Oil's Road Toward Rebalancing Could Take a Detour in 2016: Morgan Stanley - Bloomberg Business:
"The year 2016 may prove a time in which the theoretical underpinnings of the old adage that "the best cure for low prices is low prices" is challenged, according to Morgan Stanley.
Amid firming demand and plateauing production from nations outside the Organization of Petroleum Exporting Countries, the oil market has made strides toward rebalancing in the second half of 2015 despite hitting fresh 11-year lows:"
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Monday, 21 December 2015
Egypt and the Future of a Fragile Middle East - Bloomberg Business
Egypt and the Future of a Fragile Middle East - Bloomberg Business:
"Angus Blair, founder at Signet Institute, and Gemma Godfrey, founder and chief executive officer at Moo.La, examine the political stability of the Middle East amid lower oil prices with a focus on Egypt. They speak on "Bloomberg Surveillance." (Source: Bloomberg)"
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"Angus Blair, founder at Signet Institute, and Gemma Godfrey, founder and chief executive officer at Moo.La, examine the political stability of the Middle East amid lower oil prices with a focus on Egypt. They speak on "Bloomberg Surveillance." (Source: Bloomberg)"
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Saudi Arabia Said to Weigh Selling State-Run Entities Stakes - Bloomberg Business
Saudi Arabia Said to Weigh Selling State-Run Entities Stakes - Bloomberg Business:
"As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue.
The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment.
With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump."
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"As global oil prices tumble, Saudi officials are considering plans to sell shares in state-owned entities and companies, according to two people with knowledge of the discussions, in an attempt to find alternative sources of revenue.
The government may sell stakes in ports, railways, utilities and airports, the two people said. Hospitals may also be privatized, one person said. Saudi officials weren’t immediately available for comment.
With oil prices down to an 11-year low, Saudi officials are accelerating efforts to reduce the economy’s reliance on revenue from crude exports. They may have missed their best chance when prices were higher, according to economists and an International Monetary Fund study that highlighted how successful attempts depended on policies put in place before the slump."
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MIDEAST STOCKS-Dubai jumps, Saudi flat ahead of budget | Reuters
MIDEAST STOCKS-Dubai jumps, Saudi flat ahead of budget | Reuters:
"Middle Eastern stock markets were mixed on Monday as Dubai bounced back from the previous day's losses while Saudi Arabia's index was almost unchanged as investors awaited the release of the kingdom's state budget, expected in the coming days.
The Saudi index fluctuated narrowly before ending down 0.01 percent at 6,930 points. Trading volume was modest as many investors were unwilling to trade without knowing the size of spending cuts expected in the budget.
However, petrochemical producer Saudi Basic Industries fell 1.7 percent to 84.75 riyals, heading towards its December low of 83.25 riyals."
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"Middle Eastern stock markets were mixed on Monday as Dubai bounced back from the previous day's losses while Saudi Arabia's index was almost unchanged as investors awaited the release of the kingdom's state budget, expected in the coming days.
The Saudi index fluctuated narrowly before ending down 0.01 percent at 6,930 points. Trading volume was modest as many investors were unwilling to trade without knowing the size of spending cuts expected in the budget.
However, petrochemical producer Saudi Basic Industries fell 1.7 percent to 84.75 riyals, heading towards its December low of 83.25 riyals."
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MIDEAST STOCKS-Saudi fluctuates in thin trade; Egypt continues to rise | News by Country | Reuters
MIDEAST STOCKS-Saudi fluctuates in thin trade; Egypt continues to rise | News by Country | Reuters:
"Saudi Arabia's stock market moved narrowly in thin trade on Monday after oil fell to new multi-year lows and as investors awaited the kingdom's state budget announcement. Egypt headed for a sixth straight session of gains.
Brent crude stumbled to a fresh low of $36.16 a barrel in Asian trade, a level last traded 11 years ago, as production around the world remained at or near record highs while a strong dollar following last week's U.S. rate hike weighed on demand.
