Anti-money laundering body gives Iran until October to complete reforms | Reuters:
An international group that monitors money laundering worldwide said on Friday Iran had until October to complete reforms that would bring it into line with global norms or face consequences that could further deter investors from the country.
Tehran has tried to attract foreign investors after completing a landmark 2015 agreement with the United States, Russia, China, France, Germany and Britain under which a number of sanctions were lifted in exchange for Iran agreeing to curbs on its nuclear program.
Iran has been trying to implement standards set by the Financial Action Task Force (FATF), a global group of government anti-money-laundering (AML) and counter financing of terrorism regimes (CFT), in the hope it will be removed from a blacklist that makes some foreign investors reluctant to deal with it.
Friday 29 June 2018
Oil set for fourth winning quarter in a row | Financial Times
Oil set for fourth winning quarter in a row | Financial Times:
Oil keeps marching higher, with both US and international benchmarks on track for their fourth consecutive quarter in the black. West Texas Intermediate was eyeing a gain of about 14 per cent in the second quarter of 2018. That would give the US benchmark its longest back-to-back quarterly gains since 2009 through the first quarter of 2010, according to Thomson Reuters data. Most of the gains came in the month of June, with WTI posting a roughly 10 per cent advance during that time, compared to a 2.2 per cent dip in May. Year-to-date, US crude is up about 22 per cent, topping the 12.4 per cent gain notched for 2017.
Oil keeps marching higher, with both US and international benchmarks on track for their fourth consecutive quarter in the black. West Texas Intermediate was eyeing a gain of about 14 per cent in the second quarter of 2018. That would give the US benchmark its longest back-to-back quarterly gains since 2009 through the first quarter of 2010, according to Thomson Reuters data. Most of the gains came in the month of June, with WTI posting a roughly 10 per cent advance during that time, compared to a 2.2 per cent dip in May. Year-to-date, US crude is up about 22 per cent, topping the 12.4 per cent gain notched for 2017.
US reliance on Opec endures despite shale boom | Financial Times
US reliance on Opec endures despite shale boom | Financial Times:
Greg Abbott, governor of the state of Texas, hailed the US as an energy independent country last week, saying on Twitter it would “NEVER AGAIN” be beholden to foreign oil producers.
Yet the day before, Saudi Arabia — backed by Russia — pledged a “measurable” rise in output, largely in response to a request by the US to offset a loss in Iranian barrels after the reimposition of oil sanctions.
As the US tries to reset the Middle East, with the withdrawal from the nuclear deal with Iran a key element of its strategy, it is still turning to the energy might of traditional producers abroad.
Greg Abbott, governor of the state of Texas, hailed the US as an energy independent country last week, saying on Twitter it would “NEVER AGAIN” be beholden to foreign oil producers.
Yet the day before, Saudi Arabia — backed by Russia — pledged a “measurable” rise in output, largely in response to a request by the US to offset a loss in Iranian barrels after the reimposition of oil sanctions.
As the US tries to reset the Middle East, with the withdrawal from the nuclear deal with Iran a key element of its strategy, it is still turning to the energy might of traditional producers abroad.
Iran Is Running Out of Options on Oil - Bloomberg
Iran Is Running Out of Options on Oil - Bloomberg:
Iran’s position in the oil market is looking weaker than ever as a bruising OPEC meeting and tightening net of U.S. sanctions leave it with fewer friends and fleeing customers.
Tehran is getting hit from all sides. Washington is telling buyers to stop all purchases of the country’s crude, while OPEC and its allies are bowing to U.S. pressure to raise output and fill the gap. Iran may be left with few options beyond convincing China to buy more of its oil, risking over-reliance on what’s already its biggest customer.
“Iran is in a really horrible position right now,” said Sara Vakhshouri, head of Washington, D.C.-based consultant SVB Energy International. “There’s not really much Iran can do to maintain its export level.”
Iran’s position in the oil market is looking weaker than ever as a bruising OPEC meeting and tightening net of U.S. sanctions leave it with fewer friends and fleeing customers.
Tehran is getting hit from all sides. Washington is telling buyers to stop all purchases of the country’s crude, while OPEC and its allies are bowing to U.S. pressure to raise output and fill the gap. Iran may be left with few options beyond convincing China to buy more of its oil, risking over-reliance on what’s already its biggest customer.
“Iran is in a really horrible position right now,” said Sara Vakhshouri, head of Washington, D.C.-based consultant SVB Energy International. “There’s not really much Iran can do to maintain its export level.”
Saudi Tadawul's market cap reached $528.6bln in June | ZAWYA MENA Edition
Saudi Tadawul's market cap reached $528.6bln in June | ZAWYA MENA Edition:
The Saudi Stock Exchange (Tadawul) saw a positive performance in June.
The Tadawul All Shares Index (TASI) went up by 1.88% or 153.1 points and ended the month at the level of 8,314.19 points.
Market capitalization increased by 1.26% or SAR 24.7 billion, to a total SAR 1.98 trillion ($528.6 billion).
The Saudi Stock Exchange (Tadawul) saw a positive performance in June.
The Tadawul All Shares Index (TASI) went up by 1.88% or 153.1 points and ended the month at the level of 8,314.19 points.
Market capitalization increased by 1.26% or SAR 24.7 billion, to a total SAR 1.98 trillion ($528.6 billion).
Oil prices ease on global trade frictions, but market remains tight | Reuters
Oil prices ease on global trade frictions, but market remains tight | Reuters:
Oil prices fell on Friday amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $73.06 a barrel at 0209 GMT, down 39 cents, or 0.5 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.
Brent crude futures LCOc1 were at $77.54 per barrel, down 31 cents, or 0.4 percent from their last close.
Oil prices fell on Friday amid concerns about trade frictions between the United States and other major economies, although crude market conditions remain tight due to supply disruptions and generally high demand.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $73.06 a barrel at 0209 GMT, down 39 cents, or 0.5 percent from their last settlement. WTI on Thursday hit its highest since November 2014 at $74.03 per barrel.
Brent crude futures LCOc1 were at $77.54 per barrel, down 31 cents, or 0.4 percent from their last close.
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