Latest news with #AmritaSen
Bloomberg
2 days ago
- Business
- Bloomberg
Will Trump's Plan to Lower Gasoline Prices Actually Pay Off?
The plan to lower gasoline prices may not be a great sign of the times. Wood Mackenzie's Ed Crooks explains why those prices are a barometer of the world economy. Energy Aspects' Amrita Sen says that the outlook for oil refineries looks dismal from 2027 onwards. But what hurt the oil industry, and what will low oil prices do to it? (Source: Bloomberg)
CNBC
02-06-2025
- Business
- CNBC
OPEC+ hike 'priced in,' Energy Aspects says
The OPEC+ output hike is largely "priced in," says Amrita Sen, founder and director of research at Energy Aspects.
Yahoo
25-04-2025
- Business
- Yahoo
Oil Set For Weekly Loss on OPEC+ Supply Rumors
Crude oil prices were about to end the week with another loss following a report that OPEC+ may be considering another larger than initially planned output boost in June. A renewed hope for peace in the Ukraine contributed to the bearish mood among traders. Benchmarks were both up at the time of writing, with Brent crude at $66.98 per barrel and West Texas Intermediate at $63.21 per barrel. The weekly trend is downward but it will be a slim decline. Earlier this week, Reuters reported OPEC+ could add more barrels to production after its June meeting to get quota laggards in line after trying unsuccessfully to do that by extracting commitments of compensatory cuts from the biggest ones, Iraq and Kazakhstan. The report cited unnamed sources familiar with the group's talks on the topic. Kazakhstan has proved to be particularly bothersome for OPEC+, with its energy minister recently saying the government could not force independent operators to reduce output and had no intention of cutting output at state-managed fields because this would affect future production, Reuters also noted in its report. 'Kazakhstan's statement cements our view that OPEC+ may implement another accelerated three-month unwind again in the May meeting and it may continue again in July and through the summer,' Energy Aspects' Amrita Sen said following that statement. In other bearish news for oil prices, Russia's Foreign Minister Sergey Lavrov told CBS that Moscow and Washington were moving in the right direction with regard to the Ukraine, saying that 'We are ready to reach a deal, but there are still some specific points - elements of this deal which need to be fine-tuned.' Meanwhile, Iran's Foreign Minister, Abbas Araqchi said this week he was willing to travel to Europe for negotiations on Iran's nuclear program with European powers, suggesting Tehran wants to mend fences, which may at some point lead to the lifting of U.S. sanctions. By Irina Slav for More Top Reads From this article on Sign in to access your portfolio
Bloomberg
10-04-2025
- Business
- Bloomberg
Bloomberg Surveillance TV: April 10, 2025
- Russ Koesterich, Portfolio Manager at BlackRock - Dr. Amrita Sen, founder and Director of Research at Energy Aspects - Erika Najarian, Equity Research Analyst at UBS - Torsten Slok, Chief Economist at Apollo Russ Koesterich, Portfolio Manager at BlackRock, discusses the equity rebound following President Trump's tariff reversal and whether the market could continue its climb from here. Dr. Amrita Sen, founder and Director of Research at Energy Aspects, discusses the outlook for crude oil and energy prices as market concerns due to a US-China trade war persist. Erika Najarian with UBS previews big bank earnings and talks about the health of the financial sector. Torsten Slok, Chief Economist at Apollo, talks about the US economic outlook following extreme market gyrations from President Trump's tariff reversal.
Gulf Business
03-04-2025
- Business
- Gulf Business
OPEC+ speeds up oil output hikes, oil drops
Credit: Getty Images Eight OPEC+ countries agreed on Thursday to advance their plan to phase out oil output cuts by increasing output by 411,000 barrels per day in May, an unexpected decision that prompted oil prices to extend earlier losses. Oil, which was already down over 4 per cent on US President Donald Trump's announcement of tariffs on trading partners, extended declines after OPEC updated its plans in a statement, with Brent crude dropping over 6 per cent towards $70 a barrel. Eight members of OPEC+, which includes the Organization of the Petroleum Exporting Countries and allies led by Russia, had been scheduled to raise output by 135,000 barrels per day in May as part of a plan to gradually unwind their most recent layer of output cuts. But after a meeting of the eight countries held online on Thursday, the group announced it would boost output by 411,000 bpd in May. OPEC cited 'continuing healthy market fundamentals and the positive market outlook.' 'This comprises the increment originally planned for May in addition to two monthly increments,' OPEC said in a statement referring to the volume. 'The gradual increases may be paused or reversed subject to evolving market conditions.' The May hike is the next increment of a plan agreed by Russia, Saudi Arabia, UAE , Kuwait, Iraq, Algeria, Kazakhstan and Oman to gradually unwind their most recent output cut of 2.2 million bpd, which came into effect this month. OPEC+ also has 3.65 million bpd of other output cuts in place until the end of next year to support the market. Focus on compliance The decision on Thursday partly reflects OPEC+ leaders' wish to improve compliance with production quotas, analysts said. 'OPEC+ focus is on compliance and this decision forces the laggards to step up compliance,' said Amrita Sen, co-founder of Energy Aspects. Record output in Kazakhstan has angered several other members of the group, including top producer Saudi Arabia, sources have told Reuters. OPEC+ is urging the Central Asian country, among other members, to make further cuts to compensate for excess production. Kazakhstan has been producing oil well above the targets agreed with OPEC+ in recent months. OPEC data also shows some other OPEC+ nations such as the United Arab Emirates, Nigeria and Gabon pumping above their quotas, but by far smaller amounts. Production in Kazakhstan could drop this month and exports could decline after Russia ordered to shut some export capacity on the CPC pipeline, the main evacuation route for oil in Kazakhstan produced by oil majors such as U.S. Chevron and Exxon Mobil. The eight OPEC+ countries will meet on May 5 to decide on June output, OPEC's statement said.