The Saudi stock index initially inched up 0.1 percent before slipping back 0.3 percent in its lowest turnover since Dec. 1."
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"Saudi Arabia's stock market moved narrowly in thin trade on Monday after oil fell to new multi-year lows and as investors awaited the kingdom's state budget announcement. Egypt headed for a sixth straight session of gains.
Brent crude stumbled to a fresh low of $36.16 a barrel in Asian trade, a level last traded 11 years ago, as production around the world remained at or near record highs while a strong dollar following last week's U.S. rate hike weighed on demand.
The Saudi stock index initially inched up 0.1 percent before slipping back 0.3 percent in its lowest turnover since Dec. 1."
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Brent Oil Falls to 11-Year Low in London as Global Glut Persists - Bloomberg Business
Brent Oil Falls to 11-Year Low in London as Global Glut Persists - Bloomberg Business:
"Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they continue fighting for market share.
Futures for February settlement slid as much as 71 cents to $36.17 a barrel on the London-based ICE Futures Europe exchange, the lowest level in intraday trade since July 13, 2004. The contract decreased 18 cents to $36.88 on Friday, the weakest close since December 2008. Prices are down 37 percent this year, set for a third annual loss."
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"Brent crude slumped to the lowest level since 2004 amid speculation suppliers from the Middle East to the U.S. will exacerbate a record glut as they continue fighting for market share.
Futures for February settlement slid as much as 71 cents to $36.17 a barrel on the London-based ICE Futures Europe exchange, the lowest level in intraday trade since July 13, 2004. The contract decreased 18 cents to $36.88 on Friday, the weakest close since December 2008. Prices are down 37 percent this year, set for a third annual loss."
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Crude Falls as Spanish Bonds Drop; Azerbaijan Lets Manat Devalue - Bloomberg Business
Crude Falls as Spanish Bonds Drop; Azerbaijan Lets Manat Devalue - Bloomberg Business:
"Brent crude tumbled to the lowest level in 11 years amid speculation a global supply glut will persist. Spanish bonds dropped after an indecisive election as Azerbaijan’s currency plunged, while European shares fluctuated with Asian stocks.
Oil futures in London slid to the weakest intraday level since July 2004 as suppliers from the Middle East to the U.S. continue to fight for market share. Spain’s government bonds fell for the first time in four days while Azerbaijan moved to a floating exchange rate, the latest crude producer to abandon a currency peg. Chinese shares gained while Japan’s Topix gauge slid. U.S. natural gas extended its rebound from a 16-year low.
Oil has fallen below levels last seen during the 2008 global financial crisis after OPEC effectively abandoned output limits at a Dec. 4 meeting and the U.S. passed legislation to lift a 40-year ban on crude exports. While the Federal Reserve’s rate increase removed a measure of uncertainty on financial markets, investors are still concerned that global growth remains vulnerable. In Spain, Prime Minister Mariano Rajoy is left with limited options to forge a governing majority, threatening a period of instability.
"
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"Brent crude tumbled to the lowest level in 11 years amid speculation a global supply glut will persist. Spanish bonds dropped after an indecisive election as Azerbaijan’s currency plunged, while European shares fluctuated with Asian stocks.
Oil futures in London slid to the weakest intraday level since July 2004 as suppliers from the Middle East to the U.S. continue to fight for market share. Spain’s government bonds fell for the first time in four days while Azerbaijan moved to a floating exchange rate, the latest crude producer to abandon a currency peg. Chinese shares gained while Japan’s Topix gauge slid. U.S. natural gas extended its rebound from a 16-year low.
Oil has fallen below levels last seen during the 2008 global financial crisis after OPEC effectively abandoned output limits at a Dec. 4 meeting and the U.S. passed legislation to lift a 40-year ban on crude exports. While the Federal Reserve’s rate increase removed a measure of uncertainty on financial markets, investors are still concerned that global growth remains vulnerable. In Spain, Prime Minister Mariano Rajoy is left with limited options to forge a governing majority, threatening a period of instability.
"
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