Oil jumps 3 percent on big U.S. crude draw, Iran sanctions | Reuters:
Oil prices rose 3 percent on Wednesday, with Brent crude futures hitting a three-week high, after U.S. government data showed a larger-than-expected draw in crude inventories and as Washington’s sanctions on Iran signaled tightening supplies.
Brent crude futures LCOc1 rose $2.15, or 3 percent, to settle at $74.78 a barrel. The global benchmark reached $75.00 during the session, the highest since July 31.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $2.02 to settle at $67.86 a barrel, a 3.1 percent gain.
Wednesday, 22 August 2018
#SaudiArabia has called off Aramco float, report suggests - BBC News
Saudi Arabia has called off Aramco float, report suggests - BBC News:
Saudi Arabia is reported to have cancelled its plans to sell shares in state oil giant Aramco, which had been billed as the largest flotation ever.
The group of financial advisers working on a plan to sell 5% of the company domestically and internationally has been disbanded, Reuters reports.
The wire service quoted a source suggesting the decision was taken some time ago but is not being announced.
Saudi Arabia is reported to have cancelled its plans to sell shares in state oil giant Aramco, which had been billed as the largest flotation ever.
The group of financial advisers working on a plan to sell 5% of the company domestically and internationally has been disbanded, Reuters reports.
The wire service quoted a source suggesting the decision was taken some time ago but is not being announced.
Abu Dhabi boosts Al Hilal Bank's capital by Dh400m, CEO says - The National
Abu Dhabi boosts Al Hilal Bank's capital by Dh400m, CEO says - The National:
Abu Dhabi has increased the share capital of its wholly-owned Al Hilal Bank by Dh400 million, a timely boost for the Islamic lender, which is modernising its branch network and investing in technology.
The increase in capital by the Abu Dhabi Investment Council, the state-owned firm that has tied-up with Mubadala Investment Company, was granted in June, Alex Coelho, the Al Hilal chief executive, told The National. Al Hilal’s share capital has risen to Dh3.5 billion from Dh3.1bn, as it pursues growth plans, he added.
“While the increase will further strengthen the bank’s balance sheet and capital base, from a more long-term perspective, it allows us to meet the growing demand for Islamic finance by investing in areas with the greatest growth prospects,” said Mr Coelho.
Abu Dhabi has increased the share capital of its wholly-owned Al Hilal Bank by Dh400 million, a timely boost for the Islamic lender, which is modernising its branch network and investing in technology.
The increase in capital by the Abu Dhabi Investment Council, the state-owned firm that has tied-up with Mubadala Investment Company, was granted in June, Alex Coelho, the Al Hilal chief executive, told The National. Al Hilal’s share capital has risen to Dh3.5 billion from Dh3.1bn, as it pursues growth plans, he added.
“While the increase will further strengthen the bank’s balance sheet and capital base, from a more long-term perspective, it allows us to meet the growing demand for Islamic finance by investing in areas with the greatest growth prospects,” said Mr Coelho.
OPEC's Good Year Can't Mask Broader Fragility - Bloomberg
OPEC's Good Year Can't Mask Broader Fragility - Bloomberg:
The latest U.S. assessment of how much money OPEC rakes in from oil exports confirmed one thing: Cutting supplies worked.
In its annual OPEC Revenues Fact Sheet, released Tuesday, the Energy Information Administration estimates OPEC’s export revenue was $567 billion in 2017, up 26 percent in real terms. That’s despite the group’s average crude oil production dropping slightly compared with 2016. Such is the magic of higher prices and collective supply restrictions.
Yet the numbers also show just how big a hole OPEC now finds itself in. Because 26 percent growth is great, obviously, but just how great depends on where you’re starting from:
The latest U.S. assessment of how much money OPEC rakes in from oil exports confirmed one thing: Cutting supplies worked.
In its annual OPEC Revenues Fact Sheet, released Tuesday, the Energy Information Administration estimates OPEC’s export revenue was $567 billion in 2017, up 26 percent in real terms. That’s despite the group’s average crude oil production dropping slightly compared with 2016. Such is the magic of higher prices and collective supply restrictions.
Yet the numbers also show just how big a hole OPEC now finds itself in. Because 26 percent growth is great, obviously, but just how great depends on where you’re starting from:
4 Deaths That Will Remake the Middle East - Bloomberg
4 Deaths That Will Remake the Middle East - Bloomberg:
There is now a consensus that any political transformation of the Middle East — a long-cherished goal of both U.S. policymakers and millions who live there — will not be achieved by revolution, foreign intervention or civil war. The failure of the Arab Spring, the disastrous consequences of the U.S.-led invasion of Iraq, and the ongoing catastrophe in Syria have shattered fantasies of sudden change.
It is more fashionable these days to pin hope on demographics and technology — the theory that a massive cohort of young people, armed with smartphones, will succeed where all other efforts have failed.
But we may be overlooking a simpler, surer agent of change: human mortality. Death, especially that of longstanding rulers, has historically been a reliable harbinger of political, economic and social renewal. This is especially true when there’s a generational transfer of power — which is exactly what we’re about to witness in the Middle East.
There is now a consensus that any political transformation of the Middle East — a long-cherished goal of both U.S. policymakers and millions who live there — will not be achieved by revolution, foreign intervention or civil war. The failure of the Arab Spring, the disastrous consequences of the U.S.-led invasion of Iraq, and the ongoing catastrophe in Syria have shattered fantasies of sudden change.
It is more fashionable these days to pin hope on demographics and technology — the theory that a massive cohort of young people, armed with smartphones, will succeed where all other efforts have failed.
