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Commodity Fund Hires Former Tudor, Ospraie, Tigris Managers

Posted on 22 March 2016 by VRS  |  Email |Print

Argon Capital Management appointed former executives of Tudor Investment, Ospraie Management and Tigris Financial to head the commodities fund’s energy, metals and macro strategies.
The New York-based firm hired Jeffrey Halpern as chief risk officer, co-founder Marcos Bueno said Monday. Halpern, who performed a similar role at Credit Suisse and Moore Capital, will work with newly appointed senior portfolio managers and partners John Curran, Andrew Suckling and Pasha Bahadori………………………………………..Full Article: Source

Demand Shows More Pain Ahead for Commodities (Video)

Posted on 16 March 2016 by VRS  |  Email |Print

Paras Anand, head of European equities at Fidelity, discusses the impact of currency and demand on commodities producers and where he sees opportunities in the sector. He speaks on “Bloomberg Surveillance.”.………………………………………Full Article: Source

Jim Cramer: This Commodities Rally Has Legs

Posted on 10 March 2016 by VRS  |  Email |Print

The commodities rally that began several weeks ago is the real deal, TheStreet’s Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC’s “Stop Trading.”
“You may think that it’s just a short-covering rally, but it’s actual money being put on the line,” he said. As proof he pointed to the Baltic Dry Index, which shows the commodities rally really took off around Feb. 24. The index includes 23 shipping routes and covers different carriers carrying a range of commodities including coal, grain and iron ore………………………………………..Full Article: Source

Gold could hit US$8,000 as bull market returns: Pierre Lassonde

Posted on 09 March 2016 by VRS  |  Email |Print

Legendary gold investor Pierre Lassonde says gold prices are heading higher, much higher. “The five-year bear market for gold is over and we are at the beginning of a new bull market,” he told BNN.
During strong gold bull markets, the price of gold often hits a one-to-one ratio with the Dow Jones industrial average, says the chairman of Franco-Nevada Mining and former president of Newmont Mining. That means gold could surge to US$8,000 an ounce or even higher, he says………………………………………..Full Article: Source

Who’d you thank for surging gold price? Thank Donald Trump

Posted on 03 March 2016 by VRS  |  Email |Print

Gold was enjoying another solid day of trading on Thursday jumping to a day high of $1,245 an ounce and bringing its gains for the year to 17%. Following three down years, many factors have been driving gold’s resurgence in 2016:
Geopolitical turmoil – spreading from the Middle-East into Europe and beyond – burnishing gold’s safe haven status. Doubts about the health of the global economy and financial system and the longer-term impact of the slump in oil prices forcing investors to look for insurance policies……………………………………….Full Article: Source

Commodity markets have hit bottom

Posted on 02 March 2016 by VRS  |  Email |Print

Glencore PLC’s Chief Executive Ivan Glasenberg Tuesday said he thinks commodity markets have hit the bottom and that cuts in spending by the world’s biggest mining companies will have a positive impact on prices in the future. Reduced spending “is going to tighten up supply and you’re not going to get new excess supply coming on the market,” Glasenberg said on a conference call.
He said the company’s sales to China and around the world “at the moment is pretty good.We continue to see good orders into China.” Regarding copper, one of Glencore’s most important commodities, Glasenberg said global inventories have dwindled, indicating a potential shortening in supply. “Our [copper] sales into China is still pretty strong,” he said………………………………………..Full Article: Source

Buhari to OPEC: Oil price crash unacceptable

Posted on 29 February 2016 by VRS  |  Email |Print

President Muhammadu Buhari in Doha, Qatar, told member states of Organisation of Petroleum Exporting Countries, OPEC, and non-OPEC members that the continued crashing of oil prices was no longer acceptable.
He, as a matter of of urgency, called on all other stakeholders in the sector, especially the oil producing nations to articulate ways of rising up to the challenges as the development had seriously affected the economy of many nations………………………………………..Full Article: Source

