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Tuesday, 7 March 2017

OPEC Said to Break Bread With Shale in Rare Show of Detente - Bloomberg

OPEC Said to Break Bread With Shale in Rare Show of Detente - Bloomberg:

"For the last two years, they’ve been locked in a battle for supremacy of the oil market. But for a couple of hours in Houston over dinner on Sunday, the head of OPEC and leaders of some of America’s top shale producers shared a table for a rare off-the-record chat about the future of oil.

Mohammed Barkindo, secretary-general of the Organization of Petroleum Exporting Countries, dined with 20 or so U.S. shale executives including Scott Sheffield of Pioneer Natural Resources Co., John Hess of Hess Corp., Robert Lawler of Chesapeake Energy Corp. and Tim Leach of Concho Resources Inc., according to people who attended the event and asked not to be named because it was private."



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MIDEAST DEBT-Pricing of Kuwait debut foreign bond to approach Abu Dhabi debt | Reuters

MIDEAST DEBT-Pricing of Kuwait debut foreign bond to approach Abu Dhabi debt | Reuters:

"Kuwait's first public bond issue in the global market is set to price between Abu Dhabi government debt, long viewed as the gold standard in the Gulf, and Qatar, investors say.

Kuwait is issuing foreign debt because of low oil prices, which have slashed its export income. It has been slower than other Gulf states to cut wasteful spending and raise new revenues.

Its financial fundamentals are strong, however, due to its huge oil reserves, low cost of exploiting them and small population, analysts say. The International Monetary Fund projects Kuwait will be the only one of the six Gulf Cooperation Council States to run a fiscal surplus this year.

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Iran's Crude-Oil Exports Increase to Level Last Seen in 1970s - Bloomberg

Iran's Crude-Oil Exports Increase to Level Last Seen in 1970s - Bloomberg:

"Iran’s crude-oil exports touched 3 million barrels a day for the first time since the 1979 Islamic Revolution. That level, lasting just one day, was reached in the current Iranian month that began Feb. 19, Oil Minister Bijan Namdar Zanganeh said, according to state news agency IRNA. The Islamic Republic’s exports tumbled in 2011 as international sanctions targeted its oil industry, cutting production. Since restrictions ended in January 2016, Iran has recovered quickly, raising output near pre-sanctions levels of about 4 million barrels a day. It’s targeting 5 million a day by 2021 with the help of foreign investors, though none has yet signed a definitive contract."



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MIDEAST MONEY-Saudi earnings face slow recovery from two-year slump | Reuters

MIDEAST MONEY-Saudi earnings face slow recovery from two-year slump | Reuters:

"Saudi Arabian corporate earnings may finally have bottomed out after two years of falls due to low oil prices and the government austerity which followed, with the petrochemicals sector leading signs of recovery. But a sharp rebound is unlikely for companies in the Middle East's biggest economy as further austerity looms and they are competing for customers who are no longer flush with cash. Analysts say stronger oil prices recently and government borrowing have encouraged Riyadh to loosen its purse strings by enough to turn corporate profit growth positive after earnings shrank by 4.1 percent year-on-year in the fourth quarter."



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Saudi oil min says no 'free rides' for non-OPEC producers | Reuters

Saudi oil min says no 'free rides' for non-OPEC producers | Reuters:

"Saudi Oil Minister Khalid al-Falih said on Tuesday that oil market fundamentals were improving as an agreement to curb supply by OPEC and non-OPEC producers took effect. But he said the Organization for the Petroleum Exporting Countries would not let rival producers take advantage of the cuts to underwrite their own production investments. The group is expected to meet again in May, when it could consider extending the production curbs. Saudi Arabia had cut beyond what it had pledged in the agreement and brought the kingdom's output below 10 million barrels per day, he said. "



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MIDEAST STOCKS-Gulf mostly down as Emaar hits Dubai, ex-dividends hurt Qatar | Reuters

MIDEAST STOCKS-Gulf mostly down as Emaar hits Dubai, ex-dividends hurt Qatar | Reuters:

"Most Gulf stock markets fell on Tuesday as blue chip Emaar Properties pulled down Dubai and stocks going ex-dividend hit Qatar, although Saudi Arabia closed marginally higher.

Dubai's index slipped 1.5 percent as Emaar lost 3.8 percent after it proposed a cash dividend of 15 percent for 2016, unchanged from the previous year despite a 28 percent rise in annual net profit.

Loss-making construction firm Arabtec dropped 2.1 percent, partially erasing Monday's 6.4 percent jump. But courier Aramex surged 2.7 percent."



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Saudi Arabia's Full Statement to Bloomberg on Its 2017 Agenda - Bloomberg

Saudi Arabia's Full Statement to Bloomberg on Its 2017 Agenda - Bloomberg:

"A senior source in Saudi Arabia’s Council of Economic and Development Affairs, a body overseen by Deputy Crown Prince Mohammed bin Salman, responded to Bloomberg questions on the government’s 2017 agenda with the statement that follows. Questions have been edited for clarity.

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Saudi Prince’s Long 2017 To-Do List Starts With Aramco IPO Prep - Bloomberg

Saudi Prince’s Long 2017 To-Do List Starts With Aramco IPO Prep - Bloomberg:

"Saudi Arabia’s Deputy Crown Prince Mohammed bin Salman has a daunting to-do list as the real work begins on his plan to transform the world’s biggest oil exporter into an economy no longer reliant on crude.

“2017 is a reality check,” said John Sfakianakis, director of economic research at the Gulf Research Center. "We’re done with the announcements. Now it’s the teeth that need to show behind the actual plan. The global investor community will be looking at that."

From planning potentially the world’s biggest initial public offering to rolling out taxes and protecting Saudis from the impact of spending cutbacks, here are six developments to watch this year:"



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MIDEAST STOCKS-Emaar pulls down Dubai, ex-dividend shares hit Qatar | Reuters

MIDEAST STOCKS-Emaar pulls down Dubai, ex-dividend shares hit Qatar | Reuters:

"Most Gulf stock markets fell in early trade on Tuesday with blue chip Emaar Properties pulling down Dubai and Qatar's index sinking as two major stocks went ex-dividend.

Dubai's index slipped 1.0 percent as Emaar lost 3.3 percent after it proposed a cash dividend of 15 percent for 2016, unchanged from the previous year despite a 28 percent rise in annual net profit.

Also, loss-making construction firm Arabtec dropped 2.1 percent, partially erasing Monday's 6.4 percent jump."



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