Saudi Arabia could soon take action to push oil prices lower, one analyst told CNBC Tuesday, as part of a "settlement" plan to alleviate diplomatic tensions with the U.S.
A look at history and geopolitics suggests that while a Saudi-driven oil price spike would bring pain for much of the world, it would ultimately backfire on itself.
NEW DELHI, Oct 16- India's oil demand is expected to rise by 5.8 million barrels per day by 2040, accounting for about 40 percent of the overall increase in global demand during the period, OPEC's secretary general said on Friday. "India is projected to see the largest additional oil demand and the fastest growth in the period to 2040," said Mohammed Sanusi Barkindo,...
European stocks rose on Tuesday, as traders digested punchy Wall Street earnings and tensions between Saudi Arabia and the West.
A statement by Saudi Arabia on Sunday stirred fear that Riyadh could use its influence over the oil market to punish foreign powers if the kingdom faces censure over its alleged role in the disappearance of journalist Jamal Khashoggi.
*IEA cuts forecasts for oil consumption and demand for OPEC crude. Brent crude futures fell 6 cents to $80.37 a barrel by 1:02 p.m. EDT. Riyadh has been under pressure since journalist Jamal Khashoggi, a critic of the kingdom and a U.S. resident, disappeared on Oct. 2 after visiting the Saudi consulate in Istanbul.
MOSCOW, Oct 15- Russia's energy minister Alexander Novak discussed the oil output cap agreed between OPEC and non- OPEC countries with his Iranian counterpart Bijan Zanganeh at a meeting in Moscow on Monday, the Russian energy ministry said in a statement.
CNBC's Jackie DeAngelis discusses the day's activity in the commodities markets.
*IEA cuts forecasts for oil consumption and demand for OPEC crude. NEW YORK, Oct 15- Oil prices steadied on Monday, supported by geopolitical tension over the disappearance of a Saudi journalist, which has stoked worries about supplies from the world's top crude exporter, but weighed by a falling equities market and concern over long-term demand outlook.
Oil prices could surge to all-time highs if the U.S. imposes economic sanctions against Saudi Arabia, according to an opinion piece written by the general manager of Saudi Arabia-based Al Arabiya television.
With Saudi Arabia denying a role in the sudden disappearance of a prominent journalist, the chances are growing that the crisis could escalate, and ricochet across the global economy.
Members of the Organization of the Petroleum Exporting Countries and other exporters such as Russia agreed in June to raise output as the market appeared increasingly tight. The price of global benchmark Brent crude has risen from around $45 a barrel in June 2017 and peaked at over $85 this month on bullish bets by speculators. OPEC, Russia and others such as U.S....
Members of the Organization of the Petroleum Exporting Countries and other exporters such as Russia agreed in June to raise output as the market appeared increasingly tight. The price of global benchmark Brent crude has risen from around $45 a barrel in June 2017 and peaked at over $85 this month on bullish bets by speculators. OPEC, Russia and others such as U.S....
The International Energy Agency (IEA) is concerned about a dramatic upswing in energy prices, according to its latest monthly report, with oil, gas and coal prices currently trading at multi-year highs.
*Estimate of call on OPEC crude in 2018, 2019 cut by 0.3 mln bpd. Members of the Organization of the Petroleum Exporting Countries and other exporters such as Russia and U.S. shale producers had increased oil production sharply since May, the IEA said, raising output by 1.4 million barrels per day. Overall OPEC had boosted production by 735,000 bpd since May as...
MEXICO CITY/ CARACAS, Oct 11- Royal Dutch Shell Plc is negotiating the sale of its stake in a Venezuelan oil joint venture to Paris- based Maurel& Prom, three sources said this week, a move to scale down its crude business in the ailing OPEC- member country to focus on gas. The Anglo-Dutch company is seeking to sell its 40 percent stake in Petroregional del Lago, a joint...
*Says decisions taken outside OPEC are influencing market. *OPEC in monthly report again lowers 2019 oil demand view. LONDON, Oct 11- OPEC sees the oil market as well supplied and is wary of creating a glut next year, the group's secretary-general said on Thursday, suggesting producers are in no rush to expand a June agreement that raises output.
The prospect of an abrupt supply shock in the energy market is making investors increasingly nervous about the possibility of oil prices soaring above $100 a barrel before year-end.
In September, OPEC pumped nearly 32.8 million barrels per day, up 132,000 bpd from August
LONDON, Oct 11- OPEC cut its forecast of global demand growth for oil next year for a third straight month on Thursday, citing headwinds facing the broader economy, and key consuming countries in particular, from trade disputes and volatile emerging markets. OPEC said Iran told the group its oil output had fallen by just 51,000 bpd to 3.775 million bpd.
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