OPEC veteran Attiyah urges output cut, frets about glut

Posted on 25 February 2016 by VRS  |  Email |Print

OPEC and non-OPEC producers should cut production to balance the global oil market before a supply glut becomes unmanageable “like a cancer”, Qatar’s former oil minister Abdullah al-Attiyah said.
Attiyah, influential in OPEC as Qatar’s energy minister from 1992 to 2011, said a deal announced in Doha last week by Saudi Arabia and Russia to freeze production at January levels was not enough to balance the market as an oversupply continues to grow………………………………………..Full Article: Source

Oil Prices Drop on Saudi Oil Minister’s Comments

Posted on 24 February 2016 by VRS  |  Email |Print

U. S. oil prices slid Tuesday as Saudi Arabian Oil Minister Ali al-Naimi said that production cuts aren’t forthcoming. An earlier comment by Iran’s oil minister rejecting the suggestion that it would freeze production also weighed on prices.
The global crude market has been oversupplied for more than a year and a half, sending prices plunging to 12-year lows earlier in February. In the U.S., crude stockpiles stand at the highest level in more than 80 years………………………………………..Full Article: Source

El-Badri: OPEC willing to work with non-OPEC producers

Posted on 23 February 2016 by VRS  |  Email |Print

Both OPEC and non-cartel countries are willing to cooperate in order to find a solution to plunging oil prices, OPEC secretary general Abdalla Salem El-Badri said Monday. At the annual IHS CERAWeek conference in Houston, El-Badri also said the current oil cycle is facing a supply problem that could last for years unless a solution is found.
Despite a more than 6 percent surge in spot prices on Monday, oversupply has dragged down crude by nearly 50 percent over the last year, and U.S. crude has dropped nearly 20 percent this year. The OPEC official said that inventory overhang is a problem, and took a shot at the U.S. for continuing to both import and store so much oil………………………………………..Full Article: Source

Putin’s Reward for Doing a Deal With OPEC Overshadowed by Risks

Posted on 16 February 2016 by VRS  |  Email |Print

Neither a recession nor a collapse in revenue has yet been enough to convince Russian President Vladimir Putin that it’s time to join with OPEC in cutting oil output to boost prices. His reasons may be pragmatic rather than political.
As Russia’s oil minister meets his Saudi Arabian counterpart in Doha on Tuesday, the world’s second-largest crude producer faces numerous obstacles in cooperating on such a deal even if Putin decides it’s in the national interest. Reducing the flow of crude might damage Russia’s fields and pipelines, require expensive new storage tanks or simply take too long………………………………………..Full Article: Source

UAE Minister of Energy expects oil market supply to ‘stabilise’ as Brent surges 11 per cent

Posted on 15 February 2016 by VRS  |  Email |Print

UAE Minister of Energy Suhail Al Mazrouei said he expects supply levels on world markets to “stabilise”, easing pressure on crumbling prices. “The market will oblige all (producers) not to reduce but to stabilise their output levels,” Al Mazrouei told Sky News Arabia.
He expected world demand for crude to rise this year by 1.3 million barrels per day (bpd) and also said it was “possible” that supplies from non-Opec producers fall by 500,000 bpd. Producers could fall short of the 1.8 million bpd gap because “several countries have suspended investments” needed to boost output capacity, he said………………………………………..Full Article: Source

Tullow Oil chief: Crude oil price to jump to $65

Posted on 12 February 2016 by VRS  |  Email |Print

Oil prices should recover in the second half of this year and end 2016 at between $60 and $65 per barrel, Tullow Oil chief Aidan Heavey has said. Heavey, but said the second half of this year should see signs of recovery both for Tullow and the broader industry.
He added that a more gradual rise from $60/$65 per barrel could be seen in 2017 — came a day after prices saw their third biggest daily fall in eight years and a month after they hit 12-year lows of around $28 per barrel. Yesterday they were hovering around the $30 mark………………………………………..Full Article: Source

Commodities: What Comes Next to Move Markets? (Video)

Posted on 10 February 2016 by VRS  |  Email |Print

Eric Lee, commodities strategy research analyst at Citigroup, discusses shocks that could affect the oil market, central banks’ influence on commodities, and the likelihood of a coordinated cut in oil production. He speaks on “Bloomberg Surveillance.”.………………………………………Full Article: Source

