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Tuesday, 27 September 2016

Oil Falls as Saudis Says OPEC Output Freeze Unlikely Wednesday - Bloomberg

Oil Falls as Saudis Says OPEC Output Freeze Unlikely Wednesday - Bloomberg:

"Oil dropped after Saudi Arabia said it doesn’t expect a production accord to be reached when OPEC ministers meet Wednesday, but left open the possibility of a deal when they gather in November.
Futures fell 2.7 percent in New York, continuing the gyrations of recent days. Saudi Oil Minister Khalid Al-Falih said several potential freeze pacts are being discussed, but that agreement in Algiers is unlikely when ministers meet informally Wednesday. Iran, Nigeria and Libya "have special conditions," Falih said. Influential forecasters gave a worsening outlook for the market, with the head of the International Energy Agency saying supply and demand won’t be in balance until late 2017 and Goldman Sachs Group Inc. cutting its fourth quarter price forecast."



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OPEC set for no deal as Iran rejects Saudi oil output offer | Reuters

OPEC set for no deal as Iran rejects Saudi oil output offer | Reuters:

"Iran rejected on Tuesday an offer from Saudi Arabia to limit its oil output in exchange for Riyadh cutting supply, dashing market hopes the two major OPEC producers would find a compromise this week to help ease a global glut of crude.

"The gap (in views) between OPEC countries is narrowing. I don't expect that an agreement will come out of the consultations tomorrow," Saudi Energy Minister Khalid al-Falih told reporters.

Iranian Oil Minister Bijan Zanganeh said earlier: "It is not the time for decision-making." Referring to the next formal OPEC meeting in Vienna on Nov. 30, he added: "We will try to reach agreement for November.""



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TABLE-UAE central bank foreign assets fall in August | Reuters

TABLE-UAE central bank foreign assets fall in August | Reuters:

"The United Arab Emirates central bank
released the following figures for foreign assets in August.

UAE C.BANK FOREIGN CURRENCY ASSETS

                            08/16   07/16  08/15

 bln dirhams        299.3  315.3  264.2

 deposits              118.2  123.5  130.7

foreign securities 174.4 186.4  129.7

 NOTE: Data as of the end of the period. "



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MIDEAST STOCKS-Saudi tumbles on government austerity steps | Reuters

MIDEAST STOCKS-Saudi tumbles on government austerity steps | Reuters:

"Saudi Arabia's stock index slumped 3.8 percent on Tuesday after the government said it would cut ministers' salaries by 20 percent and scale back financial bonuses and perks for public sector workers under an austerity drive.

The new steps largely appear to formalise spending reductions introduced on an ad hoc basis since last year, and they will not by themselves make a huge difference to the government's deficit. NCB Capital estimated allowances accounted for about a quarter of the government's total salary expenses last year, which were 38 percent of its overall budget.

Nevertheless, the announcement underlined the bleak outlook for Saudi government spending, which is a key driver of consumption, as oil prices stay low."



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Oaktree Executive Avoids UAE Extradition Over $264 Million - Bloomberg

Oaktree Executive Avoids UAE Extradition Over $264 Million - Bloomberg:

"An Oaktree Capital Group LLC executive wanted by United Arab Emirates authorities in a $264 million embezzlement case won’t be extradited after U.K. prosecutors said there was insufficient evidence to back up the warrant.
A London judge on Tuesday dismissed the warrant against Martin Graham -- a senior vice president at the world’s largest distressed-debt investor -- after the Crown Prosecution Service said there was no case to answer. Graham, wearing a gray suit and blue and white spotted tie, sat quietly in the back of the courtroom and declined to comment after the hearing.
The 37-year-old was arrested in June after the UAE issued an extradition request accusing him of stealing $264 million from engineering contractor Gulmar Offshore Middle East LLC between June 2014 and April 2015. He was found guilty by a UAE court and sentenced in absentia in August 2015. He said he wasn’t aware of the conviction until November 2015 when he was told by a third party."



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Oil Drops as Iran Says It Won’t Freeze Output at Current Level - Bloomberg

Oil Drops as Iran Says It Won’t Freeze Output at Current Level - Bloomberg:

"Oil extended declines as Iran said it’s unwilling to freeze output at current levels and wants to raise production to 4 million barrels a day, damping expectations for OPEC to reach a deal to stabilize markets when the group meets Wednesday in Algiers.
Futures fell as much as 2.1 percent in New York continuing the gyrations of the previous two days. It’s “not on our agenda” to reach agreement at the OPEC talks in Algiers, Iranian Oil Minister Bijan Namdar Zanganeh told reporters in the Algerian capital. Influential forecasters gave a worsening outlook for the market, with the head of the International Energy Agency saying supply and demand won’t be in balance until late 2017 and Goldman Sachs Group Inc. cutting its fourth quarter price forecast."



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Saudi stocks sink to 7-month low amid fresh wave of austerity — FT.com

Saudi stocks sink to 7-month low amid fresh wave of austerity — FT.com:

"The kingdom’s stock exchange has fallen to its lowest level since February today as investors took a dim view of the central bank’s latest move to support its banks and news of a fresh round of austerity in the public sector.

Saudi’s Tadawul bourse is down 3.5 per cent today – dropping to its lowest level since global markets went into a tailspin back in February.

The drop comes after the Saudi Monetary Authority (SAMA) unveiled plans to inject 20bn riyals ($5.3 billion) into its banking system – a decision which analysts at Bank of America Merrill Lynch think will help reduce the strain on domestic banks, which have been reeling from the effects of low global oil prices."



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