Iran to let private sector export oil to help beat US sanctions:
Iran will allow private companies to export crude oil, part of a strategy to counter US sanctions, First Vice President Eshaq Jahangiri said on Sunday. Iran is looking at ways to keep exporting oil as well as other measures to counter sanctions after the United States told allies to cut all imports of Iranian oil from November. “Iranian crude oil will be offered on the bourse and the private sector can export it in a transparent way,” Jahangiri told an economic event in Tehran broadcast live on state television.
Sunday 1 July 2018
Qatar’s foreign investment law could be a ‘game changer’ - The Peninsula Qatar
Qatar’s foreign investment law could be a ‘game changer’ - The Peninsula Qatar:
The draft-law on foreign investment which will allow non-Qatari businesses to have 100 per cent capital in companies in all sectors of the economy is set to be a “game changer” for the Qatari economy. The most awaited piece of law, which aims to boost FDI inflow, has already started evoking a huge response from the potential foreign investors.
Interviews and enquiries with several Doha-based businesses leaders, investors and experts representing different countries from Asia, Europe and North America suggest that investors are anxiously waiting to know more about the new law. Before finalising their investment decisions they are keen to understand the exact details of the draft-law after its final nod.
The draft-law, which has already received Cabinet approval early this year, aims at accelerating economic development and industrial diversification as part of Qatar’s long-term vision.
The draft-law on foreign investment which will allow non-Qatari businesses to have 100 per cent capital in companies in all sectors of the economy is set to be a “game changer” for the Qatari economy. The most awaited piece of law, which aims to boost FDI inflow, has already started evoking a huge response from the potential foreign investors.
Interviews and enquiries with several Doha-based businesses leaders, investors and experts representing different countries from Asia, Europe and North America suggest that investors are anxiously waiting to know more about the new law. Before finalising their investment decisions they are keen to understand the exact details of the draft-law after its final nod.
The draft-law, which has already received Cabinet approval early this year, aims at accelerating economic development and industrial diversification as part of Qatar’s long-term vision.
Robust buying in industrials helps QSE cross 9,100 level
Robust buying in industrials helps QSE cross 9,100 level:
The Qatar Stock Exchange yesterday opened the week on a strong note and its key index crossed the 9,100 levels, mainly on the back of robust buying interests at the industrials counters. Domestic institutions turned net buyers as the 20-stock Qatar Index gained 1% in the third straight session to 9,114.23 points. Doha Bank-sponsored exchange traded fund QETF witnessed 1.4% gains; while Masraf Al Rayan-sponsored QATR treaded a flat path.
The Qatar Stock Exchange yesterday opened the week on a strong note and its key index crossed the 9,100 levels, mainly on the back of robust buying interests at the industrials counters. Domestic institutions turned net buyers as the 20-stock Qatar Index gained 1% in the third straight session to 9,114.23 points. Doha Bank-sponsored exchange traded fund QETF witnessed 1.4% gains; while Masraf Al Rayan-sponsored QATR treaded a flat path.
Trump's Mixed Oil Message Won't Fix Supply Fears, Traders Say - Bloomberg
Trump's Mixed Oil Message Won't Fix Supply Fears, Traders Say - Bloomberg:
U.S. President Donald Trump’s weekend of oil diplomacy doesn’t change the underlying dynamic of a crude market that’s swiftly seeing demand threaten to overtake supplies, analysts said on Sunday. Trump’s tweet suggesting that Saudi Arabia had agreed to pump an additional 2 million barrels a day may drive crude prices down initially when trading resumes at 6 p.m. New York time on Sunday, said Phil Flynn, a senior market analyst at Price Futures Group Inc. in Chicago. Yet a price boost could be short-lived, Flynn said. The White House and the Saudi Press Agency each released statements after Trump’s tweet saying the sides had discussed how to compensate for potential shortages in oil producing countries, but neither referred to a specific target. Meanwhile, rising demand and supply disruptions still support higher prices, Flynn said.
