Updated 57 min 31 sec ago
March 25, 2021 10:24
DUBAI: Abu Dhabi National Oil Company (ADNOC) has deepened crude oil supply cuts to Asian customers in June to 15 percent from 5 percent in May, several sources with knowledge of the matter said on Thursday.
The supply reduction will apply to the four grades of crude that ADNOC sells to Asia, namely Murban, Das, Umm Lulu and Upper Zakum, they said.
The cuts are part of theUAE obligation under a pact between the Organization of the Petroleum Exporting Countries and their allies, known as OPEC+, to reduce output and balance global oil markets.
ADNOC’s June allocation comes ahead of the next OPEC+ meeting scheduled on April 1, where producers will decide on May supplies.
Tuesday, 29 December, 2020 - 05:30
Egyptian workers harvest wheat in the village of Shamma in the Egyptian Nile Delta province of al-Minufiyah. (AFP) Asharq Al-Awsat Egypt, the world’s largest wheat buyer, expects prices to stabilize in the coming months after recent highs driven by uncertainty during the coronavirus pandemic and recent protective measures such as the Russian export quota.
The North African country is one of the main buyers of Russian grain and has looked to bolster its strategic reserves of wheat, which the supply ministry said on Sunday were sufficient to cover five and a half months of consumption.
“We’ve seen highs over the last three months which, in my opinion, are not caused by what we used to say before, such as weak harvests or climate factors, it’s all coming from uncertainty,” Egyptian Supply Minister Ali Moselhy said.
12/16/2020 Corn, soybeans edge higher on S. America weather woes
By Colin Packham
SYDNEY, Dec 17 (Reuters) - U.S. wheat futures rose on
Thursday as Russia, one of the world s largest producers of the
crop, moved to limit exports, while soybeans and corn firmed on
concerns about production in South America.
The most active wheat futures on the Chicago Board of Trade
were up 0.8% at $6.03 bushel by 0352 GMT, after closing
down 0.2% on Wednesday. The market continues to consolidate after the tumult
created by Russia s export tax announcement, said Tobin Gorey,
director of agricultural strategy, Commonwealth Bank of
Australia.
Russian Prime Minister Mikhail Mishustin signed on Tuesday a
12/15/2020
CHICAGO, Dec 15 (Reuters) - Following are U.S. trade
expectations for the opening of grain and soy complex trading at
the Chicago Board of Trade (CBOT) at 8:30 a.m. CST (1430 GMT) on
Tuesday:
WHEAT - Up 2 to 3 cents per bushel Wheat higher on technical buying after Monday s nearly 3%
decline. Top global wheat supplier Russia is expected to be an
aggressive export competitor until a new wheat export tax
announced on Monday goes into effect on Feb. 15. Traders await the results of an international wheat
purchase tender set by Egypt s General Authority for Supply
Commodities (GASC). The lowest offer submitted was $269.10 per
12/15/2020
By Mark Weinraub
CHICAGO, Dec 15 (Reuters) - U.S. wheat futures rose on
Tuesday, recovering from Monday s sharp sell-off on technical
buying and bargain hunting, traders said.
Soybean futures were slightly higher as traders awaited a
key monthly report on U.S. processing while corn eased.
Investors were closely monitoring weather developments in key
production areas of Brazil and Argentina. Uncertainty over the impact of this month s weather will
likely hang over the markets for a few more weeks, StoneX chief
commodities economist Arlan Suderman said in a note to clients. Some crop losses are expected, but the scope of losses is still