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Saudi denies oil output hike discussion, says OPEC+ may cut if needed

Saudi Arabia on Monday said that OPEC+ was sticking with oil output cuts and could take further measures to balance the market amid falling prices, denying a report it was considering boosting output, according to state news agency SPA. The Wall Street Journal earlier on Monday reported an output increase of 500,000 barrels per day was under discussion for the next meeting of OPEC and its allies, known as OPEC+, on Dec. 4. The report cited unidentified OPEC delegates. “It is well-known that OPEC+ does not discuss any decisions ahead ...

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U.S. natgas slides 2% on less cold forecast, Freeport LNG uncertainty

U.S. natural gas futures slid about 2% on Tuesday on forecasts for less cold weather and lower heating demand than previously expected through early December and questions about whether Freeport will be able to restart its liquefied natural gas (LNG) export plant in Texas in mid December as planned. Freeport LNG has a full request to the U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration (PHMSA) to restart the export plant, according to sources familiar with the company’s filings. That lack of filing raises questions about whether the ...

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Russia may cut oil output due to price cap -deputy PM

Russia will not ship oil or oil products to countries imposing a price cap on its oil exports and may also cut crude production, Deputy Prime Minister Alexander Novak said. He reiterated that Russia remained a reliable oil supplier and that the introduction of a price cap on Russian oil would trigger lower supply. Source: Reuters (Reporting by Reuters; Editing by Mark Heinrich)

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‘Improbable’ revision of OPEC+ agreement not discussed, says Algerian minister

There are “no ongoing discussions” on a revision of the Oct. 5 OPEC+ oil production decision, Algeria’s minister of energy and mines told Reuters on Tuesday. Speculation on “improbable revisions of OPEC+ production levels” is likely to disrupt oil markets, Mohamed Arkab said in a statement. “OPEC+ decisions are taken in complete transparency at meetings,” he added. Source: Reuters (Reporting by Ahmed Ghaddar Writing by Nafisa Eltahir Editing by David Goodman )

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Kuwait minister denies there have been talks on OPEC+ oil output increase

Kuwait oil minister Bader Al Mulla on Tuesday denied reports that there have been discussions to increase oil production at the next OPEC+ meeting, state new agency KUNA reported. Kuwait is keen to maintain stability and balance in oil markets, the agency quoted Mulla as saying. Saudi Arabia and the United Arab Emirates have also denied a Wall Street Journal report saying an output increase of 500,000 barrels per day was under discussion for the next OPEC+ meeting on Dec. 4. Source: Reuters (Reporting by Maha El Dahan Editing by ...

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Oxfam confronts Exxon, Chevron, and ConocoPhillips with shareholder resolutions over secretive tax practices

Oxfam filed shareholder resolutions today asking American companies ExxonMobil, Chevron, and ConocoPhillips to publish reports detailing their tax practices around the world. Their lack of transparency creates a material risk for long-term investors who want to safeguard against risks of reputational damage and the possibility of shelling out millions due to lawsuits, blocked projects, and renegotiation of fiscal terms. Worse still, these secretive practices undermine the public’s interest in a fair tax system, especially in Global South countries with the greatest tax revenue needs. “Exxon, Chevron, and ConocoPhillips’s threadbare tax ...

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How 5G, AI can help fossil fuel better adapt to post-COP27 world

Fossil fuel businesses have long been criticized for their environmental impact and are seeking to adapt in a world where sustainability policies are an increasingly urgent priority for governments around the world, as can be seen from the more than 35,000 people who attended the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change held in the Red Sea resort of Sharm el-Sheikh in Egypt. However, it’s important to remember that these industries are also essential to our way of life. They still provide much ...

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Rift over gas cap looms over EU energy crisis plans

EU energy ministers meet in Brussels on Thursday to approve the latest set of emergency measures to mitigate an energy crisis, but the plans risk being eclipsed by disagreements over whether and how to cap gas prices. On the table are new draft laws to speed up permitting procedures for renewable energy sources, and to launch joint gas purchases for the 27 EU countries. Poland, Belgium, Italy and Greece threatened to block these if the package does not contain a gas price cap as well. A small but powerful camp ...

