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Global stocks fall as Evergrande uncertainty dents confidence, while Fed outlook ignites surge in bond yields

Spencer Platt/Getty Images Global stocks fell Friday as revived concerns about Evergrande's debt crisis weighed on investors. The troubled Chinese property giant appears to have missed a crucial $83 million bond interest payment. Treasury yields ticked higher on growing hopes the Fed will hike rates sooner than previously expected. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global stocks fell Friday, with investors on edge as uncertainty surrounded the E...
Tags: Hong Kong, UK, London, China, US, Trends, Markets, Opec, Bank Of England, Frankfurt, Shanghai, Treasury, Tokyo, Federal Reserve, Market, Nasdaq


Mideast Stocks: Most Gulf markets close higher; #Dubai falls | ZAWYA MENA Edition

Mideast Stocks: Most Gulf markets close higher; Dubai falls | ZAWYA MENA Edition Most stock markets in the Gulf ended higher on Thursday, extending gains from the previous session, although the Dubai index bucked the trend to closer lower.Positive sentiment takes hold of the markets after the much-anticipated Federal Reserve meeting this week, said Wael Makarem, senior market strategist Exness. The Fed kept its monetary policy unchanged on Wednesday and hinted that the asset purchase program t...
Tags: Travel, Iraq, Opec, Egypt, United Arab Emirates, Dubai, Federal Reserve, Abu Dhabi, Gulf of Mexico, Uae, Gulf, Fed, Rupert Neil Bumfrey, Industries Qatar, Most Gulf, Gulf Egypt


Oil prices rise on tight supply, renewed risk appetite | Reuters

Oil prices rise on tight supply, renewed risk appetite | Reuters Oil prices extended gains on Thursday, riding higher on growing fuel demand and a bigger-than-expected draw in U.S. crude inventories as production remains hampered in the Gulf of Mexico after two hurricanes.Brent crude rose 9 cents, or 0.1%, to $76.28 a barrel at 0856 GMT. U.S. West Texas Intermediate (WTI) crude was up 4 cents, or 0.1%, to $72.27 a barrel.Both contracts jumped 2.5% on Wednesday after data from the U.S. Energy I...
Tags: Travel, Opec, Gulf of Mexico, Reuters, U S Energy Information Administration, U S West Texas Intermediate WTI, Rupert Neil Bumfrey, OANDA, Jeffrey Halley


Oil edges up, as investors worry about global demand | Reuters

Oil edges up, as investors worry about global demand | Reuters Oil prices rose modestly in a see-saw session on Tuesday, as concerns about the global consumption outlook counterbalanced the struggle by big OPEC producers to pump enough supply to meet growing demand.Both benchmarks were at one point up by $1 per barrel, but Brent crude pared gains and settled just up 44 cents at $74.36 a barrel, after falling by almost 2% on Monday.The October West Texas Intermediate (WTI) contract , which expi...
Tags: Travel, Opec, Chicago, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn


OPEC+ struggles to pump more oil to meet rising demand | Reuters

OPEC+ struggles to pump more oil to meet rising demand | Reuters OPEC and its allies struggled again to pump enough oil in August to meet global demand as it recovers from the coronavirus pandemic, potentially adding to upward pressures on oil prices.Several OPEC+ members such as Nigeria, Angola and Kazakhstan have struggled in recent months to raise output due to years of under-investment or large maintenance work that has been delayed by the COVID-19 pandemic.Cheating and producing above tar...
Tags: Travel, Saudi Arabia, Opec, Kazakhstan, Gulf, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Nigeria Angola


OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg

OPEC+ Can Proceed With Reviving Supply, Two Key Members Say - Bloomberg OPEC and its allies can likely continue reviving oil production, two key Middle East members said as the group prepares to consider its next supply hike. “The plan is working, we’re gradually increasing and the market is absorbing it,” United Arab Emirates Oil Minister Suhail Al-Mazrouei said Tuesday at the Gastech conference in Dubai. “I don’t see any reason why we should deviate from that.” Mazrouei’s view echoes comment...
Tags: Travel, Saudi Arabia, Russia, Opec, Bloomberg, Middle East, Dubai, Suhail Al Mazrouei, Rupert Neil Bumfrey, Gastech, Mazrouei, Bloomberg OPEC


