QIIB’s $500mn sukuk oversubscribed more than 6 times:
QIIB has announced the successful issuance of its $500mn sukuk under the bank’s $2bn sukuk programme.
The offering was oversubscribed six times with investors bidding for more than six times the amount offered and reflects the positive outlook of the Qatari economy and the strength of its financial position, the bank said last night.
The offering was oversubscribed by investors, mostly from outside the Middle East, with a total of $3.3bn.
Tuesday 26 February 2019
QIC pins hopes on #Qatar’s economic resilience, ‘fading’ impact of blockade
QIC pins hopes on Qatar’s economic resilience, ‘fading’ impact of blockade:
Qatar Insurance Group has pinned hopes on the country’s robust economic resilience and the “fading” impact of the blockade, yet it is “cautiously” optimistic this year as it plans global expansion through the newly formed QIC Global.
“We are encouraged by Qatar’s strengthened economic resilience and the fading impact of the blockade as well as signs of improving trading conditions in global insurance and reinsurance markets,” QIC board said in its report presented before shareholders at the annual general assembly (GA) meeting, which was chaired by Abdulla bin Khalifa al-Attiya, deputy chairman of QIC Group. The shareholders endorsed the recommended distribution of cash dividend payout of 15% for 2018.
Global financial markets are poised to remain volatile as economic growth is slowing, it said, adding trade conflicts are brewing and central banks are adopting a “less accommodative” stand.
Qatar Insurance Group has pinned hopes on the country’s robust economic resilience and the “fading” impact of the blockade, yet it is “cautiously” optimistic this year as it plans global expansion through the newly formed QIC Global.
“We are encouraged by Qatar’s strengthened economic resilience and the fading impact of the blockade as well as signs of improving trading conditions in global insurance and reinsurance markets,” QIC board said in its report presented before shareholders at the annual general assembly (GA) meeting, which was chaired by Abdulla bin Khalifa al-Attiya, deputy chairman of QIC Group. The shareholders endorsed the recommended distribution of cash dividend payout of 15% for 2018.
Global financial markets are poised to remain volatile as economic growth is slowing, it said, adding trade conflicts are brewing and central banks are adopting a “less accommodative” stand.
#Dubai Ports Ease #Qatar Cargo Ban After Similar #AbuDhabi Measure - Bloomberg
Dubai Ports Ease Qatar Cargo Ban After Similar Abu Dhabi Measure - Bloomberg:
Dubai’s biggest port operator has followed Abu Dhabi in advising that third-party shippers can now move cargo to and from Qatar, seemingly easing restrictions in place for nearly two years.
Qatari-flagged ships and vessels with Qatari owners are still prohibited, DP World Ltd., which runs the Jebel Ali port, said in a circular dated Feb. 21. Other vessels coming from or traveling to Qatar and ships carrying cargo between Qatar and the United Arab Emirates are not barred. Abu Dhabi Ports issued a similar statement to shippers on Feb. 12.
The U.A.E., Saudi Arabia, Bahrain and Egypt cut diplomatic and trade links with Qatar in 2017, accusing the gas-rich country of maintaining close ties with Iran and supporting terrorism. Qatar denies both charges.
Dubai’s biggest port operator has followed Abu Dhabi in advising that third-party shippers can now move cargo to and from Qatar, seemingly easing restrictions in place for nearly two years.
Qatari-flagged ships and vessels with Qatari owners are still prohibited, DP World Ltd., which runs the Jebel Ali port, said in a circular dated Feb. 21. Other vessels coming from or traveling to Qatar and ships carrying cargo between Qatar and the United Arab Emirates are not barred. Abu Dhabi Ports issued a similar statement to shippers on Feb. 12.
The U.A.E., Saudi Arabia, Bahrain and Egypt cut diplomatic and trade links with Qatar in 2017, accusing the gas-rich country of maintaining close ties with Iran and supporting terrorism. Qatar denies both charges.
Everbright Bank Is Said in Talks to Back $20 Billion #Saudi Fund - Bloomberg
Everbright Bank Is Said in Talks to Back $20 Billion Saudi Fund - Bloomberg:
Everbright Bank Co., the Beijing-based lender, is among parties in talks to contribute capital to a joint investment fund being set up by China and Saudi Arabia that’s targeting as much as $20 billion, people with knowledge of the matter said.
