OPEC, for some quiet moments..

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Saudi Arabia and three other Arab countries cut off most diplomatic and economic ties to Qatar, in an unprecedented move designed to punish one of the region’s financial superpowers for its ties with Iran and Islamist groups in the region. Oil gained and Qatari stocks plunged after Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from the Gulf emirate. Saudi Arabia will also shut land crossings with its neighbor, potentially depriving the emirate of imports through its only land border. Qatar called the accusations “baseless” and said they were part of a plan to “impose guardianship on the state, which in itself is a violation of sovereignty.”

Saudi-led alliance moves to isolate Qatar over Iran tensions

Qatar, the world’s biggest seller of liquefied natural gas, can still access shipping routes to deliver oil and gas to buyers after Saudi Arabia and other neighboring states barred the emirate from exporting through their territorial waters. State producer Qatargas told Japan’s Jera that it would keep supplying LNG as normal in spite of the Saudi-led severing of diplomatic ties with Qatar, Jera spokesman Atsuo Sawaki said by phone. Jera is Japan’s biggest buyer of Qatari LNG under long-term contracts, according to data compiled by Bloomberg.

OPEC's LNG giant keeps exporting O&G as Saudis cut ties

Oil erased earlier gains as a diplomatic clash involving OPEC members Saudi Arabia and Qatar was seen having limited impact on the group’s policy. Futures slipped 0.3% in New York, erasing an earlier gain of 1.6%. Saudi Arabia, Bahrain, the United Arab Emirates and Egypt said they will suspend air and sea travel to and from Qatar, escalating a crisis that started over its relationship with Iran. The nation still has access to shipping routes to deliver oil and gas to buyers around the world.

Oil steadies as limited impact seen from Gulf diplomatic crisis

The good news from OPEC wasn’t good enough. Hedge funds trimmed bets on rising crude prices to the lowest level since November as oil futures dipped below $50/bbl amid skepticism an OPEC-led campaign to cut output will soon curb a worldwide supply glut. Speculators also fled bearish positions for a second week.

OPEC deal extension isn't enough to rope in crude-oil bulls