01252017Wed
Last update: Wed, 25 Jan 2017 04am

Europe

Markets - Energy - Europe

Saudi hits new oil output record in Nov amid OPEC cut talk VIENNA: Saudi Arabia boosted its oil production to a new record high in November, amid talks over a global deal to cut production, defying market expectations of lower output on slower summer domestic demand and refinery maintenance.The world's top oil exporter told the Organization of the Petroleum Exporting Countries it pumped 10.72 million barrels per day in November, an OPEC source said, an increase from 10.625 million bpd in October. In July, the kingdom's production was 10.67 million bpd, the previous high. Iraq said its November output at 4.8 million bpd, up from 4.776 million bpd in October, an OPEC source said, as oil exports reached a record high of 4.051 million bpd. Gulf OPEC member Kuwait reported its output at 2.9 million bpd in November, lower than its 3 million bpd in October, while the United Arab Emirates kept its output virtually steady at 3.195 million bpd, according to ...

Markets - Energy - Europe

OPEC to push for non-member oil cuts VIENNA: OPEC will seek Saturday to persuade other oil producers to lower production as part of a newly struck global pact to stem a crude glut and lift painfully low prices.The Vienna meeting, which includes major producer Russia, aims to nail down details on implementing the accord reached late last month.Analysts however remained divided over the gathering's impact as doubts lingered regarding countries' willingness to freeze output."We do not expect the outcome of this meeting ...

Markets - Energy - Europe

Pimco cuts overweight position on emerging market equities LONDON: PIMCO said on Thursday said it had cut its overweight position in emerging market equities on concerns over US trade policy under President-elect Donald Trump. "We've cut our EM overweight down to neutral given the heightened risk of protectionist and anti-trade policies in the US," PIMCO portfolio managers said in a note, adding that the fund remains slightly overweight emerging market debt. The fund also said it had pared its "modest underweight" position on ...

Markets - Energy - Europe

Oil rallies over $50 despite OPEC output cut doubts LONDON: Oil prices recovered above $50 a barrel on Thursday, bouncing back from the week's lows as the dollar weakened against major currencies.The US dollar index fell as Treasury bond yields eased and investors eyed next week's Federal Reserve meeting. A weak dollar makes dollar-denominated oil less expensive for importing countries. "A slightly weaker US dollar is supportive of oil prices," said Michael McCarthy, chief market strategist at CMC Markets. Brent crude was up 50 ...

Markets - Energy - Europe

Oil steadies on doubts output cut will end global glut      LONDON: Oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the market for more than two years.  North Sea Brent crude oil was up 10 cents a barrel at $54.03 by 0950 GMT. US light crude was up 15 cents at $51.08 a barrel.  Oil prices surged as much as 19 percent after the Organization of the Petroleum Exporting Countries ...

Markets - Energy - Europe

Russia MOSCOW: Russian state oil company Rosneft said on Wednesday it had placed 600 billion roubles ($9.42 billion) in domestic bonds.  The company added that there had not been any related-party transactions during the placement. It also said that there had not been any big deals conducted during the placement. Rosneft did not specify what it meant by big deals.  Rosneft opened books for the 600 billion rouble placement for 30 minutes on Monday.    Copyright Reuters, 2016 ...

Markets - Energy - Europe

Med crude-Urals differentials up on good margins and high demand         MOSCOW: Urals differentials climbed further both in the north and south of Europe as good margins, low supply and active buying interest fuelled the market along with news of a Russian-OPEC plan to cut production.  Traders said the sour crude market in Europe was quite tight, especially in the Mediterranean.  "Refining margins are still good despite the rise in the flat price. The news about the production cut made the market more active, buyers think that exports may decrease in January ...