OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. The latest round of cuts have helped boost oil prices from 18-month lows this year. Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of t


When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. The latest round of cuts have helped boost oil prices from 18-month lows this year. Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of t
OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: tom dichristopher, faisal al nasser
Keywords: news, cnbc, companies, told, output, opec, priceboosting, saudi, place, group, meeting, oil, russia, production, leaving, cancels, cuts, prices, market


OPEC cancels April meeting, leaving price-boosting oil output cuts in place through June

When they agreed to the new production cuts in December, the so-called OPEC+ alliance said it would assess the oil market in April, two months ahead of OPEC’s usual meeting in June. But on Monday, a committee tasked with monitoring the deal said “market fundamentals are unlikely to materially change in the next two months.”

The Joint Ministerial Monitoring Committee said it will next meet in May, with the full group convening on June 25 to decide whether to extend the output cuts through the end of 2019.

The latest round of cuts have helped boost oil prices from 18-month lows this year. U.S. West Texas Intermediate crude has rallied 29 percent to more than $58 a barrel, while international benchmark Brent crude is up 25 percent to about $67 a barrel.

OPEC and its allies are aiming to keep 1.2 million barrels per day off the market, but some producers are still pumping above their quotas, including Russia, the world’s second biggest oil producer.

Russian Energy Minister Alexander Novak told CNBC on Sunday that Russia will hit its target in coming weeks. He said it is premature to to discuss whether the group should continue capping output beyond June.

Falih said Monday he does not expect OPEC to leave the oil market “unguided in the second half,” Dow Jones reported. Last month, the Saudi oil minister told CNBC he was leaning toward extending the production cuts through the end of the year.

Helima Croft, global head of commodity strategy at RBC Capital Markets, says the group is likely to continue cutting production throughout 2019. However, extending the cuts will highlight divisions between Russia, where partly private companies produce oil, and OPEC members like Saudi Arabia, where state-owned energy companies underwrite the nation’s budget.

“The Russian corporates hate shutting in production. They benefit from volume. The state takes the upside of higher prices, so for them, they don’t like the agreement,” she told CNBC’s “Worldwide Exchange” on Monday.

“But for Saudi Arabia and for the rest of the OPEC producers, current prices still remain below their fiscal breakevens, so they would like to see prices a bit higher from here.”


Company: cnbc, Activity: cnbc, Date: 2019-03-18  Authors: tom dichristopher, faisal al nasser
Keywords: news, cnbc, companies, told, output, opec, priceboosting, saudi, place, group, meeting, oil, russia, production, leaving, cancels, cuts, prices, market


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Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says

Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks. “As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019. OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezu


Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks. “As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019. OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezu
Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sam meredith
Keywords: news, cnbc, companies, cuts, russia, opecled, months, supply, minister, compliant, extension, fully, agreement, target, discussed, output, novak, energy


Russia will be fully compliant with OPEC-led supply cuts by April, energy minister says

Russian Energy Minister Alexander Novak said on Sunday that Moscow will be fully compliant with OPEC-led supply cuts over the coming weeks.

“As far as the meeting is concerned we, of course, discussed the situation with the execution of the agreement (and) we stressed once again that Russia is discharging its obligations in accordance with the agreement to smoothly achieve the target output,” Novak told CNBC’s Dan Murphy in Baku, Azerbaijan, according to a translation.

“As for the target output level that forms part of the signed agreement, we plan to reach those figures by the end of March (or) beginning of April. This is earlier than in the same period two years ago by about one month.”

His comments come three months into a fresh round of production cuts from the so-called OPEC+ alliance. The producers meet in mid-April to review their oil supply cut agreement, which is scheduled to last through the first-half of 2019.

The Middle East-dominated group, alongside non-OPEC allies such as Russia, agreed to reduce output by 1.2 million barrels per day (b/d) for six months.

OPEC’s share is 800,000 b/d, to be delivered by 11 members — with Iran, Venezuela and Libya exempt from cuts.

When asked whether Russia would support an extension to the cuts, Novak replied: “It is a little premature to talk about this. The deal after all covers the first six months of the year so any extension will be discussed in May or June this year.”


