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Friday, 24 March 2017

US drillers add most oil rigs since January

US drillers add most oil rigs since January:

"US drillers added the most oil rigs since January last week, further fuelling concerns that rising US production will frustrate Opec’s efforts to rebalance the oil market. US drillers brought 21 oil rigs back online last week, oilfield services company Baker Hughes said on Friday. Drillers have now added oil rigs every week this year barring one to bring the total operational rigs to 652, compared with 372 a year ago. It is also the highest level since September 2015. The rally in crude prices after Saudia Arabia-led Opec and non-members like Russia struck a deal late last year to curb crude output by 1.8m barrels per day in the first half of 2017 have prompted US drillers to move mothballed rigs back online."

'via Blog this'

Qatari connection casts long shadow over Barclays

Qatari connection casts long shadow over Barclays:

"On a balmy evening in 2007, the Tunisian wife of an Italian industrialist introduced a high-flying Scottish banker at Barclays to the Anglophile prime minister of Qatar — the sort of nexus of celebrity, power and money that takes places every summer on Sardinia’s Costa Smeralda. This encounter proved more important than most. Just over a year later, as the worst financial crisis in a generation created havoc across the industry, Barclays was suddenly under threat and in desperate need of outside funding. Roger Jenkins, then head of Barclays’ principal investing group, would be the one to secure it. Over the course of 2008 he masterminded two deals with a man he met in Sardinia the previous summer: Sheikh Hamad bin Jassim bin Jabr al-Thani, at the time Qatar’s prime minister and chair of the country’s sovereign wealth fund. Known as HBJ, he would help pump a total of £6.1bn into the bank. The goal was to save it from government ownership, even as its rivals Royal Bank of Scotland and Lloyds Banking Group were bailed out."

'via Blog this'