OPEC, #Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg

OPEC, Qatar Say Crisis Shows More Investment Needed: Gas Update - Bloomberg Qatar Says Demand for LNG is Huge (11:50am UAE)“There is huge demand and we basically have a set capacity,” Qatar’s energy minister, Saad Al-Kaabi, said. The country is the world’s biggest exporter of liquefied natural gas and is investing billions of dollars to increase production, though the project will take years.“They are queuing up for LNG. We have huge demand from all our customers and unfortunately we can’t ...
Tags: Travel, Asia, Opec, Qatar, Bloomberg, Uae, Rupert Neil Bumfrey, Saad al Kaabi


OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters

OPEC to stick to oil production deal in October, Iraq oil minister says | Reuters OPEC and its allies will try to keep oil prices at $70 per barrel in the first quarter of 2022, Iraq's oil minister said, adding the group is expected to stick to its current production accord when it meet in October "if prices remain stable".Iraq total oil exports, including those of the Kurdistan region in the north of the country, should stand at an average of 3.4 million barrels per day in September, the mini...
Tags: Travel, Iraq, Opec, Kurdistan, Baghdad, Reuters, Reuters OPEC, Rupert Neil Bumfrey, Ihsan Abdul Jabbar


Venezuela Will Not Reform Oil Law This Year, Socialist Lawmaker Says

CARACAS (Reuters) - Venezuela's National Assembly, controlled by allies of socialist President Nicolas Maduro, will not reform the OPEC country's...
Tags: Opec, Venezuela, Nicolás Maduro, Caracas, Reuters Venezuela s National Assembly


OPEC expects Delta variant to delay oil demand growth | Reuters

OPEC expects Delta variant to delay oil demand growth | Reuters OPEC on Monday trimmed its world oil demand forecast for the last quarter of 2021 due to the Delta coronavirus variant, saying a further recovery would be delayed until next year when consumption will exceed pre-pandemic rates.The Organization of the Petroleum Exporting Countries (OPEC) said in a monthly report it expects oil demand to average 99.70 million barrels per day (bpd) in the fourth quarter of 2021, down 110,000 bpd from...
Tags: Travel, Opec, Delta, Reuters, Reuters OPEC, Petroleum Exporting Countries OPEC, Rupert Neil Bumfrey


Global Oil Demand to Exceed Pre-Pandemic Levels Next Year, OPEC Says

The world’s thirst for oil will exceed pre-pandemic levels next year, with improving vaccination rates and increasing public confidence...
Tags: Opec


#Oman’s economy set to recover in 2021: IMF | ZAWYA MENA Edition

Oman’s economy set to recover in 2021: IMF | ZAWYA MENA Edition Oman’s economy is set to recover in 2021, with non-hydrocarbon GDP growth of 1.5 percent as vaccine rollout gradually restores domestic activity along with the recovery of external demand, said the International Monetary Fund (IMF).Oil production is projected to increase after the current Opec+ agreement expires in April 2022 said the Executive Board of the IMF as it concluded the Article IV consultation with Oman. Inflation has b...
Tags: Travel, Opec, Oman, Imf, International Monetary Fund IMF, Rupert Neil Bumfrey, Executive Board of the IMF


Oil rises to one-week high as U.S. supply concerns dominate | Reuters

Oil rises to one-week high as U.S. supply concerns dominate | Reuters Oil prices rose for a second session on Monday as concerns over shut output in the United States, the world's biggest producer, following damage from Hurricane Ida supported the market, along with expectations for higher demand.Brent crude rose 67 cents, or 0.9% to $73.59 a barrel, and U.S. West Texas Intermediate (WTI) crude also added 66 cents, or 1%, to $70.38 at 0633 GMT. Both markets were at their highest since Sept. 3 ...
Tags: Travel, Nigeria, Opec, United States, Louisiana, Gulf of Mexico, Reuters, Reuters Oil, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


Covid Oil Recovery: Russia Is the Canary in the OPEC+ Oil Mine - Bloomberg

Covid Oil Recovery: Russia Is the Canary in the OPEC+ Oil Mine - Bloomberg Russia is struggling to boost its oil production, even as its allowance under the latest OPEC+ agreement is rising. At least that’s what the current data show. If it’s true, we ought to be worried.The country is the largest of the allies that joined with the Organization of Petroleum Exporting Countries last year to agree to a record cut in oil production as Covid-19 slashed fuel demand. Now, as consumption recovers and...
Tags: Travel, Russia, Opec, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, OPEC Oil Mine Bloomberg, Oil Mine Bloomberg Russia


OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters

OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previousl...
Tags: Travel, Opec, Reuters, Petroleum Exporting Countries, Reuters OPEC, Rupert Neil Bumfrey


Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters

Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces. read more"The market is ba...
Tags: Travel, China, Nigeria, Opec, United States, Biden, Reuters, Reuters Oil, Rupert Neil Bumfrey, Phil Flynn, Price Futures, Biden Xi, Chicago While China, Gulf of Mexico Flynn


OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says | Reuters

OPEC+ keen to keep oil prices at $65-$75 a barrel, Lukoil chief says | Reuters The head of Russia's No. 2 oil producer Lukoil (LKOH.MM) said that oil prices of $65-$75 were "comfortable" for consumers and that the OPEC+ group of leading oil-producing nations was striving to maintain that price range by regulating output.In an interview with the Kommersant newspaper published on Tuesday, Vagit Alekperov said curbs on oil output would depend on market conditions."Regulation (of output) can be di...
Tags: Travel, Iraq, Russia, Opec, Reuters, Lukoil, Kommersant, West Qurna, Rupert Neil Bumfrey, Alekperov, Vagit Alekperov, Yamama, Lukoil LKOH


OPEC+ Keen to Keep Oil Prices at $65-$75 a Barrel, Lukoil Chief Says

MOSCOW (Reuters) - The head of Russia's No. 2 oil producer Lukoil said that oil prices of $65-$75 were "comfortable" for consumers and that the...
Tags: Russia, Opec, Moscow, Reuters, Lukoil


Oil prices drop 1% after Saudi Arabia cuts prices for Asian buyers, intensifying worries about demand

Saudi Aramco said it would cut oil prices for Asia. REUTERS/Ahmed Jadallah Oil prices fell around 1% on Monday after Saudi Arabia cut prices for the Asian market. The move sparked concerns about demand in Asia, where the Delta variant is hitting economies. Investors also worried about the slowdown in the US labor market recovery in August. See more stories on Insider's business page. Oil prices fell on Monday after Saudi Arabia cut prices for the Asian market by more than expected, i...
Tags: Asia, Saudi Arabia, China, US, Trends, Opec, Delta, Brent, Reuters, Saudi Aramco, Petroleum Exporting Countries, SEB, Commerzbank, Harry Robertson, Carsten Fritsch, Bjarne Schieldrop


Saudis Cut Oil Prices to Woo Buyers as OPEC+ Boosts Supply - Bloomberg

Saudis Cut Oil Prices to Woo Buyers as OPEC+ Boosts Supply - Bloomberg Saudi Arabia cut oil prices for sales to Asia next month by more than twice the expected amount in a sign the world’s largest crude exporter wants to entice buyers to take more of its barrels.State producer Saudi Aramco is rolling back pricing on all of its grades to its biggest market in Asia. Three successive months of increases in the company’s official selling prices had left refiners smarting as the coronavirus pandemi...
Tags: Travel, Asia, Saudi Arabia, Opec, Bloomberg, Saudi Aramco, Giovanni, Rupert Neil Bumfrey, Bloomberg Saudi Arabia, UBS Group AG Now Aramco


Oil Prices Should Be Higher Into Year End: Energy Aspects's Sen - Bloomberg video

Oil Prices Should Be Higher Into Year End: Energy Aspects's Sen - Bloomberg Amrita Sen, head of research at Energy Aspects, discusses the decision by OPEC+ to hike supply by 400,000 barrels-a-day, oil market fundamentals and adding Iran production into the supply. She speaks on “Bloomberg Daybreak: Europe.” (Source: Bloomberg) [Author: [email protected] (Rupert Neil Bumfrey)]
Tags: Travel, Europe, Opec, Bloomberg, Iran, Rupert Neil Bumfrey, Energy Aspects, Sen Bloomberg, Sen Bloomberg Amrita Sen


MIDEAST STOCKS Major Gulf markets end mixed, #AbuDhabi extends weekly gains | Reuters

MIDEAST STOCKS Major Gulf markets end mixed, Abu Dhabi extends weekly gains | Reuters Major stock markets in the Gulf ended mixed on Thursday, following an OPEC+ agreement to stick to gradual output hikes, with the Abu Dhabi index registering its sixth weekly gain.OPEC and its allies on Wednesday agreed to stick to their existing policy of gradual oil output increases, despite revising their 2022 demand outlook upwards and ongoing U.S. pressure to raise production more quickly. read more"C...
Tags: Travel, Saudi Arabia, Opec, Dubai, Abu Dhabi, Namshi, Gulf, Reuters, SPAC, Adi, Reuters Major, NMC, Tasi, EFG Hermes, Rupert Neil Bumfrey, Gulf Egypt


Oil rises on declining inventories and weaker dollar | Reuters

Oil rises on declining inventories and weaker dollar | Reuters Oil prices edged higher on Thursday, supported by a sharp decline in U.S. crude stocks and a weaker dollar, though gains were capped by an OPEC+ decision to stick to its policy of gradually increasing output.Brent crude was up 45 cents, or 0.6%, at $72.04 a barrel by 1101 GMT and West Texas Intermediate (WTI) crude rose 39 cents, or 0.6%, to $68.98.U.S. crude inventories dropped by 7.2 million barrels last week, the Energy Informat...


