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OPEC+ deliberates on January oil output targets as US lays on pressure

For months, OPEC and its Russia-led allies have stuck firm to a measured easing of production quotas, even amid a surge in oil prices and a chorus of complaints from the US and other key customers calling for more crude. Now, with winter set to flip the market into surplus and coronavirus concerns weighing on the global economy, OPEC+ ministers are assessing whether to pause the alliance’s next scheduled increase of 400,000 b/d for January. Spooked by the Black Friday oil sell-off and the emerging omicron variant of COVID-19, some ...

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Saudi Arabia may raise January oil prices to Asia

Top oil exporter Saudi Arabia may raise crude prices for Asia in January following large gains in the Middle East spot market last month, but weak refining margins and an oil reserves release by consumers may cap gains, trade sources said. The January official selling price (OSP) for flagship Arab Light crude could stay little changed or rise as much as $1.20 a barrel to track a similar gain in Dubai benchmark on strong spot crude demand last month, a Reuters survey of sources from seven Asian refiners showed. A ...

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Oil climbs as investors focus on looming OPEC+ decision

Climbing oil prices on Thursday erased the previous day’s losses, with investors adjusting positions ahead of an OPEC+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand. Brent crude futures rose $1.56, or 2.3%, to $70.43 a barrel by 1040 GMT, having eased 0.5% in the previous session. U.S. West Texas Intermediate (WTI) crude futures gained $1.52, or 2.3%, to $67.09 after a 0.9% drop on Wednesday. Global oil prices have lost more than $10 a barrel since last Thursday, ...

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OPEC+ sees worsening oil surplus Q1, 2022 – document

OPEC+ sees the oil surplus worsening to 2 million barrels per day (bpd) in January, 3.4 million bpd in February and 3.8 million bpd in March next year, an internal report seen by Reuters showed. “Generally, the impact of Omicron seems to be jet-fuel related for now, particularly in Africa and Europe,” the report said. “Transportation fuel demand within Europe might be also affected,” it added. Source: Reuters (Reporting by Ahmad Ghaddar; Editing by Alex Richardson)

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Will global air travel be grounded for three months? That’s what oil traders have priced in, says Goldman Sachs

Japan, Israel and Morocco have each put a ban on international travel in the face of the discovery of the new, perhaps more contagious variant of coronavirus. But the oil market has priced in a far steeper reduction to air travel. According to strategists at Goldman Sachs, the market has priced in what they say is a mammoth 7 million barrels of oil a day reduction in demand over the next three months, with no offsetting response in production from the OPEC+ oil cartel. That’s the equivalent, say analysts led ...

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ADNOC’s national reserves rise 4 bln stock tank barrels

Abu Dhabi National Oil Company (ADNOC) announced on Wednesday an increase in national reserves of 4 billion stock tank barrels (stb) of oil and 16 trillion standard cubic feet (scf) of natural gas, the company said. Abu Dhabi Crown Prince Sheikh Moahmmed bin Zayed chaired the company’s annual board meeting, where the board approved the injection of 466 billion dirhams ($127 billion) for 2022-2026. Source: Reuters (Reporting by Lilian Wagdy and Enas Alashray, Editing by Louise Heavens)

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Oil positions and prices back to neutral after Omicron-triggered flash crash

Portfolio managers were already selling oil even before news of the Omicron coronavirus variant sent prices into a tailspin on Nov. 26, and the resulting lack of buyers probably worsened the sell off. Hedge funds and other money managers sold the equivalent of 28 million barrels in the six most important petroleum-related futures and options contracts in the week to Nov. 23. Funds sold petroleum in six of the most recent seven weeks, reducing their combined position by a total of 162 million barrels, according to exchange and regulatory data ...

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Oil may hit $150 and a surge could ‘definitely escalate an inflation scare,’ says Jefferies

Oil prices could move “a lot higher” from current levels given the world’s deep reliance on fossil fuels and may hit $150, says Christopher Wood from Jefferies. “In a world that really reopens — which is a big ‘if’ — the oil price can go significantly higher,” Wood, global head of equity strategy at the investment bank, told CNBC’s “Street Signs Asia” on Wednesday. “Oil got to over $80 with a lot of Asia closed,” and China’s borders are effectively still closed, he said, in reference of Beijing’s strict zero-Covid ...