Company: cnbc, Activity: cnbc, Date: 2019-03-17  Authors: sam meredith
Keywords: news, cnbc, companies, cuts, russia, opecled, months, supply, minister, compliant, extension, fully, agreement, target, discussed, output, novak, energy


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Japan’s central bank is now less optimistic about the economy

Factories across the globe slammed on the brakes last month as demand was hit by the U.S.-China trade war, slowing global growth and political uncertainty in Europe ahead of Britain’s departure from the European Union. The central bank also stuck to its view Japan’s economy is expanding moderately, but added a phrase that “exports and output have been affected by slowing overseas growth.” Factory output also posted the biggest decline in a year in that month, a sign slowing global demand was tak


Factories across the globe slammed on the brakes last month as demand was hit by the U.S.-China trade war, slowing global growth and political uncertainty in Europe ahead of Britain’s departure from the European Union. The central bank also stuck to its view Japan’s economy is expanding moderately, but added a phrase that “exports and output have been affected by slowing overseas growth.” Factory output also posted the biggest decline in a year in that month, a sign slowing global demand was tak
Japan’s central bank is now less optimistic about the economy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kim kyung-hoon
Keywords: news, cnbc, companies, output, slowing, boj, demand, bank, economy, central, japans, growth, overseas, view, exports, optimistic, global


Japan's central bank is now less optimistic about the economy

The Bank of Japan kept monetary policy steady on Friday but tempered its optimism that robust exports and factory output will underpin growth, a nod to heightened overseas risks that threaten to derail a fragile economic recovery.

Factories across the globe slammed on the brakes last month as demand was hit by the U.S.-China trade war, slowing global growth and political uncertainty in Europe ahead of Britain’s departure from the European Union.

In a nod to the increased risks, the BOJ cut its assessment on overseas economies to say they are showing signs of slowdown. It also revised down its view on exports and output.

“Exports have shown some weaknesses recently,” the central bank said in a statement on its policy decision, offering a bleaker view than in January when it said they were increasing as a trend.

At a two-day rate review ending on Friday, the BOJ maintained a pledge to guide short-term interest rates at minus 0.1 percent and 10-year government bond yields around zero percent. The widely expected decision was made by a 7-2 vote.

The central bank also stuck to its view Japan’s economy is expanding moderately, but added a phrase that “exports and output have been affected by slowing overseas growth.” In January, it said only that the economy was expanding moderately.

“The sharp deterioration in exports and industrial production should be a serious source of concern for the BOJ. I think the BOJ is doing some thought experiments about what they can do,” said Masayuki Kichikawa, chief macro strategist at Sumitomo Mitsui Asset Management.

“For now you can still make the argument that current economic weakness is temporary, but this is becoming an increasingly closer call. The next three months are critical.”

Japan’s exports posted their biggest decline in more than two years in January as China-bound shipments tumbled. Factory output also posted the biggest decline in a year in that month, a sign slowing global demand was taking a toll on Japan Inc.

Many in the BOJ expect Japan’s economy to emerge from the current soft patch in the second half of this year, when Beijing’s stimulus plans could lift Chinese demand and underpin global growth, sources have told Reuters.

But there is uncertainty on how quickly global demand could rebound, adding to woes for Japanese companies already feeling the pinch from slowing Chinese demand, analysts say.


Company: cnbc, Activity: cnbc, Date: 2019-03-15  Authors: kim kyung-hoon
Keywords: news, cnbc, companies, output, slowing, boj, demand, bank, economy, central, japans, growth, overseas, view, exports, optimistic, global


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China’s industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent


China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday. But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected. Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain. Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent
China’s industrial output grew at the slowest rate in 17 years Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
Keywords: news, cnbc, companies, grew, investment, slowest, rose, expected, rate, sales, data, growth, rise, output, industrial, chinas, 17


China's industrial output grew at the slowest rate in 17 years

China’s industrial output grew 5.3 percent in the first two months of this year, the slowest pace of expansion in 17 years, official data showed on Thursday.

But fixed-asset investment rose 6.1 percent, while retail sales rose 8.2 percent, both more than expected.

Analysts polled by Reuters had predicted industrial output growth would slow to 5.5 percent in January-February from December’s 5.7 percent gain.