Saudi, Venezuela Oil Ministers Hold ‘Successful’ Talks on Market

Posted on 08 February 2016 by VRS  |  Email |Print

Saudi Arabian Oil Minister Ali al-Naimi said he held “successful” talks with his Venezuelan counterpart about ways of cooperating to stabilize the crude market, without saying what steps producers should take to shore up prices.
The two ministers, who met on Sunday in Riyadh, discussed Venezuelan Oil Minister Eulogio Del Pino’s recent discussions with other crude producers and the results of those meetings that seek cooperation among suppliers to bring stability to the market, the Saudi ministry said in an e-mailed statement. Venezuela and Saudi Arabia, the biggest exporter, are both members of OPEC, which supplies about 40 percent of the world’s oil………………………………………..Full Article: Source

Commodities Recovery Seen in 2017, Says Billionaire Agarwal

Posted on 25 January 2016 by VRS  |  Email |Print

The billionaire chairman of Vedanta Resources Plc, India’s biggest metals producer, says commodities markets will recover next year after a spell of consolidation in 2016. “This year will be a settling-down time, in 2017 you’ll see things will be different,” Anil Agarwal told Bloomberg TV’s Francine Lacqua and Jonathan Ferro in Davos. “Zinc will recover the fastest and aluminium will be next.”
The firm he founded is the country’s biggest producer of zinc, copper and aluminum, all of which have been battered as China’s appetite for raw materials slowed………………………………………..Full Article: Source

Opec emergency meeting ‘may hurt market’

Posted on 25 January 2016 by VRS  |  Email |Print

Iran’s oil minister said on Friday any emergency meeting of the Organization of Petroleum Exporting Countries (Opec) would hurt the crude oil market if it made no decision to shore up falling prices.
Venezuela has been calling for an emergency meeting to discuss steps to prop up prices, which are at their lowest since 2003. But Iran and Gulf members of the Opec have been rebuffing Venezuela’s push for a special meeting………………………………………..Full Article: Source

Oil price: fall to $10 a barrel ‘not impossible’, admits BP boss

Posted on 22 January 2016 by VRS  |  Email |Print

Independent analysts predicting the oil price could fall to painful lows is one thing, but when an oil major admits an ultra-bearish forecast is likely, people sit up and take notice. zzzzthe boss of BP, Bob Dudley, told the BBC’s Kamal Ahmed it was “not impossible” the price of oil could fall to $10 a barrel - a forecast made earlier this month by emerging-markets lender Standard Chartered.
In fact, he has predicted “a price $30 to $40 by the middle of the year” and eventually “towards the end of the year, it could be into the $50s”………………………………………..Full Article: Source

Australia not ditching commodities: FinMin

Posted on 21 January 2016 by VRS  |  Email |Print

Despite the sharp plunge in commodity prices around the world, Australia’s finance minister told CNBC that the economy was not ready to give up on a key pillar of the country’s economic model – resources – altogether. “The Australian economy is clearly an economy in transition from resource investment-driven growth to broader drivers of growth,” Mathias Cormann told CNBC on Wednesday.
“(But) we’re not diversifying away from resources. Part of the reason the economy continues to grow strongly is that our export volumes in terms of resources have actually increased very strongly and that is on the back of significant resource investment in recent years,” he said………………………………………..Full Article: Source

Oil Market Could Recover Within One Year Of Global Economic Growth

Posted on 20 January 2016 by VRS  |  Email |Print

Bahrain’s Energy Minister Abdulhussain Ali Mirza said that at the moment, oil supply exceeds demand by about 2 million barrels due to stagnation in the Chinese and other economies. The global oil market could recover within a year of the world economy returning to growth, Bahrain’s Energy Minister Abdulhussain Ali Mirza said.
“In a year, for example, the economy can return to growth and thus the situation in the oil market will be balanced,” he said………………………………………..Full Article: Source

Compass CEO Andrew Su says risk of Arab Spring may force Saudi Arabia, OPEC to cut oil output

