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Oil prices dip ahead of OPEC+ meeting

Oil prices dipped on Wednesday ahead of a meeting of OPEC+ producers at which producers are expected to keep output steady with spare capacity limited and against the backdrop of fears that a slowdown in global growth will hit fuel demand. Brent crude futures were down $1.34, or 1.3%, at $99.20 a barrel at 0815 GMT. West Texas Intermediate (WTI) crude futures fell $1.28, or 1.4%, to $93.14 a barrel. The premium for front-month Brent futures over barrels loading in six months’ time is at a three-month low, indicating worries ...

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OPEC meets amid output struggles, U.S. pressure for more oil

By September, OPEC+ would have wound down all of the record production cuts it implemented in 2020 to deal with a collapse in demand caused by the coronavirus pandemic. In June, OPEC+ produced almost 3 million barrels per day less crude than foreseen by its quotas as sanctions on some members and low investment by some others crippled its ability to assuage the worlds energy crisis. Only Saudi Arabia and the UAE are believed to have some spare capacity left to increase production. French President Emmanuel Macron has said he ...

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U.S. crude oil inventories up: API

The American Petroleum Institute (API) on Tuesday reported an increase of 2.165 million barrels of crude oil in U.S. inventories for the week ending Friday. Analysts had expected a drop of about 0.467 million barrels for this week, while the API reported a decline of 4.037 million barrels in the previous week. Oil prices increased modestly on Tuesday ahead of a key meeting by major oil producers. The West Texas Intermediate for September delivery added 53 cents, or 0.6 percent, to settle at 94.42 U.S. dollars a barrel on the ...

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Hedge funds bullish on U.S. diesel as inventories dwindle

Portfolio managers were heavy buyers of U.S. distillates last week, reflecting the continued shortage of diesel and heating oil despite signs of an economic slowdown. Hedge funds and other money managers purchased the equivalent of 4 million barrels in the six most important petroleum futures and options contracts in the week to July 26 Purchases of Brent (+12 million barrels) and U.S. gasoline (+1 million) were offset by sales of NYMEX and ICE WTI (-17 million) and European gas oil (-1 million). But the most significant change was buying of ...

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Runs, output mostly higher in Asia-Pacific

Refiners in the Asia-Pacific region have been raising runs and output, for the most part, although some have reduced processing as demand has been affected by high fuel prices. ** The average run rate for all refinery categories in India rose to 104% in June compared with 90% in June 2021, according to an oil ministry survey. Refiners benefited from higher cracks, while last year’s demand was affected by the second wave of the coronavirus pandemic. The run rate in June was below 110% in May as some refiners, including ...

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Good times for LNG will not last for ever

Have times ever been so good for the global liquefied natural gas (LNG) business? With gas prices in besieged Europe seven times those in the US, a vessel carrying LNG between them can make $200 million or more on a single voyage, enough to pay off the ship’s cost. Not surprisingly, new export projects are racing to launch — but can they make it before the market turns again? Cooling natural gas to minus 160 degrees Celsius turns it to a liquid, so it shrinks by 600 times and can ...

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BP to boost spending on oil and gas by $500 million, CEO says

BP is increasing its spending on oil and gas by $500 million in response to soaring energy prices and tightening supplies, Chief Executive Officer Bernard Looney told Reuters on Tuesday. The extra spending will go primarily to BP’s onshore natural gas production in the Hayensville basin and offshore production in the Gulf of Mexico, both in the United States, he said. “We will direct more investment towards hydrocarbons to help with energy security in the near term,” he told Reuters after the company reported its highest quarterly profit in 14 ...

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Occidental Petroleum posts $3.6 bln profit, resumes buybacks

Occidental Petroleum Corp (OXY.N) posted a rise in second-quarter profit, paid down debt and resumed a buyback program as the U.S. producer benefited from higher crude prices. The company’s net earnings attributable to common stockholders were $3.6 billion, or $3.47 per share, in the second quarter, compared with a $97 million loss, or $0.10 per share, in the same period last year. The company reduced its gains from the first quarter, when it posted $4.7 billion in profits, or $4.65 per share. Occidental has recovered from loading up on debt ...

