OPEC Crude Output Rises to Record as Nigeria, Libya Boost Supply - Bloomberg:
"OPEC crude production rose to a record in September, according to a Bloomberg survey, driven by returning output from Libya and Nigeria, members who will likely be exempt from last week’s deal to cut supply.
Overall production from the Organization of Petroleum Exporting Countries increased by 170,000 barrels a day from the previous month to 33.75 million barrels a day, the survey of analysts, oil companies and ship-tracking data showed. Nigeria and Libya added a combined 190,000 barrels a day which compensated for a drop in output from Saudi Arabia and Angola.
Production from Nigeria and Libya is returning after internal unrest crippled the countries’ oil infrastructure. Together with Iran, they will likely be exempt from a preliminary deal agreed by OPEC in Algiers Sept. 28 to cut production for the first time in eight years in an effort to revive prices. West Texas Intermediate crude capped the biggest monthly gain since April following the news."
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Tuesday, 4 October 2016
Saudi central bank studying how to reschedule mortgages - report | Reuters
Saudi central bank studying how to reschedule mortgages - report | Reuters:
"Saudi Arabia's central bank is studying how commercial banks should reschedule housing mortgage loans after government austerity measures reduced many borrowers' incomes, a Saudi newspaper reported on Tuesday.
The report underlined how Saudi commercial banks are being required to bear much of the economic burden as the government cuts spending to curb a big budget deficit caused by low oil prices.
Last week the cabinet decided to reduce allowances for public sector employees. In response, the central bank issued instructions to banks on Sunday on how they should reschedule the consumer loans of customers whose incomes had shrunk."
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"Saudi Arabia's central bank is studying how commercial banks should reschedule housing mortgage loans after government austerity measures reduced many borrowers' incomes, a Saudi newspaper reported on Tuesday.
The report underlined how Saudi commercial banks are being required to bear much of the economic burden as the government cuts spending to curb a big budget deficit caused by low oil prices.
Last week the cabinet decided to reduce allowances for public sector employees. In response, the central bank issued instructions to banks on Sunday on how they should reschedule the consumer loans of customers whose incomes had shrunk."
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MIDEAST STOCKS-Telecoms help Saudi rebound, rest of region quiet | Reuters
MIDEAST STOCKS-Telecoms help Saudi rebound, rest of region quiet | Reuters:
"Strong telecommunications shares helped Saudi Arabia's stock market rebound on Tuesday after steep losses due to the kingdom's austerity policies, while most other Gulf markets moved little.
The Saudi stock index, which had dropped 3.7 percent in the previous two days, climbed 2.0 percent, although trading volume fell, suggesting many investors were not eager to buy into the rally.
The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would provide operators with "unified licences" allowing them to offer full range of services."
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"Strong telecommunications shares helped Saudi Arabia's stock market rebound on Tuesday after steep losses due to the kingdom's austerity policies, while most other Gulf markets moved little.
The Saudi stock index, which had dropped 3.7 percent in the previous two days, climbed 2.0 percent, although trading volume fell, suggesting many investors were not eager to buy into the rally.
The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would provide operators with "unified licences" allowing them to offer full range of services."
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Iran, OPEC’s Big Winner, Will Sign Landmark Oil Contract - Bloomberg
Iran, OPEC’s Big Winner, Will Sign Landmark Oil Contract - Bloomberg:
"Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
National Iranian Oil Co. will complete a $2.5 billion deal with a group of local companies, according to an oil ministry official. The new type of contract, designed to better reward investment in crude and natural gas production, is seen by Oil Minister Bijan Namdar Zanganeh as crucial in increasing the country’s long-term export potential.
Although it may take years for new investment deals to bear fruit, the signing will cap a good few days for Zanganeh, who returned from last week’s OPEC meeting in Algiers having secured Iran’s right to pump more oil even as Saudi Arabia and its Gulf Arab allies agreed to curb output. President Hassan Rouhani’s government has argued that it should be allowed to return production to levels achieved before international sanctions curbed shipments.
"
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"Iran, fresh from an OPEC meeting where it won significant concessions from regional rival Saudi Arabia, will accelerate the rejuvenation of its sanctions-ravaged energy industry on Tuesday when the state producer signs a new-model oil investment contract.
National Iranian Oil Co. will complete a $2.5 billion deal with a group of local companies, according to an oil ministry official. The new type of contract, designed to better reward investment in crude and natural gas production, is seen by Oil Minister Bijan Namdar Zanganeh as crucial in increasing the country’s long-term export potential.