Posted on 20 January 2016 by VRS  |  Email |Print

Holding on to around 30-million-barrel-a-day production ceiling could land OPEC’s powerbroker with its own Arab Spring, one industry expert has warned. The prolonged slump in oil prices has eaten away the huge cash pile of Saudi Arabia, forcing the oil giant to introduce austerity measures such as cuts to subsidies it offers its citizens that can potentially fuel social unrest.
Andrew Su, chief executive of Australian brokerage Compass Global Markets, told CNBC, “When the Saudis and OPEC moved to push prices lower last year, they were trying to keep pressure on Russia and the US shale producers. That has happened.”……………………………………….Full Article: Source

Oil market will take time to stabilize, says Al-Naimi

Posted on 19 January 2016 by VRS  |  Email |Print

S. Arabian Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Sunday it would take “some time” to restore stability to the global oil market in the midst of a glut, but he remained optimistic about the future.
Al-Naimi’s comments come at a time when OPEC member Iran is preparing to raise oil exports after international sanctions were lifted on Saturday. Brent plunged to $28.94 a barrel on Friday, its lowest in 12 years, on the prospect of additional Iranian barrels………………………………………..Full Article: Source

Saudi minister optimistic oil market will stabilize

Posted on 18 January 2016 by VRS  |  Email |Print

Saudi Oil Minister Ali Al-Naimi said on Sunday that it would take “some time” to restore stability to the global oil market but he remained optimistic about the future. Al-Naimi’s comments came even as Iran said it was ready to increase its crude oil exports by 500,000 barrels a day, hours after international sanctions on Tehran were lifted, removing an obstacle to exports.
“As you know, the oil market has witnessed over its long history, periods of instability, severe price fluctuations, and petro-economic cycles,” Al-Naimi said in a speech at an energy event in Riyadh attended by the Mexican president and energy minister………………………………………..Full Article: Source

Statoil CEO says expects oil price to rise over time

Posted on 08 January 2016 by VRS  |  Email |Print

The price of crude oil is likely to rise over time despite the recent fall to levels last seen in 2004, Statoil Chief Executive Eldar Saetre told Reuters on Thursday. “It’s difficult to predict how the price will develop in the short term. There will probably be volatility and big swings. We firmly believe prices will rise because there is little new production capacity entering the market,” he said.
“I also believe that the longer it takes before the oil price rises, the more powerful that increase will become.”……………………………………….Full Article: Source

Restructuring Activity to Be Boosted By Flagging Commodities in 2016

Posted on 07 January 2016 by VRS  |  Email |Print

China’s economic slowdown led the U.S. markets to drop already in the new year, but it could mean a boon to the number of restructurings and corporate bankruptcies. Restructuring professionals believe the majority of their work will be led by commodities-related companies as demand falls and prices across sectors continue to dip, namely in the oil patch, according to turnaround-advisory firm AlixPartners’ annual restructuring survey.
Nearly 90% of the 185 lawyers, bankers, investors and others surveyed expect the energy and resources industry to be the most distressed. About 40% expect energy companies to restructure through chapter 11, while 31% expect them to try to work out their problems out of bankruptcy court………………………………………..Full Article: Source

Oil prices to stay low for two years: BP Chief

Posted on 04 January 2016 by VRS  |  Email |Print

Struggling oil producers could suffer even more pain in 2016 with further plunges in already record-low prices, BP Chief Executive Bob Dudley warned Saturday. “A low point could be in the first quarter,” Dudley told BBC radio. Oil prices fell by 34 percent in 2015, battered by prolonged global oversupply and a slowdown in energy-hungry China’s economy.
Dudley predicted that prices could stabilize towards the end of the year, but would remain low for the foreseeable future. “Prices are going to stay lower for longer, we have said it and I think we are in this for a couple of years. For sure, there is a boom-and-bust cycle here,” Dudley said………………………………………..Full Article: Source

OPEC Official Says Low Oil Price Will Not Continue

Posted on 16 December 2015 by VRS  |  Email |Print

Current low oil prices will not continue and will change in a few months or a year, OPEC (Organization of Petroleum Exporting Countries) Secretary-General Abdullah al-Badri said on Tuesday, adding that any decision by the United States to export oil will not have further impact on prices.
Speaking in New Delhi, he also said the oil producers’ cartel was looking for reasonable and fair prices………………………………………..Full Article: Source

