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1 week ago | 
zawya.com | Robert Harvey |Dmitry Zhdannikov
LONDON: The oil market appears to be telling Saudi Arabia that its shift to pumping more oil after five years of cutting output was well timed. The kingdom has in recent weeks pushed fellow OPEC+ members to produce more oil despite fears about an economic slowdown, a marked change in policy that helped oil prices settle at a four-year low on Monday.
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1 week ago | 
gurutrade.com | Robert Harvey |Florence Tan |Saad Sayeed
OPEC+ says to hike output by 411,000 bpd in June
OPEC+ eyes full unwinding of voluntary output cuts by Oct, sources say
Barclays, ING cut 2025 Brent forecasts
LONDON, May 5 (Reuters) - Oil prices fell more than 2% on Monday after OPEC+ decided over the weekend to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook.
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3 weeks ago | 
marketscreener.com | Francesca Landini |Valentina Za |Robert Harvey
MILAN/LONDON (Reuters) -Global commodity traders including Glencore and Gunvor are looking at the possibility to buy oil refiner Italiana Petroli (IP) API group, two sources said on Thursday, adding that binding bids for the company are due by the end of May. State Oil Company of Azerbaijan (SOCAR) is also looking at the asset, the two sources and an additional person with knowledge of the deal told Reuters. Glencore, Gunvor and IP declined to comment on the matter.
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4 weeks ago | 
marketscreener.com | Ahmad Ghaddar |Robert Harvey
LONDON (Reuters) -Oil prices rose around 1% on Wednesday, as the market drew some strength from the possibility of trade talks between China and the United States and a report that Iraq will cut oil production in April. Brent crude futures rose 70 cents, or 1.08%, to $65.37 a barrel by 1311 GMT while U.S. West Texas Intermediate crude was also up 70 cents, or 1.14%, at $62.03.
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1 month ago | 
ekathimerini.com | Robert Harvey |Aleksandar Vasovic
Serbian oil firm NIS is struggling to buy oil from traders abroad, while at home its former clients are seeking alternative fuel suppliers as pending US sanctions have impacted operations, sources familiar with the matter told Reuters. NIS is majority-owned by Russia’s Gazprom Neft and Gazprom and as such is one of Russia’s last remaining oil assets in Europe. It is crucial to Serbia’s energy security as it operates the Balkan country’s only oil refinery.
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1 month ago | 
usnews.com | Robert Harvey |Aleksandar Vasovic
By Robert Harvey and Aleksandar VasovicLONDON/BELGRADE (Reuters) - Serbian oil firm NIS is struggling to buy oil from traders abroad, while at home its former clients are seeking alternative fuel suppliers as pending U.S. sanctions have impacted operations, sources familiar with the matter told Reuters. NIS is majority-owned by Russia's Gazprom Neft and Gazprom and as such is one of Russia's last remaining oil assets in Europe.
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1 month ago | 
marketscreener.com | Robert Harvey |Ashitha Shivaprasad
(Reuters) -Global commodity trading house Gunvor said on Tuesday its earnings fell in 2024 as energy markets normalised from the extreme conditions that enabled trading houses to make record earnings in previous years. Gunvor's net profits after tax reached $729 million in 2024, down from $1.25 billion the previous year. That marks the second year of decreases in a row, and is just above the $726 million net profit the company made in 2021.
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1 month ago | 
gurutrade.com | Robert Harvey |Alex Lawler |Joe Bavier
LONDON, March 27 (Reuters) - Trafigura-owned refined products business Puma Energy reported a 5% rise in net profit in 2024 financial results released on Thursday, the third straight year the once struggling business has turned a net profit.
Global commodity trading house Trafigura bought out Angolan state-owned oil company Sonangol's stake in then loss-making Puma Energy in 2021, taking full control and integrating it into the company in a push to expand its downstream market share.
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1 month ago | 
msn.com | Robert Harvey |Dmitry Zhdannikov
Microsoft Cares About Your PrivacyMicrosoft and our third-party vendors use cookies to store and access information such as unique IDs to deliver, maintain and improve our services and ads. If you agree, MSN and Microsoft Bing will personalise the content and ads that you see. You can select ‘I Accept’ to consent to these uses or click on ‘Manage preferences’ to review your options and exercise your right to object to Legitimate Interest where used.
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1 month ago | 
kfgo.com | Robert Harvey |Dmitry Zhdannikov
By Robert Harvey and Dmitry ZhdannikovLAUSANNE (Reuters) – Any lifting of sanctions on Russian energy is likely to be slow and patchy, meaning a return of its oil and gas to markets beyond Asia would likely be modest in the short term, the bosses of the world’s biggest trading houses said on Tuesday.
