US crude extends losing streak despite hopes for Saudi supply cuts | Financial Times:
Hopes Saudi Arabia’s openness to cutting crude production would support prices proved shortlived, with oil hitting a slick on Monday in New York and extending US crude’s record losing streak.
West Texas Intermediate, the US benchmark, was down 0.8 per cent at $59.71 a barrel today in an 11th consecutive day of declines. Before Friday, WTI had never closed lower for more than nine days in a row.
Brent, the international marker, was down 0.8 per cent at $69.65. It was heading for its 10th drop in 11 sessions.
Monday, 12 November 2018
Trump Tweet Says Saudi Arabia Shouldn't Cut Oil Production - Bloomberg
Trump Tweet Says Saudi Arabia Shouldn't Cut Oil Production - Bloomberg:
President Donald Trump criticized Saudi Arabia’s announced plan to cut oil production on Monday, as tensions rose between the U.S. and its long-time Middle East ally.
“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Trump said in a tweet.
West Texas Intermediate, the U.S. benchmark oil price, had been declining for the hour before the tweet and briefly dipped lower before trading at $60.14 a barrel, down 5 cents for the day at 1:49 p.m. in New York.
President Donald Trump criticized Saudi Arabia’s announced plan to cut oil production on Monday, as tensions rose between the U.S. and its long-time Middle East ally.
“Hopefully, Saudi Arabia and OPEC will not be cutting oil production. Oil prices should be much lower based on supply!” Trump said in a tweet.
West Texas Intermediate, the U.S. benchmark oil price, had been declining for the hour before the tweet and briefly dipped lower before trading at $60.14 a barrel, down 5 cents for the day at 1:49 p.m. in New York.
Energy shocks ‘biggest risk for Middle East business’
Energy shocks ‘biggest risk for Middle East business’:
Potential energy price shocks are the biggest worry facing business leaders in the Middle East and North Africa, according to a report on global risk by the World Economic Forum (WEF).
The prospect of sharp volatility in energy prices — the main government revenue stream in most of the countries of the Arabian Gulf — is a bigger concern than unemployment or terrorist attacks in the region, the WEF survey found.
The only other part of the world were the energy price was the main concern was in Eurasia, which includes resource-rich Russia, and parts of central Asia.
Potential energy price shocks are the biggest worry facing business leaders in the Middle East and North Africa, according to a report on global risk by the World Economic Forum (WEF).
The prospect of sharp volatility in energy prices — the main government revenue stream in most of the countries of the Arabian Gulf — is a bigger concern than unemployment or terrorist attacks in the region, the WEF survey found.
The only other part of the world were the energy price was the main concern was in Eurasia, which includes resource-rich Russia, and parts of central Asia.
Dubai index extends losses as Emaar weighs
Dubai index extends losses as Emaar weighs:
The Dubai index eased more than half a per cent on Monday, extending losses for another session, weighed by weakness of Emaar shares. The Abu Dhabi index fell nearly one per cent.
The Dubai Financial Market General index closed 0.53 per cent lower at 2,802.88. Emaar Properties closed 2.71 per cent lower at Dh5.02.
“Emaar Properties fell (on Sunday) further down as its Saudi subsidiary reported a steep decline in profits, reporting a loss as real estate and construction remain shaky in the region,” Essam Kassabieh, senior financial analyst with Menacorp said. In other stocks, Gulf Finance House closed flat at Dh1.28. Salama Insurance closed nearly a per cent at Dh0.729. DP World closed more than 6 per cent lower at $17.53. Arabtec closed 0.44 per cent higher at Dh2.26. Dubai Islamic Bank closed flat at Dh5.32.
The Dubai index eased more than half a per cent on Monday, extending losses for another session, weighed by weakness of Emaar shares. The Abu Dhabi index fell nearly one per cent.
The Dubai Financial Market General index closed 0.53 per cent lower at 2,802.88. Emaar Properties closed 2.71 per cent lower at Dh5.02.
“Emaar Properties fell (on Sunday) further down as its Saudi subsidiary reported a steep decline in profits, reporting a loss as real estate and construction remain shaky in the region,” Essam Kassabieh, senior financial analyst with Menacorp said. In other stocks, Gulf Finance House closed flat at Dh1.28. Salama Insurance closed nearly a per cent at Dh0.729. DP World closed more than 6 per cent lower at $17.53. Arabtec closed 0.44 per cent higher at Dh2.26. Dubai Islamic Bank closed flat at Dh5.32.
