Latest news with #LouisianaLight
See - Sada Elbalad
15 hours ago
- Business
- See - Sada Elbalad
OPEC+ Agrees to Increase Oil Production in July despite Causing Price Drop
Taarek Refaat OPEC+ agreed on Saturday to increase oil production in July by 411,000 barrels per day, the same level as in May and June, as the group of oil-producing countries continues to restore supplies at a faster pace than previously planned. US crude futures fell on Friday amid concerns that OPEC+ may increase its oil production for July by more than previously expected. Brent crude futures fell 0.34% to $63.93 a barrel. US West Texas Intermediate (WTI) crude was last down 0.34% at $60.73 a barrel, after earlier falling more than $1 a barrel. At these levels, the benchmark contracts for the previous month are on track for weekly losses of more than 1%. Latest Oil Prices: WTI Crude $60.79 -0.25% Brent Crude $62.78 -0.90% Murban Crude $62.11 -1.15% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.015 -0.022 Natural Gas $3.447 -2.13% Eight OPEC+ members have increased their production at a faster pace than planned since May, even though the oversupply has weighed on prices. Saudi Arabia and Russia, which lead the OPEC+ alliance, are seeking to punish their allies who are partially overproducing and regain market share. On Saturday, the eight countries agreed to the July increase in an online meeting. An OPEC+ delegate said they also discussed other options. On Friday, sources familiar with the OPEC+ talks said they may discuss a larger increase. In a statement issued after the meeting, OPEC+ cited "the stable global economic outlook and currently sound market fundamentals, as reflected in the decline in oil inventories" as the reason for the July increase. OPEC+ pumps about half of the world's oil and includes OPEC members and allies such as Russia. While the eight countries are increasing their supply, some are being asked to ease those increases to compensate for the overproduction of recent months. The July increase from the G8 will bring the total increase for April, May, June, and July to 1.37 million barrels per day, representing a 62% reduction from the group's latest production cut of 2.2 million barrels per day, according to Reuters calculations. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks News Shell Unveils Cost-Cutting, LNG Growth Plan
See - Sada Elbalad
3 days ago
- Business
- See - Sada Elbalad
Oil Prices Head for Second Weekly Loss ahead of OPEC+ Decision
Taarek Refaat Oil prices are set for a second consecutive weekly loss ahead of an anticipated OPEC+ meeting on production policy, which is expected to result in a further increase in supply. Brent crude fell below $64 a barrel after falling 1.2% on Thursday, while West Texas Intermediate (WTI) crude traded near $61. Latest Prices: WTI Crude $60.64 -0.49% Brent Crude $63.84 -0.48% Murban Crude $63.35 -0.30% Louisiana Light $64.69 +1.70% Bonny Light $78.62 -2.84% Mars US $72.21 -1.45% Gasoline $2.039 -0.97% Natural Gas $3.543 +0.60% Producers are scheduled to meet on Saturday to set July production levels, after preliminary discussions last week covered a third consecutive increase in supply. The faster-than-expected resumption of production disruptions by OPEC+ has raised concerns of a supply glut, contributing to pressure on prices. Fears of a global economic slowdown due to President Donald Trump's tariffs and retaliatory measures have also increased pressure on oil prices. Although Trump's sweeping tariffs have rattled global markets, they now face legal challenges. A US trade court ruled this week that some of them were illegal, while a federal appeal granted a temporary reprieve before the ruling is implemented. Meanwhile, US crude inventories fell by 2.8 million barrels last week, the largest decline in about two months, according to Energy Information Administration data released Thursday. Gasoline inventories also declined. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Sports Former Al Zamalek Player Ibrahim Shika Passes away after Long Battle with Cancer Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Business Fear & Greed Index Plummets to Lowest Level Ever Recorded amid Global Trade War Arts & Culture Zahi Hawass: Claims of Columns Beneath the Pyramid of Khafre Are Lies News Flights suspended at Port Sudan Airport after Drone Attacks
See - Sada Elbalad
18-04-2025
- Business
- See - Sada Elbalad
Oil Prices Post Weekly Gains for First Time in 3 Weeks