Investment growth had been expected to edge up slightly to 6.0 percent, from 5.9 percent in 2018.

Private-sector fixed-asset investment, which accounts for about 60 percent of overall investment in China, rose 7.5 percent in the same period, compared with an 8.7 percent rise in 2018, data from the National Bureau of Statistics showed.

Retail sales had been expected to rise 8.1 percent, easing marginally from December’s 8.2 percent pace.

China combines January and February activity data in an attempt to smooth distortions created by the long Lunar New Year holidays early each year, but some analysts say a clearer picture of the economy may not emerge first-quarter data is released in April.

China’s economic growth cooled to 6.6 percent last year, the slowest in nearly three decades, and it is expected to lose more momentum in the next few months.

Beijing is rolling out more support measures to avert a sharper slowdown, but many analysts do not expect activity to convincingly bottom out until summer.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: afp, getty images
Keywords: news, cnbc, companies, grew, investment, slowest, rose, expected, rate, sales, data, growth, rise, output, industrial, chinas, 17


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Asia markets: Brexit deal, pound and China economic data in focus

Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place. The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29. Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. The on-shore yuan traded


Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place. The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29. Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. The on-shore yuan traded
Asia markets: Brexit deal, pound and China economic data in focus Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, markets, fell, economic, china, asia, showed, midpoint, data, growth, brexit, focus, deal, traded, pound, output, industrial, chinas, index, yuan


Asia markets: Brexit deal, pound and China economic data in focus

Asia Pacific markets traded mixed on Thursday after data showed growth in China’s industrial output fell. Overnight, British lawmakers rejected the idea of leaving the European Union without a Brexit deal in place.

The Nikkei 225 in Japan gave up its gains to finish flat at 21,287.02 while the Topix index fell 0.24 percent to 1,588.29.

In South Korea, the Kospi wavered between gains and losses to close up 0.34 percent at 2,155.68. Hong Kong’s Hang Seng Index was down 0.22 percent in afternoon trade.

Chinese mainland shares withdrew as the Shanghai composite fell 1.2 percent to 2,990.68 while the Shenzhen composite tumbled 2.311 percent.

Data on Thursday showed China’s industrial output growth fell to a 17-year low in the first two months of the year, according to Reuters. That further pointed to an economic slowdown in the world’s second-largest economy. But investments picked up pace as the government fast-tracked more road and rail projects, the news agency added.

Beijing has already pledged hundreds of billions of dollars in tax cuts and infrastructure spending to support the flagging economy.

The on-shore yuan traded at 6.7134 to the dollar at 2:44 p.m. HK/SIN after the People’s Bank of China set the day’s yuan midpoint at 6.7009. China’s central bank allows the currency exchange rate to rise or fall 2 percent from the midpoint rate.

Australia’s benchmark ASX 200 closed up 0.3 percent at 6,179.60.


Company: cnbc, Activity: cnbc, Date: 2019-03-14  Authors: saheli roy choudhury, toshifumi kitamura, afp, getty images
Keywords: news, cnbc, companies, markets, fell, economic, china, asia, showed, midpoint, data, growth, brexit, focus, deal, traded, pound, output, industrial, chinas, index, yuan


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Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year. Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June. “We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi. On Jan. 1, OPE


Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year. Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June. “We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi. On Jan. 1, OPE
Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-10  Authors: heinz-peter bader
Keywords: news, cnbc, companies, minister, khalid, saudi, change, alfalih, supply, output, policy, falih, oil, cuts, opec, production


Saudi oil minister Khalid al-Falih says no OPEC+ output policy change until June

Saudi oil minister Khalid al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April and that China and the U.S. would lead healthy global demand for oil this year.

The Organization of the Petroleum Exporting Countries and its allies such as Russia — known as the OPEC+ alliance — will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26.

Falih said the group was unlikely to change its output policy in April and if required would make adjustments in June.

“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Falih said.

“We will see where the market is by June and adjust appropriately,” Falih said after a meeting with Indian oil minister Dharmendra Pradhan in New Delhi.

OPEC member United Arab Emirates (UAE) said on Sunday it would continue to meet its obligations to cut supply under the producer agreement.

