OPEC+ Leaders Ignored Oil Cuts Before Deal’s Reset:
Before OPEC and its allies reset their agreement to reduce oil output this month, the group’s biggest members ignored the terms of their original pact. In November, key producers including Saudi Arabia and Russia again pumped more they did before the cuts started. As the OPEC+ alliance heads into a third year of supply curbs, here’s a look at how far it has come—or drifted.
Friday, 14 December 2018
UPDATE 1- #Sharjah government to take stake in struggling Invest Bank | Reuters #UAE
UPDATE 1-Sharjah government to take stake in struggling Invest Bank | Reuters:
The government of the United Arab Emirate of Sharjah will take a majority stake in struggling Invest Bank, the lender said on Friday, in a move it said would help ensure its future growth.
Invest, one of the smaller banks in the UAE, has been hit by recent high levels of bad loans, partly due to its exposure to the troubled real estate and construction market.
The lender, currently 15.5 percent owned by Sharjah-based International Private Group, said its board of directors will recommend a capital injection by the Sharjah government which will make it a majority strategic investor in the lender.
The government of the United Arab Emirate of Sharjah will take a majority stake in struggling Invest Bank, the lender said on Friday, in a move it said would help ensure its future growth.
Invest, one of the smaller banks in the UAE, has been hit by recent high levels of bad loans, partly due to its exposure to the troubled real estate and construction market.
The lender, currently 15.5 percent owned by Sharjah-based International Private Group, said its board of directors will recommend a capital injection by the Sharjah government which will make it a majority strategic investor in the lender.
Breakingviews - Trump can get what he wants from Saudi in 2019 | Reuters
Breakingviews - Trump can get what he wants from Saudi in 2019 | Reuters:
Even by his own standards, Donald Trump has been contradictory on oil. The U.S. president spent much of 2018 berating the Organization of the Petroleum Exporting Countries for keeping crude prices high by undersupplying the market. At the same time, he exacerbated the problem by reinstating export sanctions on Iran. An early December cut by OPEC and fellow producers including Russia is an irritant, but relatively low prices still look attainable.
On current projections, the reduction of 1.2 million barrels per day removes much of a potential glut caused by epic pumping by Saudi Arabia, Russia and the United States. Combining the International Energy Agency’s forecasts for oil demand in 2019 and its estimate for non-OPEC supply, the oil-producing bloc only needs to pump 31.6 million bpd to balance the market – 1.4 million below its November output.
Given Trump’s targeting of Iran’s 3 million bpd of production, the reduction by OPEC and its peers is unhelpful. At worst, the combination could leave supply too tight, pushing prices up again.
Even by his own standards, Donald Trump has been contradictory on oil. The U.S. president spent much of 2018 berating the Organization of the Petroleum Exporting Countries for keeping crude prices high by undersupplying the market. At the same time, he exacerbated the problem by reinstating export sanctions on Iran. An early December cut by OPEC and fellow producers including Russia is an irritant, but relatively low prices still look attainable.
On current projections, the reduction of 1.2 million barrels per day removes much of a potential glut caused by epic pumping by Saudi Arabia, Russia and the United States. Combining the International Energy Agency’s forecasts for oil demand in 2019 and its estimate for non-OPEC supply, the oil-producing bloc only needs to pump 31.6 million bpd to balance the market – 1.4 million below its November output.
Given Trump’s targeting of Iran’s 3 million bpd of production, the reduction by OPEC and its peers is unhelpful. At worst, the combination could leave supply too tight, pushing prices up again.
Oil drops 2 percent on Wall St. losses, weak China data | Reuters
Oil drops 2 percent on Wall St. losses, weak China data | Reuters:
Oil prices dropped about 2 percent on Friday, weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer.
Brent crude futures fell $1.17 to settle at $60.28 a barrel, a 1.90 percent loss. U.S. West Texas Intermediate (WTI) crude futures lost $1.38 to settle at $51.20 a barrel, a 2.62 percent loss.
Global benchmark Brent posted a weekly loss of almost 2.3 percent, while WTI declined nearly 2.7 percent.
Oil prices dropped about 2 percent on Friday, weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer.
Brent crude futures fell $1.17 to settle at $60.28 a barrel, a 1.90 percent loss. U.S. West Texas Intermediate (WTI) crude futures lost $1.38 to settle at $51.20 a barrel, a 2.62 percent loss.
Global benchmark Brent posted a weekly loss of almost 2.3 percent, while WTI declined nearly 2.7 percent.
Saudi-Ethiopian Billionaire `Still Alive' Charged With Graft - Bloomberg
Saudi-Ethiopian Billionaire `Still Alive' Charged With Graft - Bloomberg:
Saudi-Ethiopian billionaire Mohammed Al Amoudi is in the custody of authorities and has been charged with corruption and bribery, a Saudi official said on Thursday -- more than a year after the tycoon was held in the kingdom’s controversial anti-corruption campaign.
During Al Amoudi’s long detention, rumors spread among Saudi Arabia’s business elite that he had died. But the official, speaking on condition of anonymity, said he was “still alive” and would face trial in a Saudi court on a date yet to be confirmed.
Tim Pendry, a spokesman for Al Amoudi, disputed that the businessman had been officially charged with any wrongdoing and declined further comment.
Saudi-Ethiopian billionaire Mohammed Al Amoudi is in the custody of authorities and has been charged with corruption and bribery, a Saudi official said on Thursday -- more than a year after the tycoon was held in the kingdom’s controversial anti-corruption campaign.
During Al Amoudi’s long detention, rumors spread among Saudi Arabia’s business elite that he had died. But the official, speaking on condition of anonymity, said he was “still alive” and would face trial in a Saudi court on a date yet to be confirmed.
Tim Pendry, a spokesman for Al Amoudi, disputed that the businessman had been officially charged with any wrongdoing and declined further comment.
Oil falls on China economic data, output cuts support | Reuters
Oil falls on China economic data, output cuts support | Reuters:
Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world’s biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers.
Benchmark Brent crude was down 30 cents at $61.15 per barrel by 1100 GMT, on course for a decline this week of around 1 percent. U.S. light crude was 25 cents lower at $52.33.
China, the world’s No.2 economy, on Friday reported some of its slowest growth in retail sales and industrial output in years, highlighting the risks of the country’s trade dispute with the United States.
Oil prices slipped on Friday after China reported slower economic growth, pointing to lower fuel demand in the world’s biggest oil importer, although market sentiment was supported by supply cuts agreed last week by major crude producers.
Benchmark Brent crude was down 30 cents at $61.15 per barrel by 1100 GMT, on course for a decline this week of around 1 percent. U.S. light crude was 25 cents lower at $52.33.
China, the world’s No.2 economy, on Friday reported some of its slowest growth in retail sales and industrial output in years, highlighting the risks of the country’s trade dispute with the United States.
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