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June 21, 2018 VIENNA (Reuters) – U.S. sanctions on Venezuela are an attack against the stability of the global oil market, Venezuelan Oil Minister Manuel Quevedo said on Thursday. Venezuela, a member of the Organization of the Petroleum Exporting Countries, and state-run oil firm PDVSA ] face an export crisis due to declining crude output, … Read moreVenezuela says U.S. sanctions hurt oil market stability

Jun 21, 2018  by Elena Mazneva, Francois de Beaupuy and Golnar Motevalli (Bloomberg) With fewer than 24 hours to go before a pivotal meeting, Saudi Arabia urged OPEC to help consumers by boosting oil supply as opposition from arch-rival Iran showed signs of wavering. “The most important thing is the consumers,” Saudi Energy Minister Khalid … Read moreSaudis Take Oil Consumers’ Side as OPEC Nears Pivotal Talks

June 21, 2018 by Lorcan Roche Kelly (Bloomberg)  U.S. trade partners fight back, it’s decision day at the Bank of England, and OPEC inches towards an output deal. Here are some of the things people in markets are talking about today. Trade tensions India became the latest country to hit back at U.S. tariffs when it announced … Read moreFive Things to Know in World Business Today

June 20, 2018, by Jack Farchy and Dina Khrennikova (Bloomberg) The prospect of a deal between OPEC and its allies to increase output is forcing oil traders to grapple with an unfamiliar concept: Russian spare production capacity. Thanks to its unprecedented cooperation with OPEC to cut production, Russia has deliberately idled oil wells for the … Read moreRussia Chafes at OPEC Output Limits: How Much Can It Pump?

June 19, 2018, by Javier Blas and Jack Farchy (Bloomberg) When OPEC meets on Friday in Vienna to discuss a possible output hike in the second half of the year, there’s likely to be a significant gap between the headline numbers under discussion and the amount of oil that can actually be added to the … Read moreOPEC Math Reveals Gap Between Headlines and Real Barrels

June 20, 2018, by Lorcan Roche Kelly (Bloomberg) Growth warnings President Donald Trump’s threat to impose 10 percent tariffs on $200 billion of Chinese imports could curtail growth in the Asian nation by as much as half a percentage point, if implemented, according to analysts. Bloomberg Economics’ Fielding Chen and Tom Orlik warn China’s  regional neighbors may be even more exposed to a … Read moreFive Things to Know in World Business Today

June 19, 2018, by Grant Smith, Salma El Wardany and Laura Hurst (Bloomberg) Oil ministers from OPEC and its allies are starting to arrive in Vienna for what promises to be one of the cartel’s most contentious meetings in years. (All timestamps CET.) Russia Still Favors Big Hike Despite Prevailing View (1:38pm) Russia’s energy minister … Read moreRussia Repeats Oil-Hike Proposal as Iran Digs In: OPEC Update

June 19, 2018, by Javier Blas (Bloomberg) American politicians are at it again: punching OPEC. The cartel has often been a bogeyman for U.S. politicians since the first oil crisis in 1973. Now OPEC is facing a renewed political assault in Washington, directly from President Trump’s Twitter account, and quietly, but potentially more dangerously, from … Read moreOPEC Faces a Bigger Problem in Washington Than Trump Tweets

June 19, 2018, by Lorcan Roche Kelly (Bloomberg) Escalation China is vowing to retaliate ” forcefully” against President Donald Trump’s threatened tariffs on another $200 billion of its goods. Trump ordered the identification of $200 billion in Chinese imports for an additional 10 percent tariff, with another $200 billion after that if Beijing retaliates. Should cooler heads not … Read moreFive Things to Know in World Business Today

June 17, 2018, by Jonathan Gilbert and Jennifer A. Dlouhy (Bloomberg)  World energy ministers representing about two thirds of the global population tussled over how the world can achieve a cleaner energy future. The compromise answer: Natural gas, at least for now. A consensus statement from G20 energy ministers meeting in Argentina cited the potential … Read moreWorld Energy Chiefs See Natural Gas Expansion Aiding Green Push

June 18, 2018 FRANKFURT (Reuters) – Volkswagen’s (VOWG_p.DE) premium brand Audi (NSUG.DE) will appoint an interim chief executive after current boss Rupert Stadler was arrested earlier on Monday, Germany’s Frankfurter Allgemeine Zeitung reported, without citing sources. The appointment will be made at a supervisory board meeting convened at short notice on Monday, the paper said. … Read moreAudi to Name Interim CEO After Stadler Arrested: FAZ

June 18, 2018, by Lorcan Roche Kelly and Natasha Doff (Bloomberg) Oil flow OPEC and it’s allies are discussing an output increase of between 300,000 and 600,000 barrel per day over the next few months, according to people briefed on the talks. Oil trimmed earlier losses after the Bloomberg News report, with the output increase significantly … Read moreFive Things to Know in World Business Today