“We will continue to deliver on the OPEC & Non-OPEC commitment for voluntary production adjustments until the global market is re-balanced,” Minister of Energy and Industry Suhail al-Mazrouei said on Twitter.

On Jan. 1, OPEC+ began new production cuts to avoid a supply glut that threatened to soften prices. The group agreed to reduce supply by 1.2 million barrels per day for six months.

Sources recently said the most likely scenario is that the current supply cuts will be extended in June but much depends on the extent of U.S. sanctions on OPEC members Iran and Venezuela.

OPEC’s share of the cuts is 800,000 bpd, to be delivered by 11 members — all except Iran, Libya and Venezuela, which are exempt. The baseline for the reduction was in most cases their output in October 2018.

For Saudi Arabia, the world’s top oil exporter, Falih said output in April was expected to remain at this month’s level of 9.8 million bpd.

“Aramco is finalizing their April allocations today or tomorrow so we will know more on Monday. But my expectation is that April is going to be pretty much like March.”


Company: cnbc, Activity: cnbc, Date: 2019-03-10  Authors: heinz-peter bader
Keywords: news, cnbc, companies, minister, khalid, saudi, change, alfalih, supply, output, policy, falih, oil, cuts, opec, production


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Goldman Sachs preaches caution on commodities: ‘They are no longer significantly undervalued’

Goldman Sachs is warning that this year’s commodity price rally may be running out of steam, so investors should tread carefully and monitor data before going long oil and metals. Commodities have bounced 12 percent this year after a steep sell-off in the final months of 2018. At this point, Goldman analysts say fundamental supply and demand will have to drive further gains — and they’re not yet sure whether the figures will underwrite a further rally. “The risk-reward of being outright long com


Goldman Sachs is warning that this year’s commodity price rally may be running out of steam, so investors should tread carefully and monitor data before going long oil and metals. Commodities have bounced 12 percent this year after a steep sell-off in the final months of 2018. At this point, Goldman analysts say fundamental supply and demand will have to drive further gains — and they’re not yet sure whether the figures will underwrite a further rally. “The risk-reward of being outright long com
Goldman Sachs preaches caution on commodities: ‘They are no longer significantly undervalued’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: tom dichristopher, kham
Keywords: news, cnbc, companies, oil, opec, supply, undervalued, months, market, long, goldman, commodities, preaches, longer, point, sachs, significantly, output, caution


Goldman Sachs preaches caution on commodities: 'They are no longer significantly undervalued'

Goldman Sachs is warning that this year’s commodity price rally may be running out of steam, so investors should tread carefully and monitor data before going long oil and metals.

Commodities have bounced 12 percent this year after a steep sell-off in the final months of 2018. At this point, Goldman analysts say fundamental supply and demand will have to drive further gains — and they’re not yet sure whether the figures will underwrite a further rally.

Goldman acknowledges that the market has moved past temporary drags like the longest-ever U.S. government shutdown, while China is embarking on a more expansionist policy. But the bank is still preaching caution.

“While this looks like it would point to even more upside for commodities, we believe that commodities have now reached a level where they are no longer significantly undervalued relative to their current fundamentals,” the investment bank’s commodity analysts said in a research note Monday.

“The risk-reward of being outright long commodities is therefore less compelling now compared to a few months ago, and we recommend a neutral portfolio position in commodities.”

In the oil market, Goldman believes demand is holding up despite gloomy forecasts. On the supply side, the bank says Saudi Arabia is taking a “shock and awe” approach to cutting output, while production in Venezuela and Iran is bound to fall further as the two OPEC members remain under U.S. sanctions.

That could push Brent crude oil futures toward $70-$75 in the near term, but Goldman sees prices slipping in the second half of 2019 on an anticipated increase in output from OPEC countries and U.S. drillers.