China’s state-owned Silk Road Fund is separately discussing participating in the investment vehicle, the people said, asking not to be identified because the information is private. The Gulf kingdom’s Saudi Industrial Development Fund is also backing the pool of capital, according to the people.
The joint fund will be used to invest in strategic projects in the two countries, one of the people said. It may first raise a smaller amount in the range of around $14 billion to $16 billion, though the exact size and investors are still being determined, the people said.
Everbright Bank Co., the Beijing-based lender, is among parties in talks to contribute capital to a joint investment fund being set up by China and Saudi Arabia that’s targeting as much as $20 billion, people with knowledge of the matter said.
China’s state-owned Silk Road Fund is separately discussing participating in the investment vehicle, the people said, asking not to be identified because the information is private. The Gulf kingdom’s Saudi Industrial Development Fund is also backing the pool of capital, according to the people.
The joint fund will be used to invest in strategic projects in the two countries, one of the people said. It may first raise a smaller amount in the range of around $14 billion to $16 billion, though the exact size and investors are still being determined, the people said.
Aramco CEO Amin Nasser: Investors Tuning Out of Oil Industry - Bloomberg
Aramco CEO Amin Nasser: Investors Tuning Out of Oil Industry - Bloomberg:
The oil industry faces a "crisis of perception" and there’s a growing risk the financial community will turn against fossil fuels, the chief executive officer of Saudi Aramco said as the world’s largest oil producer prepares for its first foray into capital markets.
"There is a worrying and growing belief among policy makers and regulators, investment houses, NGOs, and many others that we are an industry with little or no future," Amin Nasser said in a speech in London on Tuesday, arguing fossil fuels still had a vital role to play in delivering global economic growth.
Other oil industry leaders have expressed similar concerns, but it’s particularly important for Saudi Aramco because it plans to raise tens of billions of dollars from global capital markets in the next three years: tapping the international bond market for the first time this year before moving on to an initial public offering in 2020 or 2021.
The oil industry faces a "crisis of perception" and there’s a growing risk the financial community will turn against fossil fuels, the chief executive officer of Saudi Aramco said as the world’s largest oil producer prepares for its first foray into capital markets.
"There is a worrying and growing belief among policy makers and regulators, investment houses, NGOs, and many others that we are an industry with little or no future," Amin Nasser said in a speech in London on Tuesday, arguing fossil fuels still had a vital role to play in delivering global economic growth.
Other oil industry leaders have expressed similar concerns, but it’s particularly important for Saudi Aramco because it plans to raise tens of billions of dollars from global capital markets in the next three years: tapping the international bond market for the first time this year before moving on to an initial public offering in 2020 or 2021.
Libyans Remain Divided on When to Restart Biggest Oil Field - Bloomberg
Libyans Remain Divided on When to Restart Biggest Oil Field - Bloomberg:
A meeting between Libya’s top oil executive and prime minister in Abu Dhabi ended without a clear agreement on when to restart the country’s biggest oil field.
Tripoli-based Prime Minister Fayez al-Serraj’s office said in a statement that an agreement was reached that could end the halt. Mustafa Sanalla, chairman of Libya’s National Oil Corp., reiterated his position that “force majeure” can’t be lifted until all militants leave the deposit.
The impasse over Sharara, which can pump about 300,000 barrels of crude a day, is entering its third month. NOC insists that it won’t resume production while armed groups are there. The self-styled Libyan National Army, loyal to eastern leader Khalifa Haftar, controls the field and has said it’s ready to restart. The U.A.E. backs Haftar, who is struggling with the internationally recognized government in Tripoli for control in Libya.
A meeting between Libya’s top oil executive and prime minister in Abu Dhabi ended without a clear agreement on when to restart the country’s biggest oil field.
Tripoli-based Prime Minister Fayez al-Serraj’s office said in a statement that an agreement was reached that could end the halt. Mustafa Sanalla, chairman of Libya’s National Oil Corp., reiterated his position that “force majeure” can’t be lifted until all militants leave the deposit.
The impasse over Sharara, which can pump about 300,000 barrels of crude a day, is entering its third month. NOC insists that it won’t resume production while armed groups are there. The self-styled Libyan National Army, loyal to eastern leader Khalifa Haftar, controls the field and has said it’s ready to restart. The U.A.E. backs Haftar, who is struggling with the internationally recognized government in Tripoli for control in Libya.
