Oil up $1.50/bbl as demand recovery seen tightening supply | Reuters
Oil prices rose about $1.50 a barrel on Thursday, extending gains made in the previous three sessions on expectations of tighter supplies through 2021 as economies recover from the coronavirus crisis.
Brent crude settled at $73.79 a barrel, up $1.56, or 2.2%, while U.S. West Texas Intermediate (WTI) settled at $71.91 a barrel, rising $1.61, or 2.3%.
"The death of demand was greatly exaggerated," said Phil Flynn, senior analyst at Price Futures Group in Chicago. "Demand is not going away, so we're back looking at a very tight market."
Members of the Organization of the Petroleum Exporting Countries and other producers including Russia, collectively known as OPEC+, agreed this week on a deal to boost oil supply by 400,000 barrels per day from August to December to cool prices and meet growing demand.
But as demand was still set to outstrip supply in the second half of the year, Morgan Stanley forecast that global benchmark Brent will trade in the mid to high-$70s per barrel for the remainder of 2021.
Thursday 22 July 2021
#Saudi Aramco Confirms Data Leak After Ransomware Cyber Attack - Bloomberg
Saudi Aramco Confirms Data Leak After Ransomware Cyber Attack - Bloomberg
Saudi Aramco confirmed that some company files were leaked after hackers reportedly demanded a $50 million ransom from the world’s most-valuable oil producer.
“Aramco recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors,” the Middle Eastern oil major said Wednesday in an email. “We confirm that the release of data was not due to a breach of our systems, has no impact on our operations, and the company continues to maintain a robust cybersecurity posture.”
The Associated Press reported earlier that 1 terabyte of Saudi Arabian Oil Co. data had been held by an extortionist, citing a web page it had accessed on the darknet. The state-owned driller was offered the chance to have the data deleted for $50 million in cryptocurrency, the AP said.
The global energy industry has seen a ramp up in cyber attacks with Colonial Pipeline becoming the most visible of late. The oil and gas industry, which includes the companies that own wells, pipelines and refineries, has long been a laggard in security spending, according to consultants.
In 2012, Saudi Arabia blamed unidentified people based outside the kingdom for a hack against the oil giant that aimed to disrupt production from the world’s largest exporter of crude. The so-called “spear-phishing” assault destroyed more than 30,000 computers within hours. A spokesman for the Interior Ministry declined at the time to identify any of the “several foreign countries” from which the attack originated.
The Middle East has previously been a magnet for some of the world’s costliest hacks, PricewaterhouseCoopers LLP said in a 2016 report.
Energy companies from electric utilities, to power-grid operators to pipeline operators have warned that cyberattacks are becoming more and more prevalent. The largest U.S. power grid operator, PJM Interconnection LLC, has warned regulators that it’s facing increasing attacks.
Saudi Aramco confirmed that some company files were leaked after hackers reportedly demanded a $50 million ransom from the world’s most-valuable oil producer.
“Aramco recently became aware of the indirect release of a limited amount of company data which was held by third-party contractors,” the Middle Eastern oil major said Wednesday in an email. “We confirm that the release of data was not due to a breach of our systems, has no impact on our operations, and the company continues to maintain a robust cybersecurity posture.”
The Associated Press reported earlier that 1 terabyte of Saudi Arabian Oil Co. data had been held by an extortionist, citing a web page it had accessed on the darknet. The state-owned driller was offered the chance to have the data deleted for $50 million in cryptocurrency, the AP said.
The global energy industry has seen a ramp up in cyber attacks with Colonial Pipeline becoming the most visible of late. The oil and gas industry, which includes the companies that own wells, pipelines and refineries, has long been a laggard in security spending, according to consultants.
In 2012, Saudi Arabia blamed unidentified people based outside the kingdom for a hack against the oil giant that aimed to disrupt production from the world’s largest exporter of crude. The so-called “spear-phishing” assault destroyed more than 30,000 computers within hours. A spokesman for the Interior Ministry declined at the time to identify any of the “several foreign countries” from which the attack originated.
The Middle East has previously been a magnet for some of the world’s costliest hacks, PricewaterhouseCoopers LLP said in a 2016 report.
Energy companies from electric utilities, to power-grid operators to pipeline operators have warned that cyberattacks are becoming more and more prevalent. The largest U.S. power grid operator, PJM Interconnection LLC, has warned regulators that it’s facing increasing attacks.
#UAE News: EY Accused of Actively Concealing NMC Health Audit Fraud - Bloomberg
UAE News: EY Accused of Actively Concealing NMC Health Audit Fraud - Bloomberg
Ernst & Young faces accusations it “actively concealed” a six-year fraud from investors in a fresh lawsuit over its auditing work for the troubled NMC Health.
The hospital operator’s founder, Bavaguthu Raghuram Shetty, said the accounting giant enjoyed a “deep and cozy” relationship with executives at the troubled firm, alleging that the auditors turned a blind eye to thousands of suspicious transactions. Shetty is seeking $7 billion from the lawsuit.
The Indian entrepreneur filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives, and said investors lost more than $10 billion.
“EY’s misconduct was not one of professional negligence, but rather EY actively and intentionally conspired with the defendants to conceal their fraudulent conduct,” Shetty’s lawyer said in the court filings.
The allegations of fictitious invoices and inflated financial health between 2013 and 2019 are the most detailed yet from Shetty, who’s separately fighting claims from creditors following NMC’s collapse in April last year.
