Weak oil prices squeezing Saudi Arabia’s coffers, but reserves won’t run dry – for now | The National:
"The squeeze on Saudi Arabia’s state finances is mounting as oil prices fall but the latest official figures suggest the world’s top crude exporter still has at least several years before it faces a budget crunch.
Brent oil sank last week below US$50 a barrel, near six-year lows, from $70 three months ago. That promises to increase the rate at which the kingdom is drawing down its foreign reserves to cover its budget deficit.
A study by a former Saudi central bank official says the world might have entered a sustained period of low oil prices, leaving Riyadh vulnerable down the road."
'via Blog this'
Solely aggregation of news articles, with no opinions expressed by this service since 2009 launch on this platform. Copyright to all articles remains with the original publisher and HEADLINES ARE CLICKABLE to access the whole article at source. (Subscription by email is recommended,with real-time updates on LinkedIn and Twitter.)
Tuesday 11 August 2015
Entry of Iranian oil to pose threat to recovery of oil prices | GulfNews.com
Entry of Iranian oil to pose threat to recovery of oil prices | GulfNews.com:
"As oil continues to slump due to oversupply and weak demand, the entry of Iranian oil into the market is likely to pose another big threat to recovery of prices.
Oil prices have plunged by more than 50 per cent in the last one year as the US pumped record volumes of shale, and demand slackened across the globe.
From a peak of $115 (Dh422) in June last year, oil prices have dropped to less than $50 (Dh183) this week."
'via Blog this'
"As oil continues to slump due to oversupply and weak demand, the entry of Iranian oil into the market is likely to pose another big threat to recovery of prices.
Oil prices have plunged by more than 50 per cent in the last one year as the US pumped record volumes of shale, and demand slackened across the globe.
From a peak of $115 (Dh422) in June last year, oil prices have dropped to less than $50 (Dh183) this week."
'via Blog this'
Fears of financial crisis rise as Russia’s economy shrinks - FT.com
Fears of financial crisis rise as Russia’s economy shrinks - FT.com:
"Russia’s economy contracted by 4.6 per cent in the second quarter compared with the same period in 2014, the largest drop in six years, marking the country’s first recession since the financial crisis in 2009.
The Federal Statistics Office did not offer any details with its first estimate, but analysts said the preliminary figure was likely to be revised downward as sectoral statistics — which includes retail sales, industrial production and household incomes — pointed to an even steeper drop in real terms.
The 4.6 per cent contraction was slightly worse than analysts’ consensus estimate. Economists warned that the renewed slide in oil prices, which has pushed the rouble lower, would make a quick recovery even more unlikely."
'via Blog this'
"Russia’s economy contracted by 4.6 per cent in the second quarter compared with the same period in 2014, the largest drop in six years, marking the country’s first recession since the financial crisis in 2009.
The Federal Statistics Office did not offer any details with its first estimate, but analysts said the preliminary figure was likely to be revised downward as sectoral statistics — which includes retail sales, industrial production and household incomes — pointed to an even steeper drop in real terms.
The 4.6 per cent contraction was slightly worse than analysts’ consensus estimate. Economists warned that the renewed slide in oil prices, which has pushed the rouble lower, would make a quick recovery even more unlikely."
'via Blog this'
Aluminium: Meltdown fears - FT.com
Aluminium: Meltdown fears - FT.com:
"When the US government slapped anti-dumping tariffs on China Zhongwang Holdings four years ago, the world’s second-largest producer of aluminium products found solace in China’s booming domestic market.
The company now reports the highest margins of any aluminium producer in the world. But with that status — and major shifts in the market for the lightweight metal — has come fresh global scrutiny. A flood of aluminium pouring out of China and depressing world markets has focused attention on Zhongwang and other Chinese metals processors, whose success threatens to spur new trade tensions with the US.
Late last month, a previously unknown short seller — called Dupré Analytics — accused Zhongwang of routing aluminium through companies controlled by its chairman Liu Zhongtian, allowing it to claim tax rebates from the Chinese government. That metal, it is alleged, is sold at below cost overseas, leading to a build-up of excess aluminium."
'via Blog this'
"When the US government slapped anti-dumping tariffs on China Zhongwang Holdings four years ago, the world’s second-largest producer of aluminium products found solace in China’s booming domestic market.
The company now reports the highest margins of any aluminium producer in the world. But with that status — and major shifts in the market for the lightweight metal — has come fresh global scrutiny. A flood of aluminium pouring out of China and depressing world markets has focused attention on Zhongwang and other Chinese metals processors, whose success threatens to spur new trade tensions with the US.
Late last month, a previously unknown short seller — called Dupré Analytics — accused Zhongwang of routing aluminium through companies controlled by its chairman Liu Zhongtian, allowing it to claim tax rebates from the Chinese government. That metal, it is alleged, is sold at below cost overseas, leading to a build-up of excess aluminium."
'via Blog this'
MIDEAST STOCKS-Gulf markets edge up after oil jumps | Reuters
MIDEAST STOCKS-Gulf markets edge up after oil jumps | Reuters:
"Most Gulf stock markets edged up in early trade on Tuesday after oil prices jumped about 4 percent late in the previous session.
Despite a pull-back early on Tuesday, crude still traded well above the levels seen when Gulf markets closed on Monday.
Dubai's index rose 0.6 percent with most stocks positive. Gulf Navigation jumped 4.4 percent and was the top gainer. The firm this week reported a 172 percent increase in profit for the first half of 2015 and a settlement deal with one of its major creditors."
'via Blog this'
"Most Gulf stock markets edged up in early trade on Tuesday after oil prices jumped about 4 percent late in the previous session.
Despite a pull-back early on Tuesday, crude still traded well above the levels seen when Gulf markets closed on Monday.
Dubai's index rose 0.6 percent with most stocks positive. Gulf Navigation jumped 4.4 percent and was the top gainer. The firm this week reported a 172 percent increase in profit for the first half of 2015 and a settlement deal with one of its major creditors."
'via Blog this'
Iran’s Impact on Oil Supply May Impact Earnings - Bloomberg Business
Iran’s Impact on Oil Supply May Impact Earnings - Bloomberg Business:
"Jefferies Analyst Jason Gammel discusses earnings from oil companies and outlook for the overall sector. He speaks with Jonathan Ferro on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"
'via Blog this'
"Jefferies Analyst Jason Gammel discusses earnings from oil companies and outlook for the overall sector. He speaks with Jonathan Ferro on Bloomberg Television’s “On The Move.” (Source: Bloomberg)"
'via Blog this'