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Wednesday, 11 October 2017

Libya warns its oil recovery is under threat

Libya warns its oil recovery is under threat:

"The head of Libya’s national oil company (NOC) has warned that the country’s recovery in oil output is under threat as it has only received a quarter of its budget from the UN-backed government.

Mustafa Sanalla, the NOC chairman, told reporters in London that a target of 1.25m barrels a day of output was “very uncertain” with current production around 1m.

While that level is around four times higher than early 2016 the recovery is in jeopardy, with damage from earlier fighting still hampering production while political uncertainty in the country has led to a number of shut-ins at fields otherwise capable of producing."



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Italian asset manager buys stake in Iranian rival

Italian asset manager buys stake in Iranian rival:

"An Italian asset manager has become the first foreign investment group to buy a stake in an Iranian financial company, amid threats by US President Donald Trump to withdraw his endorsement of the nuclear agreement which opened the country to inward investment. Azimut, a €48bn group headquartered in Milan, is to acquire 20 per cent of Mofid Entekhab, an Iranian asset manager, for an undisclosed sum. “We were looking for an opportunity to invest in a very interesting market. Iran is a great story,” said Sergio Albarelli, chief executive of Azimut."



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Fearing Trump torpedo, Europe scrambles to save Iran deal

Fearing Trump torpedo, Europe scrambles to save Iran deal:

"European countries are scrambling to cobble together a package of measures they hope will keep the Iran nuclear deal on track if U.S. President Donald Trump ignores their pleas and decertifies the landmark 2015 agreement this week.

The package would include a strong statement backing the deal by European powers, together with efforts to lobby the U.S. Congress and put wider pressure on Iran, officials said.

But without strong U.S. support for the deal, senior officials in Berlin, Paris and London say it may be only a matter of time before the pact between Tehran and six world powers unravels, with grave consequences for Middle East security, nonproliferation efforts and transatlantic ties."



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UPDATE 2-Qatar National Bank rules out sale of stake in UAE bank

UPDATE 2-Qatar National Bank rules out sale of stake in UAE bank:

"Qatar National Bank’s said on Wednesday its stake in United Arab Emirates-based Commercial Bank International is not for sale. There has been speculation over QNB’s stake in the UAE bank after other Qatari companies cut some UAE business holdings following a decision by the UAE, Saudi Arabia, Bahrain and Egypt on June 5 to cut diplomatic and transport ties with Qatar. QNB, the largest lender in the Middle East and Africa by assets, holds a 40 percent stake in Abu Dhabi-listed CBI. The stake is valued at around $155 million, according to Reuters’ calculations."



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Oil Near $51 as Rising Output Threatens to Slice Into Demand - Bloomberg

Oil Near $51 as Rising Output Threatens to Slice Into Demand - Bloomberg:

"Oil lingered near $51 a barrel as OPEC’s optimistic outlook for crude demand was overshadowed by the specter of booming production from Texas to Tripoli. Futures meandered within an 81-cent range in New York as traders weighed countervailing reports. OPEC announced that 2018 demand will be about 200,000 barrels higher than previously predicted, and said output caps adopted by most producers are trimming a global glut. At the same time, the Energy Information Administration raised its forecast for U.S. production in 2018. “There’s still a lot of questions around what 2018 is shaping up to be like in terms of demand and supply,” said John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, in a telephone interview. OPEC continues to “keep working this market over with their rhetoric, even though the supply dynamic doesn’t seem to be supporting their positions.”"



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MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar climb

MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar climb:

"Insurance stocks helped to drag down Saudi Arabia’s market on Wednesday because of fears of a shakeout in the industry, while bourses in the United Arab Emirates and Qatar rose, helped by a bullish global trend in equities.

The main Saudi index sank 2.2 percent to 6,890 points, closing significantly below the 200-day moving average, now at 7,042 points, for the first time since last November.