June 15, 2018, by Meng Meng and Chen Aizhu  BEIJING (Reuters) – China’s independent oil refiners are suffering a drastic change of fortune as new tax rules, shrinking diesel demand and higher crude prices threaten their nearly three-year profit bonanza. Industry executives and analysts said nearly 40 private refiners, often called “teapots” – which account … Read moreSour Brew: New Tax Rules Take Steam Out of China’s Teapot Refiners

June 15, 2018, by Lorcan Roche Kelly (Bloomberg) Tariffs President Donald Trump has approved tariffs on Chinese goods worth about $50 billion, according to a person familiar with the decision. The administration is expected to release a refined list of targeted products later today, with China’s technology sector expected to be hit hardest. Reuters reported that … Read moreFive Things to Know in World Business Today

June 14, 2018, by Lorcan Roche Kelly (Bloomberg) Draghi’s choice  Today’s European Central Bank meeting comes down to one thing – whether the governing council decide to announce a timetable for the end of the bank’s asset purchase program this month, or wait until July’s meeting. With the euro-area experiencing a spate of weak economic data recently, … Read moreFive Things to Know in World Business Today

June 13, 2018, by Elena Mazneva, Javier Blas and Grant Smith (Bloomberg) Come for the football, stay for the oil diplomacy. Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman will discuss how to boost oil production while maintaining their petro-alliance when they meet in Moscow tomorrow to watch the soccer World Cup’s opening … Read moreRussia and Saudi Arabia Pursue OPEC Deal at World Cup Meeting

June 13, 2018, by Mathew Carr and Kelly Gilblom (Bloomberg) Two years after 200 or so nations forged a new United Nations deal to protect the climate, output of the gases blamed for global warming surged to a record. Carbon dioxide emissions from energy use climbed 1.6 percent in 2017, with both emerging and developed … Read moreGlobal Emissions Hit Record With Paris Deal Targets in Limbo

June 13, 2018, by Renewable Energy World Editors Volvo is behind new research that could help convert old diesel truck engines into compressed air energy storage systems for fueling large electric vehicle fleets. The University of Nottingham in the U.K. said this week that it will conduct the research with support from Volvo Trucks. “What … Read moreVolvo Wants to Convert Diesel Trucks into Clean Energy Storage

June 13, 2018, by Grant Smith, Javier Blas and Elena Mazneva (Bloomberg) Saudi Arabia has floated several oil output hike plans to fellow OPEC members, including one with a two-step increase, as the kingdom seeks ways to narrow differences with Russia and the rest of the cartel, according to people briefed on the discussions. The … Read moreSaudis Are Said to Float Range of Ideas for Higher OPEC Output

June 13, 2018, by Lorcan Roche Kelly (Bloomberg) Decision day The Federal Open Market Committee is almost certain to announce a quarter-point raise in interest rates when it publishes its decision at 2:00 p.m. Eastern Time today. If that happens, investor focus will turn to the dot-plot, which may show a median estimate of four hikes this year, … Read moreFive Things to Know in World Business Today

June 12, 2018, by Rania El Gamal DHAHRAN, Saudi Arabia (Reuters) – Saudi Aramco plans to boost investments in refining and petrochemicals to secure new markets for its crude, and sees growth in chemicals as central to its downstream strategy to lessen the risk of a slowdown in oil demand. Aramco, the world’s biggest oil … Read moreSaudi Aramco Eyes Partnerships as It Expands Refining, Petrochems

June 12, 2018, by Alex Lawler LONDON (Reuters) – OPEC said on Tuesday the oil market outlook in the second half of the year is highly uncertain even though the producer group’s figures show a global glut has ended, suggesting exporters will be in no rush to relax output curbs at a meeting next week. … Read moreOPEC Cautious on Oil Outlook Despite End of Global Glut

June 12, 2018, by Lorcan Roche Kelly (Bloomberg) Singapore success President Donald Trump and Kim Jong Un signed a declaration that North Korea would work toward “ complete denuclearization of the Korean peninsula,” with Trump saying representatives from the two sides will hold further meetings as soon as next week. While the agreement signed by the leaders has no … Read moreFive Things to Know in World Business Today

June 11, 2018 DUBAI (Reuters) – Iraq’s oil minister said on Monday producers should not be influenced by pressure to pump more oil and unilateral decisions on output could be a breach of a supply cut pact between OPEC and non-OPEC countries, leading to its possible collapse. With oil recently reaching $80 a barrel, the … Read moreIraq Says Oil Producers Should Not Be Influenced by Calls to Boost Output

June 11, 2018 BAGHDAD (Reuters) – Iraq will look at whether to increase oil output if OPEC decides to lift production at a meeting on June 22, the country’s oil minister said on Monday. Jabar al-Luaibi said Iraq’s current oil output was within the agreed limit with OPEC at around 4.325 million barrels per day. … Read moreIraq Will Look at Oil Output After OPEC Makes Decision

