Fragile Saudi, Russian oil alliance as differences linger
To balance its budget, Russia aims at a selling price of $42 to $45, while Saudi Arabia, despite lower production costs, is eager to drive prices up to $70 per barrel.
Wednesday 28/04/2021
Saudi Energy Minister, Prince Abdulaziz bin Salman al-Saud attends a joint press conference with Russian Energy Minister Alexander Novak in Riyadh, Saudi Arabia December 19, 2020. (REUTERS)
LONDON Russia and OPEC leader Saudi Arabia have made a fragile oil alliance work during the pandemic, but their marriage of convenience could be undone as a rebounding market dredges up old tensions, analysts said.
The 13 members of the Organisation of the Petroleum Exporting Countries (OPEC) and ten other oil-producers, including Russia, formed the OPEC+ alliance in 2016 as a response to rapidly growing competition from the US as well as falling crude prices.
Losses in gold, iron ore miners limit gains on ASX NZX50 rose 0.2%
April 28 (Reuters) - Australian shares snapped a two-day losing streak to close higher on Wednesday as mild quarterly data showed a paucity of inflation and doused investor concerns over a sooner-than-expected interest rate hike.
The S&P/ASX 200 index rose 0.44% to close trade at 7,064.7 points, with strength in financials and energy stocks pushing the benchmark near a 14-month high.
Australian Bureau of Statistics reported lower-than-expected inflation for the March quarter. The consumer price index rose a modest 0.6% over the first three months of the year, short of the 0.9% consensus forecast.
Kuwait oil minister says crude demand improving -KUNA
Kuwait Oil Minister Mohammad Abdulatif al-Fares said on Tuesday global demand for crude oil “improved noticeably” as a result of COVID-19 vaccine rollouts and economic stimulus in major economies, the state-run Kuwait News Agency reported.
Al-Fares spoke ahead of a virtual meeting of the Organisation of the Petroleum Exporting Countries and its allies, known collectively as OPEC+, the agency said.
“OPEC’s policy is to deal carefully with the latest market developments,” he said.
Source: Reuters (Reporting by Maher Chmaytelli; editing by Jason Neely)
2021-04-28
Oil Futures Gain Ahead of Inventory Data, Fed Call on Rates dtnpf.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dtnpf.com Daily Mail and Mail on Sunday newspapers.
Domestic Oil Inventories Increase as Imports Rise; OPEC-Plus Sticks With Production Bump
U.S. oil stocks increased for a second consecutive week, albeit modestly, despite a bump in demand alongside a recovery in economic activity and ongoing coronavirus vaccine rollouts.
In its Weekly Petroleum Status Report (WPSR), the U.S. Energy Information Administration (EIA) said Wednesday that crude inventories for the week ended April 23 excluding those in the Strategic Petroleum Reserve rose by 100,000 bbl week/week. At 493.1 million bbl, U.S. stocks were on par with the five-year average.
The agency reported overall demand increased nearly 9% week/week. Gasoline consumption declined, though the previous week marked the highest total of 2021. Analysts said demand for motor fuels ebbs and flows from one week to the next, but overall, it is recovering notably this year. Demand for other oil-derived fuels increased last week, according to EIA.