Bankers See $1 Trillion of Zombie Investments Stranded in the Oil Fields - Bloomberg:
"There are zombies in the oil fields.
After crude prices dropped 49 percent in six months, oil projects planned for next year are the undead -- still standing upright, but with little hope of a productive future. These zombie projects proliferate in expensive Arctic oil, deepwater-drilling regions and tar sands from Canada to Venezuela.
In a stunning analysis this week, Goldman Sachs found almost $1 trillion in investments in future oil projects at risk. They looked at 400 of the world’s largest new oil and gas fields -- excluding U.S. shale -- and found projects representing $930 billion of future investment that are no longer profitable with Brent crude at $70. In the U.S., the shale-oil party isn’t over yet, but zombies are beginning to crash it."
'via Blog this'
Thursday, 18 December 2014
Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share - Bloomberg
Saudi Arabia Says Hard for OPEC to Give Up Oil-Market Share - Bloomberg:
"Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.
Global oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, Oil Minister Ali Al-Naimi said, according to comments published today by the Saudi Press Agency. He reiterated the country’s intention to maintain output amid plunging prices.
“In a situation like this, it is difficult, if not impossible, that the kingdom or OPEC would carry out any action that may result in a reduction of its share in market and an increase of others’ shares,” Naimi said, according to the state-run news agency. Saudi Arabia, the largest producer in OPEC, will stick to its oil policies, he said."
'via Blog this'
"Saudi Arabia and OPEC would find it “difficult, if not impossible” to give up market share by cutting crude production, the country’s oil minister said.
Global oil markets are experiencing “temporary” instability caused mainly by a slowdown in the world economy, Oil Minister Ali Al-Naimi said, according to comments published today by the Saudi Press Agency. He reiterated the country’s intention to maintain output amid plunging prices.
“In a situation like this, it is difficult, if not impossible, that the kingdom or OPEC would carry out any action that may result in a reduction of its share in market and an increase of others’ shares,” Naimi said, according to the state-run news agency. Saudi Arabia, the largest producer in OPEC, will stick to its oil policies, he said."
'via Blog this'
Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg
Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg:
"Dubai’s stock gauge surged the most on record after the U.S. Federal Reserve pledged to be “patient” with rate increases and oil prices rose.
The DFM General Index (DFMGI) increased 13 percent to close at 3,426.70, the best performance among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index jumped 6.7 percent, the most since December 2009.
The Fed said it will be patient when it comes to the timing of rate increases, replacing a pledge to keep borrowing costs near zero for a “considerable time.” The S&P 500 Index rose the most in more than a year yesterday, and Brent crude advanced the most since Dec. 1. Oil climbed 3.3 percent to $63.21 a barrel at 12:35 p.m. in London."
'via Blog this'
"Dubai’s stock gauge surged the most on record after the U.S. Federal Reserve pledged to be “patient” with rate increases and oil prices rose.
The DFM General Index (DFMGI) increased 13 percent to close at 3,426.70, the best performance among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index jumped 6.7 percent, the most since December 2009.
The Fed said it will be patient when it comes to the timing of rate increases, replacing a pledge to keep borrowing costs near zero for a “considerable time.” The S&P 500 Index rose the most in more than a year yesterday, and Brent crude advanced the most since Dec. 1. Oil climbed 3.3 percent to $63.21 a barrel at 12:35 p.m. in London."
'via Blog this'
Emaar Dubai Real Estate Chief Said to Leave in Revamp - Bloomberg
Emaar Dubai Real Estate Chief Said to Leave in Revamp - Bloomberg:
"Emaar Properties PJSC’s (EMAAR) head of Dubai real estate has left the company amid a revamp of top management, people with knowledge of the matter said.
Robert Booth left the job in the second half, the people said, asking not to be identified because the information isn’t public. He may still act as an adviser to Emaar on some matters, they said. Booth joined Emaar in 2001, according to the Dubai-based company’s website.
Emaar, led by chairman Mohamed Alabbar, has been changing its top management and several former executives of Dubai’s largest listed company have started working at Abu Dhabi-based developer Eagle Hills, headed by Alabbar who is a board member."
'via Blog this'
"Emaar Properties PJSC’s (EMAAR) head of Dubai real estate has left the company amid a revamp of top management, people with knowledge of the matter said.
Robert Booth left the job in the second half, the people said, asking not to be identified because the information isn’t public. He may still act as an adviser to Emaar on some matters, they said. Booth joined Emaar in 2001, according to the Dubai-based company’s website.
Emaar, led by chairman Mohamed Alabbar, has been changing its top management and several former executives of Dubai’s largest listed company have started working at Abu Dhabi-based developer Eagle Hills, headed by Alabbar who is a board member."
'via Blog this'
BBC News - North Sea oil industry 'close to collapse'
BBC News - North Sea oil industry 'close to collapse':
"The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC.
Oil companies and service providers are cutting staff and investment to save money.
Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse"."
'via Blog this'
"The UK's oil industry is in "crisis" as prices drop, a senior industry leader has told the BBC.
Oil companies and service providers are cutting staff and investment to save money.
Robin Allan, chairman of the independent explorers' association Brindex, told the BBC that the industry was "close to collapse"."
'via Blog this'
UAE stockbrokers backed over the right to liquidate accounts | The National
UAE stockbrokers backed over the right to liquidate accounts | The National:
"The UAE federal market regulator on Wednesday said stockbrokers had the right to liquidate client portfolios if the customer could not cover a margin account.