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EEX sees EU plans for gas price cap as threat to supply security

European Commission plans to propose a cap on natural gas prices after Nov. 24 may pose major risks to financial stability and supply security in the region’s energy markets, the European Energy Exchange DB1Gn.DE said on Monday. The European Union has been struggling to contain soaring energy prices due to a drop in Russian gas supplies following the Ukraine crisis. The European Commission, the EU executive, has been trying to work with energy ministers from member states to find ways to tackle the price inflation. Reuters last week saw EU ...

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Oil rises as Saudi comments outweigh recession concerns

Oil rose on Tuesday after top exporter Saudi Arabia said OPEC+ was sticking with output cuts and could take further steps to balance the market, outweighing global recession worries and concern about China’s rising COVID-19 case numbers. Saudi Arabian Energy Minister Prince Abdulaziz bin Salman on Monday was also quoted by state news agency SPA as denying a Wall Street Journal report that said OPEC was considering boosting output and sent prices plunging by more than 5%. Brent crude rose 37 cents, or 0.4%, to $87.82 by 0915 GMT. U.S. ...

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The Commodities Feed: Oil whipsawed

Energy – OPEC+ noise starts already Oil prices were whipsawed yesterday with ICE Brent trading in almost a US$6/bbl range. The catalyst for the increased volatility was a report from the WSJ suggesting that OPEC+ is looking to possibly increase output by as much as 500Mbbls/d when the group next meets on 4 December. However, this report was quickly denied by the Saudis, and this led the market to recoup most of its losses. It would be an odd move from OPEC+ to increase supply when there is still so ...

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China boosting crude inventories even as refining, fuel exports gain

China’s refineries added to crude oil stockpiles in October even as they increased their processing rates and boosted fuel exports to take advantage of high prices for refined products in Asian markets. China’s refineries processed the equivalent of 13.8 million barrels per day (bpd) in October, just below the 13.82 million bpd rec-orded in September, which was the highest in nine months. However, the volume of crude available to refineries was 14.22 million bpd, consisting of imports of 10.16 million bpd and domes-tic oil production of 4.06 million bpd. That ...

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Asian upstream players step up efforts to play their part in lifting global crude output

Asian upstream companies are rapidly stepping up efforts to play their part in addressing the tight global crude oil supply situation as countries across the region strive to ensure supply security amid ongoing geopolitical tensions related to Russia and Iran, as well as the OPEC’s conservative output stance. With multiple sanctions and financial blockades forbidding a free flow of Russian and Iranian crude and limited upside seen in OPEC+ production quotas, Asian crude importers could ill afford to rely entirely on major producing nations to resolve tight supply conditions, market ...

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Goldman cuts oil forecast on ‘lack of clarity’ over G-7 Russia oil price cap, China Covid outbreaks

Goldman Sachs lowered its oil price forecast by $10 to $100 per barrel for the fourth quarter of 2022, citing rising Covid concerns in China and lack of clarity over the Group of Seven nations’ plan to cap Russian oil prices. “The market is right to be anxious about forward fundamentals, due to significant Covid cases in China and a lack of clarity on the implementation of the G7′s price cap,” Goldman economists including Jeffrey Currie said in a note, adding that more lockdowns in China would be equivalent to ...

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Saudi Arabia eyes OPEC+ production increase

Saudi Arabia and other OPEC oil producers are discussing an output increase, the Wall Street Journal reported on Monday, citing unnamed delegates within the group. An increase of up to 500,000 barrels per day is now under discussion for OPEC+’s Dec. 4 meeting, the report said. It said talk of a production increase has emerged after U.S. President Joe Biden’s administration told a federal court judge that Saudi Crown Prince Mohammed bin Salman should have sovereign immunity from a U.S. federal lawsuit related to the killing of Saudi journalist Jamal ...

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