Iran investment hope cheers traders in Dubai - BBC News:
"The last time Hassan Harshbaf was doing business in his homeland, Iran, he had to leave in a hurry. In 2009, when sanctions were tightened, he had to walk away from long-term contracts in oil services.
"We had a very big operation in Iran," he said, sitting poolside at his villa in Dubai. "We got a notice from headquarters that we had to go. We gave the client - the National Iranian Oil Company (NIOC) - three months to find someone else. They were not very happy about it."
Mr Harshbaf then had to wind up the operation - exporting equipment, transferring expats and sacking local staff - and move to across the Gulf."
'via Blog this'
Monday, 18 January 2016
UAE says Iran supply will harm the market | GulfNews.com
UAE says Iran supply will harm the market | GulfNews.com:
"The Organisation of Petroleum Exporting Countries (Opec) producer Iran’s new supply coming into the market will further delay the stability and balance of the market globally, the UAE Energy Minister told reporters on Monday in Abu Dhabi.
“Any new production that comes to the market will delay the time it takes for the market to balance itself. And that is bad news,” said Suhail Al Mazroui on the sidelines of World Future Energy Summit.
“Anyone who is going to bring more crude to the market is going to harm the market coming from any country. It is going to get worse. That is obvious.”"
'via Blog this'
"The Organisation of Petroleum Exporting Countries (Opec) producer Iran’s new supply coming into the market will further delay the stability and balance of the market globally, the UAE Energy Minister told reporters on Monday in Abu Dhabi.
“Any new production that comes to the market will delay the time it takes for the market to balance itself. And that is bad news,” said Suhail Al Mazroui on the sidelines of World Future Energy Summit.
“Anyone who is going to bring more crude to the market is going to harm the market coming from any country. It is going to get worse. That is obvious.”"
'via Blog this'
Iran's Next Test Is Winning Back Buyers in Biggest Oil Market - Bloomberg Business
Iran's Next Test Is Winning Back Buyers in Biggest Oil Market - Bloomberg Business:
"In a world awash with cheap oil, buyers in the world’s biggest consuming region aren’t clamoring for an additional 500,000 barrels a day from Iran.
As international sanctions against the country are lifted and Oil Minister Bijan Namdar Zanganeh looks to make good on his pledge to regain market share lost in Asia, he’ll have to contend with a global glut that’s dragged down prices and spawned a buyers’ market with abundant supplies from the Americas to Africa and the Middle East.
While consumers such as Japan’s Cosmo Energy Holdings Co. and India’s Hindustan Petroleum Corp. are open to buying more, they say Iran will have to provide an incentive. Purchases by some customers in Asia dropped about 50 percent after sanctions were imposed on the Middle East producer over its nuclear program."
'via Blog this'
"In a world awash with cheap oil, buyers in the world’s biggest consuming region aren’t clamoring for an additional 500,000 barrels a day from Iran.
As international sanctions against the country are lifted and Oil Minister Bijan Namdar Zanganeh looks to make good on his pledge to regain market share lost in Asia, he’ll have to contend with a global glut that’s dragged down prices and spawned a buyers’ market with abundant supplies from the Americas to Africa and the Middle East.
While consumers such as Japan’s Cosmo Energy Holdings Co. and India’s Hindustan Petroleum Corp. are open to buying more, they say Iran will have to provide an incentive. Purchases by some customers in Asia dropped about 50 percent after sanctions were imposed on the Middle East producer over its nuclear program."
'via Blog this'
MIDEAST STOCKS-Gulf markets stabilise, Egypt rebounds | Reuters
MIDEAST STOCKS-Gulf markets stabilise, Egypt rebounds | Reuters:
"Gulf stock markets stabilised on Monday after registering heavy losses the previous few days, but the mood remained nervous after Brent oil briefly slumped below $28 a barrel to its lowest level since 2003.
The Saudi benchmark, which had tumbled 5.4 percent on Sunday, flip-flopped between positive and negative territory before closing 0.1 percent higher.
Saudi Basic Industries Corp, the kingdom's largest company by market value, fell as low as 60.00 riyals after reporting a 29.4 percent drop in fourth-quarter net profit caused by lower prices for its products, missing analysts' forecasts. But it came off its low to close at 63.00 riyals, a 3.5 percent decline."
'via Blog this'
"Gulf stock markets stabilised on Monday after registering heavy losses the previous few days, but the mood remained nervous after Brent oil briefly slumped below $28 a barrel to its lowest level since 2003.
The Saudi benchmark, which had tumbled 5.4 percent on Sunday, flip-flopped between positive and negative territory before closing 0.1 percent higher.