#SaudiArabia's Almarai set to raise $500mln in sukuk | ZAWYA MENA Edition
Saudi Arabia's Almarai set to raise $500mln in sukuk | ZAWYA MENA Edition:
Saudi Arabian dairy company Almarai2280.SE is set to raise $500 million in sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
The Gulf’s biggest dairy company is offering investors 180 basis points over mid-swaps for the debt sale, which has received offers of around $5.3 billion, according to the document.
Almarai had hired banks to arrange the issue last year, but the deal, which marks its debut in international debt markets, was delayed because the company faced having to pay a higher interest rate after the murder of Saudi journalist Jamal Khashoggi, banking sources familiar with the matter told Reuters at the time.
Saudi Arabian dairy company Almarai2280.SE is set to raise $500 million in sukuk, or Islamic bonds, a document issued by one of the banks leading the deal showed.
The Gulf’s biggest dairy company is offering investors 180 basis points over mid-swaps for the debt sale, which has received offers of around $5.3 billion, according to the document.
Almarai had hired banks to arrange the issue last year, but the deal, which marks its debut in international debt markets, was delayed because the company faced having to pay a higher interest rate after the murder of Saudi journalist Jamal Khashoggi, banking sources familiar with the matter told Reuters at the time.
Nasdaq #Dubai CEO says "a lot more products" to come from FTSE Russell tie-up | ZAWYA MENA Edition
Nasdaq Dubai CEO says "a lot more products" to come from FTSE Russell tie-up | ZAWYA MENA Edition:
The launch of a new FTSE Russell Saudi Arabia Index on Nasdaq Dubai is "the beginning of a partnership" that will lead to the development of many other indices tracking Middle East assets, the exchange's head has said.
Speaking to reporters after the launch of the new index in Dubai on Tuesday morning, Nasdaq Dubai's chief executive, Hamed Ali, said: "There will be a lot more products that come out of this partnership.
“We are going to be looking at different niches and different asset classes where we can benefit from this partnership and the know-how and the intellectual capacity between the two teams,” Ali said.
The launch of a new FTSE Russell Saudi Arabia Index on Nasdaq Dubai is "the beginning of a partnership" that will lead to the development of many other indices tracking Middle East assets, the exchange's head has said.
Speaking to reporters after the launch of the new index in Dubai on Tuesday morning, Nasdaq Dubai's chief executive, Hamed Ali, said: "There will be a lot more products that come out of this partnership.
“We are going to be looking at different niches and different asset classes where we can benefit from this partnership and the know-how and the intellectual capacity between the two teams,” Ali said.
First #AbuDhabi Bank's shareholders approve plan to lift foreign ownership limit | ZAWYA MENA Edition
First Abu Dhabi Bank's shareholders approve plan to lift foreign ownership limit | ZAWYA MENA Edition:
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, said in a statement to the Abu Dhabi Securities Exchange on Tuesday that its shareholders have approved a raise to the bank’s foreign ownership limit.
FAB’s general assembly approved in its meeting an increase to the bank’s foreign ownership limit to 40 percent, up from 25 percent, subject to the Securities and Commodities Authority and other competent authorities’ approval.
“The move should increase FAB’s eight in MSCI and FTSE’s emerging market indices and trigger passive flows into the stock,” Shabbir Malik, banking analyst at EFG-Hermes told Zawya by email.
First Abu Dhabi Bank (FAB), the largest bank in the United Arab Emirates, said in a statement to the Abu Dhabi Securities Exchange on Tuesday that its shareholders have approved a raise to the bank’s foreign ownership limit.
FAB’s general assembly approved in its meeting an increase to the bank’s foreign ownership limit to 40 percent, up from 25 percent, subject to the Securities and Commodities Authority and other competent authorities’ approval.
“The move should increase FAB’s eight in MSCI and FTSE’s emerging market indices and trigger passive flows into the stock,” Shabbir Malik, banking analyst at EFG-Hermes told Zawya by email.