Iran oil minister blames OPEC oversupply for low crude prices

Posted on 07 December 2015 by VRS  |  Email |Print

OPEC members that supply too much crude oil to the market are responsible for low prices, Iran’s oil minister said on Sunday, two days after the cartel failed to agree on a production ceiling. The Organization of the Petroleum Exporting Countries (OPEC), which accounts for about a third of world oil output, announced no change in policy at a meeting on Friday, setting the scene for more price wars in an already heavily oversupplied market.
Oil prices have more than halved over the past 18 months to a fraction of what most OPEC members need to balance their budgets. Benchmark Brent and U.S. crude futures fell nearly 2 percent after the meeting………………………………………..Full Article: Source

Vedanta CEO Says Commodities `Still Searching for the Bottom’

Posted on 02 December 2015 by VRS  |  Email |Print

Vedanta Resources Plc Chief Executive Officer Tom Albanese says metals markets are yet to reach a trough as producers battle to stay afloat with slowing Chinese demand and a looming U.S. interest-rate increase that’s curbing the appeal of commodities.
“The markets are still searching for the bottom,” Albanese, CEO of India’s biggest aluminum and copper producer, said in an interview with Bloomberg Television in London on Tuesday. “Supply is going to take some time to work out. It’s going to take some time before we see what actually happens with the Chinese economy. Is it a soft landing or is it something that’s more disruptive?”……………………………………….Full Article: Source

Saudis Will Discuss Then Decide Policy at OPEC Meeting, Says Ali al-Naimi

Posted on 02 December 2015 by VRS  |  Email |Print

Saudi Arabia’s oil minister Ali al-Naimi, under pressure to take action to prop up crude prices at this week’s OPEC meeting, took a conciliatory tone on Tuesday, saying the kingdom would have a discussion about the group’s next step. “We will listen, and then decide,” Naimi said.
Saudi Arabia, the world’s top exporter of crude oil, has led OPEC into its current yearlong policy of pumping up production even as prices have remained stuck below $50 a barrel, a departure from its past practice of lowering output to support robust prices………………………………………..Full Article: Source

Oil price plunge to $30 per barrel unlikely

Posted on 26 November 2015 by VRS  |  Email |Print

Russia’s Finance Ministry considers oil price plunge to $30 per barrel very unlikely, Deputy Minister Maxim Oreshkin said on Wednesday. “We’re facing oil (price) at around $40 per barrel while prices should go down to around $30 per barrel for the current situation to worsen. But this scenario is only likely in case of a sharp slowdown of the global economic growth and a sharp slowdown of the US economy,” Deputy Minister said.
Speaking about capital outflow from the Russian Federation Oreshkin said that it has been substantially decreasing. Thus, at the beginning of the year the Ministry forecasted capital outflow to reach around $70-80 bln though now the forecast stands at $60-65 bln………………………………………..Full Article: Source

Iran oil minister doubts OPEC will act on market

Posted on 24 November 2015 by VRS  |  Email |Print

Iran’s Oil Minister Bijan Zanganeh said on Monday he doubted there was sufficient will in all of OPEC for the group to act to support oil prices at its Dec.4 meeting. When asked for his reaction to a statement from Saudi Arabia reiterating its continued openess to work with producers outside OPEC, the minister said: “I don’t believe there is strong intention from some parts of OPEC to stabilise the market.”
“It’s OPEC’s mission to stabilise the market for the benefit of all its members,” he added. “If (that) is subject to cooperation with non-OPEC producers then it means we are going to do nothing.”……………………………………….Full Article: Source

Jim Rogers on Commodities

Posted on 11 November 2015 by VRS  |  Email |Print

At age 73, Jim Rogers, the international investor who once motorcycled around the world to find opportunities, says he’s slowing down his investment activity a bit. But for Rogers, who fights Father Time with daily two-hour exercise sessions at his Singapore home, this step back is not a concession to age. It’s more about the limited opportunities he sees right now in the many markets he studies, due to his concern that mounting worldwide debt and too much easy money will lead to a global bear market.
Big problems are going to come from the U.S. essentially because it has been the American central bank which has been the most at fault. We’re the ones who started all this money printing and everybody else of course copied us, but it is the first time in recorded history that you’ve had all the major central banks printing staggering amounts of money: Japan, America, Europe, Great Britain, we’re all doing it………………………………………..Full Article: Source

