Salma Elwardany
@S_Elwardany
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Bloomberg’s energy, commodities and OPEC reporter and I rarely express my views here
Cairo
Joined June 2011
5 things that happened this week: Oil has fallen to $71, its lowest level since 2022 OPEC+ decision to delay its supply hikes by 2 months had little impact Key concern: fragile demand 1/5 https://t.co/b5Msyzlhly
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REACTION COLUMN: The OPEC+ oil cartel has delayed a planned output hike by two months. It's the bare minimum to support prices. But looking at the 2025 balance of supply and demand, OPEC+ is simply kicking the can down a very uphill road. @Opinion #OOTT
https://t.co/JpBFxcLHby
bloomberg.com
With prices slipping, the cartel delays a planned supply increase.
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BREAKING: OPEC+ has reached an agreement to pause its planned oil output hike for Oct-Nov, according to a delegate familiar with the talks -- via @S_Elwardany #OOTT
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OPEC+ has reached an agreement to pause its planned oil output hike for two months, according to a delegate familiar with the talks
bloomberg.com
OPEC+ postponed its oil supply hike by two months, but the move wasn’t enough to roll back steep losses in crude prices amid fears about fragile demand.
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*OPEC+ HAS AN AGREEMENT ON OIL SUPPLY: DELEGATE *OPEC+ HAS DEAL TO PAUSE PLANNED INCREASE IN OIL SUPPLY *OPEC+ HAS DEAL TO PAUSE PLANNED OIL HIKE FOR 2 MONTHS: DELEGATE -- BBG
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At least three vessels have loaded at Es Sider since that date, tanker-tracking data show. Separately, two ships each have taken on cargoes at Mellitah and Zueitina. The ports of Brega, Bouri, Hariga and Ras Lanuf have each seen at least one cargo
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In the absence of a force majeure declaration by the state-run National Oil Corp. the situation also remains ambiguous at the five eastern export terminals. Lifters are going ahead with their loading plans, as they haven’t been officially notified to cancel their cargoes
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At least 11 tankers have loaded after Aug. 26, when authorities in the eastern part of the country vowed to shut down all production and exports, tanker-tracking data compiled by Bloomberg show. Officials subsequently said loading was halted at the eastern ports of Brega, Es
Oil is still trickling out of Libya, despite restrictions on exports during a political crisis that has caused the country’s output to plunge
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Our story on the political crisis in Libya and the standoff inside the central bank, which manages billions of dollars in oil wealth. https://t.co/c1GwQQzC67
bloomberg.com
Libya’s rival political factions agreed to a road map to appoint a central bank governor, a tentative step toward easing a deadlock that’s led to the halt of much of the OPEC nation’s oil production.
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Libya's oil exports are (well) down but not out. If they can do a quick deal, maybe they can avert the kind of crisis that has long beset the country. https://t.co/hSBcC60Bzn via @markets
bloomberg.com
Oil is still trickling out of Libya, despite restrictions on exports during a political crisis that has caused the country’s output to plunge.
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Big news in #oil. #SaudiArabia's govt orders #Aramco to stop raising crude production capacity to 13m b/d from 12m by 2027. Why? Unclear. To cut capex with the company paying much higher divs to the govt? The kingdom changing its outlook on demand? https://t.co/zNjEdTbScl
bloomberg.com
Saudi Aramco abandoned a plan to boost its oil output capacity, a huge reversal that will raise questions about the kingdom’s view on future demand.
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“The Palestinian cause has long struck a chord in South Africa, where many draw parallels between Israel’s occupation and apartheid, the system of institutionalized racial segregation that ended in the early 1990s.”
South Africa claims the moral high ground in its case against Israel at the International Court of Justice
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South Africa claims the moral high ground in its case against Israel at the International Court of Justice
bloomberg.com
Welcome to Balance of Power, bringing you the latest in global politics. If you haven’t yet, sign up here.
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A Conversation About Middle East Boycotts Hitting Global Brands https://t.co/7b6Z7UgUUl Listen to @LeenAlRashdan and @S_Elwardany on their story out today
bloomberg.com
Many consumers are shunning foreign brands as the Israel-Hamas conflict’s repercussions spread.
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Here's the story in print Many consumers in the Middle East are shunning foreign brands -- like Starbucks, Coke and McDonald's -- as the repercussions from the Israel-Hamas war continue to spread. It's a boon for local rivals
bloomberg.com
Many consumers are shunning foreign brands as the Israel-Hamas conflict’s repercussions spread.
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A Conversation About Middle East Boycotts Hitting Global Brands https://t.co/8HOr6RYf5r | @S_Elwardany and @LeenAlRashdan
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Iran foreign minister calls Muslim countries to impose an oil embargo on Israel. Statement here https://t.co/BSFC6MNjeF and translation of key paragraph below Oil market is rallying now well above $90 a barrel, but I don’t see anyone else at OPEC+ endorsing the call | #OOTT
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JUST IN: Oil jumps as Iran calls for an embargo against Israel by Muslim countries, following a deadly explosion at a Gaza hospital https://t.co/tjSfWlBioo
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Trucks carrying aid from Egypt were unable to cross into Gaza Tuesday to supply Palestinians running out of water, medicine and food supplies ahead of a widely expected Israeli ground invasion against Hamas https://t.co/ymhhpQe83D
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Any person can see that ordering 1+ million people to move in under 24 hours is not possible. It is unacceptable. The UN has already deemed the order “impossible” without “devastating humanitarian consequences.” Humanity is at stake. Nearly half are children. We must halt this
BREAKING: Israel’s military has directed the evacuation of northern Gaza, a region that is home to 1.1 million people, within 24 hours, according to a U.N. spokesman.
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