Company: cnbc, Activity: cnbc, Date: 2019-03-05  Authors: tom dichristopher, kham
Keywords: news, cnbc, companies, oil, opec, supply, undervalued, months, market, long, goldman, commodities, preaches, longer, point, sachs, significantly, output, caution


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Oil sinks 3 percent after Trump tells OPEC prices are too high

Oil prices turned sharply lower on Monday, tumbling more than 3 percent, after President Donald Trump urged OPEC to lower the cost of crude. “Oil prices getting too high. The message comes two months into a fresh round of price-boosting production cuts from OPEC and other nations. Trump has not tweeted about OPEC since early December, right before the producer group and 10 allied nations led by Russia defied his calls to keep pumping at high volumes. The so-called OPEC+ alliance reached the deal


Oil prices turned sharply lower on Monday, tumbling more than 3 percent, after President Donald Trump urged OPEC to lower the cost of crude. “Oil prices getting too high. The message comes two months into a fresh round of price-boosting production cuts from OPEC and other nations. Trump has not tweeted about OPEC since early December, right before the producer group and 10 allied nations led by Russia defied his calls to keep pumping at high volumes. The so-called OPEC+ alliance reached the deal
Oil sinks 3 percent after Trump tells OPEC prices are too high Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: tom dichristopher, marilyn haigh, joe raedle, getty images
Keywords: news, cnbc, companies, million, output, trump, high, tells, hit, prices, opec, trumps, early, oil, sinks, group


Oil sinks 3 percent after Trump tells OPEC prices are too high

Oil prices turned sharply lower on Monday, tumbling more than 3 percent, after President Donald Trump urged OPEC to lower the cost of crude.

“Oil prices getting too high. OPEC, please relax and take it easy. World cannot take a price hike – fragile!” the president said in an early morning tweet.

The message comes two months into a fresh round of price-boosting production cuts from OPEC and other nations. The producers meet in mid-April to review the deal, which is scheduled to last through the first six months of 2019.

U.S. West Texas Intermediate crude futures fell $2.02 or 3.5 percent, to $55.24 around 1 p.m. ET. On Friday, WTI hit a more than three-month intraday high at $57.81 a barrel.

International benchmark Brent crude futures were down $2.40, or 3.6 percent, at $64.72 a barrel. Brent hit $67.73 a barrel on Friday, its highest intraday level since mid-November.

Monday’s tweet marks the return of Trump’s criticism of OPEC, a staple of his second year in office and his early political messaging before running for president.

Trump has not tweeted about OPEC since early December, right before the producer group and 10 allied nations led by Russia defied his calls to keep pumping at high volumes. The group instead agreed to cut 1.2 million barrels per day from the market.

The so-called OPEC+ alliance reached the deal after oil prices sank more than 40 percent in the final quarter of 2018. The group first began curbing output in 2017 to end a punishing downturn, but lifted the caps last June as oil prices hit 3½-year highs ahead of Trump’s sanctions on Iran, OPEC’s third biggest producer at the time.

The producers — and Saudi Arabia in particular — hiked output through November, when Trump surprised them by allowing some of Iran’s biggest customers to continue importing its oil as sanctions snapped back into place. The move contributed to the pullback in prices.

Saudi Arabia has now sharply reversed course. After its output surged to a record 11.1 million barrels per day in November, it has throttled back production to 10.2 million bpd. Saudi Energy Minister Khalid al-Falih says the Saudis will cut even further, pumping at 9.8 million bpd next month.


Company: cnbc, Activity: cnbc, Date: 2019-02-25  Authors: tom dichristopher, marilyn haigh, joe raedle, getty images
Keywords: news, cnbc, companies, million, output, trump, high, tells, hit, prices, opec, trumps, early, oil, sinks, group


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US crude oil exports hit a record last week at 3.6 million barrels a day

The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge. That easily topped the previous all-time high of 3.2 million bpd set in November. Also last week, U.S. production hit a record 12 million bpd. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd. The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end


The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge. That easily topped the previous all-time high of 3.2 million bpd set in November. Also last week, U.S. production hit a record 12 million bpd. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd. The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end
US crude oil exports hit a record last week at 3.6 million barrels a day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: tom dichristopher, eddie seal, bloomberg, getty images
Keywords: news, cnbc, companies, fields, oil, exports, week, crude, weekly, million, shale, output, 36, bpd, day, record, barrels, hit


US crude oil exports hit a record last week at 3.6 million barrels a day

The United States exported a record amount of crude oil last week, as output from the nation’s shale fields continues to surge.

