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Tuesday, 11 July 2017

Oil Climbs After U.S. Crude Output Forecast Is Cut for Next Year - Bloomberg

Oil Climbs After U.S. Crude Output Forecast Is Cut for Next Year - Bloomberg:

"Oil rose the most in more than a week after the Energy Information Administration cut its U.S. crude output forecast for next year and as investors focused on the pace of rebalancing."



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Adnoc to Plan IPO of Retail Unit at $14 Billion Value - Bloomberg

Adnoc to Plan IPO of Retail Unit at $14 Billion Value - Bloomberg:

"Abu Dhabi National Oil Co. is planning an initial public offering of its service stations unit and may seek a value of as much as $14 billion, according to people familiar with the matter. The company known as Adnoc, may appoint investment banks for the share sale, likely to be on the Abu Dhabi stock exchange, as early as this week, the people said, asking not to be identified as the information is private. The unit may ultimately fetch a value of about $10 billion and raise up to $3 billion from a listing, another person said. No final decisions have been made, and Adnoc may also decide not to pursue an IPO, they said. Adnoc, which produces most of the crude in the United Arab Emirates, said earlier this week that it may sell minority stakes in some of its service units and will seek international partners to boost growth and expand operations. Adnoc will also seek to expand its energy trading operations as part of the new plan, Abdulla Salem Al Dhaheri, head of the company’s marketing, sales and trading directorate, said at a conference in Istanbul on Monday. "



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Total Starts Work at Biggest Qatari Oil Field to Maintain Output - Bloomberg

Total Starts Work at Biggest Qatari Oil Field to Maintain Output - Bloomberg:

"Total SA will start work this week on Qatar’s biggest oil field and is willing to make more investments in the country, which faces a trade boycott led by fellow OPEC producer Saudi Arabia.

Total will start operating at Al-Shaheen field on Friday to maintain output at 300,000 barrels a day, a development project involving $3.5 billion in investment over five years, Patrick Pouyanne, the company’s chief executive officer, said Tuesday in Doha. There will be no disruption in output and deliveries of crude during the transition to Total as the field’s operator, he said.

Paris-based Total beat competitors including Royal Dutch Shell Plc last year to win a 30 percent stake in the al-Shaheen joint venture, called North Oil Co., with state-run Qatar Petroleum holding the rest. It’s replacing AP Moeller-Maersk A/S in running the deposit, which pumps about 45 percent of the OPEC nation’s output."



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Saudi Arabia Exceeds Oil-Production Cap for First Time - Bloomberg

Saudi Arabia Exceeds Oil-Production Cap for First Time - Bloomberg:

"Saudi Arabia told OPEC it pumped 10.07 million barrels a day in June, a person with knowledge of the data said, exceeding its production limit for the first time since brokering a deal to curb global crude supply to counter a glut. The world’s biggest oil exporter boosted output from 9.88 million barrels a day in May, surpassing the limit of 10.058 million it accepted in an agreement between OPEC and other major suppliers including Russia. Under the deal reached in December, Saudi Arabia agreed to reduce production by 486,000 barrels a day, the most of any country participating in the cuts. The person with knowledge of the June data asked not to be identified because the information isn’t public. Saudi Arabia usually boosts production during summer months to meet demand for power for air conditioning, leaving less output for exports. Demand got an extra bump this year in June because of the fasting month of Ramadan, when millions of Muslims visit Saudi Arabia, according to Sadad al-Husseini, a former executive vice president at Saudi Arabian Oil Co., the nation’s main oil producer."



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MIDEAST STOCKS-Banking shares lead Middle East higher ahead of Fed testimony | Reuters

MIDEAST STOCKS-Banking shares lead Middle East higher ahead of Fed testimony | Reuters:

"Blue-chip banks pushed Middle East stock markets slightly higher on Tuesday, a day ahead of the testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.

Yellen's semi-annual monetary policy testimony before Congress will be on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said on Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank's balance sheet in the next few months.

Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar."



