Can OPEC Keep Its Nerve? | OilPrice.com:
"The recent OPEC agreement to extend production cuts for a further nine months has had a mixed response from industry commentators.
For some, it’s an example of OPEC’s new steadfastness and unity of purpose, whereas for others it’s a deal likely to have little impact on bloated oil inventories and the current oil price. For such critics, other, more influential factors are in play undermining OPEC’s influence – American shale production, for example.
Yet, like many things in life, it’s never as clear-cut. In this blog, I will look at the upside and downside risks of the new extension and whether it is likely to have the desired effect on both inventories and prices."
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Monday, 12 June 2017
Qatar diplomatic spat reignites UK gas supplies fears
Qatar diplomatic spat reignites UK gas supplies fears:
"Qatar’s diplomatic showdown with its Arab neighbours has highlighted the risks associated with growing UK dependence on imported gas — and intensified calls from fracking supporters for Britain’s shale resources to be developed. Almost 30 per cent of UK gas imports come from the small Gulf state of Qatar, which is facing disruption to trade and transportation after Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic relations. The dispute — centred on Qatar’s alleged support for extremist groups — is not seen as an immediate threat to UK gas supplies as Britain heads into the summer months, when energy demand is lowest."
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"Qatar’s diplomatic showdown with its Arab neighbours has highlighted the risks associated with growing UK dependence on imported gas — and intensified calls from fracking supporters for Britain’s shale resources to be developed. Almost 30 per cent of UK gas imports come from the small Gulf state of Qatar, which is facing disruption to trade and transportation after Saudi Arabia, the United Arab Emirates, Egypt and others severed diplomatic relations. The dispute — centred on Qatar’s alleged support for extremist groups — is not seen as an immediate threat to UK gas supplies as Britain heads into the summer months, when energy demand is lowest."
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MIDEAST STOCKS-Qatar stabilises after minister reassures on crisis | Reuters
MIDEAST STOCKS-Qatar stabilises after minister reassures on crisis | Reuters:
"Qatar's stock market stabilised in early trade on Monday from sharp falls last week after comments from the finance minister that the economy was essentially operating as normal despite a major diplomatic crisis.
Doha's index was almost flat after 45 minutes of trade; it had lost 8.7 percent as of Sunday's close since four Arab states cut links a week ago.
Among Qatari banks, which could face funding difficulties as foreign banks scale back ties, Qatar National Bank fell 0.7 percent but other institutions rebounded. Doha Bank was up 1.5 percent."
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"Qatar's stock market stabilised in early trade on Monday from sharp falls last week after comments from the finance minister that the economy was essentially operating as normal despite a major diplomatic crisis.
Doha's index was almost flat after 45 minutes of trade; it had lost 8.7 percent as of Sunday's close since four Arab states cut links a week ago.
Among Qatari banks, which could face funding difficulties as foreign banks scale back ties, Qatar National Bank fell 0.7 percent but other institutions rebounded. Doha Bank was up 1.5 percent."
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Listing rules are the least of Aramco’s governance risks
Listing rules are the least of Aramco’s governance risks:
"There has been a rush of recent stories about how America and Britain might cut Saudi Arabia some unwarranted slack to get its vast national oil company to float in either New York or London. Both venues are vying to win a slice of a public offering that is sometimes (if hopefully) said to value Saudi Aramco at $2tn. In New York, it seems to be a matter of overturning a law that permits relatives of those killed in the World Trade Center attacks to pursue Saudi Arabia with private lawsuits. In London, by contrast, the machinations are less about high politics than the mundane business of investor protection. They involve loosening the governance rules to shoehorn the Saudis on to the main market board. The story has ignited fears of another regulatory race to the bottom in which investors’ interests are sacrificed in the interests of making money for intermediaries. But while that’s certainly a genuine worry, it isn’t the biggest one when it comes to Aramco’s offering. Indeed, the listing rules may be the least of investors’ concerns."
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"There has been a rush of recent stories about how America and Britain might cut Saudi Arabia some unwarranted slack to get its vast national oil company to float in either New York or London. Both venues are vying to win a slice of a public offering that is sometimes (if hopefully) said to value Saudi Aramco at $2tn. In New York, it seems to be a matter of overturning a law that permits relatives of those killed in the World Trade Center attacks to pursue Saudi Arabia with private lawsuits. In London, by contrast, the machinations are less about high politics than the mundane business of investor protection. They involve loosening the governance rules to shoehorn the Saudis on to the main market board. The story has ignited fears of another regulatory race to the bottom in which investors’ interests are sacrificed in the interests of making money for intermediaries. But while that’s certainly a genuine worry, it isn’t the biggest one when it comes to Aramco’s offering. Indeed, the listing rules may be the least of investors’ concerns."
