Sunday, September 15, 2019

Tag: Brent Oil

Israel to supply gas to Jordan in $10 billion deal

The Leviathan reservoir developers aim to complete construction and development of the field, and begin delivering gas to Jordan, in as little as three years, the Noble Energy statement said. Israel will be supplying critical quantities of natural gas to Jordan upon the development of the Leviathan reservoir as a...

Gold surges most in 2 years in panic buying after Brexit shock

Gold surged on Friday to its highest level in more than two years, and posted its biggest daily gain since 2008, as shaken investors snapped up the safe haven asset amid fears of further market turmoil after Britain shocked the world by voting to leave the European Union. Gold for...

Iran, Saudi in oil price war

It’s war, then. Iran on Wednesday blamed its biggest rival Saudi Arabia for the “collapse” of the recent Doha talks on capping oil output but the Kingdom appeared to shrug off the allegation and instead said it would boost production in 2016. Iran, which did not attend the talks amid a...

Saudi Arabia Will Only Freeze Oil Production If Iran Joins

Saudi Arabia will only freeze its oil output if Iran and other major producers do so, the kingdom’s deputy crown prince said, challenging the country’s main regional rival to take an active role in stabilizing the over-supplied global crude market. The warning by Mohammed bin Salman, 30, who’s emerged as...

The Impact of the Federal Reserve on Oil Markets

OPEC policy, fresh data from agencies such as the IEA and the EIA, price speculators, and geopolitical disruptions are all known as market movers. But there’s another important player in oil price movements, and that’s the Federal Reserve. With oil and other markets so sensitive to a variety of headlines,...

Brent down as U.S. crude build eclipses output freeze plan

Brent settled lower on Thursday after data showing U.S. crude inventories rose to record highs overshadowed production freeze plans by oil major producers that had sharply boosted the market this week. The U.S. government's Energy Information Administration (EIA) said crude stockpiles rose 2.1 million barrels last week, to a peak...

Saudi Arabia, Russia to Freeze Oil Output Near Record Levels

Saudi Arabia and Russia agreed to freeze oil output at near-record levels, the first coordinated move by the world’s two largest producers to counter a slump that has pummeled economies, markets and companies. While the deal is preliminary and doesn’t include Iran, it’s the first significant cooperation between OPEC and...

Stocks Worldwide Tumble as Credit Weakens Amid Signs of Distress

Signs of distress in financial markets accumulated amid deepening concern over the health of the global economy, with U.S. stocks sliding to a 22-month low as the cost of protecting against default by junk-rated companies soared to the highest level since 2012. Mining and banking stocks drove the Standard &...

Russia Calling Off Dollar Buying Bolsters Ruble as Oil Gains

The ruble ended five days of losses as the Bank of Russia stopped daily purchases of foreign exchange, signaling policy makers don’t want to add impetus to the currency’s decline before an interest-rate decision this week. The ruble rallied as much as 1.8 percent after the central bank said it...

Russians want to talk to OPEC about output, pipeline chief says

Russian officials have decided they should talk to Saudi Arabia and other OPEC countries about output cuts to bolster oil prices, the head of Russia's pipeline monopoly said on Wednesday, remarks that helped spur a sharp rise in world prices. Oil futures surged more than 5 percent after the comments...

Saudis, Russia Seen by Iraq as More Flexible on Oil-Output Cuts

Saudi Arabia and Russia, the world’s biggest oil producers, are now more flexible about cooperating to cut output as crude prices have fallen to levels that hydrocarbon-rich nations didn’t foresee, Iraq’s Oil Minister Adel Abdul Mahdi said. “This flexibility should be finalized, and we should hear some solid suggestions coming...

What’s Really Going on With Oil?

If there is any single price of any commodity that determines the growth or slowdown of our economy, it is the price of crude oil. Too many things don’t calculate today in regard to the dramatic fall in the world oil price. In June 2014 major oil traded at...

Short – Term Energy Outlook

Market Prices and Uncertainty Report Crude Oil Prices: Crude oil futures prices reached the lowest level in 12 years in December and early January. The North Sea Brent front month futures price settled at $33.75 per barrel (b) on January 7, $10.69/b lower than the close on December 1 (Figure 1)....

The Oil Pricequake

Tomgram: Michael Klare, The Look of a Badly Oiled Planet When it comes to news about Saudi Arabia, the execution of an oppositional Shiite cleric, Nimr al-Nimr, has topped the headlines recently -- and small wonder. Aging King Salman bin Abdulaziz al-Saud and his 30-year-old son, Deputy Crown Prince Mohammed...