Gulf Oil Ministers Say IMF is Wrong About Oil Price Impact on Account Balances

Posted on 10 November 2015 by VRS  |  Email |Print

Oil ministers in Saudi Arabia and the United Arab Emirates (UAE) on Monday rebuffed concerns from the International Monetary Fund that the global slump in oil prices will have a “deteriorating” effect on Middle East countries’ current account balances.
The price of crude oil has slumped from a high of $114 a barrel last June to currently trade just below the $50-mark but oil ministers in the Middle East, where many major oil producers are located, appear sanguine about the decline. On Monday, Saudi’s vice oil minister said long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike……………………………………….Full Article: Source

UAE energy minister predicts oil price rebound

Posted on 10 November 2015 by VRS  |  Email |Print

The top oil minister in one of the world’s leading energy-producing nations predicted Monday that oil prices will rise next year — and his nation is going to pump more. Energy Minister Suhail Mohamed al-Mazrouei of the United Arab Emirates told an energy conference in Abu Dhabi that the UAE plans to raise production in coming years, the Associated Press reports. It will head for a target of 3.5 million barrels a day, up from what the U.S. Energy Information Administration says currently is 2.9 million barrels.
He says the drop in oil prices is almost over and that they will start rising. By how much, though, he says he doesn’t know. “Don’t ask me how big. The market will decide that,” he was quoted by the AP as having said……………………………………….Full Article: Source

OPEC chief El-Badri sees balanced oil market in 2016

Posted on 10 November 2015 by VRS  |  Email |Print

Global demand for crude will bring more balance to the oil market as soon as next year, according to OPEC Secretary General Abdalla El-Badri and Pulitzer Prize- winning author and energy consultant Daniel Yergin.
Demand will rise by about 17 million barrels a day to almost 110 million barrels a day by 2040, with 70 per cent of the growth to come from Asia, the head of the Organisation of Petroleum Exporting Countries said at an event in Doha. The oil market will rebalance in 2016 or 2017, as demand grows between 1.2 million barrels a day and 1.5 million barrels a day through 2020, Yergin, vice chairman of consultants IHS, said in a speech in Abu Dhabi……………………………………….Full Article: Source

OPEC ready to make needed investments to respond to future needs: secretary general

Posted on 09 November 2015 by VRS  |  Email |Print

OPEC Secretary General Abdullah al-Badri said that despite uncertainties, OPEC members were ready to make the necessary investments to respond to the world’s future energy needs. Badri also said that a wave of project cancellations and deferrals in the industry was a “clear demonstration that wide price fluctuations have a detrimental effect on investments and can sow the seeds of future instability”, in a statement on the International Energy Forum’s website.
The secretary general said he saw Asia oil demand rising to almost 46 million barrels per day by 2040, an increase of nearly 16 million barrels per day from 2015………………………………………..Full Article: Source

Oil Guru Who Called 2014 Rout Sees OPEC Production on Hold

Posted on 03 November 2015 by VRS  |  Email |Print

OPEC will probably hold production steady at its meeting next month as the gap between supply and demand for oil closes, according to the analyst who correctly predicted last year’s rout in prices.
“I don’t think they have to do anything,” Gary Ross, founder and chairman of PIRA Energy Group, said in an interview in Singapore on Monday, referring to the Organization of Petroleum Exporting Countries. Global consumption of crude will continue to grow while output from non-OPEC countries will decline next year, helping to bring the market toward equilibrium, he said………………………………………..Full Article: Source