QSE breaks the 10,400 resistance level on strong buying interests
QSE breaks the 10,400 resistance level on strong buying interests:
Strong buying interests from foreign and Gulf institutions on Monday helped the Qatar Stock Exchange break the 10,400 resistance levels.
Consumer goods and banking counters witnessed higher-than-average demand, leading to a 0.24% jump in the 20-stock Qatar Index for the third straight session to 10,415 points, which is up 22.19% year-to-date.
Market capitalisation grew more than QR2bn or 0.35% to QR583.78bn, mainly on account of small and large cap equities.
Strong buying interests from foreign and Gulf institutions on Monday helped the Qatar Stock Exchange break the 10,400 resistance levels.
Consumer goods and banking counters witnessed higher-than-average demand, leading to a 0.24% jump in the 20-stock Qatar Index for the third straight session to 10,415 points, which is up 22.19% year-to-date.
Market capitalisation grew more than QR2bn or 0.35% to QR583.78bn, mainly on account of small and large cap equities.
Abu Dhabi Islamic Bank Gets Approval for 25% Foreign Ownership - Bloomberg
Abu Dhabi Islamic Bank Gets Approval for 25% Foreign Ownership - Bloomberg:
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 percent of its shares.
The board decided to implement the decision Nov. 19, according to a statement.
Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank PJSC, currently allows 25 percent foreign ownership.
Abu Dhabi Islamic Bank PJSC, the United Arab Emirates’ second-biggest bank complying with Muslim banking rules, said it obtained the Abu Dhabi Executive Council’s approval to allow foreigners to own up to 25 percent of its shares.
The board decided to implement the decision Nov. 19, according to a statement.
Abu Dhabi Islamic Bank’s board had in 2010 approved a plan to allow foreigners to own shares in the lender. Its bigger counterpart in the neighboring emirate, Dubai Islamic Bank PJSC, currently allows 25 percent foreign ownership.
Oil Halts Record Losing Streak as Saudis Advocate Supply Cuts - Bloomberg
Oil Halts Record Losing Streak as Saudis Advocate Supply Cuts - Bloomberg:
Oil climbed the most in 2 1/2 weeks, halting an unprecedented decline, as Saudi Arabia pledged to curb output and urged allied crude producers to follow suit.
Futures in New York gained as much as 1.8 percent after entering bear-market territory last week. OPEC Secretary General Mohammad Barkindo on Monday warned that an international supply glut on par with the 2014 surplus that crushed oil markets is imminent. The 500,000-barrel-a-day production cut promised by the Saudis probably is only about half the curtailment required to forestall a glut, according to the kingdom.
“If we believe that Saudi Arabia will cut supply we’ll see what happens in December, but this will tighten up the market and should rally things up a bit,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “I wouldn’t be too surprised to see crude head back closer to recent highs, maybe not to the October levels, but certainly off the recent lows.”
Oil climbed the most in 2 1/2 weeks, halting an unprecedented decline, as Saudi Arabia pledged to curb output and urged allied crude producers to follow suit.
Futures in New York gained as much as 1.8 percent after entering bear-market territory last week. OPEC Secretary General Mohammad Barkindo on Monday warned that an international supply glut on par with the 2014 surplus that crushed oil markets is imminent. The 500,000-barrel-a-day production cut promised by the Saudis probably is only about half the curtailment required to forestall a glut, according to the kingdom.
“If we believe that Saudi Arabia will cut supply we’ll see what happens in December, but this will tighten up the market and should rally things up a bit,” said Bart Melek, head of global commodity strategy at TD Securities in Toronto. “I wouldn’t be too surprised to see crude head back closer to recent highs, maybe not to the October levels, but certainly off the recent lows.”
UAE's ADNOC, Saudi Aramco to collaborate on more deals, energy minister says | ZAWYA MENA Edition
UAE's ADNOC, Saudi Aramco to collaborate on more deals, energy minister says | ZAWYA MENA Edition:
Saudi Arabia and the United Arab Emirates (UAE) will continue to collaborate on hydrocarbon projects and technology developments at governmental and corporate levels, the UAE energy and industry minister said on Monday.
"We are already partners in some parts of the world. The [Indian] energy minister can confirm that we are working together," said Suhail Al Mazrouei, Energy and Industry Minister while speaking at a panel discussion during the opening forum of ADIPEC 2018 in Abu Dhabi.
In June, Saudi Aramco said in a press statement that it had signed agreements with Abu Dhabi National Oil Company (ADNOC) and a consortium of three Indian companies to explore a strategic partnership and co-investment in the development of a $44 billion refinery and petrochemicals complex on India's west coast.