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Kuwait reappoints Mohammed al-Fares as oil minister

Mohammed al-Fares retained his role as Kuwaiti oil minister following the formation of a new government on Aug.1 amid rising pressure on the country to raise oil supplies as part of its OPEC+ agreement. Fares will be leading the Kuwaiti delegation in discussions on oil supply at the OPEC+ meeting on Aug. 3. The oil minister is expected to hold his position for “another two or three months”, a source told S&P Global Commodity Insights. The development follows the appointment on July 15 of the emir’s son Sheikh Ahmad Nawaf ...

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Saudi to push OPEC+ to increase oil production at upcoming meeting -Fox Business reporter

Saudi Arabia will push OPEC+ to increase oil production at an upcoming meeting on Wednesday, a Fox Business news reporter said on Monday. Saudi King Salman bin Abdulaziz assured U.S. President Joe Biden on the production increase when they met on July 16, the reporter said in a tweet https://bit.ly/3BtmB1o. The White House has said it anticipates major oil producers in the OPEC+ alliance will increase crude production following President Joe Biden’s trip to the Middle East last month. Saudi Arabia’s Foreign Minister Prince Faisal bin Farhan Al Saud said ...

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U.S. emergency crude stockpile falls to lowest in 37 years

The U.S. emergency crude oil stockpile fell by 4.6 million barrels last week to its lowest level since May 1985, according to the Department of Energy on Monday. Crude held in the Strategic Petroleum Reserve (SPR) dropped to 469.9 million barrels for the week ended July 29, according to DOE data, in the smallest weekly withdrawal since May. U.S. President Joe Biden in March set a plan to release 1 million barrels per day (bpd) over six months from the SPR to tackle high fuel prices contributing to soaring inflation. ...

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Second quarter 2022 results

Underlying replacement cost profit* $8.5 billion Underlying replacement cost profit was $8.5 billion, compared with $6.2 billion for the previous quarter. This was driven by strong realized refining margins, continuing exceptional oil trading performance and higher liquids realizations. This was partly offset by an average gas marketing and trading contribution, down from the exceptional result in the first quarter, including an impact from the ongoing outage at Freeport LNG. Reported profit for the quarter was $9.3 billion, compared with a loss of $20.4 billion for the first quarter 2022. The ...

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What could Saudi Arabia and UAE do to help lower oil prices?

It follows just weeks after US President, Joe Biden, travelled to Saudi Arabia in a bid to personally convince the country to pump more barrels and help cool soaring prices. Crude has consistently traded at more than $100 a barrel since February, driving up the cost of living in many countries. Why is this meeting important? The White House is hoping the 13 core members of the Organisation for Petroleum Exporting Countries (Opec) will decide to boost oil supplies. But that is not a given. Opec was formed in 1960 ...

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Opec+ walks ‘fine line’ between US, Russia; output rises in July

The Opec+ group of oil exporters are set to hammer out a new strategy at their meeting on Wednesday, with all eyes on how they will react to soaring crude prices. The 13 core members of Opec, led by Saudi Arabia, and the 10 further states in Opec+ — chief among them Russia — find themselves at a crossroads. After the drastic output cuts they agreed to in spring 2020 in reaction to the plunge in demand caused by the coronavirus pandemic, the member states of the alliance are once ...

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U.S. targets Chinese, UAE firms in new Iran oil sanctions

The United States on Monday imposed sanctions on Chinese and other firms it said helped to sell tens of millions of dollars’ in Iranian oil and petrochemical products to East Asia as it seeks to raise pressure on Tehran to curb its nuclear programme. The U.S. Treasury and the U.S. State Departments imposed sanctions on a total of six companies, four based in Hong Kong, one in Singapore, and one in the United Arab Emirates (UAE) in actions that were announced in separate statements. The Treasury accused Persian Gulf Petrochemical ...

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