Oil theft ‘costing Libya over $750m annually’:
"Fuel smuggling is costing Libya more than $750 million each year and harming its economy and society, the head of the National Oil Company in the conflict-riddled country said.
“The impact of fuel smuggling is destroying the fabric of the country,” NOC president Mustafa Sanalla said according to the text of a speech delivered on Wednesday at a conference on oil and fuel theft in Geneva.
“The fuel smugglers and thieves have permeated not only the militias which control much of Libya, but also the fuel distribution companies which are supposed to bring cheap fuel to Libyan citizens,” he said."
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Thursday, 19 April 2018
Saudi reforms should bring flood of foreign funds next year
Saudi reforms should bring flood of foreign funds next year:
"Saudi Arabia’s inclusion in global equity indexes and the planned privatization of oil company Aramco are expected to bring big inflows of overseas money into the kingdom next year.
This should help Riyadh rebuild its financial reserves and fund investment plans after the 2014 plunge in oil prices that cut export earnings and deprived the banking system of funds.
Reversing the trend would shift the outlook for an economy which shrank last year for the first time in nearly a decade. "
'via Blog this'
"Saudi Arabia’s inclusion in global equity indexes and the planned privatization of oil company Aramco are expected to bring big inflows of overseas money into the kingdom next year.
This should help Riyadh rebuild its financial reserves and fund investment plans after the 2014 plunge in oil prices that cut export earnings and deprived the banking system of funds.
Reversing the trend would shift the outlook for an economy which shrank last year for the first time in nearly a decade. "
'via Blog this'
$100 Oil Price: The Last Temptation Of Saudi Arabia - Bloomberg
$100 Oil Price: The Last Temptation Of Saudi Arabia - Bloomberg:
"If you're seeking signs of inflation, look no further than the rapid escalation in Saudi Arabia's oil-price targets. Barely a week after Bloomberg News reported Saudi officials pushing to get oil up to $80 a barrel, some are now talking of $100, according to a report from Reuters. It's just talk, of course. And it's usually couched in terms of encouraging stability and investment and whatnot. Still, Saudi Arabia seems in no hurry to call off OPEC's supply cuts, despite the glut in OECD oil inventories having largely drained away. But inventories are just a proxy for what really matters to petro-states: revenue. On top of this, Riyadh has an ambitious reform program (along with a war) to fund and an IPO of its national oil company, Saudi Arabian Oil Co., or Saudi Aramco, to get done. Triple-digit oil would appear to grease both."
'via Blog this'
"If you're seeking signs of inflation, look no further than the rapid escalation in Saudi Arabia's oil-price targets. Barely a week after Bloomberg News reported Saudi officials pushing to get oil up to $80 a barrel, some are now talking of $100, according to a report from Reuters. It's just talk, of course. And it's usually couched in terms of encouraging stability and investment and whatnot. Still, Saudi Arabia seems in no hurry to call off OPEC's supply cuts, despite the glut in OECD oil inventories having largely drained away. But inventories are just a proxy for what really matters to petro-states: revenue. On top of this, Riyadh has an ambitious reform program (along with a war) to fund and an IPO of its national oil company, Saudi Arabian Oil Co., or Saudi Aramco, to get done. Triple-digit oil would appear to grease both."
'via Blog this'
MIDEAST STOCKS-Saudi index boosted by oil gains; Qatar National Bank jumps
MIDEAST STOCKS-Saudi index boosted by oil gains; Qatar National Bank jumps:
"Saudi Arabia’s stock market surged on Thursday, bolstered by a pick-up in oil prices to their highest since late 2014, while a jump in heavyweight Qatar National Bank helped to lift Qatar’s index.
The Saudi index finished in positive territory for a sixth straight day, gaining 1.6 percent. Brent oil rose to nearly $75 a barrel on a drop in U.S. crude inventories and after sources told Reuters that Saudi Arabia aims to push oil prices higher.
Al Rajhi Bank rose 2.9 percent and Samba Financial Group 3.5 percent, while Saudi Arabian Mining Co (Ma’aden) advanced by 6.1 percent."
'via Blog this'
"Saudi Arabia’s stock market surged on Thursday, bolstered by a pick-up in oil prices to their highest since late 2014, while a jump in heavyweight Qatar National Bank helped to lift Qatar’s index.
The Saudi index finished in positive territory for a sixth straight day, gaining 1.6 percent. Brent oil rose to nearly $75 a barrel on a drop in U.S. crude inventories and after sources told Reuters that Saudi Arabia aims to push oil prices higher.
Al Rajhi Bank rose 2.9 percent and Samba Financial Group 3.5 percent, while Saudi Arabian Mining Co (Ma’aden) advanced by 6.1 percent."
'via Blog this'
Qatar banks forecast 2018 uptick in private sector credit growth | ZAWYA MENA Edition
Qatar banks forecast 2018 uptick in private sector credit growth | ZAWYA MENA Edition:
"Qatar banks expect private sector credit growth in the country to pick up speed in 2018 as companies borrow and invest to expand their business, taking advantage of opportunities created by a regional political impasse. The government and state-linked companies have long been the mainstay of credit growth and will continue to be, especially as Qatar prepares to host the 2022 FIFA World Cup. But a political rift that erupted between Qatar and Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in June and the subsequent scaling back of some companies and investments from those countries is creating a vacuum gradually being filled, in part, by Qatar's fledgling private sector."