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U.S. crude stocks down, fuel inventories higher – EIA

U.S. crude stocks fell while gasoline and distillate inventories rose, the Energy Information Administration said on Wednesday. Crude inventories fell by 910,000 barrels in the week to Nov. 26 to 433.1 million barrels, compared with analysts’ expectations in a Reuters poll for a 1.2 million-barrel drop. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.2 million barrels in the last week, EIA said. Refinery crude runs fell by 9,000 barrels per day in the last week, EIA said. Refinery utilization rates rose by 0.2 percentage points in the ...

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Madagascar food crisis caused more by poverty, natural weather than climate change – study

Poverty, poor infrastructure and natural weather variability are bigger contributors to Madagascar’s food crisis than climate change, according to a study released on Thursday by international research collective World Weather Attribution. But the crisis still highlights vulnerabilities that will only worsen as global temperatures continue to rise, scientists for the organization said. Southern Madagascar’s worst drought in decades has devastated crops and pushed the region to the brink of famine. More than a million people in the African island nation require emergency food aid, with the U.N. World Food Programme ...

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U.S. energy chief says oil reserve is a tool to meet short-term supply crunch

The U.S. emergency oil reserve is a tool available to Washington to address unusual short-term mismatches between oil supply and demand as the Biden administration looks to move to less volatile energy sources, U.S. Energy Secretary Jennifer Granholm told Reuters on Tuesday. “It’s good to know that it’s available for these purposes,” Granholm said in a wide ranging interview to be broadcast next week at Reuters Energy Transition North America 2021, a Reuters Events virtual conference where leaders will discuss the transition to clean energy. President Joe Biden announced last ...

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OPEC to debate secretary general reshuffle as group confronts critics

OPEC will begin its first formal discussions over its next secretary general when it meets Dec. 1, with heavyweight Saudi Arabia thought to back a change as the producer group struggles to contain a volatile oil market and withstand energy transition pressures. Sources told S&P Global Platts that Riyadh is supporting the candidacy of Kuwait’s former No. 2 OPEC envoy, Haitham al-Ghais, to replace incumbent Mohammed Barkindo, who remains popular with several African countries. Barkindo, who has held his post for six years, cannot stand for another term but may ...

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OPEC+ begins two days of talks amid oil rout

OPEC and its allies begin two days of meetings on Wednesday to decide whether to release more oil into the market or restrain supply amid an oil price rout and fears the Omicron coronavirus variant could weaken global energy demand. Oil prices fell to near $70 a barrel on Tuesday from as high as $86 in October, posting their biggest monthly decline since the outset of the pandemic, as the new variant raised fears of a supply glut. For November, Brent fell by 16.4%, while WTI fell 20.8%, the biggest ...

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November oil production rises to 660,000 b/d

Oil production by Venezuela’s state PDVSA and its foreign partners rose to 660,000 b/d in November, up 40,000 b/d from October, Nov. 30 PDVSA production reports reviewed by S&P Global Platts showed. Orinoco Belt output rose to 420,000 b/d, up 40,000 b/d from the 380,000 b/d reported in October. Crude production at the Monagas fields rose to 130,000 b/d, an increase of 10,000 from October. Zulia-Trujillo production remained at 110,000 b/d. Condensate production fell to zero from 10,000 b/d in October, according to the reports. The recovery of production, especially ...

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Global jet fuel demand under pressure from Omicron, border curbs

Global jet fuel markets stayed under pressure on Tuesday as more countries expanded border restrictions to keep the new Omicron coronavirus variant at bay, prompting travellers to reconsider their plans. Jet fuel demand – the biggest laggard in the oil complex – had been forecast to post the strongest growth of 550,000 barrels per day to 5.9 million bpd in fourth quarter, according to the International Energy Agency in its Nov. 16 report. But now Omicron pose the greatest risk to jet fuel consumption. Hong Kong expanded a ban on ...

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