opec
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What decision could OPEC and its allies potentially make as we witness an economic slowdown in China, the world’s top importer of crude oil? Energy Market UpdatesCommercial crude oil reserves in the United States unexpectedly rose in the week ended April 29, according to figures released Wednesday by the US Energy Information Administration (EIA). Q1 2022 hedge fund letters, conferences and more US crude inventories have increased by more than 1.3 million barrels, which implies lower demand and could potentially count as a bearish factor for crude oil prices. This comes in addition to the US F...
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Oil prices plunged by 17% Wednesday after the United Arab Emirates (UAE) had urged OPEC producers to increase output given sanctions that threaten Russian supply. However, prices rose 5% Thursday when the UAE recoiled on the announcement and ensured it would for now stick to OPEC’s monthly output deal. Oil Prices ChaosAs reported by BBC News, Yousuf Al Otaiba, UAE Ambassador to the U.S., offered a glimmer of hope amid skyrocketing prices by saying in a statement Wednesday: “We favor production increases and will be encouraging OPEC to consider higher production levels.” Q4 2021 hedge fund lett...
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Oil prices rose again on Tuesday, approaching multi-year highs amid concerns over steadily shrinking US crude reserves. Q3 2021 hedge fund letters, conferences and more Fundamental AnalysisU.S. API Weekly Crude Oil Stock: Inventory levels of US crude oil, gasoline and distillates stocks, American Petroleum Institute (API) via Investing Regarding the API figures published Tuesday, the increase in crude inventories (with 2.318 million barrels versus 1.650 million barrels expected) implies weaker demand and is normally bearish for crude prices. However, we have a strongly bullish context, where t...
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Fundamental AnalysisOil prices broke new multi-year records on Monday (Oct. 25) because of statements by the Saudi Energy Minister over the weekend, leaving little room for an upcoming increase in supply from OPEC and its allies. Q3 2021 hedge fund letters, conferences and more The latter, interviewed on Saturday (Oct. 23) by Bloomberg on the side-lines of the "Saudi Green Initiative" forum, also added that the crisis was somehow contained but not over yet, and particularly in some regions like Russia, where Moscow is in fact preparing for an eleven-day shutdown of all its non-essential servic...
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OPEC+ is not adjusting its (perhaps too gradual) uplift in supply, sending the WTI to its highest since 2014 (and for Brent since 2018). Q2 2021 hedge fund letters, conferences and more Market AnalysisThe surge in oil and gas prices threatens to extend the rise in energy prices in general, and consequently to worsen the levels of inflation observed in the United States and Europe. Thus, central banks are under further pressure to tighten their monetary policies quickly. This galloping inflation also frightens the tech sector, whose cash needs are very important. Regarding natural gas, the onse...
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After a delay, OPEC+ is discussing oil production for 2021. Sources told Reuters this morning that the organization is talking about rolling over the current oil cuts into next month and then gradually increasing output by approximately 500,000 barrels a day starting in February. OPEC+ nears a deal on oil productionAccording to Bloomberg, Saudi Arabia and Russia have worked out the plan to hold the supply restrictions in place in January and add about 500,000 barrels per day to the market in each month between February and May. OPEC+ was moving toward this deal on oil production today, althoug...
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