Oil plunges to 10-month low as Saudi Arabia ‘considers increasing Opec+ production’ – Business Live | Jobs
WSJ: Saudi Arabia eyeing OPEC+ production boost
Oil prices have plunged following reports that Saudi Arabia is considering whether the OPEC+ group should increase oil production.
according to wall street journalan increase of up to 500,000 barrels per day is being discussed by Saudi Arabia and other OPEC producers.
Such a move partially cut the 2 million barrel-per-day cuts OPEC and its allies signed in October, pushing Brent crude to a nearly eight-week low.
Cartels ramping up production now could help heal rifts with Biden administration and keep energy flowing
OPEC members are set to meet on Dec. 4, a day before the European Union announced it would impose an embargo on Russian oil, with the seven industrialized nations announcing plans to cap the price of Russian oil sales. .
Here is the full text:
brent crude oil is now down about 4% to $84.27 a barrel, down more than $3 a barrel and its lowest since Sept. 27.
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Brent oil prices are now at their lowest level since before the war in Ukraine began.
Brent crude is now nearly 13% below its price just before Russia invaded Ukraine (marked by the orange line).
[Past performance is no guarantee of future results] pic.twitter.com/AILPLHNnRj— Liz Ann Sonders (@LizAnnSonders) November 21, 2022
Oil spill!
– 5% oil down
– WSJ: OPEC+ Considering Up to 500,000 bpd Increase in Production Ahead of Dec. 4 Decision
– This is surprising considering OPEC wants to cut supply this year
– December 5 is the deadline for the EU to announce an embargo on Russian oil and the G7 to set a price ceiling
— Prashant Nair (@_prashantnair) November 21, 2022
Today’s story of OPEC production increase US President Joe Biden’s administration should tell a federal judge to grant Saudi Crown Prince Mohammed bin Salman immunity from US federal lawsuits related to the murder of Saudi journalist Jamal Khashoggi. After speaking.
In a filing released late Thursday night, the Biden administration said the crown prince’s recent Promotion to the role of prime minister That is, he was “the sitting head of government and therefore immune to litigation.”
According to The Wall Street Journal, the immunity decision was a concession to Prince Mohammed after months of attempts by the Biden administration to isolate him, cementing his position as the kingdom’s de facto ruler. .
US crude also fell more than 4% on hopes OPEC could decide to ramp up production again.
Crude oil hits 10-month low
Brent crude is now down to its lowest level since January, down 5% to $83.24 a barrel.
If such a sharp decline continues, it could help ease inflationary pressures, which could help families and businesses this winter.
Disney stock surges 8%, adding $14 billion in value
Shares of entertainment giant Disney soared more than 8% at the start of trading in New York.
Disney’s stock rose to $99.47 from $91.80 on Friday night.
This would increase Disney’s value by approximately $14 billion, increasing its market capitalization from $167 billion to over $180 billion.
As mentioned above, Traders hope Eiger can set a “strategic direction for new growth.”
My colleague Jasper Jolly wrote:
Disney emphasized a five-fold increase in market value under Iger’s previous leadership. The company said Iger has “a mandate from the board to set the strategic direction for new growth” and is once again looking for his long-term successor.
Under the Eiger, Disney A string of big acquisitionsthe Marvel film franchise, Pixar Animation Studios, the Star Wars film franchise, and more.
WSJ: Saudi Arabia eyeing OPEC+ production boost
Oil prices have plunged following reports that Saudi Arabia is considering whether the OPEC+ group should increase oil production.
according to wall street journalan increase of up to 500,000 barrels per day is being discussed by Saudi Arabia and other OPEC producers.
Such a move partially cut the 2 million barrel-per-day cuts OPEC and its allies signed in October, pushing Brent crude to a nearly eight-week low.
Cartels ramping up production now could help heal rifts with Biden administration and keep energy flowing
OPEC members are set to meet on Dec. 4, a day before the European Union announced it would impose an embargo on Russian oil, with the seven industrialized nations announcing plans to cap the price of Russian oil sales. .
Here is the full text:
brent crude oil is now down about 4% to $84.27 a barrel, down more than $3 a barrel and its lowest since Sept. 27.
Now: Inflation has forced the Bank of Israel to raise rates.
The Central Bank of Israel raised its benchmark interest rate by 0.5 percentage points, raising it for the sixth consecutive time from 2.75% to 3.25%.
Today’s gain comes after inflation climbed to 5.1% in October, nearing a 14-year high.
Israel raises interest rates by 50 basis points to 3.25%.
— Rufus Kamau ⚡ (@RufasKe) November 21, 2022
US economic activity has slowed, according to the latest data from the Federal Reserve Bank of Chicago.
The Chicago Fed’s National Activities Index entered negative territory in October, down 0.05 from 0.17 in September.
This indicates that US growth is below trend.
China and Qatar sign 27-year LNG deal
Important energy news….China and Qatar have signed one of the largest liquefied natural gas deals in history.
QatarEnergy has signed a 27-year contract to supply China’s Sinopec with liquefied natural gas (LNG).
According to Reuters, this is the longest-running LNG contract to date as volatile markets are driving buyers to seek long-term deals.
It will also put pressure on Europe, said Steven Stupchinski, a Bloomberg energy correspondent.
Qatar and China sign largest LNG deal in industry history
🇶🇦🤝🇨🇳🚨 Qatar to supply China with 4 million tonnes of LNG annually for 27 years from 2026
🇪🇺 This puts a lot of pressure on Europe, which failed to sign a deal with Qatarhttps://t.co/YCDAPkmKOS— Stephen Stapczynski (@STapczynski) November 21, 2022
European countries filled their arsenals earlier this year, but the region could struggle next year as prices have soared. Because the Nord Stream pipeline was sabotaged.
The chairman of the John Lewis Partnership said consumers are starting to budget and become more conscious of their spending, despite their eagerness to celebrate their first “normal” Christmas in three years.
During a panel discussion at CBI’s annual conference, Dame Sharon White said there are signs shoppers are changing their habits as a result of cost-of-living pressures.
At the conference she said:
“This is my first Christmas in three years with family, friends and loved ones, and I am very much looking forward to a proper Christmas.
“But we see all sorts of things going on with consumer spending.“We have several customers who shop early and pre-book Waitrose delivery slots.
“On the other hand, we can see other customers starting to budget, and shopping is becoming more gradual.
“People are sticking to their own brands and price points and buying less branded products.
“Also, customers are shopping a little less online and visiting bricks-and-mortar stores to enjoy the experience of a shopping trip.”
Heathrow Airport’s chief executive does not anticipate capping passenger numbers next year. Airlines are more worried about how demand will hold up.
John Holland-Kay, who runs one of Britain’s busiest airports, said if the economic outlook dims,
He told reporters at the Airlines 2022 conference today:
“Airlines are concerned about the nature of demand.”
Heathrow Airport was forced to limit its capacity to 100,000 passengers per day this summer after a shortage of staff resulted in lengthy delays, canceled flights and lost luggage.
Holland-Kaye hopes that by 2023 there will be no need for such restrictions, stating:
“We are working on the assumption that next summer there will be no cap.”
https://www.theguardian.com/business/live/2022/nov/21/cbi-uk-economy-growth-jeremy-hunt-ftse-oil-covid-business-live Oil plunges to 10-month low as Saudi Arabia ‘considers increasing Opec+ production’ – Business Live | Jobs
