Latest news with #OrganizationofthePetroleumExportingCountries
Bloomberg
13 hours ago
- Business
- Bloomberg
OPEC Raises Oil Output as Group Begins Bumper Set of Increases
OPEC raised oil production last month as the group began a series of accelerated increases spurred by Saudi Arabia, according to a Bloomberg survey. The 12 members of the Organization of the Petroleum Exporting Countries boosted supplies by 200,000 barrels a day in May to 27.54 million barrels a day, the survey showed. The Saudis accounted for about half of the increase.
Time of India
15 hours ago
- Business
- Time of India
Oil rises on Iran, Russia and Canada supply concerns
Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a US nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85per cent , to $65.18 a barrel by 0000 GMT. US West Texas Intermediate crude was up 59 cents, or 0.94per cent , to $63.11 a barrel, after rising around 1per cent earlier in the session. Both contracts gained nearly 3per cent in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a US proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the US and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7per cent of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a larger production hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Business Recorder
18 hours ago
- Business
- Business Recorder
Oil inches up on supply concerns and weaker dollar
SINGAPORE: Oil prices ticked up on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, while weakness in the dollar also supported prices. Brent crude futures gained 21 cents, or 0.32%, to $64.84 a barrel by 0437 GMT. U.S. West Texas Intermediate crude was up 27 cents, or 0.43%, to $62.79 a barrel, after rising about 1% earlier in the session. The oil market surged higher on Monday as rising geopolitical risks and a supply hike from OPEC+ that fell short of expectations provided a boost, said ING analysts in a note. 'The strength continued into early morning trading today,' ING said on Tuesday. Both contracts gained nearly 3% in the previous session after the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as the previous two months. Oil leaps 4% after OPEC+ keeps output increase unchanged 'With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting,' ANZ analysts said in a note. Meanwhile, the dollar index, which measures its performance against six other major currencies, held near six-week lows as markets weighed the outlook for President Donald Trump's tariff policy and its potential to hurt growth and stoke inflation. A weaker U.S. currency makes dollar-priced commodities such as oil less expensive for holders of other currencies. 'Crude oil prices continue to rise, supported by the weakening dollar,' said Priyanka Sachdeva, senior market analyst at Phillip Nova. Geopolitical tensions also supported prices. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output.
CNBC
20 hours ago
- Business
- CNBC
Oil rises on Iran, Russia and Canada supply concerns
Oil prices rose in early Asia trade on Tuesday on concerns about supply, with Iran set to reject a U.S. nuclear deal proposal that would be key to easing sanctions on the major oil producer, and with production in Canada hit by wildfires. Brent crude futures gained 55 cents, or 0.85%, to $65.18 a barrel by 0000 GMT. U.S. West Texas Intermediate crude was up 59 cents, or 0.94%, to $63.11 a barrel, after rising around 1% earlier in the session. Both contracts gained nearly 3% in the previous session after OPEC+ agreed to keep output increases in July at 411,000 barrels per day, which was less than some in the market had feared and the same hike as in the previous two months. Geopolitical tensions supported prices on Tuesday. Iran was poised to reject a U.S. proposal to end a decades-old nuclear dispute, an Iranian diplomat said on Monday, saying it fails to address Tehran's interests or soften Washington's stance on uranium enrichment. If nuclear talks between the U.S. and Iran fail, it could mean continued sanctions on Iran, which would limit Iranian supply and be supportive of oil prices. The ongoing conflict between Russia and Ukraine continued to stoke supply concerns and geopolitical risk premiums. Adding to supply worries, a wildfire in the province of Alberta in Canada has prompted a temporary shutdown of some oil and gas production, which could reduce supply. According to Reuters calculations, wildfires in Canada have affected more than 344,000 bpd of oil sands production, or about 7% of the country's overall crude oil output. The big jump in oil prices on Monday mostly reflected relief that the Organization of the Petroleum Exporting Countries and allies, including Russia, did not go ahead with a larger production hike than in the previous two months. "With the worst fears not panning out, investors unwound their bearish positions they had built prior to the weekend's meeting," Daniel Hynes, senior commodity strategist at ANZ, said in a note.
Business Recorder
a day ago
- Business
- Business Recorder
Gulf stocks settle varied on tariff uncertainty, rise in oil prices
DUBAI: Stock markets in the Gulf ended varied on Monday, as investor sentiment remained fragile after US President Donald Trump's threat to double tariffs on worldwide steel and aluminium. Trump accused China of violating a bilateral deal to roll back tariffs and announced a 50% tariff on steel and aluminium, rattling international trade. The tariffs are set to come into effect starting June 4. Oil prices - a catalyst for markets in the Gulf - jumped by more than 4% after the OPEC+ group decided to keep output increases in July at the same level as the prior two months. . Brent crude futures were up 3.97%, at $65.27 a barrel by 1220 GMT. The Organization of the Petroleum Exporting Countries and its allies, decided on Saturday to raise output by 411,000 barrels per day in July. S&P 500 futures fell 0.5%, while Nasdaq futures lost 0.7%, suggesting a retreat at the opening bell later. Saudi Arabia's benchmark stock index settled 0.23% higher with packaging provider United Carton Industries up 4.52% and industrial company Savola Group up 4.66%. 'Sector performance was mixed but generally supportive, notably from the banking sector, which had experienced significant losses recently. Energy stocks also contributed positively, buoyed by higher oil prices,' said Joseph Dahrieh, Managing Principal at Tickmill. Al Rajhi Bank, Saudi Arabia's second-largest lender by assets, settled up 1.24%. The UAE stock markets presented a mixed picture, with Dubai's main share index settling flat and Abu Dhabi's, benchmark index finishing down 0.39%. The Abu Dhabi index recorded a second straight session of losses. 'The Dubai stock market was relatively stable after two previous sessions of losses. Momentum could remain intact and the market could continue to rise,' said Dahrieh. In Dubai, food and groceries delivery provider Talabat Holding was down 1.39%, while Amlak Finance rose by 14.55%.