U.S. President Donald Trump’s weekend of oil diplomacy doesn’t change the underlying dynamic of a crude market that’s swiftly seeing demand threaten to overtake supplies, analysts said on Sunday. Trump’s tweet suggesting that Saudi Arabia had agreed to pump an additional 2 million barrels a day may drive crude prices down initially when trading resumes at 6 p.m. New York time on Sunday, said Phil Flynn, a senior market analyst at Price Futures Group Inc. in Chicago. Yet a price boost could be short-lived, Flynn said. The White House and the Saudi Press Agency each released statements after Trump’s tweet saying the sides had discussed how to compensate for potential shortages in oil producing countries, but neither referred to a specific target. Meanwhile, rising demand and supply disruptions still support higher prices, Flynn said.
Trump Piles Pressure on Saudis Flummoxed by Oil-Price Increase - Bloomberg
Trump Piles Pressure on Saudis Flummoxed by Oil-Price Increase - Bloomberg:
If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy. The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later backpedaled from his assertion, Trump on Sunday compounded the pressure, demanding that OPEC stop what he called its manipulation of the oil market and insisting the group pump more. Saudi Arabia last month led the Organization of Petroleum Exporting Countries and allies including Russia into a deal aimed at cooling prices. While sticking to a 2016 agreement limiting output, they decided to pump more to offset lost supply from OPEC’s Venezuela and Libya. Brent crude has gained 5.2 percent since then, due to those lost barrels and Trump’s call for allies to stop buying from Iran. The benchmark rose 2 percent on Friday to $79.12 a barrel.
If the world’s biggest crude exporter says it’s going to ramp up production, prices usually drop. But as Saudi Arabia adds barrels before its customers get burned, prices have jumped. And Donald Trump isn’t happy. The U.S. president tweeted on Saturday that the Saudi king had agreed to raise production to cut the cost of oil for consumers. While the White House later backpedaled from his assertion, Trump on Sunday compounded the pressure, demanding that OPEC stop what he called its manipulation of the oil market and insisting the group pump more. Saudi Arabia last month led the Organization of Petroleum Exporting Countries and allies including Russia into a deal aimed at cooling prices. While sticking to a 2016 agreement limiting output, they decided to pump more to offset lost supply from OPEC’s Venezuela and Libya. Brent crude has gained 5.2 percent since then, due to those lost barrels and Trump’s call for allies to stop buying from Iran. The benchmark rose 2 percent on Friday to $79.12 a barrel.
SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition
SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition:
Saudi Arabian Monetary Agency’s foreign assets rose by 13.4 percent on a monthly basis in April to reach $506 billion, which is considered the largest monthly increase since 2013. Jadwa Investments in its report on Saudi economy for the month of June attributed the monthly increase to rise in deposits in foreign banks by $9.6 billion. Economists have agreed that the monetary policy adopted by SAMA, the Kingdom’s central bank, supported foreign reserves, adding that it contributed to reducing cash withdrawals from reserves to meet deficit.
Saudi Arabian Monetary Agency’s foreign assets rose by 13.4 percent on a monthly basis in April to reach $506 billion, which is considered the largest monthly increase since 2013. Jadwa Investments in its report on Saudi economy for the month of June attributed the monthly increase to rise in deposits in foreign banks by $9.6 billion. Economists have agreed that the monetary policy adopted by SAMA, the Kingdom’s central bank, supported foreign reserves, adding that it contributed to reducing cash withdrawals from reserves to meet deficit.
Saudi economy starts to recover, set to accelerate as oil output rises | Reuters
Saudi economy starts to recover, set to accelerate as oil output rises | Reuters:
Saudi Arabia’s economy began to recover in the first quarter of 2018 after shrinking for the first time in eight years during 2017, official data showed on Sunday, and the recovery looks set to accelerate in coming months with a rise in oil production. Gross domestic product, adjusted for inflation, grew 1.2 percent from a year earlier in the first three months of 2018, the government’s statistics agency said. GDP had dropped from a year earlier in every quarter of 2017 as a global price-supporting agreement among oil exporting countries caused Saudi Arabia to cut back its crude output. For the whole of 2017, GDP shrank 0.7 percent.
Saudi Arabia’s economy began to recover in the first quarter of 2018 after shrinking for the first time in eight years during 2017, official data showed on Sunday, and the recovery looks set to accelerate in coming months with a rise in oil production. Gross domestic product, adjusted for inflation, grew 1.2 percent from a year earlier in the first three months of 2018, the government’s statistics agency said. GDP had dropped from a year earlier in every quarter of 2017 as a global price-supporting agreement among oil exporting countries caused Saudi Arabia to cut back its crude output. For the whole of 2017, GDP shrank 0.7 percent.
