UAE to reach oil capacity target a year early in potential source of OPEC tension

seekingalpha05-25

Crude oil futures rebounded Friday to snap a four-day losing streak brought on by mounting concerns about high U.S. interest rates and the potential threat to oil demand. Minutes from the Federal ...

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Minutes from the Federal ...</p>\n\n<a href=\"https://seekingalpha.com/news/4110459-uae-to-reach-oil-capacity-target-a-year-early-in-potential-source-of-opec-tension\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"MMAT","symbol_name":"Meta Materials Inc.","start_time":0,"source_url":"https://seekingalpha.com/news/4110459-uae-to-reach-oil-capacity-target-a-year-early-in-potential-source-of-opec-tension","article_id":"2438198043","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1213764535/image_1213764535.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2438198043","pubTimestamp":1716589227,"sourceInfo":{"source_id":"seekingalpha","name":"Seeking Alpha"},"weMediaInfo":null,"summary":"Crude oil futures rebounded Friday to snap a four-day losing streak brought on by mounting concerns about high U.S. interest rates and the potential threat to oil demand. 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Minutes from the Federal Reserve's latest policy meeting showed policymakers appeared willing to raise rates if inflation persisted. U.S. gasoline demand rebounded last week after some surprise weakness, according to government data, ahead of the kickoff of summer driving season on Memorial Day weekend. Friday's oil gains were \"just mean reversion,\" CIBC Private Wealth U.S. senior energy trader Rebecca Babin told Dow Jones, adding that while fundamentals are not particularly optimistic, demand appears to be stabilizing and the market is preparing for the holiday driving weekend. Lack of certainty around OPEC's June 1 meeting, where the cartel is expected to roll over production cuts after Q2, led to some hesitation to buy the dip, Babin said. \"The market is pretty weak and everyone knows that bringing back barrels right now does more harm that good,\" according to Babin. Front-month Nymex crude (CL1:COM) for July delivery settled -2.3% to $77.72/bbl this week, including a 1.1% gain on Friday, and July Brent crude (CO1:COM) closed -2.2% for the week to $82.12/bbl, including a 0.9% uptick on Friday. Front-month June Nymex natural gas (NG1:COM) ended the week -4% to $2.520/MMBtu, including Friday's 5.1% drop. ETFs: (NYSEARCA:USO), (BNO), (UCO), (SCO), (USL), (DBO), (DRIP), (GUSH), (NRGU), (USOI), (UNG), (BOIL), (KOLD), (UNL), (FCG) The United Arab Emirates is poised to achieve its full oil capacity target more than a year earlier than expected, a potential source of tension as OPEC and its allies weigh new production quotas later this year, Bloomberg reported Friday. UAE is likely to reach its 5M bbl/day target by the end of 2025 or early 2026, ahead of the 2027 goal it had set, according to the report. OPEC+ is scheduled to review members' existing capacity levels later this year, and set production baseline levels - the starting point from which cuts are calculated - for 2025. The energy sector, as indicated by the Energy Select Sector SPDR ETF (NYSEARCA:XLE), was the week's worst sector performer, -3.8%. Top 10 gainers in energy and natural resources in the past 5 days: Meta Materials (MMAT) +46.2%, Bloom Energy (BE) +32.1%, Ameresco (AMRC) +24.1%, Nuscale Power (SMR) +23.3%, Overseas Shipholding (OSG) +23.2%, U.S. Goldmining (USGO) +21.1%, TPI Composites (TPIC) +20%, Hallador Energy (HNRG) +17.5%, Borr Drilling (BORR) +16.1%, TOP Ships (TOPS) +13.6%. Top 5 decliners in energy and natural resources in the past 5 days: Euronav (EURN) -21.8%, Indonesia Energy (INDO) -21.3%, National Grid (NGG) -16.6%, KLX Energy Services (KLXE) -14.6%, Sigma Lithium (SGML) -12.6%. Source: Barchart.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2438198043"}