  Authors: essam al-sudani
Keywords: news, cnbc, companies, slowdown, sanctions, late, barrel, cuts, million, russia, rises, outlook, supply, crude, production, weighs, oil, economic, opec


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Saudi energy minister: Russia moving ‘slower than I’d like’ on oil cuts

Saudi Arabia’s energy minister said Sunday he’s positive OPEC and partnered nations will meet their production cut commitments to balance oil markets in 2019, despite what he described as a slower than anticipated pace by some. “We’ve already done it, we’ve done enough,” Saudi Energy Minister Khalid al-Falih told CNBC on Sunday in Abu Dhabi, when asked what OPEC’s largest producer would do to balance markets this year. Russia was more reluctant to cut its output, as its growth is heavily depende


Saudi Arabia’s energy minister said Sunday he’s positive OPEC and partnered nations will meet their production cut commitments to balance oil markets in 2019, despite what he described as a slower than anticipated pace by some. “We’ve already done it, we’ve done enough,” Saudi Energy Minister Khalid al-Falih told CNBC on Sunday in Abu Dhabi, when asked what OPEC’s largest producer would do to balance markets this year. Russia was more reluctant to cut its output, as its growth is heavily depende
Saudi energy minister: Russia moving ‘slower than I’d like’ on oil cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: natasha turak
Keywords: news, cnbc, companies, id, slower, moving, output, cut, theyve, energy, russia, barrels, told, oil, saudi, opec, cuts, weve, minister


Saudi energy minister: Russia moving 'slower than I'd like' on oil cuts

Saudi Arabia’s energy minister said Sunday he’s positive OPEC and partnered nations will meet their production cut commitments to balance oil markets in 2019, despite what he described as a slower than anticipated pace by some.

“We’ve already done it, we’ve done enough,” Saudi Energy Minister Khalid al-Falih told CNBC on Sunday in Abu Dhabi, when asked what OPEC’s largest producer would do to balance markets this year. “Not only the kingdom but other countries, we’ve heard from the Emirates, I’ve talked repeatedly to my colleagues in Iraq, they’ve already taken action,” he told CNBC’s Hadley Gamble.

He then mentioned the performance of the largest non-OPEC producer that’s partnered with the cartel on cuts: “Russia has started, slower than I’d like, but they’ve started, and I am sure as they did as in 2017 they’ll catch up and be a positive contributor to re-balancing the market.”

OPEC members, along with several other countries, in December agreed on output cuts totaling 1.2 million barrels per day in order to stem a sinking market and support their own export-dependent economies. “OPEC plus” refers to the group’s cooperation with the non-OPEC producers like Russia and other former Soviet states, as well as Mexico. Russia was more reluctant to cut its output, as its growth is heavily dependent on robust crude exports.

Russia has initially let the Saudis shoulder the bulk of output cuts. The top OPEC ally, which in late 2016 began a cooperation agreement with Riyadh to stabilize oil prices, has often said that $60 per barrel is enough to meet its economic needs. Moscow in December said it would cut production by 50,000 to 60,000 barrels a day in January, while Saudi pledged a cut of 900,000 barrels.


Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: natasha turak
Keywords: news, cnbc, companies, id, slower, moving, output, cut, theyve, energy, russia, barrels, told, oil, saudi, opec, cuts, weve, minister


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OPEC Secretary General Mohammed Barkindo worried about trade war

OPEC Secretary General Mohammed Barkindo is largely optimistic over prospects of achieving a balanced oil market in 2019. “We are concerned with the lingering trade disputes,” Barkindo told CNBC’s Hadley Gamble while at the Atlantic Council Global Energy Forum in Abu Dhabi Sunday. “Any measures that may impact or constrain trade may likely impact on growth and by extension on demand for energy. China is the world’s largest importer of crude, and its purchases constituted 18.6 percent of total cr


OPEC Secretary General Mohammed Barkindo is largely optimistic over prospects of achieving a balanced oil market in 2019. “We are concerned with the lingering trade disputes,” Barkindo told CNBC’s Hadley Gamble while at the Atlantic Council Global Energy Forum in Abu Dhabi Sunday. “Any measures that may impact or constrain trade may likely impact on growth and by extension on demand for energy. China is the world’s largest importer of crude, and its purchases constituted 18.6 percent of total cr
OPEC Secretary General Mohammed Barkindo worried about trade war Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: natasha turak, aron m sprecher, bloomberg via getty images
Keywords: news, cnbc, companies, trade, energy, opec, largest, general, growth, markets, chinas, demand, mohammed, barkindo, global, china, worried, war, secretary, worlds


OPEC Secretary General Mohammed Barkindo worried about trade war

OPEC Secretary General Mohammed Barkindo is largely optimistic over prospects of achieving a balanced oil market in 2019. But if one thing keeps him awake at night, it’s the U.S.-China trade war’s potential to disrupt growth in major Asian markets that import the highest proportion of the world’s crude.

