Google+ Followers

Friday, 5 January 2018

Oil Scores Best Opening Week in Half a Decade as Supply Tightens - Bloomberg

Oil Scores Best Opening Week in Half a Decade as Supply Tightens - Bloomberg:

"Oil had its strongest opening week for any year since 2013 as refiners and exporters whittled away at crude inventories tucked away in U.S. storage tanks.

Futures rose 1.7 percent this week in New York. The pull on oil stockpiles in the world’s biggest economy accelerated to 7.42 million barrels last week, a level last seen in early August. U.S. inventories are shrinking at a time when OPEC and allies producers including Russia are working to trim a global glut that triggered the 2014 market crash.

“We have supportive elements in the market that didn’t exist before,” said Bob Yawger, director of futures at Mizuho Securities USA Inc. in New York. With supplies declining and a healthy global economy, “all the pieces are in place.”"



'via Blog this'

Saudi Arabia converts Aramco into joint-stock company ahead of historic IPO

Saudi Arabia converts Aramco into joint-stock company ahead of historic IPO:

"Saudi Arabia has changed the status of its national oil giant Aramco to a joint-stock company as of Jan. 1, in a key step for an initial public offering (IPO) planned for later this year.

The sale of up to 5 percent of Saudi Aramco, expected to go ahead in the second half of 2018, is a centerpiece of Vision 2030, an ambitious reform plan to reduce the dependence of the Saudi economy on oil. The plan is championed by Saudi crown Prince Mohammad bin Salman.

The change, which was published in a cabinet decree in the kingdom’s official bulletin on Friday, is a requirement for local companies in Saudi Arabia ahead of listing, a senior Aramco source, who declined to be named, told Reuters."



'via Blog this'

Bromance to Break-Up: 4 Ways the OPEC Deal Could End Early - Bloomberg

Bromance to Break-Up: 4 Ways the OPEC Deal Could End Early - Bloomberg:

"OPEC and Russia have surprised the industry with the success of their grand alliance as oil surges to a three-year high. As the unlikely bond enters a second year, there are challenges ahead. Here are four scenarios that could end their deal earlier than planned. "



'via Blog this'