Taarek Refaat Global oil prices rose more than 3% during trading on Thursday, supported by hopes of a trade agreement between the United States and the European Union, along with the imposition of new US sanctions targeting Iranian oil exports, which increased concerns about supply shortages in global markets. Brent crude futures rose 3.2% to settle at $67.96 a barrel, while US crude rose 3.54% to close at $64.68 a barrel. Latest Oil Prices: WTI Crude $64.68 +3.54% Brent Crude $67.96 +3.20% Murban Crude $69.41 +3.01% Louisiana Light $65.03 +1.28% Bonny Light $78.62 -2.84% Mars US •$72.90 -1.51% Gasoline $2.099 +2.71% Natural Gas $3.245 -0.06% In terms of weekly performance, both crude oils posted gains of nearly 5%, their first weekly gains in three weeks, amid investor optimism about easing trade tensions and the potential for prices to be supported by reduced global supply. These gains coincide with markets preparing for the Easter holiday, making Thursday the final settlement day of the week, amid expectations of lower trading volumes during the holiday. US President Donald Trump, during his meeting with Italian Prime Minister Giorgia Meloni, said he was optimistic about resolving trade disputes with the European Union, adding, "We won't have much trouble reaching an agreement with Europe or others, because we have what everyone wants." These statements reinforce expectations that the negative impact of the recently imposed US tariffs, which have raised concerns about a decline in global energy demand, may be mitigated. 'A deal with Europe could limit the demand destruction associated with these tariffs,' said Bob Yaeger, director of energy futures at Mizuho. Meanwhile, the United States continued to tighten pressure on Iran by imposing new sanctions targeting small Chinese oil companies and refineries known as 'teapot refineries,' a term used in the industry to refer to small, independent refineries with limited technical capabilities. 'These sanctions are very comprehensive, and they focus on Chinese teapot refineries,' said John Kilduff, a partner at Again Capital. 'They represent a potential loss of supply to the global market.' Washington also issued additional sanctions targeting companies and vessels believed to be used to facilitate Iranian oil shipments to China, part of Iran's so-called 'shadow fleet,' which Tehran has long used to circumvent restrictions on its oil exports. The consulting firm Gelber & Associates stated in an analytical note that "the United States continues to impose strict sanctions on Iran and potential buyers of its oil, while OPEC+ affirms its commitment to maintaining market stability by controlling production, with the flexibility to reduce supply if necessary." In a related context, OPEC announced that it had received updated plans from Iraq, Kazakhstan, and other countries pledging to reduce production to compensate for exceeding previously agreed quotas. However, despite these supportive moves, several global institutions, including the International Energy Agency and major banks such as Goldman Sachs and JP Morgan, have lowered their forecasts for oil prices and demand growth, in light of the ongoing impact of US tariffs and retaliatory measures that have disrupted global trade. While geopolitical risks and economic pressures are increasing, the oil market remains in a state of constant anticipation of developments in trade negotiations and US sanctions, which will have a direct impact on future energy prices in the second half of the year. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
See - Sada Elbalad
11-04-2025
- Business
- See - Sada Elbalad
Oil Heads for Second Weekly Loss amid Recession Fears
Taarek Refaat Oil is heading for a second weekly loss amid escalating turmoil in global markets due to US President Donald Trump's escalating trade policy, which has raised fears of a global recession and a mass flight from risky assets. Brent crude fell below $63 a barrel, a 4% decline this week, after hitting a four-year low. West Texas Intermediate (WTI) crude traded near $59. Latest Oil Prices: WTI Crude $59.80 -0.45% Brent Crude $63.10 -0.36% Murban Crude $64.45 -0.74% Louisiana Light $65.08 +4.40% Bonny Light $78.62 -2.84% Opec Basket $63.40 -4.72% Mars US $72.90 -1.51% Gasoline $1.951 -0.51% Natural Gas $3.521 -1.01% This decline came amid heavy selling across US stocks, bonds, and the dollar amid growing concerns about the impact of US tariffs, particularly those imposed on China, the world's largest importer of crude oil. Key indicators in the oil market are showing clear signs of weakness, with the decline accelerating this month. Among these indicators is the return of a contango structure to parts of the futures curve, a negative pricing pattern that signals expectations of future price declines. Oil has lost around 16% since the beginning of April, amid a massive sell-off that has affected most commodities. The US tariffs include punitive duties