Can Saudi Arabia pump much more oil? | Reuters
Can Saudi Arabia pump much more oil? | Reuters:
The leader of Saudi Arabia has assured U.S. President Donald Trump that the Kingdom can raise oil production if needed and the country has 2 million barrels per day of spare capacity that could be deployed to help cool down oil prices to compensate for falling output in Venezuela and Iran.
In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase output by up to this amount, although a subsequent statement from the White House rowed back on this assertion.
Either way, the kingdom, OPEC’s biggest member, can barely raise output by 1 million bpd to 11 million bpd and even that would be difficult, according to industry analysts who forecast a further oil price rally due to a lack of new supply.
The leader of Saudi Arabia has assured U.S. President Donald Trump that the Kingdom can raise oil production if needed and the country has 2 million barrels per day of spare capacity that could be deployed to help cool down oil prices to compensate for falling output in Venezuela and Iran.
In a tweet on Saturday, Trump said Saudi Arabia had agreed to increase output by up to this amount, although a subsequent statement from the White House rowed back on this assertion.
Either way, the kingdom, OPEC’s biggest member, can barely raise output by 1 million bpd to 11 million bpd and even that would be difficult, according to industry analysts who forecast a further oil price rally due to a lack of new supply.
UPDATE 1-Bahrain c.bank's net foreign assets fall in May as currency under threat | Reuters
UPDATE 1-Bahrain c.bank's net foreign assets fall in May as currency under threat | Reuters:
Net foreign assets at Bahrain’s central bank fell in May, according to official data released on Sunday that may fuel concern about the country’s ability to defend its currency against a current account deficit and rising public debt.
The assets dropped to 671.1 million dinars ($1.78 billion) from 779.4 million dinars in April, the central bank said. Net foreign assets at Bahraini retail banks also fell, to minus 1.20 billion dinars from minus 1.17 billion, meaning liabilities exceeded assets.
Combined, the net foreign assets of the central bank and retail banks sank to minus 526.1 million dinars in May - the lowest level on record.
Net foreign assets at Bahrain’s central bank fell in May, according to official data released on Sunday that may fuel concern about the country’s ability to defend its currency against a current account deficit and rising public debt.
The assets dropped to 671.1 million dinars ($1.78 billion) from 779.4 million dinars in April, the central bank said. Net foreign assets at Bahraini retail banks also fell, to minus 1.20 billion dinars from minus 1.17 billion, meaning liabilities exceeded assets.
Combined, the net foreign assets of the central bank and retail banks sank to minus 526.1 million dinars in May - the lowest level on record.
MIDEAST STOCKS-Oil boosts Gulf stocks, Saudi REITs soar, Eshraq jumps in Abu Dhabi | Reuters
MIDEAST STOCKS-Oil boosts Gulf stocks, Saudi REITs soar, Eshraq jumps in Abu Dhabi | Reuters:
Gulf stock markets closed in positive territory on Sunday, boosted by a surge in oil prices, an increase in retail investors and encouraging news on Bahrain’s financial prospects.
Oil prices surged last week on concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand.
Bahrain’s bonds and currency rebounded from multi-year lows late last week after Saudi Arabia, Kuwait and the United Arab Emirates said in a joint statement that they would announce soon measures to support its economy.
Gulf stock markets closed in positive territory on Sunday, boosted by a surge in oil prices, an increase in retail investors and encouraging news on Bahrain’s financial prospects.
Oil prices surged last week on concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand.
Bahrain’s bonds and currency rebounded from multi-year lows late last week after Saudi Arabia, Kuwait and the United Arab Emirates said in a joint statement that they would announce soon measures to support its economy.