The statement from the Securities and Commodities Authority (SCA) follows the worst stock market rout since the financial crisis, which investors say has been fuelled by the forced selling of shares by brokers in what are known as margin calls.
“Stockbrokers who sell stocks in the case where the client does not comply with coverage of the gap in the margin account within two working days are not considered to be violating or infringing so long as the company or stockbroker has notified the client of such a gap or drop accordingly with the procedures,” the regulator said."
'via Blog this'
"The UAE federal market regulator on Wednesday said stockbrokers had the right to liquidate client portfolios if the customer could not cover a margin account.
The statement from the Securities and Commodities Authority (SCA) follows the worst stock market rout since the financial crisis, which investors say has been fuelled by the forced selling of shares by brokers in what are known as margin calls.
“Stockbrokers who sell stocks in the case where the client does not comply with coverage of the gap in the margin account within two working days are not considered to be violating or infringing so long as the company or stockbroker has notified the client of such a gap or drop accordingly with the procedures,” the regulator said."
'via Blog this'
Diversification yet to make a big difference to GCC economies | GulfNews.com
Diversification yet to make a big difference to GCC economies | GulfNews.com:
"Economic diversification efforts of Gulf Cooperation Council (GCC) countries in the recent years to withstand oil price volatility has yielded only limited success, according to analysts.
Now that oil prices have fallen to below $60 (Dh220) per barrel from around $100 in the past few months, the spending plans of most GCC countries will come under pressure that will be reflected in the non-oil economic growth across the GCC.
“Sustainable growth [of GCC economies] that is independent from the vagaries of the international commodities market will require a significant step-up of productive job creation and an improvement in the skills and productivity of their young workforces,” said Moritz Kraemer, S&P’s head of sovereign ratings for Europe, the Middle East and Africa."
'via Blog this'
"Economic diversification efforts of Gulf Cooperation Council (GCC) countries in the recent years to withstand oil price volatility has yielded only limited success, according to analysts.
Now that oil prices have fallen to below $60 (Dh220) per barrel from around $100 in the past few months, the spending plans of most GCC countries will come under pressure that will be reflected in the non-oil economic growth across the GCC.
“Sustainable growth [of GCC economies] that is independent from the vagaries of the international commodities market will require a significant step-up of productive job creation and an improvement in the skills and productivity of their young workforces,” said Moritz Kraemer, S&P’s head of sovereign ratings for Europe, the Middle East and Africa."
'via Blog this'
Abraaj tops Kellogg again in Bisco Misr takeover battle | GulfNews.com
Abraaj tops Kellogg again in Bisco Misr takeover battle | GulfNews.com:
"Abraaj Investment Management raised its offer for Bisco Misr to 84.66 Egyptian pounds (Dh43.49, $12) per share on Wednesday, trumping Kellogg Co again in an intensifying battle for the Egyptian snack maker.
The UAE’s Abraaj initially offered 73.91 pounds per share for Bisco Misr in early November, but Kellogg, the world’s biggest breakfast cereal maker, has twice outbid the private equity firm and its latest offer stood at 82.2 pounds per share.
Egypt’s regulator last week extended the period for Abraaj, the Middle East’s largest private equity firm, to match Kellogg’s bid to Dec. 24. The regulator has yet to approve Abraaj’s new offer."
'via Blog this'
"Abraaj Investment Management raised its offer for Bisco Misr to 84.66 Egyptian pounds (Dh43.49, $12) per share on Wednesday, trumping Kellogg Co again in an intensifying battle for the Egyptian snack maker.
The UAE’s Abraaj initially offered 73.91 pounds per share for Bisco Misr in early November, but Kellogg, the world’s biggest breakfast cereal maker, has twice outbid the private equity firm and its latest offer stood at 82.2 pounds per share.
Egypt’s regulator last week extended the period for Abraaj, the Middle East’s largest private equity firm, to match Kellogg’s bid to Dec. 24. The regulator has yet to approve Abraaj’s new offer."
'via Blog this'
Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg
Dubai Shares Soar Most on Record as Fed Pledge Spurs Global Jump - Bloomberg:
"Dubai’s stock gauge surged the most on record after the U.S. Federal Reserve pledged to be “patient” with rate increases and oil prices rose.
The DFM General Index (DFMGI) increased 11 percent to 3,366.68 at 11:41 a.m. local time, the best performance among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index jumped 6.8 percent, the most since December 2009.
The Fed said it will be patient when it comes to the timing of rate increases, replacing a pledge to keep borrowing costs near zero for a “considerable time.” The S&P 500 Index rose the most in more than a year yesterday, and Brent crude advanced the most since Dec. 1. Oil was little changed today at $61.19 a barrel."
'via Blog this'
"Dubai’s stock gauge surged the most on record after the U.S. Federal Reserve pledged to be “patient” with rate increases and oil prices rose.
The DFM General Index (DFMGI) increased 11 percent to 3,366.68 at 11:41 a.m. local time, the best performance among more than 90 gauges tracked by Bloomberg globally. Abu Dhabi’s ADX General Index jumped 6.8 percent, the most since December 2009.
The Fed said it will be patient when it comes to the timing of rate increases, replacing a pledge to keep borrowing costs near zero for a “considerable time.” The S&P 500 Index rose the most in more than a year yesterday, and Brent crude advanced the most since Dec. 1. Oil was little changed today at $61.19 a barrel."
'via Blog this'
Subscribe to:
Posts (Atom)