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Friday 18 December 2015
U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers - Bloomberg Business
U.S. Oil Is Too Good, Too Pricey and Too Far for Asia Buyers - Bloomberg Business:
"In the world’s biggest oil market, buyers have better options than U.S. crude.
As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil with higher sulfur content. The lighter and cleaner shale oil from the U.S. has also got about a third farther to come than alternative supplies from the Middle East and that represents an additional cost.
“U.S. light oil economically is not viable for most of Asian refiners,” B.K. Namdeo, head of refineries at state-run Hindustan Petroleum Corp., said by phone from New Delhi. “The majority of the refiners in this region are not configured to use light oil, plus there is a long charter time and high freight costs involved.”"
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"In the world’s biggest oil market, buyers have better options than U.S. crude.
As the country inches toward ending the last restrictions on exports, Asian buyers will probably have a limited appetite for the quality of crude on offer. Many of the region’s refiners are geared to process heavier, cheaper oil with higher sulfur content. The lighter and cleaner shale oil from the U.S. has also got about a third farther to come than alternative supplies from the Middle East and that represents an additional cost.
“U.S. light oil economically is not viable for most of Asian refiners,” B.K. Namdeo, head of refineries at state-run Hindustan Petroleum Corp., said by phone from New Delhi. “The majority of the refiners in this region are not configured to use light oil, plus there is a long charter time and high freight costs involved.”"
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MIDEAST STOCKS-Saudi stocks lifted by banks; Egypt up as Sawiris buys bank unit
MIDEAST STOCKS-Saudi stocks lifted by banks; Egypt up as Sawiris buys bank unit:
"Bank stocks led gains in Saudi Arabia on Thursday, as investors bet interest rate increases would widen lending margins. Egypt rallied as its top bank agreed to sell a unit to a company owned by billionaire Naguib Sawiris.
Most Middle East markets rallied after the U.S. Federal Reserve raised interest rates for the first time in more than nine years, a sign of confidence in the world's largest economy.
Gulf currencies are pegged or closely linked to the dollar and Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates all swiftly raised their own rates."
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"Bank stocks led gains in Saudi Arabia on Thursday, as investors bet interest rate increases would widen lending margins. Egypt rallied as its top bank agreed to sell a unit to a company owned by billionaire Naguib Sawiris.
Most Middle East markets rallied after the U.S. Federal Reserve raised interest rates for the first time in more than nine years, a sign of confidence in the world's largest economy.
Gulf currencies are pegged or closely linked to the dollar and Saudi Arabia, Kuwait, Bahrain and the United Arab Emirates all swiftly raised their own rates."
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