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Treasury investors got some relief yesterday simply from not getting shocking inflation figures in data released by the US Bureau of Economic Analysis. Both the headline and core measures for Personal Consumption Expenditure inflation, the Federal ...
video VanEck CEO Jan van Eck sees a major sentiment shift underway in the cryptocurrency market linked to the U.S. Securities and Exchange Commission’s approval of a rule change allowing for Ethereum exchange-traded funds. “This is really one of ...
Chinese Defense Minister Dong Jun took pointed swipes at the US for “hollowing out” Beijing’s One China policy on Taiwan and “misleading” a country in the South China Sea, taking a tough stance at his first global security forum in his new position. ...
post: *OPEC+ AGREES TO EXTEND GROUP-WIDE AND VOLUNTARY CUTS: DELEGATES post: No objections by any member states to the extension of the group cuts to the 3rd quarter of 2025 (the cut amounts to around 2.2 million bpd) #OOTT #Opec post: under this agreement the UAE will be getting a higher baseline #OOTT #Opec 37th OPEC and non-OPEC Ministerial Meeting In light of the continued commitment of the OPEC and non-OPEC Participating Countries in the Declaration of Cooperation (DoC) to achieve and sustain a stable oil market, and to provide long-term guidance and transparency for the market, and in line with the approach of being precautious, proactive, and pre-emptive, which has been consistently adopted by OPEC and non-OPEC Participating Countries in the Declaration of Cooperation, the Participating Countries decided to: 1. Reaffirm the Framework of the Declaration of Cooperation, signed on 10 December 2016 and further endorsed in subsequent meetings; as well as the Charter of Cooperation, signed on 2 July 2019. Extend the level of overall crude oil production for OPEC and non-OPEC Participating Countries in the DoC as per the attached table starting 1 January 2025 until 31 December 2025. Extend the assessment period by the three independent sources to the end of November 2025, to be used as guidance for 2026 reference production levels. Reaffirm the mandate of the Joint Ministerial Monitoring Committee (JMMC) to closely review global oil market conditions, oil production levels, and the level of conformity with the DoC, assisted by the Joint Technical Committee (JTC) and the OPEC Secretariat. The JMMC meeting is to be held every two months. Hold the OPEC and non-OPEC Ministerial Meeting (ONOMM) every six months in accordance with the ordinary OPEC scheduled conference. Grant the JMMC the authority to hold additional meetings, or to request an OPEC and non-OPEC Ministerial Meeting at any time to address market developments, whenever deemed necessary. Reaffirm that the DoC conformity is to be monitored considering crude oil production, using the average of the approved seven secondary sources, and according to the methodology applied for OPEC Member Countries. Reiterate the critical importance of adhering to full conformity and compensation mechanism.Production table - 37th ONOMM table Notes: (1) UAE required production has been increased by 300 kbd. This increase will be phased in gradually starting January 2025 until the end of September 2025. (2) The required production level is before applying any additional production adjustments.
OPEC+ has the outline of a deal to extend a crucial tranche of its oil supply cuts into the second half of the year, delegates said, as the group continues its efforts to avert a global surplus and shore up prices. The so-called “voluntary” cuts ...
post: FED'S KASHKARI: LIKELY WE HOLD RATES FOR QUITE A WHILE: FT FED'S KASHKARI: SHOULD ERR ON TAKING OUR TIME TO CUT RATES: FT FED'S KASHKARI: US RESILIENCE REQUIRES HIGH RATES FOR AN EXTENDED PERIOD: FT FED'S KASHKARI: COSTS OF PREMATURELY DECLARING VICTORY ARE HIGH: FT
The U.S. oil industry saw its latest announcement of a big merger this week after ConocoPhillips said it had agreed to buy Marathon Oil in an all-stock deal with an enterprise value of $22.5 billion, inclusive of $5.4 billion of net debt. The ...
South Africa's ruling African National Congress faced a search for allies to help it form a new government Saturday (Jun 1) after it lost its three-decade-old absolute majority in a watershed election. With 99.62 per cent of the votes from ...
Last week was a quiet one for UK economic data, and the coming week doesn’t look too thrilling either…though at least traders should be at their desks for the whole week this time around! For GBP/USD traders, there are two longer-term stories to ...
Hong Kong’s securities regulator said 11 cryptocurrency exchanges are a step closer to obtaining licenses, one year after rolling out a digital-asset rulebook to try and foster a hub for the industry. Applicants including Crypto.com and Bullish are ...
An oil tanker holding Russian crude oil off the coast of Ghana is finally unloading its cargo after a three-month wait. The Suezmax class-tanker Snow Lotus is discharging about 1 million barrels of Lukoil PJSC’s Varandey crude, exported from the ...
Here are three things I think I am thinking about this weekend: 1) Is the Disinflation Trend about to Gain Momentum Again? Friday’s PCE report showed further improvement in inflation down to 2.75% compared to the year ago rate of 4.76%. There has ...
Gold remained on the defensive this week with XAU/USD trading at 2340 ahead of the New York close on Friday. A massive reversal off technical resistance last week remains in focus with gold threatening a deeper correction within the broader uptrend. ...
Saudi Arabia’s wealth fund is starting to add some new fine print to the documents it sends to bankers hoping to do business with the $925 billion investor. It wants to know whether their firms have obtained a regional headquarters license in the ...
Cathie Wood’s Ark Investment Management just dropped out of the Wall Street race to launch an ETF that invests directly in Ether, the second-largest cryptocurrency. Ark’s name was removed from an application for a spot-Ether exchange-traded fund ...
Major developments beckon this week that could inform broad global and regional macro risks. To date, none of the world’s most powerful central banks have begun easing policy. Several central banks have already been cutting and for some time across ...
Kuwait's emir has appointed Sheikh Sabah Khalid al-Sabah as crown prince, the state news agency KUNA said on Saturday.
Oil traders see about an 70% chance that OPEC+ makes no changes to its current output cuts during the meeting this weekend, according to options positions on CME Group. Saudi Arabia and its partners are discussing whether to prolong roughly 2 ...
A Tesla shareholder filed a lawsuit on Thursday (May 30) accusing CEO Elon Musk of insider trading when he sold over US$7.5 billion of shares of the electric car maker in late 2022, saying the billionaire entrepreneur sold the shares before ...
It’s been a bit of a weird week as idiosyncratic positioning, rebalancing, and rotation trades have dominated as there wasn’t much to chew on macro-wise. The story in macro was Europe-centric as inflation came in higher across the Old World, and ECB ...