The firm was put into administration in April last year by a London court as the depths of the health-care provider’s troubles emerged. Shares of the company plunged at the end of 2019 before falling further amid allegations of fraud.
Lawyers for Shetty declined to comment beyond the suit.
Ernst & Young faces accusations it “actively concealed” a six-year fraud from investors in a fresh lawsuit over its auditing work for the troubled NMC Health.
The hospital operator’s founder, Bavaguthu Raghuram Shetty, said the accounting giant enjoyed a “deep and cozy” relationship with executives at the troubled firm, alleging that the auditors turned a blind eye to thousands of suspicious transactions. Shetty is seeking $7 billion from the lawsuit.
The Indian entrepreneur filed a suit in New York last week, naming Ernst & Young as a co-conspirator in the fraud alongside former executives, and said investors lost more than $10 billion.
“EY’s misconduct was not one of professional negligence, but rather EY actively and intentionally conspired with the defendants to conceal their fraudulent conduct,” Shetty’s lawyer said in the court filings.
The allegations of fictitious invoices and inflated financial health between 2013 and 2019 are the most detailed yet from Shetty, who’s separately fighting claims from creditors following NMC’s collapse in April last year.
The firm was put into administration in April last year by a London court as the depths of the health-care provider’s troubles emerged. Shares of the company plunged at the end of 2019 before falling further amid allegations of fraud.
Lawyers for Shetty declined to comment beyond the suit.
The #Saudi Prince of Oil Prices Vows to Drill ‘Every Last Molecule’ - Bloomberg
Saudi Prince Abdulaziz bin Salman Seeks to Tame Oil Prices, OPEC, Russia - Bloomberg
The Boeing 767 banked over the Red Sea, turning east into Saudi Arabia. A commercial version of the plane can carry about 260 passengers. Inside this one, Saudi Energy Minister Prince Abdulaziz bin Salman and a dozen or so aides were heading home from a tumultuous meeting at OPEC’s headquarters in Vienna the day before.
For most of the journey, the jetliner had followed its expected route over Eastern Europe, the Mediterranean, and Egypt. It was a path that Abdulaziz had flown scores of times. As oil minister since 2019 and a royal understudy before that, he’d attended almost every OPEC meeting over the past 35 years.
But this flight, on March 7, 2020, wasn’t typical. What occurred afterward wasn’t, either.
The decisions Abdulaziz took over the next 24 hours exposed a new Saudi oil policy—bolder, less constrained by Washington, defiant of a growing global consensus on climate change, and more centrally controlled by the royal family, including one of his half-brothers, Crown Prince Mohammed bin Salman.
They also reflected what Abdulaziz sees as his destiny: to ensure that the last barrel of oil on the face of the Earth comes from a Saudi well. As he said in June during a private event organized by Bank of America Corp., according to a person familiar with the meeting, “We are still going to be the last man standing, and every molecule of hydrocarbon will come out.”
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Prince Abdulaziz bin Salman Photographs: Bloomberg (2) |
The Boeing 767 banked over the Red Sea, turning east into Saudi Arabia. A commercial version of the plane can carry about 260 passengers. Inside this one, Saudi Energy Minister Prince Abdulaziz bin Salman and a dozen or so aides were heading home from a tumultuous meeting at OPEC’s headquarters in Vienna the day before.
For most of the journey, the jetliner had followed its expected route over Eastern Europe, the Mediterranean, and Egypt. It was a path that Abdulaziz had flown scores of times. As oil minister since 2019 and a royal understudy before that, he’d attended almost every OPEC meeting over the past 35 years.
But this flight, on March 7, 2020, wasn’t typical. What occurred afterward wasn’t, either.
The decisions Abdulaziz took over the next 24 hours exposed a new Saudi oil policy—bolder, less constrained by Washington, defiant of a growing global consensus on climate change, and more centrally controlled by the royal family, including one of his half-brothers, Crown Prince Mohammed bin Salman.
They also reflected what Abdulaziz sees as his destiny: to ensure that the last barrel of oil on the face of the Earth comes from a Saudi well. As he said in June during a private event organized by Bank of America Corp., according to a person familiar with the meeting, “We are still going to be the last man standing, and every molecule of hydrocarbon will come out.”
Oil prices slip after rise in U.S. crude oil stocks | Reuters
Oil prices slip after rise in U.S. crude oil stocks | Reuters
Oil prices slipped on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end.
Brent crude fell 11 cents, or 0.2%, to $72.12 a barrel at 0644 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 6 cents, or 0.1%, to $70.24 a barrel, after rising 4.6% on Wednesday.
"Volatility in energy remains elevated as traders grapple with short-term demand weakness from Delta variant concerns and expectations the crude deficits will last till the end of the year," said Edward Moya, senior analyst at OANDA.
"Oil will struggle to recoup all of its losses until the trend of new curbs or restrictions starts to ease across Southeast Asia, Australia, and Europe," he said.
Oil prices slipped on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end.
Brent crude fell 11 cents, or 0.2%, to $72.12 a barrel at 0644 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 6 cents, or 0.1%, to $70.24 a barrel, after rising 4.6% on Wednesday.
"Volatility in energy remains elevated as traders grapple with short-term demand weakness from Delta variant concerns and expectations the crude deficits will last till the end of the year," said Edward Moya, senior analyst at OANDA.
"Oil will struggle to recoup all of its losses until the trend of new curbs or restrictions starts to ease across Southeast Asia, Australia, and Europe," he said.