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Friday, 16 December 2016

Intesa’s role in Rosneft deal probed over sanctions

Intesa’s role in Rosneft deal probed over sanctions:
"Financial regulators in Rome are examining whether Intesa Sanpaolo’s financing of a €10.2bn investment in Russian oil group Rosneft complies with sanctions.

Glencore, the commodities group, and the sovereign wealth fund of Qatar are taking a 19.5 per cent stake in Rosneft.Intesa Sanpaolo, Italy’s largest bank by market capitalisation, is providing most of the $7.4bn of finance for the deal.

Rosneft is subject to EU and US sanctions following Russia’s seizure of Crimea in 2014. EU officials examining the investment have contacted national agencies in Italy and Britain, where Glencore has its main stock market listing, because member states are responsible for implementing and policing European sanctions."

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Investors pile in as Russia comes in from the cold

Investors pile in as Russia comes in from the cold:
"Investors have ploughed the most cash into Russian equity funds over the past week since 2011, as a higher oil price and signs US president-elect Donald Trump will seek to thaw relations with Vladimir Putin encouraged flows.

Russian stock funds recorded inflows of $451m in the week to December 14, the biggest haul since the first quarter of 2011, according to data tracker EPFR. Mutual funds and exchange traded funds invested in Russian bonds had their largest inflows since February 2015.

The sharp rise in the oil price since the Opec cartel’s agreement to cut supply last month is proving a boon to ETFs and mutual funds with mandates to invest in Russian assets. Some of the largest funds have seen assets rise by as much as a third since late November, when Opec ministers struck their accord."

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What Global Oil Flows Might Look Like After OPEC’s Supply Shock - Bloomberg

What Global Oil Flows Might Look Like After OPEC’s Supply Shock - Bloomberg:
"OPEC’s quest to end a global crude glut already snapped a two-year slump in oil prices. Now attention is turning to how the group’s surprise decision to cut output will transform international trade flows of the world’s most important commodity.

The early signs are that Middle East suppliers will prioritize Asia, pushing competitors in Africa and the Americas to keep cargoes in the Atlantic region. Saudi Arabia has indicated it will initially maintain most flows to fast-growing Asia, while draining more heavily oversupplied Western regions. Kuwait is doing much the same."

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Oil stable as planned output cuts start to materialize | Reuters

Oil stable as planned output cuts start to materialize | Reuters:
"Oil prices were stable on Friday as evidence increased that producers in the Middle East were informing customers of upcoming supply cuts as part of a coordinated effort to drain a global glut.

But since any production cuts will only hit markets early next year and Iraq is still raising sales to Asia, analysts at Goldman Sachs said that the price upside for December was limited.

Brent crude futures were trading at $54.02 per barrel at 0808 GMT, flat from its last settlement."

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