'via Blog this'
"Qatar banks expect private sector credit growth in the country to pick up speed in 2018 as companies borrow and invest to expand their business, taking advantage of opportunities created by a regional political impasse. The government and state-linked companies have long been the mainstay of credit growth and will continue to be, especially as Qatar prepares to host the 2022 FIFA World Cup. But a political rift that erupted between Qatar and Saudi Arabia, the United Arab Emirates, Bahrain and Egypt in June and the subsequent scaling back of some companies and investments from those countries is creating a vacuum gradually being filled, in part, by Qatar's fledgling private sector."
'via Blog this'
Value of bounced cheques in UAE declines to Dh15.7 billion in first quarter | GulfNews.com
Value of bounced cheques in UAE declines to Dh15.7 billion in first quarter | GulfNews.com:
"Using cheques to settle bills, from rents, utilities to big-ticket purchases, remains popular in the UAE, but it looks like people have smartened up or gotten extra cautious when dealing with non-cash transactions. The latest official data show that there have been fewer bad cheques intercepted in 2018 than in 2009, when many consumers and businesses around the world were not in the best of shape due to the global financial crisis. According to the latest data from the UAE Central Bank, more than seven million cheques changed hands in various transactions in the UAE during the first three months of the year, and at least 310,000 of them bounced."
'via Blog this'
"Using cheques to settle bills, from rents, utilities to big-ticket purchases, remains popular in the UAE, but it looks like people have smartened up or gotten extra cautious when dealing with non-cash transactions. The latest official data show that there have been fewer bad cheques intercepted in 2018 than in 2009, when many consumers and businesses around the world were not in the best of shape due to the global financial crisis. According to the latest data from the UAE Central Bank, more than seven million cheques changed hands in various transactions in the UAE during the first three months of the year, and at least 310,000 of them bounced."
'via Blog this'
Doha Bank showcases resilience of Qatari economy at London meet - The Peninsula Qatar
Doha Bank showcases resilience of Qatari economy at London meet - The Peninsula Qatar:
"Doha Bank CEO Dr R Seetharaman showcased Qatar’s sustainability and resilience at the just-concluded ‘London Summit of Leaders Achievements Forum 2018’. The event, held at the Institute of Directors (IOD), London, was attended by key British and world expert’s members of the Oxford Speakers Bureau and Academic Union professors. Commenting on the fast expanding Qatari economy, Dr. R. Seetharaman said: “Qatar economy expected to grow by close to 2.6 percent in 2018. Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017. In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy.”"
'via Blog this'
"Doha Bank CEO Dr R Seetharaman showcased Qatar’s sustainability and resilience at the just-concluded ‘London Summit of Leaders Achievements Forum 2018’. The event, held at the Institute of Directors (IOD), London, was attended by key British and world expert’s members of the Oxford Speakers Bureau and Academic Union professors. Commenting on the fast expanding Qatari economy, Dr. R. Seetharaman said: “Qatar economy expected to grow by close to 2.6 percent in 2018. Qatar will raise LNG production by 30 percent to 100mtpa within five to seven years after lifting a moratorium on gas development earlier in 2017. In response to the economic blockade Qatar has emerged strong and has brought various reforms to transform itself into a self-reliant economy.”"
'via Blog this'
Iran’s Biggest Threat Has Nothing to Do With Trump - Bloomberg
Iran’s Biggest Threat Has Nothing to Do With Trump - Bloomberg:
"Ahmad, who runs an advertising agency in a busy commercial district of Tehran, has given up trying to get a business loan from any of the dozens of lenders just a short walk from his office.
Finding a bank in Iran is easy. The challenge is finding one that will lend at affordable rates, or even lend at all. The central bank’s rates for businesses are set as high as 18 percent. Ahmad, who employs about 20 people, says his bank told him that his company’s healthy accounts put him in a good position for a loan. But when he applied, he was refused and given excuses, says Ahmad, who asked not to be to be identified by his full name because of concerns in Iran about speaking to foreign media.
Money is harder to come by in a struggling economy, and Ahmad’s experience reflects the financial problems in a country that three years ago looked to be on the cusp of prosperity after a rapprochement with the U.S. and Europe. Now it’s flirting with its own version of the credit crunch that crippled Western banks a decade ago. With the deal on its nuclear program failing to deliver promised gains, experts in Tehran say a banking crisis poses a bigger economic threat to the country than any decision by Donald Trump to rip up the agreement.
"
'via Blog this'
"Ahmad, who runs an advertising agency in a busy commercial district of Tehran, has given up trying to get a business loan from any of the dozens of lenders just a short walk from his office.
