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Friday, 9 June 2017

Opec’s self-inflicted wounds have made oil malaise worse

Opec’s self-inflicted wounds have made oil malaise worse:

"Tensions have risen across the Middle East over Qatar and Iran, Opec has just extended oil supply cuts until at least next March and crude inventories in the US have fallen in eight out of the past nine weeks.

Brent crude oil, in response, has just closed at its lowest level this year, languishing well below $50 a barrel.

Oil’s malaise has left bulls nursing not just wounded profit and loss accounts but irritated scalps from all the head scratching going on."



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Boost for London bid to land Saudi Aramco IPO

Boost for London bid to land Saudi Aramco IPO:

"Saudi Aramco will not join the FTSE 100 stock index if it lists its shares in the UK, averting confrontation with City institutions and strengthening London’s status as frontrunner for a slice of the Saudi state oil group’s initial public offering. Saudi Arabia is close to making its long-awaited decision on which international exchange its state oil group will float next year, when it is expected to become the world’s largest publicly quoted company. Global exchanges have been locked in a battle for the listing that could value the world’s biggest oil producer at about $1tn, according to a Financial Times analysis."



'via Blog this'