Mubadala Petroleum to reduce costs as oil price slumps | GulfNews.com:
"Abu Dhabi-based Mubadala Petroleum will pursue an aggressive cost-reduction strategy as oil prices plummet to record levels due to overproduction and weak demand, the Chief Executive Officer of the company said.
“We are on very aggressive cost reduction mode. Last year and this year we have been focusing primarily on cost reduction and bring cost parameters significantly down due to drop in oil prices,” Mussabeh Al Ka’abi said at an energy forum on Tuesday.
He however, said they are not slashing production and are trying to increase efficiency. “We have currently adjusted our cost to a certain oil price. We are reviewing our operation but have no plan to cut production.”"
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Friday, 15 January 2016
Report paving way for Iran sanctions relief likely Saturday | Reuters
Report paving way for Iran sanctions relief likely Saturday | Reuters:
"An IAEA report verifying that Iran has kept its promises under last year's nuclear deal with world powers and triggering sanctions relief for Tehran is likely to be issued on Saturday, a diplomatic source said on Friday.
The report, if issued, would mark the consummation of the July 14, 2015 nuclear agreement. Under the deal, Iran agreed to shrink its atomic program in exchange for the lifting of some EU, U.S. and U.N sanctions, which would allow billions of dollars of investment to flow into the country.
In a sign its implementation may be at hand, U.S. Secretary of State John Kerry, Iranian Foreign Minister Mohammad Javad Zarif and EU foreign policy chief Federica Mogherini will meet in Vienna on Saturday, the U.S. State Department said."
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"An IAEA report verifying that Iran has kept its promises under last year's nuclear deal with world powers and triggering sanctions relief for Tehran is likely to be issued on Saturday, a diplomatic source said on Friday.
The report, if issued, would mark the consummation of the July 14, 2015 nuclear agreement. Under the deal, Iran agreed to shrink its atomic program in exchange for the lifting of some EU, U.S. and U.N sanctions, which would allow billions of dollars of investment to flow into the country.
In a sign its implementation may be at hand, U.S. Secretary of State John Kerry, Iranian Foreign Minister Mohammad Javad Zarif and EU foreign policy chief Federica Mogherini will meet in Vienna on Saturday, the U.S. State Department said."
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Oil plummets to $29, dragging world stocks lower | Reuters
Oil plummets to $29, dragging world stocks lower | Reuters:
"Oil prices plummeted to $29 a barrel on Friday on the likely resumption soon of Iranian oil exports into an already flooded market as international sanctions against Iran are lifted, dragging equity indices around the world sharply lower.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown, coupled with concerns about a potential credit default as lower commodity prices make payments by creditors in emerging markets difficult.
Major stock indices in Europe closed down more than 2 percent, while Wall Street stock indexes tumbled even more. Global crude benchmark Brent settled below $29 a barrel, capping a 13 percent decline for the week."
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"Oil prices plummeted to $29 a barrel on Friday on the likely resumption soon of Iranian oil exports into an already flooded market as international sanctions against Iran are lifted, dragging equity indices around the world sharply lower.
Skittish investors snapped up gold and other safe-haven assets amid fears of a global economic slowdown, coupled with concerns about a potential credit default as lower commodity prices make payments by creditors in emerging markets difficult.
Major stock indices in Europe closed down more than 2 percent, while Wall Street stock indexes tumbled even more. Global crude benchmark Brent settled below $29 a barrel, capping a 13 percent decline for the week."
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Saudi Life With $30 Oil - Bloomberg Business
Saudi Life With $30 Oil - Bloomberg Business:
"Times are getting tougher in the Hathut household, so father Mohammad is looking for extra work and the three kids are being told to switch off the lights to cut his electricity bill.
This is Saudi Arabia in 2016. It may be a familiar story to austerity-hit Europeans and Americans, but in a nation synonymous with conspicuous consumption, the belt-tightening has been unsettling. Unprecedented cuts to fuel and energy subsidies are forcing the kind of rigor never seen during the era of petrodollar-fueled wealth that quadrupled per-capita income since the late 1980s.
“A lot of things will change,” said Hathut, 30, who plans to supplement his income as a business-administration teacher at a Riyadh university with private training sessions. “But many youths are still in a state of shock. They haven’t processed the news and what to do.”
"
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"Times are getting tougher in the Hathut household, so father Mohammad is looking for extra work and the three kids are being told to switch off the lights to cut his electricity bill.
This is Saudi Arabia in 2016. It may be a familiar story to austerity-hit Europeans and Americans, but in a nation synonymous with conspicuous consumption, the belt-tightening has been unsettling. Unprecedented cuts to fuel and energy subsidies are forcing the kind of rigor never seen during the era of petrodollar-fueled wealth that quadrupled per-capita income since the late 1980s.