Bahrain Promises to Repair Finances as Kingdom Awaits Gulf Aid - Bloomberg
Bahrain Promises to Repair Finances as Kingdom Awaits Gulf Aid - Bloomberg:
Bahrain pledged to implement steps to repair its strained finances widely seen as crucial to help the kingdom receive support from Gulf Arab allies. Prime Minister Khalifa Bin Salman Al Khalifa set up a committee to devise plans to balance the budget, the Bahrain News Agency reported on Thursday. The group, whose members include the finance minister and central bank chief, will present its plans to the premier, who will take a decision “at the earliest possible time.” The announcement comes after Saudi Arabia, the United Arab Emirates and Kuwait said they were working with Bahrain on a program to stabilize its finances after the kingdom’s bonds tumbled and its credit risk surged to a record-high. Investors fear that without help from its neighbors, Bahrain would be forced to abandon its currency peg, raising questions about the ability of other Gulf nations to sustain their own currency policies.
Bahrain pledged to implement steps to repair its strained finances widely seen as crucial to help the kingdom receive support from Gulf Arab allies. Prime Minister Khalifa Bin Salman Al Khalifa set up a committee to devise plans to balance the budget, the Bahrain News Agency reported on Thursday. The group, whose members include the finance minister and central bank chief, will present its plans to the premier, who will take a decision “at the earliest possible time.” The announcement comes after Saudi Arabia, the United Arab Emirates and Kuwait said they were working with Bahrain on a program to stabilize its finances after the kingdom’s bonds tumbled and its credit risk surged to a record-high. Investors fear that without help from its neighbors, Bahrain would be forced to abandon its currency peg, raising questions about the ability of other Gulf nations to sustain their own currency policies.
SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition
SAMA's foreign assets rise by 13.4% to $506bln | ZAWYA MENA Edition:
Saudi Arabian Monetary Agency’s foreign assets rose by 13.4 percent on a monthly basis in April to reach $506 billion, which is considered the largest monthly increase since 2013. Jadwa Investments in its report on Saudi economy for the month of June attributed the monthly increase to rise in deposits in foreign banks by $9.6 billion. Economists have agreed that the monetary policy adopted by SAMA, the Kingdom’s central bank, supported foreign reserves, adding that it contributed to reducing cash withdrawals from reserves to meet deficit.
Saudi Arabian Monetary Agency’s foreign assets rose by 13.4 percent on a monthly basis in April to reach $506 billion, which is considered the largest monthly increase since 2013. Jadwa Investments in its report on Saudi economy for the month of June attributed the monthly increase to rise in deposits in foreign banks by $9.6 billion. Economists have agreed that the monetary policy adopted by SAMA, the Kingdom’s central bank, supported foreign reserves, adding that it contributed to reducing cash withdrawals from reserves to meet deficit.
Saudi king said will boost oil output if needed: White House | Reuters
Saudi king said will boost oil output if needed: White House | Reuters:
The leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday, rowing back on an earlier Trump tweet that appeared to suggest the Saudis had agreed to boost output by that amount.
Trump told King Salman bin Abdulaziz Al Saud that the oil market could need more supply when the men spoke on Friday, the White House said. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.
“King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance,” read the statement.
The leader of Saudi Arabia promised President Donald Trump that he can raise oil production if needed and the country has 2 million barrels per day of spare capacity, the White House said on Saturday, rowing back on an earlier Trump tweet that appeared to suggest the Saudis had agreed to boost output by that amount.
Trump told King Salman bin Abdulaziz Al Saud that the oil market could need more supply when the men spoke on Friday, the White House said. The Saudi leader said he was ready to raise output if needed, the White House said in a statement.
“King Salman affirmed that the Kingdom maintains a two million barrel per day spare capacity, which it will prudently use if and when necessary to ensure market balance,” read the statement.
MIDEAST STOCKS-Gulf stocks up on higher oil prices; Saudi’s Alhokair plunges | Reuters
MIDEAST STOCKS-Gulf stocks up on higher oil prices; Saudi’s Alhokair plunges | Reuters:
Gulf stock markets opened on a positive note on Sunday, boosted by a surge in oil prices and mirroring a rally in global stocks late last week. Oil prices rose on Friday on concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. The Saudi index was up 0.4 percent in the first half hour of trading, lifted by gains across the banking and the petrochemical sectors.
Gulf stock markets opened on a positive note on Sunday, boosted by a surge in oil prices and mirroring a rally in global stocks late last week. Oil prices rose on Friday on concerns that U.S. sanctions against Iran would remove a substantial volume of crude oil from world markets at a time of rising global demand. The Saudi index was up 0.4 percent in the first half hour of trading, lifted by gains across the banking and the petrochemical sectors.
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