Saudi Arabia and the United Arab Emirates (UAE) will continue to collaborate on hydrocarbon projects and technology developments at governmental and corporate levels, the UAE energy and industry minister said on Monday.
"We are already partners in some parts of the world. The [Indian] energy minister can confirm that we are working together," said Suhail Al Mazrouei, Energy and Industry Minister while speaking at a panel discussion during the opening forum of ADIPEC 2018 in Abu Dhabi.
In June, Saudi Aramco said in a press statement that it had signed agreements with Abu Dhabi National Oil Company (ADNOC) and a consortium of three Indian companies to explore a strategic partnership and co-investment in the development of a $44 billion refinery and petrochemicals complex on India's west coast.
Russian bank offers 1 bln rouble ($15 mln) bet to back denial of Rosneft financing deal | Reuters
Russian bank offers 1 bln rouble ($15 mln) bet to back denial of Rosneft financing deal | Reuters:
Russian state bank VTB on Monday challenged media to a legally-binding bet of 1 billion roubles ($14.79 million) over what it said were incorrect reports it provided a loan to finance the sale of a stake in Rosneft to Qatar’s sovereign wealth fund.
Citing nine sources, Reuters on Friday exclusively reported that VTB had provided around $6 billion to the Qatari fund (QIA) for the 10.2 billion euro deal in 2016 in which a 19.5 percent stake in Rosneft was sold to QIA and commodity trader Glencore.
VTB said it did not issue a loan to the QIA.
Russian state bank VTB on Monday challenged media to a legally-binding bet of 1 billion roubles ($14.79 million) over what it said were incorrect reports it provided a loan to finance the sale of a stake in Rosneft to Qatar’s sovereign wealth fund.
Citing nine sources, Reuters on Friday exclusively reported that VTB had provided around $6 billion to the Qatari fund (QIA) for the 10.2 billion euro deal in 2016 in which a 19.5 percent stake in Rosneft was sold to QIA and commodity trader Glencore.
VTB said it did not issue a loan to the QIA.
Mideast Stocks: Saudi rises on oil support plan, ADIB soars | ZAWYA MENA Edition
Mideast Stocks: Saudi rises on oil support plan, ADIB soars | ZAWYA MENA Edition:
Saudi Arabia's stock market rebounded on Monday after three days of falls, welcoming Riyadh's plan to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.8 percent after the energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, pushing Brent oil up more than 2 percent on Monday.
Financial heavyweight Al-Rajhi Bank added 1.1 percent and was the biggest boost to the bourse while Samba Financial Group climbed 1.2 percent.
Saudi Arabia's stock market rebounded on Monday after three days of falls, welcoming Riyadh's plan to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.8 percent after the energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, pushing Brent oil up more than 2 percent on Monday.
Financial heavyweight Al-Rajhi Bank added 1.1 percent and was the biggest boost to the bourse while Samba Financial Group climbed 1.2 percent.
Saudi crown prince faces attempts to rein in his powers | Financial Times
Saudi crown prince faces attempts to rein in his powers | Financial Times:
Mohammed bin Salman’s authority is under threat as the Saudi crown prince faces domestic attempts to curb his wide-ranging powers in the wake of the killing of journalist Jamal Khashoggi, according to western officials.
The officials said Prince Mohammed’s ailing father, King Salman, would like to restrain some of his son’s decision-making authority in response to the death of Khashoggi at the kingdom’s consulate in Istanbul.
The western officials described “reckless” Prince Mohammed as a power-hungry young man seeking domination of his country and the broader region, but added that despite unease about him inside and outside the kingdom he was likely to remain in his position as heir-apparent.
Mohammed bin Salman’s authority is under threat as the Saudi crown prince faces domestic attempts to curb his wide-ranging powers in the wake of the killing of journalist Jamal Khashoggi, according to western officials.
The officials said Prince Mohammed’s ailing father, King Salman, would like to restrain some of his son’s decision-making authority in response to the death of Khashoggi at the kingdom’s consulate in Istanbul.
The western officials described “reckless” Prince Mohammed as a power-hungry young man seeking domination of his country and the broader region, but added that despite unease about him inside and outside the kingdom he was likely to remain in his position as heir-apparent.