Oil prices could take until 2018 to recover: Statoil CFO

Posted on 03 November 2015 by VRS  |  Email |Print

Statoil is still “investing a lot” in the sector, according to the Norwegian oil giant’s chief financial officer, but it is planning for oil to stay around $50 a barrel until 2018. “We think that 2018 might be the year when we see a rebound (in oil prices) and that is taken into account in our planning assumptions,” Hans Jakob Hegge, chief financial officer of Statoil, told CNBC Europe’s “Squawk Box” Monday.
“In February this year we had the capital markets update and we looked at (assumptions of) $60, $70 and $80 (per barrel) for the years 2016, 2017 and 2018 and now some peers are talking about looking at (assumptions of) $50 a barrel so we’ll do another update in the new year.”……………………………………….Full Article: Source

Oil at $50 Is ‘Gift to World’ as Abu Dhabi Sees Higher Prices

Posted on 26 October 2015 by VRS  |  Email |Print

Oil at $50 a barrel is a “gift to the world” as prices should be low enough to spur economic growth, according to the head of Abu Dhabi’s Department of Economic Development.
Prices will probably be at $60 next year, after hitting bottom at $45, Ali Al Mansoori, the department’s chairman, said in an interview Sunday in the capital of the United Arab Emirates, the fourth-largest oil producer in the Organization of Petroleum Exporting Countries. Brent crude has dropped 16 percent this year, closing Friday at $47.99, amid a global oversupply………………………………………..Full Article: Source

UAE Economy minister sees $80 per barrel as ideal oil price

Posted on 26 October 2015 by VRS  |  Email |Print

The UAE sees oil price of $80 (Dh294) per barrel as an ideal price as the world economy picks up and moves into the next phase, the UAE Economy Minister Sultan Bin Saeed Al Mansouri told reporters in Abu Dhabi on Sunday.
“There is a forecast that oil price is going to increase. My colleague, the minister of energy, has indicated several times that they look at $80 as an ideal price for oil as we go on in the next phase,” said Al Mansouri, addressing a press conference to mark the beginning of the Global Agenda Summit. He said, the world economy is expected to pick up in the second half of 2016………………………………………..Full Article: Source

Saudi’s Naimi says sees oil demand improving

Posted on 16 October 2015 by VRS  |  Email |Print

Saudi Oil Minister Ali al-Naimi said on Thursday he saw signs of global oil demand improving despite the economic slowdown in China and that the market’s supply/demand balance would shortly move more into line.
Oil prices have almost halved in the past year because of excess supply, although analysts see signs that OPEC’s strategy of allowing prices to fall to put a squeeze on growth in high-cost production areas is having some impact. Oil prices fell more than 1 percent on Thursday, down for the fourth day as the U.S. government reported a larger-than-expected crude stockpile build………………………………………..Full Article: Source

Qatar sees oil price recovery in 2016

Posted on 12 October 2015 by VRS  |  Email |Print

Qatar’s oil minister said on Sunday (Oct 11) he saw signs of an oil price rise in 2016 because of a recovery in the global economy and growth in demand. In a statement, Energy Minister Mohammed bin Saleh al-Sada - who is also acting president of OPEC, the Organisation of the Petroleum Exporting Countries - said the oil price has “bottomed out” and he sees signs of recovery next year.
He said world GDP growth in 2016 is slated to be 3.4 per cent as against an expected 3.1 per cent in 2015, and that this would result in an increase in global oil demand by 1.3 to 1.5 million barrels per day (bpd). Growth in supplies from non-OPEC producers over the past five years has substantially reduced in 2015 and is likely to show zero to negative growth in 2016, the statement said………………………………………..Full Article: Source

OPEC chief says global oil market more balanced in 2016

Posted on 12 October 2015 by VRS  |  Email |Print

Secretary general of the Organization of the Petroleum Exporting Countries (OPEC) says the global oil market will be “more balanced” next year as non-OPEC oil output has started to contract and global demand is increasing. Addressing an oil and gas conference in Kuwait City on Sunday, Abdullah el-Badri said, “OPEC is confident that it will see a more balanced market in 2016.”
“In recent months, there has been a contraction in production from non-OPEC producers and an increase in global demand,” he added. Badri, however, admitted that the “market remains oversupplied,” and insisted that stability is paramount to the crude market, which faces “extremely challenging times,” AFP reported………………………………………..Full Article: Source

