Page 13 - Opec
Oil prices slip as global demand concerns weigh, OPEC+ meeting eyed
Surveys showed on Monday that factories across the United States, Europe and Asia struggled for momentum in July as flagging global demand and China's strict COVID-19 restrictions slowed production.
 "Oil prices slip as global demand concerns weigh, OPEC+ meeting eyed")
Saudi to push OPEC+ to increase oil production at upcoming meeting: Report
Saudi King Salman bin Abdulaziz assured US President Joe Biden of the production increase when they met on July 16
 "Saudi to push OPEC+ to increase oil production at upcoming meeting: Report")
Oil prices drop by 63 cents to $103.34 ahead of OPEC+ meeting on Aug 3
Oil prices dropped early on Monday as investors braced for this week's meeting of officials from OPEC and other top producers on supply adjustments
 "Oil prices drop by 63 cents to $103.34 ahead of OPEC+ meeting on Aug 3")
Oil, geopolitics, and climate change
Crude oil still commands its place in the fuel market, but investments in oil exploration have gone down as concerns about climate change grow
 "Oil, geopolitics, and climate change")
Crude oil prices up 2.5% as no immediate Saudi output boost expected
The comment during U.S. President Joe Biden's Middle East visit comes at a time when spare capacity at members of the Organization of the Petroleum Exporting Countries (OPEC) is running low.
 "Crude oil prices up 2.5% as no immediate Saudi output boost expected")
Centre committed to meeting FY23 fiscal deficit target: Official
Says macroeconomic fundamentals and forex reserves are robust enough to deal with current geo-political challenges
 "Centre committed to meeting FY23 fiscal deficit target: Official")
India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy
The tax on firms that have increased product exports to gain from higher overseas margins took effect on July 1, as the government moves to boost domestic supply and revenue
 "India to drop windfall tax if oil prices fall $40 a barrel: Revenue Secy")
Russia may be India's biggest crude supplier in June, a historic first
Russian oil is on pace to account for 21 per cent of all imports into India, shrinking the shares of Iraqi and US crude
 "Russia may be India's biggest crude supplier in June, a historic first")
OPEC+ alliance may not be much help with high oil, gasoline prices
The 23-member OPEC+ alliance, which includes Russia, is struggling to produce enough oil to keep up with the rebounding demand for fuel since the Covid-19 pandemic
 "OPEC+ alliance may not be much help with high oil, gasoline prices")
Opec+ struggles to meet its supply targets amid high crude prices
A recovery from Covid-19 and a shortage of refining capacity to make fuels continue to keep prices at record highs
UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit
Brent oil prices jumped by over $2 per barrel to above $115 per barrel on the news amid tight global supplies and rising demand
 "UAE, Saudi can barely raise oil output, Macron tells Biden at G7 summit")
Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq
The Iraqi grades are an outlier in Asia, where robust demand led to an earlier-than-usual start of the trading cycle for physical crude buying
 "Asia's thirst for cheap Russian oil hits Opec's No 2 producer Iraq")
India faces near-term challenges; better placed to deal with them: FinMin
India's medium-term growth prospects remain bright as pent-up capacity expansion in the private sector is expected to drive capital formation, employment generation in rest of this decade, says report
 "India faces near-term challenges; better placed to deal with them: FinMin")
OPEC keeps forecast for 2022 oil demand to exceed pre-Covid levels
OPEC leaves 2022 oil demand growth forecast at 3.36 mbpd, cuts 2022 Russian output forecast, leaves US shale steady
 "OPEC keeps forecast for 2022 oil demand to exceed pre-Covid levels")
OPEC delegates see global oil demand growth slowing in 2023: Report
High crude prices have eaten into growth projections for 2022 and fed into expectations for slower growth in 2023.
Saudi Arabia cuts oil flows to China while meeting other requests
State-run marketer Saudi Aramco typically doesn't provide buyers with a reason why volumes are cut
 "Saudi Arabia cuts oil flows to China while meeting other requests")
G7 calls on Opec to play key role to ease global energy supplies
Opec and its allies, a group known as Opec+, has so far rebuffed Western calls for a faster increase in oil production to lower surging prices
 "G7 calls on Opec to play key role to ease global energy supplies")
Global stocks shaky as hawkish Reserve Bank of Australia heightens worries
Reserve Bank of Australia raised rates by most in 22 years and flagged more tightening to come as it battles to restrain surging inflation, driving a brief spike in the Aussie and hitting local shares
 "Global stocks shaky as hawkish Reserve Bank of Australia heightens worries")
Oil tops $120 a barrel on Saudi raising prices despite OPEC+ deal
US West Texas Intermediate (WTI) crude futures rose 8 cents, or 0.1%, to $118.95 a barrel after hitting a three-month high of $120.99. The benchmark fell by $1 earlier in the session.
Global stocks, dollar firm ahead of rate meetings, crude hits $120
The European Central Bank meets on Thursday, though it is not expected to begin raising interest rates until July, with rate setters at the US Federal Reserve and Bank of England gathering next week
 "Global stocks, dollar firm ahead of rate meetings, crude hits $120")