Oil-Market Rescue No Nearer Amid Saudi-Russia ‘Lip Service’ - Bloomberg:
"An international agreement to cap crude-oil output in a way that would restrict actual supply and support prices looks no nearer after the two largest producers pledged to cooperate.
Most members of the Organization of Petroleum Exporting Countries that can raise production have indicated they will aim to do so, while others are already close to short-term limits.
Monday’s joint statement by the oil ministers of Saudi Arabia and Russia, billed as a “significant” announcement, was “without any substance for market balances,” Amrita Sen, chief oil analyst at consulting firm Energy Aspects Ltd., said in Singapore."
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Tuesday, 6 September 2016
Saudi Arabia Said to Weigh Canceling $20 Billion of Projects - Bloomberg
Saudi Arabia Said to Weigh Canceling $20 Billion of Projects - Bloomberg:
"Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said.
The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people.
A separate plan includes merging some government ministries and eliminating others, two people said, also speaking on condition of anonymity."
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"Saudi Arabia is intensifying efforts to shrink the highest budget deficit among the world’s biggest 20 economies, aiming to cancel more than $20 billion of projects and slash ministry budgets by a quarter, people familiar with the matter said.
The government is reviewing thousands of projects valued at about 260 billion riyals ($69 billion) and may cancel a third of them, three people said, asking not to be identified as the discussions are private. The measures would impact the budget for several years, according to two of the people.
A separate plan includes merging some government ministries and eliminating others, two people said, also speaking on condition of anonymity."
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MIDEAST STOCKS-Gulf mixed in quiet trade, Saudi rebound fades | Reuters
MIDEAST STOCKS-Gulf mixed in quiet trade, Saudi rebound fades | Reuters:
"Gulf stock markets were mixed in quiet trade on Tuesday as Riyadh's bourse pulled back after rising sharply on the previous day, when Saudi Arabia and Russia said they would cooperate to support oil prices.
Riyadh's stock index gained early on Tuesday but closed 0.2 percent lower at 6,190 points, failing a test of technical resistance at 6,226-6,257 points, the lows in early August and June. Daily trading volume was at its second-lowest level this year; the lowest occurred last week.
Many analysts think the Saudi-Russia deal may do little to boost oil prices in the long term. The two countries did not announce specific steps and it might be difficult for them to join with other big producers to restrain output."
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"Gulf stock markets were mixed in quiet trade on Tuesday as Riyadh's bourse pulled back after rising sharply on the previous day, when Saudi Arabia and Russia said they would cooperate to support oil prices.
Riyadh's stock index gained early on Tuesday but closed 0.2 percent lower at 6,190 points, failing a test of technical resistance at 6,226-6,257 points, the lows in early August and June. Daily trading volume was at its second-lowest level this year; the lowest occurred last week.
Many analysts think the Saudi-Russia deal may do little to boost oil prices in the long term. The two countries did not announce specific steps and it might be difficult for them to join with other big producers to restrain output."
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MIDEAST STOCKS-Saudi continues rebound, rest of Gulf mixed | Reuters
MIDEAST STOCKS-Saudi continues rebound, rest of Gulf mixed | Reuters:
"Saudi Arabia's stock market continued rebounding early on Tuesday after a sharp rise on the previous day, while other Gulf stock markets were narrowly mixed in quiet trade.
Riyadh's stock index climbed 0.5 percent to 6,232 points in the first half-hour, adding to a 1.7 percent gain on Monday, when oil prices surged as Saudi Arabia and Russia said they would cooperate to support oil prices.
Petrochemical stocks outperformed on Tuesday morning, with Saudi Basic Industries up 1.2 percent, and miner Ma'aden rose 3.2 percent after it said a subsidiary had started trial production at a new ammonia plant."
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"Saudi Arabia's stock market continued rebounding early on Tuesday after a sharp rise on the previous day, while other Gulf stock markets were narrowly mixed in quiet trade.
Riyadh's stock index climbed 0.5 percent to 6,232 points in the first half-hour, adding to a 1.7 percent gain on Monday, when oil prices surged as Saudi Arabia and Russia said they would cooperate to support oil prices.
Petrochemical stocks outperformed on Tuesday morning, with Saudi Basic Industries up 1.2 percent, and miner Ma'aden rose 3.2 percent after it said a subsidiary had started trial production at a new ammonia plant."
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Mubadala CEO Signals More Oil Deals as IPIC Megamerger Advances - Bloomberg
Mubadala CEO Signals More Oil Deals as IPIC Megamerger Advances - Bloomberg:
"Mubadala Development Co., the Abu Dhabi sovereign fund merging with International Petroleum Investment Co., said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” Mubadala Chief Executive Officer Khaldoon Mubarak said in an interview Monday at his office in the U.A.E. capital. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”"
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"Mubadala Development Co., the Abu Dhabi sovereign fund merging with International Petroleum Investment Co., said potential energy deals are more attractive after the slump in oil prices drove down asset prices.
“For someone who takes a long-term view, it’s an attractive time to invest in the industry,” Mubadala Chief Executive Officer Khaldoon Mubarak said in an interview Monday at his office in the U.A.E. capital. “We as Mubadala are players in this industry. We will continue to invest in this industry, particularly in such a time where we find valuations at a low and attractive range.”"
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