Although it may take years for new investment deals to bear fruit, the signing will cap a good few days for Zanganeh, who returned from last week’s OPEC meeting in Algiers having secured Iran’s right to pump more oil even as Saudi Arabia and its Gulf Arab allies agreed to curb output. President Hassan Rouhani’s government has argued that it should be allowed to return production to levels achieved before international sanctions curbed shipments.
"
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Doha Bank CEO Says Saudi Arabia ‘Missed the Boat’ on Bond - Bloomberg
Doha Bank CEO Says Saudi Arabia ‘Missed the Boat’ on Bond - Bloomberg:
"Saudi Arabia “missed the boat” by not selling its first international bond earlier to narrow a budget deficit caused by the slump in oil prices, Doha Bank Chief Executive Officer Raghavan Seetharaman said.
“They have been pronouncing for borrowing for nine months, and they have still not executed, I’m surprised,” Seetharaman said Tuesday in an interview on Bloomberg Markets Middle East. “They should have gone and borrowed when they knew they would have a budget deficit.”
The kingdom had planned to tap international debt markets as early as September, Minister of State Mohammed bin Abdulmalik Al-Sheikh said during a meeting between Bloomberg News and Deputy Crown Prince Mohammed bin Salman in April. U.S. legislation that allows the families of 9/11 victims to sue the Arab country - passed by Congress last week - risks delaying the bond, people with knowledge of the matter said last month"
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"Saudi Arabia “missed the boat” by not selling its first international bond earlier to narrow a budget deficit caused by the slump in oil prices, Doha Bank Chief Executive Officer Raghavan Seetharaman said.
“They have been pronouncing for borrowing for nine months, and they have still not executed, I’m surprised,” Seetharaman said Tuesday in an interview on Bloomberg Markets Middle East. “They should have gone and borrowed when they knew they would have a budget deficit.”
The kingdom had planned to tap international debt markets as early as September, Minister of State Mohammed bin Abdulmalik Al-Sheikh said during a meeting between Bloomberg News and Deputy Crown Prince Mohammed bin Salman in April. U.S. legislation that allows the families of 9/11 victims to sue the Arab country - passed by Congress last week - risks delaying the bond, people with knowledge of the matter said last month"
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Abu Dhabi Islamic Bank Said to Cut More Than 200 Jobs in U.A.E. - Bloomberg
Abu Dhabi Islamic Bank Said to Cut More Than 200 Jobs in U.A.E. - Bloomberg:
"Abu Dhabi Islamic Bank PJSC, which bought Barclays Plc’s retail business in the United Arab Emirates, has cut more than 200 jobs over the past three months, according to three people with knowledge of the reductions.
The cuts were made mostly in the retail business, the people said, asking not to be identified because the information is private. About 100 people were dismissed last month, with the layoffs mostly affecting junior staff, one of the people said. A spokesman for the bank, which employs about 2,500 people across the country, said the the bank doesn’t comment on speculation and rumors."
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"Abu Dhabi Islamic Bank PJSC, which bought Barclays Plc’s retail business in the United Arab Emirates, has cut more than 200 jobs over the past three months, according to three people with knowledge of the reductions.
The cuts were made mostly in the retail business, the people said, asking not to be identified because the information is private. About 100 people were dismissed last month, with the layoffs mostly affecting junior staff, one of the people said. A spokesman for the bank, which employs about 2,500 people across the country, said the the bank doesn’t comment on speculation and rumors."
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MIDEAST STOCKS-Telecoms help Saudi rebound, rest of Gulf consolidates | Reuters
MIDEAST STOCKS-Telecoms help Saudi rebound, rest of Gulf consolidates | Reuters:
"Strong telecommunications shares helped Saudi Arabia's stock market rebound early on Tuesday after several days of losses, while other Gulf markets moved little.
The Saudi stock index, which has been tumbling because of concern about the impact of government austerity measures on the economy, gained 0.8 percent in the first 45 minutes of trade.
The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would provide operators with "unified licences" allowing them to offer full range of services."
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"Strong telecommunications shares helped Saudi Arabia's stock market rebound early on Tuesday after several days of losses, while other Gulf markets moved little.
The Saudi stock index, which has been tumbling because of concern about the impact of government austerity measures on the economy, gained 0.8 percent in the first 45 minutes of trade.
The main boost came from unusually heavy trade in the telecommunications sector, after the government said at the weekend that it would provide operators with "unified licences" allowing them to offer full range of services."
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