Kuwaiti oil minister rejects proposal for OPEC to meet with nonmember countries

Posted on 29 September 2015 by VRS  |  Email |Print

Kuwait’s oil minister is rejecting the idea of a meeting between OPEC members and nonmember states as requested by financially struggling Venezuela. Oil Minister Ali al-Omair made the comments Monday in remarks carried by the official Kuwait News Agency. Al-Omair says since nonmember nations have no obligation to drop their production, an OPEC meeting with them wouldn’t make any sense.
He says that “even after OPEC states commit to decreasing production, other states increase their production. This makes us lose market share and opportunities that are hard to compensate.”……………………………………….Full Article: Source

Commodity prices likely to ’stabilise’ soon, says top analyst

Posted on 24 September 2015 by VRS  |  Email |Print

The stark fall in oil and commodity prices in recent times has caused the stock market to sink into a ‘tailspin’ of uncertainty, but a stabilisation of the price of many commodities, and consequently of stock markets as a whole, may be imminent according to Brenda Kelly, lead analyst at London Capital Group.
She remarked, ‘The selloff in commodities has been extreme and in many respects exacerbated by a rising US dollar as well as the general concerns over global growth. It’s a well-known fact that China has been attempting to focus more on its domestic sector rather than manufacturing and exports and thus the PMI outlook for that particular sector would be expected to contract. ……………………………………….Full Article: Source

Saudi king, Venezuela president discuss oil price recovery, OPEC

Posted on 21 September 2015 by VRS  |  Email |Print

Venezuelan President Nicolas Maduro and Saudi King Salman have spoken on the phone and discussed OPEC, according to the South American country’s government, which is pushing for action to boost low oil prices that have battered its economy.
“Both heads of state agreed to deploy joint efforts to recover the stability of the oil market and strengthen OPEC,” Foreign Minister Delcy Rodriguez said on Twitter on Saturday evening. There were no immediate further details………………………………………..Full Article: Source

Why Vladimir Putin Won’t Be Helping OPEC to Cut Oil Production

Posted on 11 September 2015 by VRS  |  Email |Print

Few things have more potential to spook the oil market than the prospect of Russia joining forces with OPEC. Speculation that such a move was afoot last month drove crude to its biggest three-day gain in 25 years. Despite the market buzz, there are sound economic and technical reasons why this is unlikely to happen.
“Russia and OPEC have talked about cooperation in cutting production many times in the past, but the results of that were always dismal and disappointing,” said Nordine Ait-Laoussine, president of Geneva-based consultant Nalcosa and former energy minister of Algeria………………………………………..Full Article: Source

Dr Doom: there’s no safe asset in the world but…

Posted on 08 September 2015 by VRS  |  Email |Print

Marc Faber believes there is no safe asset class at the moment, although he thinks the mining sector now looks interesting. ‘I think that because of modern central banking and repeated monetary policy interventions there is no safe asset anymore,’ the author of the Gloom, Boom & Doom report told Bloomberg.
‘When I grew up in the 1950s it was safe to put your money in the bank on deposit, the yields were low but it was safe. [But] nowadays you don’t know what will happen next in terms of purchasing power of money, but what we do know is it’s going down.’ However, following the huge sell off in commodities, Faber believes there is in opportunity in the mining sector………………………………………..Full Article: Source

Gulf oil ministers to meet on Thursday amid price slide

Posted on 08 September 2015 by VRS  |  Email |Print

Gulf oil ministers are due to meet this week in Qatar for an annual meeting, in the first gathering by the heavyweight crude producers since the latest slide in oil prices. But while the price drop is not on the agenda for the scheduled meeting of the six-nation Gulf Cooperation Council (GCC) - Saudi Arabia, United Arab Emirates, Kuwait, Qatar, Bahrain and Oman, it will be a chance for oil ministers to air views on the market.
Comments by Saudi Arabia Oil Minister Ali al-Naimi, in particular, will be closely scrutinised. The oil minister of the world’s top crude exporter has made no public comment on prices since June 18, when the oil price was above $63 and he said he was optimistic about the market in coming months………………………………………..Full Article: Source

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