Shares in 32 of Saudi Arabia’s 33 listed insurance firms tumbled, with several losing more than 7 percent. Only Bupa Arabia, a favourite of foreign investors, escaped a drop, closing flat."



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Emirates willing to cooperate with rival UAE airline Etihad | GulfNews.com

Emirates willing to cooperate with rival UAE airline Etihad | GulfNews.com:

"Emirates is open to cooperation with rival Etihad Airways on areas including procurement, its president Tim Clark said on Wednesday, adding a full merger between the pair was unlikely but up to the owners.
Based in the UAE, Emirates and Etihad have been competing fiercely to build global networks around their respective hubs in Dubai and Abu Dhabi rather than working together, even as they battled overcapacity, security concerns and a fall in regional business travel.

“I think there is value to be had working more closely with them,” Clark told Reuters by phone, adding there might be concerns from regulators in some foreign markets."



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Saudi oil policy seen through the prism of Aramco’s IPO | Arab News

Saudi oil policy seen through the prism of Aramco’s IPO | Arab News:

"It is tempting to look at virtually every news announcement in the Saudi Arabian energy sector through the prism of the planned flotation of Saudi Aramco, arguably the biggest event in the Kingdom’s oil industry since the discovery of commercial reserves in the 1930s. This week brought two further reminders of how the initial public offering (IPO) is determining policy not only for Aramco itself, but also for the Saudi energy sector as a whole: A government decision to reduce oil exports, and a big new refinery in India. Aramco strategists have several concerns on their minds at the moment, including the status of independent reserves valuations being prepared in the US, and the decision on whether New York or London will be the main foreign venue for the biggest IPO in history."



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What's at Risk for Energy if Trump Kills the Iran Deal - Bloomberg

What's at Risk for Energy if Trump Kills the Iran Deal - Bloomberg:

"Iran, already struggling to attract investors to its energy industry, may find things tougher still as U.S. President Donald Trump tries to undermine the nuclear deal that eased sanctions on OPEC’s third-largest crude producer.

His efforts won’t immediately curb the flow of some 2.3 million barrels of daily Iranian crude exports -- more than three times the amount of oil the U.S. has sold abroad over the past year. For investors, however, the risks could be higher. Companies such as Total SA, which in July became the first major Western energy company to sign a production deal with Iran since the 2015 accord, may face new hurdles in contributing to the Persian Gulf country’s estimated $100 billion need for oil and natural gas investment."



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Oil Holds Gains as OPEC Sees Recovery, Storm Curbs U.S. Output - Bloomberg

Oil Holds Gains as OPEC Sees Recovery, Storm Curbs U.S. Output - Bloomberg:

"Oil held gains near $51 a barrel as OPEC Secretary-General Mohammad Barkindo reiterated a rapid market re-balancing is under way, and as U.S. production was again disrupted by a storm.

Futures added 0.8 percent in New York after advancing 3.3 percent in the previous two sessions. The global economic recovery has gained traction and oil de-stocking gathered momentum over the summer, Barkindo said on Tuesday. Oil producers in the U.S. Gulf have cut output by 1.02 million barrels a day, or about 59 percent, because of Tropical Storm Nate, according to the Bureau of Safety and Environmental Enforcement."



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MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar firm

MIDEAST STOCKS-Insurers drag down Saudi, UAE and Qatar firm:

"Insurance stocks dragged down Saudi Arabia’s market early on Wednesday while bourses in the United Arab Emirates and Qatar were firm. The main Saudi index fell 1.2 percent in the first hour as shares in 32 of Saudi Arabia’s 33 listed insurance firms sank, with AICC dropping 4.2 percent. The only gainer in the sector was Bupa Arabia, up 1.4 percent. Most insurers had slid on Tuesday after regulators ordered nine insurance brokers to stop business, citing regulatory violations. The central bank has taken a tough stance on compliance in the sector during recent months, suspending business at several firms, and investors are bracing for a possible shakeout in sector."



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