June 11, 2018, by Karin Matussek and Chris Reiter (Bloomberg) The head of Volkswagen AG’s Audi brand was named a suspect in the diesel-rigging scandal, making him the highest-ranking active official in a probe that’s now focusing on upper management nearly three years after the carmaker admitted to cheating. The homes of Rupert Stadler and … Read moreAudi CEO Stadler Named a Suspect in Diesel Case; Home Raided

June 11, 2018, by Lorcan Roche Kelly (Bloomberg) G-7, Go Sing. This weekend’s G-7 summit in Canada, despite the late  dramatics, ended pretty much as analysts had expected, with President Donald Trump rejecting the communique issued for the meeting. While there was some selling of the Canadian dollar when markets opened, reaction has generally been benign. … Read moreFive Things to Know in World Business Today

June 10, 2018, by Ma Jie (Bloomberg) Shares of the world’s biggest maker of electric-vehicle batteries jumped on their trading debut as investors bet on rising demand for new-energy cars worldwide. Contemporary Amperex Technology Ltd. rose by the maximum 44 percent to 36.20 yuan at 10:17 a.m. in Shenzhen, China, valuing the company at about … Read moreBiggest Electric-Vehicle Battery Maker Soars 44% on Debut

Jun 8, 2018, by Grant Smith and Laura Hurst (Bloomberg) Venezuela wrote to fellow OPEC members urging them to unite against U.S. sanctions, echoing a similar letter from Iran, according to people with knowledge of the matter. The two countries requested that the Organization of Petroleum Exporting Countries should discuss the impact of American sanctions … Read moreVenezuela Is Said to Urge OPEC to Unite Against Sanctions

June 8, 2018, by Lorcan Roche Kelly (Bloomberg) Not hanging around President Donald Trump will leave the two-day G-7 summit in Quebec tomorrow morning to head to Singapore to prepare for his meeting with North Korea’s Kim Jong Un. With tensions between the president and U.S. allies running high, and French President Emmanuel Macron saying he won’t sign … Read moreFive Things to Know in World Business Today

June 7, 2018, by Rod Nickel and Julie Gordon (Reuters) – Oil producer BP Plc (BP.L) complained to Canada’s National Energy Board (NEB) regulator about Enbridge Inc’s (ENB.TO) implementation and then abrupt reversal of new rules for shipping crude on its Mainline pipeline system, NEB documents showed on Thursday. Enbridge notified shippers late last month … Read moreBP Complains to Canada Regulator About Enbridge Oil Pipeline Actions

June 7, 2018, by Bloomberg (Arabian Business) Vladimir Putin and Mohammed bin Salman’s meeting at World Cup’s opening match could reshape the global oil market. This month’s packed geopolitical calendar has another key date – a meeting between Vladimir Putin, the Russian president, and Mohammed bin Salman, the powerful Saudi crown prince. The leaders will … Read moreWhy the Saudi-Russia Football Clash has Oil Market’s Attention

Jun 7, 2018, by Lorcan Roche Kelly (Bloomberg) G-6 + 1 French President Emmanuel Macron has joined Germany in warning that he will not sign a joint statement at this week’s G-7 leaders summit in Quebec unless the U.S. makes major concessions on trade, the Iran nuclear deal and the Paris climate accord. German Chancellor Angela Merkel … Read moreFive Things to Know in World Business Today

LONDON, June 7 (Reuters) – The value of OPEC members’ petroleum exports rose 28 percent in 2017, according to its annual statistical report, illustrating that its return to managing the oil market by cutting supplies boosted producers’ income. Exports from the Organization of the Petroleum Exporting Countries rose in value to $578.30 billion last year … Read moreValue of OPEC Petroleum Exports Jumps in 2017 After Oil Supply Cut

June 6, 2018 OSLO (Reuters) – Global oil demand could peak in the early 2020s if countries pull together to hit climate goals, or keep growing until 2050 in a conflict-ridden world, according to Norwegian oil and gas firm Equinor. Expectations for when oil demand will peak could change the supply dynamics, as investors weigh … Read moreOil Demand Could Keep Growing Until 2050 in Conflict-Ridden World: Equinor

June 6, 2018, by Alexandra Alper and Marta Nogueira RIO DE JANEIRO (Reuters) – Executives from oil majors were set to gather in Rio de Janeiro on Thursday to compete for stakes in Brazil’s pre-salt oil play, home to some of the world’s most alluring offshore geology, as rising oil prices boost appetite for expensive … Read moreOil Majors to Bid on Choice Stakes in Brazil’s Offshore

Jun 6, 2018, 2:06:08 AM, by Gregory Viscusi (Bloomberg) Three European countries and the European Union are seeking exemptions from U.S. sanctions on Iran in a sign that the bloc’s bid to hold the landmark nuclear deal together may be in trouble. “As allies, we expect that the U.S. will refrain from taking action to … Read moreEurope Seeks Exemption From U.S. Sanctions as Iran Deal Teeters