The nation shipped out just over 3.6 million barrels a day in the week through Feb. 15, according to the U.S. Energy Information Administration. That easily topped the previous all-time high of 3.2 million bpd set in November.

Also last week, U.S. production hit a record 12 million bpd. The reading is subject to significant revision, but this is the first time EIA’s weekly report has shown American output hitting the threshold. The weekly reading has been hovering at 11.9 million bpd for the last five weeks.

Much of that growing output is coming from U.S. shale fields, where drillers use advanced methods to squeeze crude oil and natural gas from rock formations. On Tuesday, EIA forecast output from seven major U.S. shale fields will rise by 84,000 bpd next month to 8.4 million bpd.

The U.S. notched the new export record despite China halting imports of American crude in recent months amid a trade dispute with Washington. China had emerged as the biggest buyer of U.S. oil prior to that.

Shipping data indicates that China was scheduled to receive its first cargoes of crude oil from the U.S. in months around Feb. 17, but it was not immediately clear if those shipments were baked into last week’s figures.

To be sure, weekly U.S. exports rise and fall by wide margins from week to week.

The U.S. will start consistently exporting more crude oil and petroleum products than it imports at the end of next year, EIA recently forecast.


Company: cnbc, Activity: cnbc, Date: 2019-02-21  Authors: tom dichristopher, eddie seal, bloomberg, getty images
Keywords: news, cnbc, companies, fields, oil, exports, week, crude, weekly, million, shale, output, 36, bpd, day, record, barrels, hit


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Glencore’s 2018 earnings rise, announces $3 billion share buyback plan

Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent. The share repurchase plan follows last year’s announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16. However, it said the overall 2019 production target in all commodities would be higher than 2018. Glencore’s adjusted earnings before interest,


Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent. The share repurchase plan follows last year’s announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16. However, it said the overall 2019 production target in all commodities would be higher than 2018. Glencore’s adjusted earnings before interest,
Glencore’s 2018 earnings rise, announces $3 billion share buyback plan Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: alessandro della bella, bloomberg, getty images
Keywords: news, cnbc, companies, tonnes, earnings, adjusted, target, rise, plan, billion, profit, glencores, buyback, 2018, shares, output, worth, share, 2019, announces


Glencore's 2018 earnings rise, announces $3 billion share buyback plan

Trading company Glencore said on Wednesday it would buy up to $3 billion worth of its shares as higher pricing and production boosted full-year adjusted core earnings by 8 percent.

The share repurchase plan follows last year’s announcement of a $1 billion buyback, reflecting the recovery in mining companies following the commodity price crash of 2015-16.

The miner and trader lowered its 2019 forecast for copper output to about 1.50 million tonnes from an earlier target of 1.54 million tonnes and said output from its Mutanda mine in Congo would fall to would fall to 100,000 tonnes per year.

However, it said the overall 2019 production target in all commodities would be higher than 2018.

Earlier this week, the world’s biggest miner BHP BHPB.L, BHP.AX kicked off the reporting season for global majors and reported a drop in first-half 2019 profit as a decline in copper earnings and a series of output disruptions drove up costs.

Glencore’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) rose to $15.77 billion for the year ended Dec. 31, below an estimate of $16.14 billion by VUMA consensus.

Its marketing adjusted EBIT slumped 17 percent to $2.4 billion, hurt by a challenging cobalt market in the second half of the year.

Analysts at Morgan Stanley said the EBITDA and net profit misses were unlikely to repeat in 2019.

The company said it would buy back $2 billion worth of its shares in a plan that will run up to end of 2019 and $1 billion more based on delivery of non-core disposals.

Glencore shares were up 1.4 percent on Wednesday. The stock has lost over a fourth of its value last year because of tougher mining laws in Congo, a subpoena for documents by the U.S. Department of Justice and its exposure to coal taking a toll.


Company: cnbc, Activity: cnbc, Date: 2019-02-20  Authors: alessandro della bella, bloomberg, getty images
Keywords: news, cnbc, companies, tonnes, earnings, adjusted, target, rise, plan, billion, profit, glencores, buyback, 2018, shares, output, worth, share, 2019, announces


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