Tag: “Commodity”

The oil market faces a “super glut” next year as a burst of new supply collides with weakness in the global economy, one of the world’s biggest commodity traders has warned.

Activist hedge fund Elliott Management has built a large stake in Barrick Mining, according to people familiar with the matter, after the world’s second-largest gold producer struggled to capitalise on a blistering bullion rally.

Russia’s Black Sea port of Novorossiysk temporarily suspended oil exports, equivalent to 2.2 million barrels per day, or 2% of global supply, on Friday, according to industry sources, after what local authorities said was a Ukrainian drone attack.

The global oil market faces an even bigger surplus next year of as much as 4.09 million barrels per day as OPEC+ producers and rivals lift output and demand growth slows, the International Energy Agency said on Thursday.

Oil prices were little changed despite news that OPEC+ plans to end its supply increases, with the market weighed down by fears of an oil supply glut and weak factory data in Asia.

Iraq’s total oil exports stand at 3.6 million barrels per day, Oil Minister Hayan Abdel-Ghani said on Monday, adding that a fire at Iraq’s Zubair oilfield on Sunday did not impact shipments.

The world oil market faces an even bigger surplus next year of as much as 4 million barrels per day as OPEC+ producers and rivals lift output and demand remains sluggish, the International Energy Agency predicted on Tuesday.

The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.

The European Union’s decision to hike steel tariffs and sharply cut import quotas has provoked widespread concern in the U.K., as well as rumblings of discontent among carmakers on the continent.

China is building oil reserve sites at a rapid clip as part of a campaign to boost crude stockpiles that increased in urgency after Russia’s Ukraine invasion upended global energy flows and has accelerated this year, according to public data, traders and industry experts.

Oil prices rose more than 1% on Monday after OPEC+’s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.

OPEC+ will likely approve another oil production increase of at least 137,000 barrels per day at its meeting next Sunday, as rising oil prices encourage the group to try to further regain market share, three sources familiar with the talks said.

Switzerland is proposing that its gold industry builds a refinery in the United States or increases its processing capacity there as part of a plan to reduce U.S. trade tariffs, according to two people familiar with the matter.

OPEC+ will consider further raising oil production at a meeting on Sunday, two sources familiar with the discussions said, as the group seeks to regain market share.

Russian oil exports to India are set to rise in September, traders said, as producers cut prices to sell more crude because they cannot process as much in refineries that were damaged by Ukrainian drone attacks on energy infrastructure.

The price of gold fell by the most in three months as investors bet that a tariff on bullion entering the U.S. was less likely, and haven demand for the metal waned on hopes for a Ukraine-Russia ceasefire.

U.S. gold futures surged to a record on Friday after a report that Washington has imposed tariffs on imports of 1-kg bullion bars, widening the spread between New York futures and spot prices.

Oil prices fell Monday after a group of top producers announced plans to further increase production in September, while concerns over a cooling U.S. economy and trade tariffs also weighed.

Oil prices rose on Monday to their highest level in three weeks, as investors eyed further U.S. sanctions on Russia that may affect global supplies, while more oil imports by China also offered support along with signs of tighter supply.

OPEC cut its global oil demand forecasts for the next four years on Thursday as Chinese growth slows, even as it lifted its longer-term view, based on rising consumption in the developing world, and said there was no sign oil use had reached its peak.