Global stocks edge up after a hiring slowdown in the US calms taper fears, while oil drops after OPEC+ sticks with its supply plans

Spencer Platt/Getty Images Global stocks rose Thursday as soft US data calmed tapering fears ahead of a key jobs report. Oil fell after OPEC+ stuck with its plan to boost output by 400,000 barrels per day. Chinese tech stocks led gains in Asian equities after Beijing boosted stimulus measures for firms hit by the pandemic. Sign up here for our daily newsletter, 10 Things Before the Opening Bell. Global stocks rose on Thursday after data showed a hiring slowdown in the US that fueled expe...
Tags: Asia, Hong Kong, Europe, London, Nikkei, US, Trends, Opec, Bloomberg, European Central Bank, Beijing, Frankfurt, Shanghai, Deutsche Bank, Tokyo, Ecb


Oil Drops After OPEC+ Reaffirms Supply Return as Demand Wavers

By Aaron SheldrickTOKYO (Reuters) -Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market at...
Tags: Opec, Aaron SheldrickTOKYO Reuters Oil


Oil Falls After OPEC+ Sticks to Raising Supply Amid Demand Doubts

By Aaron SheldrickTOKYO (Reuters) - Oil prices fell on Thursday after OPEC+ agreed to keep its policy of gradually returning supply to the market...
Tags: Opec, OPEC Sticks, Aaron SheldrickTOKYO Reuters Oil


Oil steadies; OPEC+ sticks to gradual output hikes | Reuters

Oil steadies; OPEC+ sticks to gradual output hikes | Reuters Oil prices steadied on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.Brent crude fell 4 cents to settle at $71.59 a barrel. U.S. West Texas Intermediate (WTI) crude rose 9 cents to settle at $68.59 a barrel.Brent had plumbed a session low of $70.42 a barrel, while WTI fell as low as $67.12 a barrel.The Organization of the Petroleum Exporting Countries and allies led by Ru...
Tags: Travel, Russia, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries, Rupert Neil Bumfrey


Oil dips; OPEC+ sticks to gradual output hikes | Reuters

Oil dips; OPEC+ sticks to gradual output hikes | Reuters Oil prices edged lower on Wednesday after OPEC and its allies agreed to stick to their existing policy of gradual oil output increases.Brent crude fell 18 cents to $71.45 a barrel by 1:09 p.m. EDT (1709 GMT). U.S. West Texas Intermediate (WTI) crude fell 6 cents to $68.44 a barrel.The Organization of the Petroleum Exporting Countries and allies led by Russia, a group known as OPEC+, agreed on Wednesday to stick to a policy from July of p...
Tags: Travel, Russia, Opec, Reuters, Reuters Oil, Petroleum Exporting Countries, U S West Texas Intermediate WTI, Rupert Neil Bumfrey


OPEC+ Ministers Recommend Sticking With Planned Output Increases - Bloomberg

OPEC+ Ministers Recommend Sticking With Planned Output Increases - Bloomberg OPEC and its allies agreed to stick to their existing plan for gradual monthly oil-production increases after a brief video conference. Ministers ratified the 400,000 barrel-a-day supply hike scheduled for October after less than an hour of talks, one of the quickest meetings in recent memory and a stark contrast to the drawn-out negotiations seen in July. “OPEC have proven once again that they can meet and do things ...
Tags: Travel, Opec, Bloomberg, Iran, Islamic Republic, JPMorgan Chase Co, Bloomberg TV, Rupert Neil Bumfrey, Bloomberg OPEC, Christyan Malek


Opec member urges oil producers to focus more on renewable energy | Fossil fuels | The Guardian

Opec member urges oil producers to focus more on renewable energy | Fossil fuels | The Guardian The finance minister of Iraq, one of the founding members of the global oil cartel Opec, has made an unprecedented call to fellow oil producers to move away from fossil fuel dependency and into renewable energy, ahead of a key Opec meeting.Ali Allawi, who is also the deputy prime minister of Iraq, has written in the Guardian to urge oil producers to pursue “an economic renewal focused on environment...
Tags: Travel, Iraq, Opec, International Energy Agency, Fatih Birol, Rupert Neil Bumfrey, Ali Allawi