Finding a bank in Iran is easy. The challenge is finding one that will lend at affordable rates, or even lend at all. The central bank’s rates for businesses are set as high as 18 percent. Ahmad, who employs about 20 people, says his bank told him that his company’s healthy accounts put him in a good position for a loan. But when he applied, he was refused and given excuses, says Ahmad, who asked not to be to be identified by his full name because of concerns in Iran about speaking to foreign media.
Money is harder to come by in a struggling economy, and Ahmad’s experience reflects the financial problems in a country that three years ago looked to be on the cusp of prosperity after a rapprochement with the U.S. and Europe. Now it’s flirting with its own version of the credit crunch that crippled Western banks a decade ago. With the deal on its nuclear program failing to deliver promised gains, experts in Tehran say a banking crisis poses a bigger economic threat to the country than any decision by Donald Trump to rip up the agreement.
"
'via Blog this'
Oil’s Bullish Signals Show Saudi Arabia’s $80 Goal Within Reach - Bloomberg
Oil’s Bullish Signals Show Saudi Arabia’s $80 Goal Within Reach - Bloomberg:
"While $80 oil seemed in the clouds just a year ago, it now looks primed for capture.
Technical indicators show that the price Saudi Arabia is said to be aiming for may be within reach, with global benchmark Brent crude already near $74 a barrel. While futures in London have broken past the 50 percent Fibonacci retracement of the slump from when they were above $100 in mid-2014, another signal shows the rally could persist to the line just under $82.
Recent corrections in Brent have shown prices hit a speed bump only when the reading on its Relative Strength Index climbs to 75, well past the usual overbought signal of 70. With that measure now at about 68, it points to continued support for crude on its way up."
'via Blog this'
"While $80 oil seemed in the clouds just a year ago, it now looks primed for capture.
Technical indicators show that the price Saudi Arabia is said to be aiming for may be within reach, with global benchmark Brent crude already near $74 a barrel. While futures in London have broken past the 50 percent Fibonacci retracement of the slump from when they were above $100 in mid-2014, another signal shows the rally could persist to the line just under $82.
Recent corrections in Brent have shown prices hit a speed bump only when the reading on its Relative Strength Index climbs to 75, well past the usual overbought signal of 70. With that measure now at about 68, it points to continued support for crude on its way up."
'via Blog this'
Oil Market Faces Tense Wait as Iran Sanctions Too Close to Call - Bloomberg
Oil Market Faces Tense Wait as Iran Sanctions Too Close to Call - Bloomberg:
"Global markets for equities, currencies and metals have all been whipsawed by the uncertainty over what President Donald Trump’s next geopolitical move would be. Oil’s about to have a turn.
It’s too close to call whether Trump will reinstate sanctions on Iran next month and the impact is highly uncertain, according to a Bloomberg survey of oil-market analysts. The 17 respondents saw on average a 50-50 chance of sanctions “snap-back,” which could halt anywhere between zero and 800 thousand barrels a day of exports from OPEC’s third-largest producer within the next six months.
That risk looms over Friday’s meeting of some OPEC nations and their allies as they gather to monitor supply cuts in Jeddah, Saudi Arabia."
'via Blog this'
"Global markets for equities, currencies and metals have all been whipsawed by the uncertainty over what President Donald Trump’s next geopolitical move would be. Oil’s about to have a turn.
It’s too close to call whether Trump will reinstate sanctions on Iran next month and the impact is highly uncertain, according to a Bloomberg survey of oil-market analysts. The 17 respondents saw on average a 50-50 chance of sanctions “snap-back,” which could halt anywhere between zero and 800 thousand barrels a day of exports from OPEC’s third-largest producer within the next six months.
That risk looms over Friday’s meeting of some OPEC nations and their allies as they gather to monitor supply cuts in Jeddah, Saudi Arabia."
'via Blog this'
MIDEAST STOCKS-Saudi stocks lifted by higher oil prices, Qatar index gains
MIDEAST STOCKS-Saudi stocks lifted by higher oil prices, Qatar index gains:
"Saudi Arabia’s stock market climbed in early trade on Thursday, lifted in the wake of oil prices’ rise to their highest level in over three years, while Qatar’s index was boosted by strong earnings.
Saudi Arabia’s index rose 1.4 percent, set for a sixth straight day of gains. Al Rajhi Bank rose 3.3 percent, while Samba Financial Group climbed 3.2 percent.
Saudi Basic Industries Corporation rose 0.9 percent as petrochemical stocks gained support from higher oil prices because of a decline in U.S. crude inventories and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies."
'via Blog this'
"Saudi Arabia’s stock market climbed in early trade on Thursday, lifted in the wake of oil prices’ rise to their highest level in over three years, while Qatar’s index was boosted by strong earnings.
Saudi Arabia’s index rose 1.4 percent, set for a sixth straight day of gains. Al Rajhi Bank rose 3.3 percent, while Samba Financial Group climbed 3.2 percent.
Saudi Basic Industries Corporation rose 0.9 percent as petrochemical stocks gained support from higher oil prices because of a decline in U.S. crude inventories and as top exporter Saudi Arabia pushes for higher prices by continuing to withhold supplies."
'via Blog this'
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