Crude oil is collapsing

Crude oil is crashing. On Monday, West Texas Intermediate crude oil, the US benchmark, fell more than 6% to trade as low as $30.99 a barrel, the lowest since at least December 2003. Brent crude, the international benchmark, was off over 6% on Monday to as low as $31.90 a barrel,...

RBS cries ‘sell everything’ as deflationary crisis nears

Clients told to seek safety of Bonds and Treasuries. 'This is about return of capital, not return on capital. In a crowded hall, exit doors are small'. RBS has advised clients to brace for a “cataclysmic year” and a global deflationary crisis, warning that major stock markets could fall by...

Russia Breaking Wall Street Oil Price Monopoly

Russia has just taken significant steps that will break the present Wall Street oil price monopoly, at least for a huge part of the world oil market. The move is part of a longer-term strategy of decoupling Russia’s economy and especially its very significant export of oil, from the...

Russia Looks To Launch Oil Benchmark

Russia is hoping to launch a futures market for its oil benchmark, the Urals blend. According to a Reuters report, Russia has for years wanted to establish a rival oil futures market to the Brent benchmark, but Russian President Vladimir Putin is seeking to finally turn it into a reality....

Saudis Planning For A War Of Attrition In Europe With Russia’s Oil Industry

Russia's central bank recently warned about the growing financial risks to the Russian economy from Saudi Arabia encroaching upon its traditional export market for crude oil. Russia sends 70 percent of its oil to Europe, but Saudi Arabia has been making inroads in the European market amid the oil...

An Oil-Soaked Globe as Production Keeps Climbing and Demand Falls

HOUSTON — Such is the state of the oil industry these days that there is sometimes nowhere to put the oil. Off the coast of Texas, a line of roughly 40 tankers has formed, waiting to unload their crude or, in some cases, for a willing buyer to come...

Russia’s Oil Rivalry With Saudis Masks the Bigger Iranian Threat

Competition is growing in Russia's biggest oil market. While Saudi Arabia’s encroachment in Europe is getting all the attention, the greatest threat comes from another part of the Middle East -- Iran. Saudi Arabia has started shipping crude to traditional Russian markets like Poland and Sweden, but supplies to Europe...

SPIMEX sees interest in market for Russian crude futures

The St Petersburg International Mercantile Exchange (SPIMEX) sees interest in the market for its planned launch of Russian crude oil futures, as part of efforts to establish Russia's Urals as a benchmark grade, with the new trading tool set to offer an additional mechanism for the hedging of risk...

China’s new oil contract signals shift from Brent and US dollar

New Chinese oil contract will challenge the dollar's dominance as the primary currency for trading commodities. Brent crude has been the global benchmark against which most oil is measured ever since the field from which it draws its name was discovered in the 1970s. The first Brent futures were introduced in...

As oil prices tumble, from Algeria, Nigeria, Gabon to Angola, Africa’s producers are in...

The decline in the oil price has plunged Africa's oil and gas industry into dire straits, a situation made worse by factors such as uncertain regulation, corruption and the prospect of political and social instability. It is a particular burden on those economies most reliant on the industry for revenue,...

Oil off 2015 highs on record Iraq exports, strong dollar

Oil prices eased off 2015 highs on Friday after Iraq said its crude oil exports hit a record in April, and on pressure from a stronger dollar. Both Brent and U.S. crude settled well above intraday lows, supported by data showing another slip in drilling rig activity and news of...

Saudi Arabia Is Burning Through Its Foreign Reserves at a Record Pace

Saudi Arabia is burning through foreign reserves at a record pace as the largesse of the new king and regional turmoil ratchet up pressure on public finances already hurt by the oil price slump. The kingdom spent $36 billion of the central bank’s net foreign assets -- about 5 percent...

Nuclear deal means more Iran oil – just not this year

(Reuters) - A framework accord to curb Iran's nuclear program forged on Thursday could eventually allow Tehran to reclaim lost ground in the global oil market. Yet the deal all but guarantees that cannot happen before next year. By ensuring that sanctions remain intact until Western powers are satisfied Tehran...

Saudi battle for Yemen exposes fragility of global oil supply

OPEC's oil giant has daggers drawn with Iran, is encircled by enemies, and now faces a failed state on its southern border. The long-simmering struggle between Saudi Arabia and Iran for Mid-East supremacy has escalated to a dangerous new level as the two sides fight for control of Yemen, reminding...

OPEC Holds Production Unchanged; Prices Fall

VIENNA — The oil cartel OPEC decided on Thursday not to cut petroleum production, despite the plunge in prices in recent months that has indicated the diminishing clout of the organization. On news of the decision by the Organization of the Petroleum Exporting Countries, the price of Brent crude oil,...

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