Saudi Basic Industries Corp, the kingdom's largest company by market value, fell as low as 60.00 riyals after reporting a 29.4 percent drop in fourth-quarter net profit caused by lower prices for its products, missing analysts' forecasts. But it came off its low to close at 63.00 riyals, a 3.5 percent decline."
'via Blog this'
As Iran hails a historic deal, Saudi Arabia looks on with anxiety and irritation | World news | The Guardian
As Iran hails a historic deal, Saudi Arabia looks on with anxiety and irritation | World news | The Guardian:
"Saudi Arabia has never formally objected to the international deal restricting Iran’s nuclear programme and ending sanctions. But it watched with anxiety and irritation as Barack Obama pursued the historic agreement, complaining of the appeasement of an untrustworthy enemy at the expense of a loyal American ally.
Billions of dollars were wiped off Saudi and other Gulf stocks the moment the Islamic republic returned to world oil markets – at time when low prices are taking a heavy toll on the Saudis and forcing them to undertake unprecedented economic reforms. Their larger fear is that Iran, flush with new revenues, will be emboldened to intensify its activities across an already violent and unstable Middle East.
“Every country in the world is worried about this,” Adel al-Jubeir, the Saudi foreign minister, said last week as sanctions were set to lift. “Iran’s record has been one of war and destruction, terrorism, destabilisation, interference in the affairs of other countries and the concern ... is that Iran not use these funds in order to fund destabilisation activities, but instead use the funds to improve the wellbeing of its people.”"
'via Blog this'
"Saudi Arabia has never formally objected to the international deal restricting Iran’s nuclear programme and ending sanctions. But it watched with anxiety and irritation as Barack Obama pursued the historic agreement, complaining of the appeasement of an untrustworthy enemy at the expense of a loyal American ally.
Billions of dollars were wiped off Saudi and other Gulf stocks the moment the Islamic republic returned to world oil markets – at time when low prices are taking a heavy toll on the Saudis and forcing them to undertake unprecedented economic reforms. Their larger fear is that Iran, flush with new revenues, will be emboldened to intensify its activities across an already violent and unstable Middle East.
“Every country in the world is worried about this,” Adel al-Jubeir, the Saudi foreign minister, said last week as sanctions were set to lift. “Iran’s record has been one of war and destruction, terrorism, destabilisation, interference in the affairs of other countries and the concern ... is that Iran not use these funds in order to fund destabilisation activities, but instead use the funds to improve the wellbeing of its people.”"
'via Blog this'
Oil firms after hitting 2003 low on lifting of Iran sanctions | Reuters
Oil firms after hitting 2003 low on lifting of Iran sanctions | Reuters:
"Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.
The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to increase production by 500,000 bpd, the country's deputy oil minister said."
'via Blog this'
"Oil prices rose on Monday, recovering from a 2003 low as the market braced for additional Iranian exports after the lifting of sanctions against the country over the weekend.
The United States and European Union on Saturday revoked sanctions that had cut Iran's oil exports by about 2 million barrels per day (bpd) since their pre-sanctions 2011 peak to little more than 1 million bpd.
Iran, a member of the Organization of the Petroleum Exporting Countries (OPEC), issued an order on Monday to increase production by 500,000 bpd, the country's deputy oil minister said."
'via Blog this'
Brent sinks below $28 as supply glut fears intensify - FT.com
Brent sinks below $28 as supply glut fears intensify - FT.com:
"Brent crude fell below $28 a barrel on Monday for the first time since 2003, as oil traders braced for Iran’s full return to international markets after sanctions linked to its nuclear programme were lifted.
The re-emergence of Iran, which claims it can swiftly boost production and exports by 500,000 barrels a day, threatens to add to an oil glut that has driven prices more than 70 per cent lower since the middle of 2014.
“Iran is free to sell oil to the market, and supplies should come quickly,” said Morgan Stanley analyst Adam Longson."
'via Blog this'
"Brent crude fell below $28 a barrel on Monday for the first time since 2003, as oil traders braced for Iran’s full return to international markets after sanctions linked to its nuclear programme were lifted.
The re-emergence of Iran, which claims it can swiftly boost production and exports by 500,000 barrels a day, threatens to add to an oil glut that has driven prices more than 70 per cent lower since the middle of 2014.
“Iran is free to sell oil to the market, and supplies should come quickly,” said Morgan Stanley analyst Adam Longson."
'via Blog this'
MIDEAST STOCKS-Saudi choppy in early trade; Egypt rebounds | Reuters
MIDEAST STOCKS-Saudi choppy in early trade; Egypt rebounds | Reuters:
"Saudi Arabia's stock market was choppy in early trade on Monday as investors were split between bargain buyers and nervous sellers after volatile oil prices slumped below $28, while Egypt's bourse rebounded as traders bought on dips.
