Opec oil deal

- A + A LONDON (June 28): OPEC's oil revenue surged in 2021 as prices and demand recovered from the worst of the Covid pandemic, while the number of its members' active rigs posted a modest rebound and new completed wells declined, data from the group showed. The value of petroleum exports by the 13-member Organization of the Petroleum Exporting Countries reached US$561 billion in 2021, up 77% from 2020, OPEC's Annual Statistical Bulletin published on Tuesday showed. As OPEC raised output in 2021, the number of active oil rigs in OPEC members rose by 11% to 489, a smaller increase than that seen worldwide. Top exporter Saudi Arabia added six rigs to 65 in 2021, although the total was below the 2019 level. OPEC and its allies, known as OPEC+, have been struggling to boost output in line with targets, reflecting under-investment by some members in drilling and exploration. The shortfall is one of the reasons oil prices have soared in 2022. The number of completed … [Read more...] about OPEC boosts oil income in 2021, well completions drop

- A + A MELBOURNE (June 28): Oil prices rose about 1% in early Asian trade on Tuesday after the United Arab Emirates' energy minister said the nation is producing near capacity, countering expectations that it could help boost supply in a tight market. The UAE and Saudi Arabia have been seen as the only two countries in the Organization of the Petroleum Exporting Countries (OPEC) with spare capacity available to make up for lost Russian supply and weak output from other member nations. U.S. West Texas Intermediate (WTI) crude futures climbed $1.07, or 1%, to $110.64 a barrel at 0028 GMT, extending a 1.8% gain in the previous session. Brent crude futures jumped $1.08, or 0.9%, to $116.17 a barrel, adding to a 1.7% rise in the previous session. "A seam of tight supply news bolstered the market. Two major producers, Saudi Arabia and the UAE, are said to be at, or very close to, near‑term capacity limits," Commonwealth Bank commodities analyst Tobin Gorey said in a … [Read more...] about Oil climbs as major producer UAE says it has no spare capacity

- A + A SCHLOSS ELMAU, Germany (June 27): The Group of Seven (G7) rich democracies will commit on Tuesday (June 28) to a new package of coordinated actions meant to raise pressure on Russia over its war in Ukraine, and will finalise plans for a price cap on Russian oil, a senior US official said on Monday. The announcement came amid news that Russia looked set to plunge into its first sovereign default in decades and Ukrainian President Volodymyr Zelenskiy spoke to address G7 leaders meeting at an alpine resort in southern Germany. "The dual objectives of G7 leaders have been to take direct aim at [Russian President Vladimir] Putin's revenues, particularly through energy, but also to minimise the spillovers and the impact on the G7 economies and the rest of the world," the US official said on the sidelines of the annual G7 summit. The G7 nations, which account for nearly half the world's economic output, are determined to crank up the pressure on Russia without … [Read more...] about G7 to hike sanctions on Russia, nears oil price cap deal, says US official

French President Emmanuel Macron was overheard at the G7 summit in Germany Monday afternoon telling President Joe Biden that neither the United Arab Emirates nor Saudi Arabia have much room to increase oil production capacity, according to Reuters. Macron’s comment comes as a major focus of the ongoing summit is to find ways to ease the energy strain on Europe resulting from the Russian invasion of Ukraine. Both men would like to find ways to replace the roughly two million barrels per day (bpd) of crude oil and additional two million bpd of refined products that Europe had been importing from Russia that is now subject to sanctions, Reuters reported. Biden has been trying to get the Organization of the Petroleum Exporting Countries (OPEC) to increase oil supply for months, and plans to visit Saudi Arabia in July at least in part to force the issue. But, according to energy trader and market analyst Rebecca Babin, “Saudi Arabia and the UAE are bumping up against their … [Read more...] about Macron Caught Breaking Some Bad News To Biden On G7 Sidelines

- A + A KUALA LUMPUR (June 27): Shares of Hengyuan Refining Co Bhd rose on Monday (June 27) in line with the positive broader market sentiment, expectations of higher oil consumption and improved profit margins. Hengyuan closed 35 sen or 7.74% higher at RM4.87 on volume of 2.61 million shares, much higher than the 200-day average volume of 1.4 million. The stock has rebounded 12.21% from last Monday's low of RM4.34. At the current price, the company is valued at RM1.46 billion. When contacted, MIDF Research analyst Imran Yassin Yusof said the general market sentiment was positive on Monday, which gave a boost to oil and gas stocks. "It could also be some bargain hunting activities," he added. Bursa Malaysia's Energy index rose 1.65% or 11.17 points to 688.66 to emerge as second biggest gainer after the Technology index, which was up 2.83% or 1.77 points to 64.39. Thong Pak Leng, vice-president of equity research at Rakuten Trade Sdn Bhd, said high crude … [Read more...] about Hengyuan Refining shares up almost 8% amid positive market sentiment

