Oil Short-Selling Surges as Global Demand Outlook Deteriorates - Bloomberg:
Oil skeptics are gaining ground fast as the outlook for global demand worsens.
Hedge funds boosted their bets that West Texas Intermediate crude will fall by 46%, the most since August, according to U.S. Commodity Futures Trading Commission data for the week ended June 11. The balance between bullish and bearish wagers was the most pessimistic since February.
“Outside the United States it’s unmistakable world growth is slowing down,” said Bill O’Grady, chief market strategist at Confluence Investment Management LLC in St. Louis. “The more trade tensions arise, the greater the likelihood that growth is slow, and if Chinese growth slows, it’s not good for oil."
Saturday, 15 June 2019
#SaudiArabia urges action to protect energy supplies | Financial Times
Saudi Arabia urges action to protect energy supplies | Financial Times:
Saudi Arabia’s energy minister has called for a decisive response to the threat to global energy supplies by terrorist acts in and around the Gulf following explosions on two oil tankers this week.
“There must be a rapid and decisive response to the threat of energy supplies, market stability and consumer confidence,” said Khalid al-Falih, Saudi energy minister, at a meeting of G20 ministers in Japan, according to a tweet posted on Saturday by the kingdom’s energy ministry.
Attacks against two tankers in the Gulf of Oman, as well as the sabotage of four tankers off the UAE last month and a drone strike on a Saudi pipeline, has elevated concern about the vulnerability of energy supplies around the oil choke point of the Strait of Hormuz and ramped up US-Iranian tension.
Saudi Arabia’s energy minister has called for a decisive response to the threat to global energy supplies by terrorist acts in and around the Gulf following explosions on two oil tankers this week.
“There must be a rapid and decisive response to the threat of energy supplies, market stability and consumer confidence,” said Khalid al-Falih, Saudi energy minister, at a meeting of G20 ministers in Japan, according to a tweet posted on Saturday by the kingdom’s energy ministry.
Attacks against two tankers in the Gulf of Oman, as well as the sabotage of four tankers off the UAE last month and a drone strike on a Saudi pipeline, has elevated concern about the vulnerability of energy supplies around the oil choke point of the Strait of Hormuz and ramped up US-Iranian tension.
U.S. allows Iraq to import Iranian energy for three more months - Reuters
U.S. allows Iraq to import Iranian energy for three more months - Reuters:
The United States has allowed Iraq to import Iranian gas for its power grid for another three months by extending a waiver to sanctions - but insists that Baghdad seek alternative sources.
Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector forbidding countries from purchasing Iranian energy.
“An additional 120-day waiver was granted to allow Iraq to continue to pay for electricity imports from Iran,” the U.S. State Department said in an emailed statement.
The United States has allowed Iraq to import Iranian gas for its power grid for another three months by extending a waiver to sanctions - but insists that Baghdad seek alternative sources.
Iraq has had several extensions to the waiver first granted last year after Washington reimposed sanctions on Tehran’s oil sector forbidding countries from purchasing Iranian energy.
“An additional 120-day waiver was granted to allow Iraq to continue to pay for electricity imports from Iran,” the U.S. State Department said in an emailed statement.
#Saudi seeks oil supply protection as U.S and Iran face off - Reuters
Saudi seeks oil supply protection as U.S and Iran face off - Reuters:
Saudi Arabia called for swift action to secure Gulf energy supplies, after the United States blamed Iran for attacks on two oil tankers in a vital oil shipping route that have raised fears of broader confrontation in the region.
Thursday’s tanker attacks in the Gulf of Oman exacerbated the antagonistic fallout from similar blasts in May that crippled four vessels. Washington, already embroiled in a standoff with Iran over its nuclear program, has blamed Tehran.
Iran has denied any role in the strikes on the tankers south of the Strait of Hormuz, a major transit route for oil from Saudi Arabia, the world’s biggest crude exporter, and other Gulf producers.
Saudi Arabia called for swift action to secure Gulf energy supplies, after the United States blamed Iran for attacks on two oil tankers in a vital oil shipping route that have raised fears of broader confrontation in the region.
Thursday’s tanker attacks in the Gulf of Oman exacerbated the antagonistic fallout from similar blasts in May that crippled four vessels. Washington, already embroiled in a standoff with Iran over its nuclear program, has blamed Tehran.
Iran has denied any role in the strikes on the tankers south of the Strait of Hormuz, a major transit route for oil from Saudi Arabia, the world’s biggest crude exporter, and other Gulf producers.
G20 energy ministers to collaborate to keep market stability - Reuters
G20 energy ministers to collaborate to keep market stability - Reuters:
Energy ministers from the Group of 20 major economies have shared concerns over attacks on tankers in the Gulf and will collaborate to maintain stability in the oil market, Japan’s Industry Minister Hiroshige Seko said on Saturday.
Two tankers, one operated by a Japanese shipping company, were attacked on Thursday. The United States blamed Iran for the attacks, raising concerns about a confrontation and driving up oil prices.
“The most important thing was that we have shared an understanding among energy ministers that we need to work together to deal with the recent incidents from energy security point of view,” Seko told reporters at a meeting of G20 energy and environment ministers being held this weekend in Karuizawa.
Energy ministers from the Group of 20 major economies have shared concerns over attacks on tankers in the Gulf and will collaborate to maintain stability in the oil market, Japan’s Industry Minister Hiroshige Seko said on Saturday.
Two tankers, one operated by a Japanese shipping company, were attacked on Thursday. The United States blamed Iran for the attacks, raising concerns about a confrontation and driving up oil prices.
“The most important thing was that we have shared an understanding among energy ministers that we need to work together to deal with the recent incidents from energy security point of view,” Seko told reporters at a meeting of G20 energy and environment ministers being held this weekend in Karuizawa.
#Saudi energy minister says hopes to balance oil market before next year | ZAWYA MENA Edition
Saudi energy minister says hopes to balance oil market before next year | ZAWYA MENA Edition:
Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year.
"We hope that we will balance the market before next year. We are working on it," Falih told reporters on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, Japan, when asked about the current oil market situation.
Falih said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) was close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.
Saudi Energy Minister Khalid al-Falih said on Saturday that he hopes oil producers will be able to balance the oil market before next year.
"We hope that we will balance the market before next year. We are working on it," Falih told reporters on the sidelines of a meeting of G20 energy and environment ministers in Karuizawa, Japan, when asked about the current oil market situation.
Falih said earlier this month that the Organization of the Petroleum Exporting Countries (OPEC) was close to agreeing to extend a pact on cutting oil supplies beyond June, although more talks were still needed with non-OPEC countries that were part of the production deal.
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