“We are concerned with the lingering trade disputes,” Barkindo told CNBC’s Hadley Gamble while at the Atlantic Council Global Energy Forum in Abu Dhabi Sunday. “The synchronized growth that we have witnessed since the last global financial crisis that has taken this long was also due largely to the growth in international trade.”

“Any measures that may impact or constrain trade may likely impact on growth and by extension on demand for energy. At the moment, outside the U.S., China and India remain the brightest spots in terms of demand for energy. So you can imagine our concern of the lingering negotiations.”

China is the world’s largest importer of crude, and its purchases constituted 18.6 percent of total crude imports in 2017. India’s booming growth is set to see it overtake China as the country with the world’s largest demand for oil by 2024, according to a recent report by energy consultancy Wood Mackenzie. But if a trade war severely hit China’s growth, it would send shockwaves through the rest of Asia and threaten crucial sources of income for OPEC’s producers.

Already, U.S. tariff pressure and dampened domestic demand have started to manifest themselves in China’s economic forecasts. Reuters reported last week, citing sources with knowledge of China’s economic policy, that the country is planning to set a lower growth target of 6 percent to 6.5 percent in 2019, compared with last year’s target of “around” 6.5 percent.

Three days of trade talks between President Donald Trump administration officials and their Chinese counterparts in Beijing wrapped up last week, resulting in improved sentiment across Asian markets on increased hopes of a deal. Tensions between the world’s two largest economies escalated last year, putting global stock markets on edge. The U.S. announced tariffs on $250 billion worth of Chinese goods, while Beijing countered with its own.

At the end of last year, the Asian Development Bank said that developing Asia would meet its growth forecasts for 2019, but warned of the downside risks from rising trade protectionism. Despite the worries, Barkindo struck a hopeful tone.

“We remain cautiously optimistic that they’ll be able to overcome some of the difficulties, on the premise that both the U.S. and China want these issues resolved,” he said.

—Reuters and CNBC’s Everett Rosenfeld contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-01-13  Authors: natasha turak, aron m sprecher, bloomberg via getty images
Keywords: news, cnbc, companies, trade, energy, opec, largest, general, growth, markets, chinas, demand, mohammed, barkindo, global, china, worried, war, secretary, worlds


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Trump ‘hasn’t been fair’ to OPEC, Oman’s oil minister says

Oman’s oil minister thinks President Donald Trump has given OPEC some undue flak. “Sometimes he hasn’t been fair,” al-Rumhi told CNBC’s Hadley Gamble while at the Atlantic Council’s Global Energy Forum in Abu Dhabi. “Nobody wants volatility, I am sure Trump doesn’t want volatility, because volatility is difficult to manage,” he said. Trump has spent months vocally criticizing the 14-member cartel for its management of oil output, urging the group to keep the taps open and oil prices low. “OPEC i


Oman’s oil minister thinks President Donald Trump has given OPEC some undue flak. “Sometimes he hasn’t been fair,” al-Rumhi told CNBC’s Hadley Gamble while at the Atlantic Council’s Global Energy Forum in Abu Dhabi. “Nobody wants volatility, I am sure Trump doesn’t want volatility, because volatility is difficult to manage,” he said. Trump has spent months vocally criticizing the 14-member cartel for its management of oil output, urging the group to keep the taps open and oil prices low. “OPEC i
Trump ‘hasn’t been fair’ to OPEC, Oman’s oil minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-12  Authors: natasha turak, mohammed mahjoub, afp, getty images
Keywords: news, cnbc, companies, thinks, prices, oil, politics, alrumhi, fair, opec, sure, minister, volatility, trump, omans


Trump 'hasn't been fair' to OPEC, Oman's oil minister says

Oman’s oil minister thinks President Donald Trump has given OPEC some undue flak. But echoing other Gulf ministers, Mohammed bin Hamad al-Rumhi stressed his desire to steer clear of political animosity with the American leader, appearing keen to give him the benefit of the doubt.