Saudi Basic Industries Corp (SABIC), the kingdom's largest company by market value, plunged 6.1 percent.
The petrochemical producer reported a 29.4 percent drop in fourth-quarter net profit on Sunday due to lower prices for its products, missing analyst forecasts."
'via Blog this'
"Saudi Arabia's stock market was choppy in early trade on Monday as investors were split between bargain buyers and nervous sellers after volatile oil prices slumped below $28, while Egypt's bourse rebounded as traders bought on dips.
Saudi Basic Industries Corp (SABIC), the kingdom's largest company by market value, plunged 6.1 percent.
The petrochemical producer reported a 29.4 percent drop in fourth-quarter net profit on Sunday due to lower prices for its products, missing analyst forecasts."
'via Blog this'
Sanctions confusion leaves European banks wary of Iran business - FT.com
Sanctions confusion leaves European banks wary of Iran business - FT.com:
"European banks will be wary about conducting new business in Iran even after many international sanctions are lifted, European executives and officials have warned — potentially limiting the economic benefits Iran will receive from its landmark nuclear deal with world powers.
Still stinging from fines levied by US regulators for breaching the old sanctions regime, many European financial institutions are worried about falling foul of the US sanctions laws that will remain in place.
The reluctance of European banks to conduct Iran-related business could complicate implementation of the nuclear deal, creating a potential source of friction with Iran and also between Europe and the US."
'via Blog this'
"European banks will be wary about conducting new business in Iran even after many international sanctions are lifted, European executives and officials have warned — potentially limiting the economic benefits Iran will receive from its landmark nuclear deal with world powers.
Still stinging from fines levied by US regulators for breaching the old sanctions regime, many European financial institutions are worried about falling foul of the US sanctions laws that will remain in place.
The reluctance of European banks to conduct Iran-related business could complicate implementation of the nuclear deal, creating a potential source of friction with Iran and also between Europe and the US."
'via Blog this'
Kuwait’s Emiri Court to reduce spending | GulfNews.com
Kuwait’s Emiri Court to reduce spending | GulfNews.com:
"The Emiri Court in Kuwait is to review and rationalise its budget, an official report in the northern Arabian Gulf state said.
“His Highness the Emir Shaikh Sabah Al Ahmad Al Jaber Al Sabah ordered His Highness the Prime Minister Shaikh Jaber Al Mubarak Al Hamad Al Sabah to take process needed to restudy the Emiri Diwan (Court) budget and affiliated bodies as well as rationalise it,” Deputy Emiri Diwan Minister Shaikh Ali Jarrah Al Sabah said, Kuwait News Agency (Kuna) reported on Sunday.
The parliament in Kuwait, the first to be established in the region, has the unique prerogatives to review all budgets, including the court, and the interior and the defence ministries."
'via Blog this'
"The Emiri Court in Kuwait is to review and rationalise its budget, an official report in the northern Arabian Gulf state said.
“His Highness the Emir Shaikh Sabah Al Ahmad Al Jaber Al Sabah ordered His Highness the Prime Minister Shaikh Jaber Al Mubarak Al Hamad Al Sabah to take process needed to restudy the Emiri Diwan (Court) budget and affiliated bodies as well as rationalise it,” Deputy Emiri Diwan Minister Shaikh Ali Jarrah Al Sabah said, Kuwait News Agency (Kuna) reported on Sunday.
The parliament in Kuwait, the first to be established in the region, has the unique prerogatives to review all budgets, including the court, and the interior and the defence ministries."
'via Blog this'
Emirates NBD reports Dh7.1b net profit, up 39% | GulfNews.com
Emirates NBD reports Dh7.1b net profit, up 39% | GulfNews.com:
"Emirates NBD (EmiratesNBD), the largest bank in the UAE by total income, net profit and branch network reported a net profit of Dh7.1 billion for the full year 2015, up 39 per cent compared to the previous year year .
The strong performance was helped by income growth, a modest increase in costs and a lower impairment charge. The board of directors has recommended an increase in the 2015 dividend to 40 fils from 35 fils per share.
Total income for the year grew by 5 per cent to Dh15.2 billion. Net interest income grew 8 per cent to Dh10.2 billion due to growth in assets and a lower cost of deposits."
'via Blog this'
"Emirates NBD (EmiratesNBD), the largest bank in the UAE by total income, net profit and branch network reported a net profit of Dh7.1 billion for the full year 2015, up 39 per cent compared to the previous year year .
The strong performance was helped by income growth, a modest increase in costs and a lower impairment charge. The board of directors has recommended an increase in the 2015 dividend to 40 fils from 35 fils per share.