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Nomura's Fadlallah Says Qatari Markets Have Stabilized - Bloomberg

Nomura's Fadlallah Says Qatari Markets Have Stabilized - Bloomberg:

"Tarek Fadlallah, Middle East chief executive officer at Nomura Asset Management, discusses his strategy for the Qatari market. He speaks on "Bloomberg Markets: Middle East." (Source: Bloomberg)"



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Like Father, Like Son: Qatar Pays Price for Going Against Saudis - Bloomberg

Like Father, Like Son: Qatar Pays Price for Going Against Saudis - Bloomberg:

"When Sheikh Hamad bin Khalifa Al Thani handed the reins of power to his son in 2013, he said it was time “to turn a new page” in Qatar. The emir's abdication, an unusual move for a Gulf ruler, was expected to mark a change of course, with his youthful successor dialing back on foreign policy positions that angered neighbors and allies by, among other things, supporting the former Muslim Brotherhood government in Egypt. But the father's strategy of engaging with everyone has spectacularly caught up with the world’s richest country under his son, Sheikh Tamim bin Hamad, with the Saudi-led isolation of Qatar in its fifth week and showing no sign of ending. The Saudis say that's because nothing has really changed, and it's the older man who still pulls the strings."



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Remember Peak Oil? Demand May Top Out Before Supply Does - Bloomberg

Remember Peak Oil? Demand May Top Out Before Supply Does - Bloomberg:

"When Bob Dudley, chief executive officer of British oil giant BP Plc, was asked at a recent conference when oil demand will peak, he had a precise answer: June 2, 2042.

The audience at the annual St. Petersburg International Economic Forum burst into laughter, knowing it’s impossible to predict such an event down to the day. But the American executive wasn’t speaking entirely in jest: The most recent edition of BP’s widely scrutinized Energy Outlook has global demand for crude maxing out in 2½ decades, give or take a year. That projection casts a shadow over one of the world’s largest industries, which until recently was far more concerned with boosting supply. The advent of electric cars, the fight against climate change, and slowing economic growth in China is dampening the world’s once boundless appetite for crude. Carmaker Volvo AB announced on July 5 that it will manufacture only electric or hybrid models from 2019 onward. Three days later, France said it would ban sales of cars with diesel and gasoline engines starting in 2040."



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Kushner Cos. Sought Qatar Funds as Jared Advised Trump - Bloomberg

Kushner Cos. Sought Qatar Funds as Jared Advised Trump - Bloomberg:

"A few months before President Donald Trump encouraged Saudi Arabia and others to blockade Qatar, the real estate business owned by the family of his son-in-law, Jared Kushner, sought a substantial investment from one of the Gulf State country’s wealthiest and most politically influential figures, according to a spokesman for Kushner Cos.

Since at least 2015, Kushner, his father, Charlie, and other officials of the company had discussions with Sheikh Hamad bin Jassim bin Jabr Al Thani, the former prime minister of Qatar who now runs a private investment firm. The talks were about a possible cash infusion of $500 million for the Kushners’ financially challenged high rise at 666 Fifth Ave. in Manhattan. The Intercept first reported the negotiations, which were later confirmed by the Kushner spokesman.

Financial negotiations between the Kushners and a politically powerful Qatari figure like Al Thani raise concerns about a possible conflict of interest because Jared Kushner is one of the president’s closest advisers. While Kushner sold his stake in 666 Fifth Ave. to family members upon joining the administration, he still has input regarding U.S. diplomatic policy.


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MIDEAST STOCKS-Banking shares boost Gulf a day ahead of Fed testimony | Reuters

MIDEAST STOCKS-Banking shares boost Gulf a day ahead of Fed testimony | Reuters:

"The banking sector pushed Gulf stock markets slightly higher in early trade on Tuesday, a day ahead of the testimony from Federal Reserve Chair Janet Yellen for clues on when the central bank would tighten U.S. monetary policy.

Yellen's semi-annual monetary policy testimony before Congress will be on Wednesday and Thursday. San Francisco Federal Reserve President John Williams said on Tuesday in Sydney that it was a reasonable view to expect one more rate hike this year, and his own view was to start adjusting the central bank's balance sheet in the next few months.

Most Gulf currencies are pegged to the dollar and any monetary policy change in the United States is usually mimicked by Saudi Arabia, United Arab Emirates and Qatar."



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