of 145% on imports from China, which has responded with counter-tariffs, further escalating tensions between the world's two largest economies. The OPEC+ alliance's decision to ease production restrictions has also contributed to increased pressure on crude prices. Sharu Chanana, chief investment strategist at Saxo Markets, said: "We are clearly heading towards a zero-sum trade war, and the resulting blow to global growth is starting to impact both sentiment and physical demand in the oil market. While the sell-off in the dollar and Treasuries has yet to fully spill over into oil assets, investors should closely monitor this." Earlier this week, the US lowered its forecast for global oil demand growth amid growing concerns about consumption and a deteriorating economic outlook. The Energy Information Administration now projects global consumption to rise by only about 900,000 barrels per day in 2025, about 400,000 barrels less than last month's estimate. The decline in oil prices has also led to a decline in oil-related products, with US gasoline futures falling about 5% this week. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
See - Sada Elbalad
10-04-2025
- Business
- See - Sada Elbalad
Oil Prices Jump more than 4% in Stunning Swing
Taarek Refaat Oil prices rose more than 4% in a stunning reversal on Wednesday after President Trump announced a temporary suspension of tariffs on countries that did not retaliate, while increasing tariffs on Chinese imports. West Texas Intermediate (WTI) crude rose more than 4% to settle at $62.35 a barrel, recovering losses of more than 5% in early trading. Brent crude, the international benchmark, settled above $65 after falling below $60 during the session. Latest Oil Prices: WTI Crude $62.74 +0.39 +0.63% Brent Crude $65.73 +0.25 +0.38% Murban Crude $66.97 +0.36 +0.54% Louisiana Light $62.34 -1.06 -1.67% Bonny Light $78.62 -2.30 -2.84% Mars US $72.90 -1.12 -1.51% Gasoline $2.045 +0.007 +0.34% Natural Gas $3.732 -0.084 -2.20% This reversal came after Trump announced a 90-day temporary suspension of his plans for reciprocal tariffs, maintaining the 10% tariffs that went into effect last weekend on most countries worldwide. Trump tweeted: 'At my strong suggestion, these countries have not retaliated in any way against the United States, and I have authorized a 90-day temporary suspension and substantially reduced reciprocal tariffs during this period, at 10%, effective immediately.' Trump also added that he would unilaterally raise tariffs on China to 125% due to the 'disrespect shown by China.' Earlier today, China—the largest importer of crude oil—announced it would impose an 84% tariff on U.S.-made goods, sparking fears of a recession and slowing demand. On Wednesday afternoon, with the S&P 500 and the Nasdaq Composite up 10% following the tariff pause, Goldman Sachs analysts wrote: 'We are returning to our previous non-recession baseline forecast of 0.5% GDP growth and a 45% probability of a recession.' Until the late afternoon rally, crude oil was hovering at four-year lows, trading below $60. Oil remains down about 13% since Trump unveiled sweeping retaliatory tariffs on April 2. Crude oil prices also came under pressure after the Organization of the Petroleum Exporting Countries (OPEC) announced last week that it would increase its production in May, raising concerns about a supply glut. read more CBE: Deposits in Local Currency Hit EGP 5.25 Trillion Morocco Plans to Spend $1 Billion to Mitigate Drought Effect Gov't Approves Final Version of State Ownership Policy Document Egypt's Economy Expected to Grow 5% by the end of 2022/23- Minister Qatar Agrees to Supply Germany with LNG for 15 Years Business Oil Prices Descend amid Anticipation of Additional US Strategic Petroleum Reserves Business Suez Canal Records $704 Million, Historically Highest Monthly Revenue Business Egypt's Stock Exchange Earns EGP 4.9 Billion on Tuesday Business Wheat delivery season commences on April 15 News Egypt confirms denial of airspace access to US B-52 bombers News Ayat Khaddoura's Final Video Captures Bombardment of Beit Lahia Lifestyle Pistachio and Raspberry Cheesecake Domes Recipe News Australia Fines Telegram $600,000 Over Terrorism, Child Abuse Content Arts & Culture Nicole Kidman and Keith Urban's $4.7M LA Home Burglarized Videos & Features Bouchra Dahlab Crowned Miss Arab World 2025 .. Reem Ganzoury Wins Miss Arab Africa Title (VIDEO) Sports Neymar Announced for Brazil's Preliminary List for 2026 FIFA World Cup Qualifiers News Prime Minister Moustafa Madbouly Inaugurates Two Indian Companies Arts & Culture New Archaeological Discovery from 26th Dynasty Uncovered in Karnak Temple Arts & Culture Arwa Gouda Gets Married (Photos)