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Saudi bourse may get limited boost from MSCI, Aramco | GulfNews.com
Saudi bourse may get limited boost from MSCI, Aramco | GulfNews.com:
"Saudi Arabia’s financial sector is hoping for tens of billions of dollars of foreign portfolio funds to start flowing into the country this month, but the money may do little to boost a stock market depressed by low oil prices and rising taxes. On June 20, global equity index compiler MSCI will announce whether it is putting Saudi Arabia on a list for possible upgrade to emerging market status. Index firm FTSE will decide in September whether to make Riyadh a secondary emerging market. Then in late 2018, authorities aim to list national oil giant Saudi Aramco in Riyadh, selling about 5 per cent in what is likely to be the world’s biggest initial public offer of shares. "
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"Saudi Arabia’s financial sector is hoping for tens of billions of dollars of foreign portfolio funds to start flowing into the country this month, but the money may do little to boost a stock market depressed by low oil prices and rising taxes. On June 20, global equity index compiler MSCI will announce whether it is putting Saudi Arabia on a list for possible upgrade to emerging market status. Index firm FTSE will decide in September whether to make Riyadh a secondary emerging market. Then in late 2018, authorities aim to list national oil giant Saudi Aramco in Riyadh, selling about 5 per cent in what is likely to be the world’s biggest initial public offer of shares. "
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Qatar Airways' Profit Rises 22% on Long-Haul Routes, Expanded Fleet - Bloomberg
Qatar Airways' Profit Rises 22% on Long-Haul Routes, Expanded Fleet - Bloomberg:
"Qatar Airways struck a defiant tone and vowed to continue expanding, even as its state owner is sanctioned by neighboring countries in an escalating political standoff that’s threatening to choke the tiny nation’s economy. The Persian Gulf’s second-largest carrier will introduce a record number of 24 destinations in the next year, including ultra long-haul routes to Santiago de Chile and Rio de Janeiro, the company said Sunday in a statement. To serve the growing network, Qatar Airways will add 66 Airbus SE A350 planes over the coming five years. Despite the sanctions, “Qatar Airways continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice,” the company, led by Chief Executive Officer Akbar Al Baker, said in the statement."
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"Qatar Airways struck a defiant tone and vowed to continue expanding, even as its state owner is sanctioned by neighboring countries in an escalating political standoff that’s threatening to choke the tiny nation’s economy. The Persian Gulf’s second-largest carrier will introduce a record number of 24 destinations in the next year, including ultra long-haul routes to Santiago de Chile and Rio de Janeiro, the company said Sunday in a statement. To serve the growing network, Qatar Airways will add 66 Airbus SE A350 planes over the coming five years. Despite the sanctions, “Qatar Airways continues to operate to the rest of its network as per its published schedules with day-to-day adjustments for operational and commercial efficiencies, which is standard airline practice,” the company, led by Chief Executive Officer Akbar Al Baker, said in the statement."
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Qatar Says It Can Defend its Currency, Economy Amid Gulf Feud - Bloomberg
Qatar Says It Can Defend its Currency, Economy Amid Gulf Feud - Bloomberg:
"Qatar has enough financial firepower to defend its currency and economy, its finance minister said, as its isolation by three Gulf neighbors entered its second week. “Our reserves and investment funds are more than 250 percent of gross domestic product,” Finance Minister Ali Shareef Al Emadi told CNBC in an interview broadcast Monday. “I don’t think there is any reason that people need to be concerned about what’s happening or any speculation on the Qatari riyal.” Saudi Arabia, United Arab Emirates, Bahrain and Egypt last week cut diplomatic relations and transport links with gas-rich Qatar, saying the country must distance itself from Iran and stop funding Islamist groups. Qatar denies sponsoring terrorism and accuses the Saudis of seeking to dominate smaller neighbors."
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"Qatar has enough financial firepower to defend its currency and economy, its finance minister said, as its isolation by three Gulf neighbors entered its second week. “Our reserves and investment funds are more than 250 percent of gross domestic product,” Finance Minister Ali Shareef Al Emadi told CNBC in an interview broadcast Monday. “I don’t think there is any reason that people need to be concerned about what’s happening or any speculation on the Qatari riyal.” Saudi Arabia, United Arab Emirates, Bahrain and Egypt last week cut diplomatic relations and transport links with gas-rich Qatar, saying the country must distance itself from Iran and stop funding Islamist groups. Qatar denies sponsoring terrorism and accuses the Saudis of seeking to dominate smaller neighbors."
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