“Sometimes he hasn’t been fair,” al-Rumhi told CNBC’s Hadley Gamble while at the Atlantic Council’s Global Energy Forum in Abu Dhabi. “I’m sure he has good intention too, he thinks he is representing the people of the U.S. and he thinks this is the way to do it.”

“Nobody wants volatility, I am sure Trump doesn’t want volatility, because volatility is difficult to manage,” he said. Trump has spent months vocally criticizing the 14-member cartel for its management of oil output, urging the group to keep the taps open and oil prices low. “OPEC is ripping us off,” Trump said in a tweet last October.

In December, OPEC members along with Russia reached an agreement to cut their crude production by 1.2 million barrels of oil per day from the market in order to stem the fall in prices, something that further drew Trump’s ire.

“Unfortunately there are politics, but sometimes the politics forces people to go to the social media or to CNBC to present their case. And that is the reality of today,” the minister said.


Company: cnbc, Activity: cnbc, Date: 2019-01-12  Authors: natasha turak, mohammed mahjoub, afp, getty images
Keywords: news, cnbc, companies, thinks, prices, oil, politics, alrumhi, fair, opec, sure, minister, volatility, trump, omans


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Oil prices rise on trade talk optimism, OPEC cuts

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. “Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities. As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd. With drilling activity still high, most analysts expect U.S. oil production to rise furt


U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent. “Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities. As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd. With drilling activity still high, most analysts expect U.S. oil production to rise furt
Oil prices rise on trade talk optimism, OPEC cuts Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: getty images
Keywords: news, cnbc, companies, talk, rise, opec, talks, beijing, trade, crude, prices, optimism, oil, markets, worlds, washington, cuts, production


Oil prices rise on trade talk optimism, OPEC cuts

Oil prices rose on Tuesday on hopes that U.S.-Chinese talks in Beijing would bring a halt to trade disputes between the world’s biggest economies, while OPEC-led supply cuts tightened markets.

International Brent crude futures were at $57.77 per barrel at 0113 GMT, up 44 cents, or 0.8 percent from their last close.

U.S. West Texas Intermediate (WTI) crude oil futures were at $48.85 per barrel, up 33 cents, or 0.7 percent.

U.S. Commerce Secretary Wilbur Ross said late on Monday that Beijing and Washington could reach a trade deal that “we can live with” as dozens of officials from the world’s two largest economies held talks in a bid to end their trade dispute that has roiled global markets since last year.

Asian stock markets rose as investors hope Washington and Beijing will reach some sort of agreement.

Despite optimism around the talks in Beijing, some analysts warned that the relationship between Washington and Beijing remained on shaky grounds, and that tensions could flare up again soon.

“We remain concerned about the world’s most important bilateral relationship,” political risk consultancy Eurasia Group said in its 2019 outlook.

“The U.S. political establishment believes engagement with Beijing is no longer working, and it’s embracing an openly confrontational approach … (and) rising nationalist sentiment makes it unlikely that Beijing will ignore U.S. provocations,” Eurasia Group said.

Beyond politics, oil markets are being supported by supply cuts started late last year by a group of producers around the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC) as well as non-OPEC member Russia.

“Crude oil prices have benefited from OPEC production cuts and steadying equities markets,” said Mithun Fernando, investment analyst at Australia’s Rivkin Securities.

Looming over the OPEC-led cuts, however, is a surge in U.S. oil supply, driven by a steep rise in onshore shale oil drilling and production.

As a result, U.S. crude oil production rose by a whopping 2 million barrels per day (bpd) last year to a world record 11.7 million bpd.

With drilling activity still high, most analysts expect U.S. oil production to rise further this year.

Consultancy JBC Energy said it was likely that U.S. crude oil production was already “significantly above 12 million bpd” by early January.


Company: cnbc, Activity: cnbc, Date: 2019-01-08  Authors: getty images
Keywords: news, cnbc, companies, talk, rise, opec, talks, beijing, trade, crude, prices, optimism, oil, markets, worlds, washington, cuts, production


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