But we may be overlooking a simpler, surer agent of change: human mortality. Death, especially that of longstanding rulers, has historically been a reliable harbinger of political, economic and social renewal. This is especially true when there’s a generational transfer of power — which is exactly what we’re about to witness in the Middle East.
Saudi Aramco IPO Called Off: Reuters Reports - Bloomberg
Saudi Aramco IPO Called Off: Reuters Reports - Bloomberg:
Saudi Arabia has called off both the domestic and international stock listing of state oil giant Saudi Aramco and disbanded advisers, Reuters reports, citing four unidentified industry sources.
"The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off," an unidentified Saudi source told Reuters.
Saudi Aramco didn’t immediately respond to an emailed request for comment from Reuters.
Saudi Arabia has called off both the domestic and international stock listing of state oil giant Saudi Aramco and disbanded advisers, Reuters reports, citing four unidentified industry sources.
"The decision to call off the IPO was taken some time ago, but no-one can disclose this, so statements are gradually going that way - first delay then calling off," an unidentified Saudi source told Reuters.
Saudi Aramco didn’t immediately respond to an emailed request for comment from Reuters.
Oil jumps over 2 percent on big U.S. crude draw, Iran sanctions | Reuters
Oil jumps over 2 percent on big U.S. crude draw, Iran sanctions | Reuters:
Oil prices rose more than 2 percent on Wednesday, with Brent crude futures hitting a two-week high, after U.S. government data showed a larger-than-expected draw in domestic crude inventories and as Washington’s sanctions on Iran signaled tightening supplies.
Brent crude LCOc1 futures rose $1.92 to $74.55 a barrel, a 2.6 percent gain, by 12:58 p.m. EDT (1658 GMT). The global benchmark reached $74.77 during the session, the highest since Aug. 8.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.93 to $67.77 a barrel, a 2.9 percent gain.
Oil prices rose more than 2 percent on Wednesday, with Brent crude futures hitting a two-week high, after U.S. government data showed a larger-than-expected draw in domestic crude inventories and as Washington’s sanctions on Iran signaled tightening supplies.
Brent crude LCOc1 futures rose $1.92 to $74.55 a barrel, a 2.6 percent gain, by 12:58 p.m. EDT (1658 GMT). The global benchmark reached $74.77 during the session, the highest since Aug. 8.
U.S. West Texas Intermediate (WTI) crude CLc1 futures rose $1.93 to $67.77 a barrel, a 2.9 percent gain.
Oil Extends Gains on Signs of Stockpile Slide and Weaker Dollar - Bloomberg
Oil Extends Gains on Signs of Stockpile Slide and Weaker Dollar - Bloomberg:
Oil extended gains after an industry group signaled American crude stockpiles fell more than expected and a weaker dollar raised the allure of commodities priced in the U.S. currency.
October futures in New York climbed as much as 0.6 percent after Tuesday’s 0.6 percent advance. Crude inventories fell by 5.17 million barrels last week, the American Petroleum Institute was said to report, more than double what analysts forecast government data will show. Also boosting prices is a four-day slide in the greenback, increasing the appeal of dollar-based commodities contracts.
Oil extended gains after an industry group signaled American crude stockpiles fell more than expected and a weaker dollar raised the allure of commodities priced in the U.S. currency.
October futures in New York climbed as much as 0.6 percent after Tuesday’s 0.6 percent advance. Crude inventories fell by 5.17 million barrels last week, the American Petroleum Institute was said to report, more than double what analysts forecast government data will show. Also boosting prices is a four-day slide in the greenback, increasing the appeal of dollar-based commodities contracts.
Kuwait, Iraq to study developing shared oilfields: Rashidi | Reuters
Kuwait, Iraq to study developing shared oilfields: Rashidi | Reuters:
Kuwait and Iraq will appoint consultants soon to study the development of shared oilfields, Kuwaiti Oil Minister Bakhit al-Rashidi said on Wednesday.
Production from cross-border oilfields has long been a source of tension between the two OPEC nations.
In the build-up to Iraq’s 1990 invasion of Kuwait, Baghdad accused Kuwait of drilling wells that crossed the border and pumped oil from Iraqi territory. Kuwait denied the charge.
Kuwait and Iraq will appoint consultants soon to study the development of shared oilfields, Kuwaiti Oil Minister Bakhit al-Rashidi said on Wednesday.
Production from cross-border oilfields has long been a source of tension between the two OPEC nations.
In the build-up to Iraq’s 1990 invasion of Kuwait, Baghdad accused Kuwait of drilling wells that crossed the border and pumped oil from Iraqi territory. Kuwait denied the charge.
Germany calls for global payments system free of US | Financial Times
Germany calls for global payments system free of US | Financial Times:
Germany’s foreign minister has called for the creation of a new payments system independent of the US as a means of rescuing the nuclear deal between Iran and the west that Donald Trump withdrew from in May.
Writing in the German daily Handelsblatt, Heiko Maas said Europe should not allow the US to act “over our heads and at our expense”.
“For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he wrote.
Germany’s foreign minister has called for the creation of a new payments system independent of the US as a means of rescuing the nuclear deal between Iran and the west that Donald Trump withdrew from in May.
Writing in the German daily Handelsblatt, Heiko Maas said Europe should not allow the US to act “over our heads and at our expense”.
“For that reason it’s essential that we strengthen European autonomy by establishing payment channels that are independent of the US, creating a European Monetary Fund and building up an independent Swift system,” he wrote.
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