Saudi Aramco’s non-fuel future

Saudi Aramco’s non-fuel future:

"You are deep inside the field of dreams watching tendrils of bright green snaking through the red world that envelopes you, while small black balls rush through tubes leading up to the surface 7,000 feet above your head. A psychedelic dream? A scene from a science-fiction movie? Neither of these. Welcome to the Geosteering Operations Center (GOC) at the headquarters of Saudi Aramco in Dhahran in the Kingdom’s eastern province.
The “field of dreams” — so described by American oil geologists when it was found in the 1940s — is Ghawar, the largest onshore oil field in the world; the green fingers are the multi-branch drill lines that reach out for each available drop of oil; the black balls represent nano-molecules of advanced ingredients to ease the flow of crude to the desert well-heads.
Aramco’s state-of-the-art technology allows you, via a virtual reality headset, to look deep inside the well that supplies something like half of the 9.9 million barrels of crude the Kingdom produces every day."



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QSE remains bullish as key index inches near 9,000 levels

QSE remains bullish as key index inches near 9,000 levels:

"Strong buying in the five of the seven sectors on Monday helped Qatar Stock Exchange (QSE) gain for the second consecutive day and its key index inched near 9,000 levels. Buying was seen stronger within banking, real estate, industrials and insurance counters as the 20-stock Qatar Index gained 1.33% to 8,934.39 points. The market is expecting MSCI to review the weightage assigned to scrips in view of the eased foreign ownership limits in certain underlying stocks."



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Moody’s warns emerging economies over debt vulnerabilities

Moody’s warns emerging economies over debt vulnerabilities:

"Emerging economies with shorter debt maturities and less fiscal scope to accommodate rising debt costs are most vulnerable to a tightening of global financial conditions, according to research by credit rating agency Moody’s. The study singled out Egypt, Bahrain, Pakistan, Lebanon and Mongolia as particularly at risk; Sri Lanka and Jordan are also “highly exposed” to an interest rate shock, Moody’s said. With global interest rates rising and emerging market nations accumulating a rapidly-increasing debt pile, concerns are growing that they could be hit with a financing crisis. The IMF warned earlier this year that 40 per cent of low-income developing countries face “significant debt-related challenges”."



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MIDEAST STOCKS-Qatar outperforms on hopes MSCI may boost weightings of bluechips | Reuters

MIDEAST STOCKS-Qatar outperforms on hopes MSCI may boost weightings of bluechips | Reuters:

"Qatar stocks rose more than one percent on Monday, leading among Gulf markets, as investors bet that index-compiler MSCI will increase weightings for some of the country’s top blue-chip companies in its emerging market index review. Banking stocks drove Saudi shares higher as investors also hoped MSCI will upgrade Riyadh next month to emerging market status, following FTSE Russell’s similar decision in March. Qatari stocks ended the day 1.3 percent higher, fuelled by 3.4 percent gains in Qatar National Bank and a 2.7 percent rise in Industries Qatar."



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U.S. Airlines' Gulf Accord Isn't Where It's At - Bloomberg

U.S. Airlines' Gulf Accord Isn't Where It's At - Bloomberg:

"They came, they saw, they folded.

That’s certainly what appears to have come of U.S. airlines’ three-year campaign to bring their Gulf rivals to heel.

The accord signed between the U.S. and the United Arab Emirates should press pause on a long-simmering dispute over government subsidies to Emirates and Etihad Airways PJSC, but any concessions are few."



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Oil Slips as OPEC Seen Able to Offset Iran Losses From Sanctions - Bloomberg

Oil Slips as OPEC Seen Able to Offset Iran Losses From Sanctions - Bloomberg:

"Oil held losses below $71 as OPEC signaled it could fill in any supply gap if renewed U.S. sanctions curtail supply from Iran, the group’s third-largest producer. Futures in New York fell as much as 0.6 percent after sliding 0.9 percent Friday. Three members of the Organization of Petroleum Exporting Countries -- Saudi Arabia, Kuwait and the United Arab Emirates -- together have enough capacity to act as a cushion, the United Arab Emirates energy minister said. Meanwhile, Iran called for clarity over its nuclear deal with world powers, following U.S. President Donald Trump’s withdrawal from the 2015 pact. Oil rallied earlier this month to the highest level in more than three years as Trump’s decision to walk away from the Iranian nuclear accord fueled tensions in the energy-rich Middle East. Investors are now weighing signals from OPEC and its allies to see whether they will respond to the situation in Iran by ending a deal to cut production, or maintain the curbs to further prop up prices."



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Dana Gas Q1 net profit rises 27% | ZAWYA MENA Edition

Dana Gas Q1 net profit rises 27% | ZAWYA MENA Edition:

"United Arab Emirates-based energy firm Dana Gas DANA.AD on Monday reported a 27 percent rise in first quarter net profit, thanks to higher prices and a reversal of accruals. Dana made a net profit of $14 million in the three months to March 31, up from $11 million a year earlier, it said in a statement. Dana said the rise was due to higher prices and the reversal of accruals made by Pearl Petroleum for certain charges in previous years which are no longer required following an arbitration settlement with the Kurdistan Regional Government (KRG)."



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Virgin Mobile Middle East raises $30 million in pre-IPO financing | Reuters

Virgin Mobile Middle East raises $30 million in pre-IPO financing | Reuters:

"Virgin Mobile Middle East and Africa (VMMEA), part-owned by British entrepreneur Richard Branson’s Virgin Group, has raised $30 million via Islamic bonds ahead of a proposed initial public offering. The deal from Dubai-based VMMEA, a mobile virtual network operator with a presence in Saudi Arabia, Oman and South Africa, is a rare addition to a market that is comprised mostly of sukuk originated by sovereigns and financial firms. The transaction also includes a novel convertible feature that allows investors to transfer the sukuk certificates into exchangeable instruments that would mature two years after an IPO."



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MIDEAST STOCKS-Banks drive Saudi higher, Qatar National Bank helps Qatar | Reuters

MIDEAST STOCKS-Banks drive Saudi higher, Qatar National Bank helps Qatar | Reuters:

"Saudi and Qatari stocks were up in early trade on Monday, helped by support from banking stocks, as Gulf markets showed signs of recovery from jitters last week over the U.S. decision to withdraw from the Iran nuclear deal. The Saudi index was up 0.2 percent as Al Rajhi Bank rose 0.5 percent and Samba Financial Group gained 0.6 percent. The Saudi market has seen a recovery after it dipped below the 8000-point level on May 10 on profit taking after sharp gains this year on foreign fund flows on expectations of an upgrade of the stock market to emerging market status."



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Opec ‘stands ready to support oil market stability’

Opec ‘stands ready to support oil market stability’:

"Opec countries are prepared to step in to alleviate any market shortages together with other producers, the group the suggested on Monday, acknowledging recent geopolitical developments could hit oil supplies. “Despite the large uncertainties prevailing in key market fundamentals, Opec, as always, stands ready to support oil market stability, together with non-Opec oil producing nations,” Opec said in its monthly oil market report. The US’s withdrawal from the Iran nuclear deal and the reimpostion of sanctions against its economy is expected to hit the Opec country’s oil exports while Venezuelan supply is taking a hit after economic and political crises impact its energy industry."



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