“A lot of things will change,” said Hathut, 30, who plans to supplement his income as a business-administration teacher at a Riyadh university with private training sessions. “But many youths are still in a state of shock. They haven’t processed the news and what to do.”
"
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Crude sinks 4 percent as market braces for more Iranian oil | Reuters
Crude sinks 4 percent as market braces for more Iranian oil | Reuters:
"Brent crude futures plunged more than 4 percent to near 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
Brent and U.S. crude oil were on track to close lower for a third consecutive week, down roughly 20 percent from their 2016 highs.
The International Atomic Energy Agency (IAEA) could issue its report on Iran's compliance with an agreement to curb its nuclear program during a Friday meeting in Vienna, potentially triggering the lifting of Western sanctions."
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"Brent crude futures plunged more than 4 percent to near 12-year lows on Friday as the market braced for increased Iranian oil exports, with the lifting of international sanctions possible within days.
Brent and U.S. crude oil were on track to close lower for a third consecutive week, down roughly 20 percent from their 2016 highs.
The International Atomic Energy Agency (IAEA) could issue its report on Iran's compliance with an agreement to curb its nuclear program during a Friday meeting in Vienna, potentially triggering the lifting of Western sanctions."
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German court allows Etihad to continue most airberlin codeshares | The National
German court allows Etihad to continue most airberlin codeshares | The National:
"An appeals court in Germany on Thursday allowed Etihad to continue most of its disputed codeshare flights with airberlin for the winter schedule ending in March, handing the Abu Dhabi-based airline a partial victory.
The court ruled that Etihad should be allowed to continue its codeshare agreement for 26 international routes but rejected its request to continue codesharing on five domestic German routes.
The court said the international routes could continue as they were in accordance with a bilateral agreement struck between Germany and Abu Dhabi in 2000.
"
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"An appeals court in Germany on Thursday allowed Etihad to continue most of its disputed codeshare flights with airberlin for the winter schedule ending in March, handing the Abu Dhabi-based airline a partial victory.
The court ruled that Etihad should be allowed to continue its codeshare agreement for 26 international routes but rejected its request to continue codesharing on five domestic German routes.
The court said the international routes could continue as they were in accordance with a bilateral agreement struck between Germany and Abu Dhabi in 2000.
"
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Gulf currency pegs: Oman, Bahrain seen as most under threat - FT.com
Gulf currency pegs: Oman, Bahrain seen as most under threat - FT.com:
"The dramatic slide in crude prices has led to a surge in speculation that Saudi Arabia, the world’s largest oil producer, could be forced to abandon the riyal’s 30-year-old peg to the US dollar.
The long-moribund riyal forwards market has sprung to life, with traders pricing in an exchange rate of SR3.85 to the dollar in 12-months, a near 3 per cent devaluation from the SR3.75 level that has, in essence, held since 1986. Nothing on this scale has been seen for almost 17 years."
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"The dramatic slide in crude prices has led to a surge in speculation that Saudi Arabia, the world’s largest oil producer, could be forced to abandon the riyal’s 30-year-old peg to the US dollar.
The long-moribund riyal forwards market has sprung to life, with traders pricing in an exchange rate of SR3.85 to the dollar in 12-months, a near 3 per cent devaluation from the SR3.75 level that has, in essence, held since 1986. Nothing on this scale has been seen for almost 17 years."
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Qatar targets cultural assets for cuts as oil price hits budget - FT.com
Qatar targets cultural assets for cuts as oil price hits budget - FT.com:
"Only a year ago Qatar set a world record price for a painting by Paul Gauguin, the culmination of a decade-long art-spending spree. Now it is making staff at its museum authority redundant in a cost-cutting drive that has seen the hydrocarbon-rich state shedding some of its most high-profile assets
On Tuesday Al Jazeera America fell victim to the cutbacks as Qatar shut down the cable news channel that had spent around $2bn since 2013 — a sum observers said was unsustainable, especially while budgets were being reduced at sister channels Al Jazeera Arabic and Al Jazeera English.
Around 550 employees at the channel’s headquarters in New York and 150 at bureaux around the US are expected to lose their jobs, staff said."
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"Only a year ago Qatar set a world record price for a painting by Paul Gauguin, the culmination of a decade-long art-spending spree. Now it is making staff at its museum authority redundant in a cost-cutting drive that has seen the hydrocarbon-rich state shedding some of its most high-profile assets
On Tuesday Al Jazeera America fell victim to the cutbacks as Qatar shut down the cable news channel that had spent around $2bn since 2013 — a sum observers said was unsustainable, especially while budgets were being reduced at sister channels Al Jazeera Arabic and Al Jazeera English.
Around 550 employees at the channel’s headquarters in New York and 150 at bureaux around the US are expected to lose their jobs, staff said."
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