Qatar is in an uneasy position as Iran sanctions bite | Financial Times
Qatar is in an uneasy position as Iran sanctions bite | Financial Times:
The next stage of the 30-year dispute between the US and Iran is beginning with the imposition last week of a new round of sanctions on the Islamic republic. One of many questions is how these will affect other countries in the region such as Qatar, which has no grievance with Washington and little sympathy for Tehran but has come in different ways to depend on both.
US president Donald Trump has made reversing the deal that Barack Obama negotiated with Tehran on nuclear activity a totemic issue. In May, Mr Trump decided to pull out and reimpose sanctions. In a tweet sent in August, he said those who do business with Iran will not do business with the US. The threat of sanctions has already begun to have an effect, with the cancellation of planned investments in Iran by companies such as France’s oil group Total.
Qatar is one of the smallest countries in the Middle East but it is also one of the richest. Exports of natural gas to countries as diverse as Britain and China have brought a massive increase in revenue over the last 20 years. Qatar has some 865tn cubic feet of proven gas reserves and is the world’s largest exporter, with more than 27 per cent of the global liquefied natural gas market.
The next stage of the 30-year dispute between the US and Iran is beginning with the imposition last week of a new round of sanctions on the Islamic republic. One of many questions is how these will affect other countries in the region such as Qatar, which has no grievance with Washington and little sympathy for Tehran but has come in different ways to depend on both.
US president Donald Trump has made reversing the deal that Barack Obama negotiated with Tehran on nuclear activity a totemic issue. In May, Mr Trump decided to pull out and reimpose sanctions. In a tweet sent in August, he said those who do business with Iran will not do business with the US. The threat of sanctions has already begun to have an effect, with the cancellation of planned investments in Iran by companies such as France’s oil group Total.
Qatar is one of the smallest countries in the Middle East but it is also one of the richest. Exports of natural gas to countries as diverse as Britain and China have brought a massive increase in revenue over the last 20 years. Qatar has some 865tn cubic feet of proven gas reserves and is the world’s largest exporter, with more than 27 per cent of the global liquefied natural gas market.
In race to fill LNG supply gap, project goalposts have changed | Reuters
In race to fill LNG supply gap, project goalposts have changed | Reuters:
The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate.
Royal Dutch Shell’s (RDSa.AS) final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.
As a vote of confidence in the LNG market, Shell’s decision is expected to get the ball rolling on a wave of approvals for dozens of similar projects around the world that have been planned for years but not yet finalized.
The race is on for liquefied natural gas (LNG) producers to build export terminals as demand soars, but the criteria for financing such mega-projects have shifted as traditional relationships with LNG consumers have begun to disintegrate.
Royal Dutch Shell’s (RDSa.AS) final investment decision (FID) taken last month for a $30 billion LNG Canada project was a shot in the arm for the LNG industry, which is emerging from almost three years of low prices and investment.
As a vote of confidence in the LNG market, Shell’s decision is expected to get the ball rolling on a wave of approvals for dozens of similar projects around the world that have been planned for years but not yet finalized.
Abu Dhabi summit: Oil production cuts may be necessary
Abu Dhabi summit: Oil production cuts may be necessary:
OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps as much as 1 million barrels of oil a day, to rebalance the market after proposed U.S. sanctions on Iran failed to cut Tehran’s output, Saudi Arabia’s energy minister said Monday.
The comments from the minister, Khalid al-Falih, show the balancing act the U.S. allies face in dealing with President Donald Trump’s actions related to the oil industry.
Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices. Meanwhile, Trump’s administration allowed some of its allies — Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions on Tehran and as long as they work to reduce their imports to zero.
OPEC and allied oil-producing countries will likely need to cut crude supplies, perhaps as much as 1 million barrels of oil a day, to rebalance the market after proposed U.S. sanctions on Iran failed to cut Tehran’s output, Saudi Arabia’s energy minister said Monday.
The comments from the minister, Khalid al-Falih, show the balancing act the U.S. allies face in dealing with President Donald Trump’s actions related to the oil industry.
Trump in recent weeks demanded the oil cartel increase production to drive down U.S. gasoline prices. Meanwhile, Trump’s administration allowed some of its allies — Greece, India, Italy, Japan, South Korea, Taiwan and Turkey — as well as rival China to continue to purchase Iranian oil despite re-imposed sanctions on Tehran and as long as they work to reduce their imports to zero.
REFILE-UAE to list sectors for full foreign investment in Q1 | Reuters
REFILE-UAE to list sectors for full foreign investment in Q1 | Reuters:
The United Arab Emirates (UAE) government early next year aims to publish a list of the sectors in which it will permit foreign ownership of up to 100 percent, the economy minister said on Monday.