Total income for the year grew by 5 per cent to Dh15.2 billion. Net interest income grew 8 per cent to Dh10.2 billion due to growth in assets and a lower cost of deposits."
'via Blog this'
Oil slides to lowest since 2003 as Iran sanctions lifted | Reuters
Oil slides to lowest since 2003 as Iran sanctions lifted | Reuters:
"Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.
The United States on Saturday revoked sanctions that had slashed Iran's oil exports by around 2 million barrels per day (bpd) since its pre-sanctions 2011 peak to little more than 1 million bpd.
On Sunday, Iran - a member of the Organization of the Petroleum Exporting Countries (OPEC) - said it was ready to increase its exports by 500,000 bpd."
'via Blog this'
"Oil prices hit their lowest since 2003 on Monday, as the market braced for a jump in Iranian exports after the lifting of sanctions against the country over the weekend.
The United States on Saturday revoked sanctions that had slashed Iran's oil exports by around 2 million barrels per day (bpd) since its pre-sanctions 2011 peak to little more than 1 million bpd.
On Sunday, Iran - a member of the Organization of the Petroleum Exporting Countries (OPEC) - said it was ready to increase its exports by 500,000 bpd."
'via Blog this'
MIDEAST STOCKS-Dubai rebounds as top bank reports strong Q4; region stronger | Reuters
MIDEAST STOCKS-Dubai rebounds as top bank reports strong Q4; region stronger | Reuters:
"Dubai's stock market rebounded moderately in early trade on Monday after the emirate's largest bank reported better-than- expected earnings, while other Gulf bourses also rose from multi-year lows.
The Dubai index was up 0.8 percent after 50 minutes of trade, recouping some of the 15 percent which it had lost since the end of last year.
However, the index was well off its early high - it jumped more than 2 percent in the opening minutes - showing continued pressure from investors wanting to exit the market because of concern about sliding oil prices and the global economy."
'via Blog this'
"Dubai's stock market rebounded moderately in early trade on Monday after the emirate's largest bank reported better-than- expected earnings, while other Gulf bourses also rose from multi-year lows.
The Dubai index was up 0.8 percent after 50 minutes of trade, recouping some of the 15 percent which it had lost since the end of last year.
However, the index was well off its early high - it jumped more than 2 percent in the opening minutes - showing continued pressure from investors wanting to exit the market because of concern about sliding oil prices and the global economy."
'via Blog this'
Iran's Oil Will Just Make Life Worse for Gulf Rivals - Bloomberg Business
Iran's Oil Will Just Make Life Worse for Gulf Rivals - Bloomberg Business:
"As Iran emerges from a decade of international sanctions, its Gulf Arab rivals are facing their toughest economic predicament since the global financial crisis.
Governments across the six-nation Gulf Cooperation Council are taking unprecedented measures to counter the slump in oil prices, curtailing some of the world’s most generous welfare systems to plug widening budget deficits. In some countries, contractors are facing delays in government payments, while companies are reducing their workforces to trim costs.
Stock markets across the GCC extended losses this month as the prospect of Iran adding to an oil glut pummeled markets already reeling from falling crude prices and a global sell-off in equities. With oil priced below $30 a barrel, governments may have to eat further into benefits that citizens have enjoyed for decades -- at a time of growing regional turmoil and a proxy confrontation with Iran from Syria to Yemen.
"
'via Blog this'
"As Iran emerges from a decade of international sanctions, its Gulf Arab rivals are facing their toughest economic predicament since the global financial crisis.
Governments across the six-nation Gulf Cooperation Council are taking unprecedented measures to counter the slump in oil prices, curtailing some of the world’s most generous welfare systems to plug widening budget deficits. In some countries, contractors are facing delays in government payments, while companies are reducing their workforces to trim costs.
Stock markets across the GCC extended losses this month as the prospect of Iran adding to an oil glut pummeled markets already reeling from falling crude prices and a global sell-off in equities. With oil priced below $30 a barrel, governments may have to eat further into benefits that citizens have enjoyed for decades -- at a time of growing regional turmoil and a proxy confrontation with Iran from Syria to Yemen.
"
'via Blog this'
Iranian banks reconnect to SWIFT: CBI
Iranian banks reconnect to SWIFT: CBI:
"The Central Bank of Iran (CBI) announced on Sunday that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has removed Iranian banks from its list of sanctioned financial institutions."
'via Blog this'
"The Central Bank of Iran (CBI) announced on Sunday that the Society for Worldwide Interbank Financial Telecommunication (SWIFT) has removed Iranian banks from its list of sanctioned financial institutions."
'via Blog this'
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