- A + A MUMBAI/BUENOS AIRES/LONDON (June 27): It only took 24 hours last month for Prime Minister Narendra Modi's government in India — the world's second-largest producer of wheat — to shelve its plans to "feed the world". In April, Modi had said publicly that the world's most populous democracy was ready to fill part of the gap left by Ukraine in global grains markets by increasing its wheat exports, following five consecutive record harvests. India traditionally exports only a modest amount of wheat, retaining most of its crop for domestic consumption. On May 12, India's Ministry of Commerce & Industry said it was preparing to send delegations to nine countries to export a record 10 million tonnes of wheat this fiscal year — sharply up the previous season. But a barrage of alarming data changed all that. First came a downward revision to India's wheat crop in early May as a sudden heatwave hammered yields. Then data on May 12 showed inflation in the nation … [Read more...] about Food export bans, from India to Argentina, risk fueling inflation

- A + A JAKARTA (June 27): A former Garuda Indonesia chief convicted of graft is being investigated for alleged irregularities in procuring Bombardier and ATR planes, Indonesia's attorney general said on Monday, in deals the state auditor said led to $600 million in losses. Emirsyah Satar, the flag-carrier's chief executive from 2005 to 2014, was sentenced to eight years in prison in 2020 for bribery and money laundering in buying planes and engines from Airbus and Rolls-Royce . The U.S. Department of Justice and Britain's Serious Fraud Office are also investigating suspected bribery related to sales of jets by Canadian plane maker Bombardier to Garuda between 2011 and 2012. "This was his responsibility in carrying out the work during his tenure," Attorney General Sanitiar Burhanuddin told a news conference. Satar could not immediately be reached for comment. Indonesian state auditor BPKP found Garuda paid an inflated price for 23 Bombardier CRJ and ATR 72 … [Read more...] about Indonesia names jailed ex-Garuda chief a suspect in new graft case

- A + A GDANSK/BENGALURU (June 27): UK's FTSE 100 ended at a more than one-week high on Monday, as an easing of Covid restrictions in China and the prospect of global infrastructure funding brought relief to commodity prices, lifting shares of major oil and mining companies. The commodity-heavy FTSE 100 rose 0.7% and hit its highest closing level since June 16, while the domestically focused mid-cap FTSE 250 index advanced 1.0%. Risk sentiment improved as easing Covid curbs in Shanghai and relaxed testing mandates in several Chinese cities supported base metal prices. "The burst of global enthusiasm for equities has put a spring in the step of the FTSE 100 at the start of the week," Hargreaves Lansdown analyst Susannah Streeter said. Oil majors Shell and BP both rose over 1.5%, leading gains on the index. Meanwhile, mining stocks Anglo American, Rio Tinto and Glencore gained between 1.7% and 3% after Group of Seven leaders pledged to raise US$600 … [Read more...] about Commodity stocks drive FTSE 100 to more than one-week high

People stand next to cars destroyed by a Russian missile strike, as Russia's attack on Ukraine continues, at a residential area in Kharkiv, Ukraine on June 26, 2022. (Reuters filepix by Sofiia Gatilova) - A + A KYIV (June 27): Western nations on Monday pledged unwavering support for Ukraine in the war with Russia, including more sanctions on Moscow and air-defence systems, as Russian forces closed in on the last big city still held by Ukrainian troops in eastern Luhansk province. Two Russian missiles struck a crowded shopping centre in the Ukrainian city of Kremenchuk, southeast of Kyiv, killing at least 10 people and wounding 40, senior Ukrainian officials said. "It's useless to hope for decency and humanity from Russia," Ukrainian President Volodymyr Zelenskiy wrote on Telegram. Leaders of the Group of Seven major democracies, meeting at a German alpine resort, said they would keep sanctions on Russia for as long as necessary and intensify international … [Read more...] about West pledges unwavering support for Ukraine as missiles strike shopping centre