Special business areas in Dubai known as “free zones” already permit 100 percent foreign ownership, but so-called “onshore” businesses limit foreign ownership to 49 percent.
A new foreign investment law, approved last month, allows foreigners to own more than 49 percent and up to 100 percent in UAE-based businesses.
The United Arab Emirates (UAE) government early next year aims to publish a list of the sectors in which it will permit foreign ownership of up to 100 percent, the economy minister said on Monday.
Special business areas in Dubai known as “free zones” already permit 100 percent foreign ownership, but so-called “onshore” businesses limit foreign ownership to 49 percent.
A new foreign investment law, approved last month, allows foreigners to own more than 49 percent and up to 100 percent in UAE-based businesses.
Oil rises after Saudi warns weaker demand may warrant 1 million bpd output cut | Reuters
Oil rises after Saudi warns weaker demand may warrant 1 million bpd output cut | Reuters:
Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.
Saudi Arabia, the world’s largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.
Brent crude futures LCOc1 rose 92 cents on the day to $71.10 a barrel by 0924 GMT, while U.S. crude futures rose 50 cents to $60.69 a barrel.
Oil rose by more than 1 percent on Monday, set for its largest one-day increase in a month after Saudi Arabia said OPEC and its partners believed demand was softening enough to warrant an output cut of 1 million barrels per day.
Saudi Arabia, the world’s largest oil exporter, said on Sunday it would cut its shipments by half a million barrels per day in December due to seasonal lower demand.
Brent crude futures LCOc1 rose 92 cents on the day to $71.10 a barrel by 0924 GMT, while U.S. crude futures rose 50 cents to $60.69 a barrel.
Mubadala to buy 20% interest in Egypt's Nour offshore concession from Eni | ZAWYA MENA Edition
Mubadala to buy 20% interest in Egypt's Nour offshore concession from Eni | ZAWYA MENA Edition:
Abu Dhabi state fund Mubadala Investment Company's oil business has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore Area concession from Italy's Eni, it said on Monday.
Eni, which operates the concession through a subsidiary, holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest.
Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities.
Abu Dhabi state fund Mubadala Investment Company's oil business has agreed to buy a 20 percent participating interest in Egypt's Nour North Sinai Offshore Area concession from Italy's Eni, it said on Monday.
Eni, which operates the concession through a subsidiary, holds an 85 percent interest in partnership with Tharwa Petroleum Company, which holds a 15 percent interest.
Mubadala Petroleum said the deal was subject to conditions, including approval from Egyptian government authorities.
Saudi Aramco CEO says IPO will 'certainly' happen | ZAWYA MENA Edition
Saudi Aramco CEO says IPO will 'certainly' happen | ZAWYA MENA Edition:
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.
Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.
Saudi Aramco Chief Executive Officer Amin Nasser said the initial public offering of the state-oil producer will "certainly" happen when the conditions are right.
Saudi Aramco said it is still in discussions to buy a stake in petrochemicals company Saudi Basic Industries Corp. (Sabic) from the kingdom's sovereigh wealth fund, the Public Investment Fund, he said at a conference in Abu Dhabi.
Mideast Stocks -Saudi rebounds on move to support oil; ADIB soars on ownership ceiling | ZAWYA MENA Edition
Mideast Stocks -Saudi rebounds on move to support oil; ADIB soars on ownership ceiling | ZAWYA MENA Edition:
Saudi Arabia's stock market rebounded in early trade on Monday after three days of falls, buoyed by news that Riyadh planned to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.6 percent in the first 90 minutes. The energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, and this pushed Brent oil up about 2 percent on Monday.
Al-Rajhi Bank and Saudi Kayan Petrochemical provided the biggest boosts to the bourse. Al-Rajhi added 0.7 percent and Saudi Kayan increased 1.7 percent.
Saudi Arabia's stock market rebounded in early trade on Monday after three days of falls, buoyed by news that Riyadh planned to reduce oil supply in order to support crude prices. Abu Dhabi Islamic Bank soared on news it would let foreigners buy its shares.
The Saudi index rose 0.6 percent in the first 90 minutes. The energy minister said late on Sunday that Saudi Arabia would reduce oil supply to world markets by 0.5 million barrels per day in December, and this pushed Brent oil up about 2 percent on Monday.
Al-Rajhi Bank and Saudi Kayan Petrochemical provided the biggest boosts to the bourse. Al-Rajhi added 0.7 percent and Saudi Kayan increased 1.7 percent.
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