#Bahrain talking to U.S. oil companies about tight oil deal: minister | Reuters
Bahrain talking to U.S. oil companies about tight oil deal: minister | Reuters:
Bahrain is talking to U.S. oil companies with shale oil expertise about developing a huge oil and gas field discovered last year, and hopes to have an interested company by the end of the year, the oil minister said on Tuesday.
Last April Bahrain said it had discovered its largest oil and gas find since 1932 off its west coast, estimated to contain at least 80 billion barrels of tight oil.
The first test well is being drilled now, Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa told Reuters in an interview. “We should have it flowing ... maybe by the end of April.”
Bahrain is talking to U.S. oil companies with shale oil expertise about developing a huge oil and gas field discovered last year, and hopes to have an interested company by the end of the year, the oil minister said on Tuesday.
Last April Bahrain said it had discovered its largest oil and gas find since 1932 off its west coast, estimated to contain at least 80 billion barrels of tight oil.
The first test well is being drilled now, Oil Minister Sheikh Mohammed bin Khalifa Al Khalifa told Reuters in an interview. “We should have it flowing ... maybe by the end of April.”
StanChart gets approval to open unit in #SaudiArabia | Reuters
StanChart gets approval to open unit in Saudi Arabia | Reuters:
Saudi Arabia’s cabinet approved a license for Standard Chartered to open a unit in the kingdom, the state news agency reported on Tuesday.
Under its strategy to wean economy off oil, the Saudi government is seeking to boost private sector participation and is reforming its financial sector to allow more foreign banks to access the kingdom to meet the private sector’s financing needs.
“This will help provide modern banking technology, create more jobs and meet the increasing financing needs in the sector, especially in light of the ambitious plans of Vision 2030,” central bank chief Ahmed al-Kholifey told state TV on Tuesday.
Saudi Arabia’s cabinet approved a license for Standard Chartered to open a unit in the kingdom, the state news agency reported on Tuesday.
Under its strategy to wean economy off oil, the Saudi government is seeking to boost private sector participation and is reforming its financial sector to allow more foreign banks to access the kingdom to meet the private sector’s financing needs.
“This will help provide modern banking technology, create more jobs and meet the increasing financing needs in the sector, especially in light of the ambitious plans of Vision 2030,” central bank chief Ahmed al-Kholifey told state TV on Tuesday.
#Saudi Aramco strives to be ‘top three’ oil trader | Financial Times
Saudi Aramco strives to be ‘top three’ oil trader | Financial Times:
Saudi Aramco has vowed to transform itself into a “top three” oil trader, setting its sights on challenging established players such as BP, Royal Dutch Shell and Vitol.
Amin Nasser, chief executive of the Saudi state giant, said that it planned to be among the biggest traders by 2022 as part of a broader strategy to build a more robust energy company that can withstand market downturns.
“Over the next three years, we should be one of the top three traders. We are increasing year on year,” said Mr Nasser in an interview at Saudi Aramco’s London office, which houses part of its European trading business.
Saudi Aramco has vowed to transform itself into a “top three” oil trader, setting its sights on challenging established players such as BP, Royal Dutch Shell and Vitol.
Amin Nasser, chief executive of the Saudi state giant, said that it planned to be among the biggest traders by 2022 as part of a broader strategy to build a more robust energy company that can withstand market downturns.
“Over the next three years, we should be one of the top three traders. We are increasing year on year,” said Mr Nasser in an interview at Saudi Aramco’s London office, which houses part of its European trading business.
Barclays executive unaware of £320m fees paid to #Qatar | Financial Times
Barclays executive unaware of £320m fees paid to Qatar | Financial Times:
Barclays’ head of sovereign wealth funds at the time of the bank’s emergency capital calls in 2008 knew nothing of an advisory agreement to pay £320m in fees to the Qatari sovereign wealth fund, a court has heard during a landmark fraud trial.
A jury at Southwark Crown Court heard evidence from Gay Huey Evans, the deputy chair of the UK’s accounting watchdog, who in 2008 was tasked by Barclays with developing stronger ties with SWFs. They dominated investing at the time as oil prices rocketed.
She was unaware of services provided by Qatar despite a so-called advisory services agreement with Barclays, according to evidence read on Tuesday by Annabel Darlow QC for the UK’s Serious Fraud Office.
Barclays’ head of sovereign wealth funds at the time of the bank’s emergency capital calls in 2008 knew nothing of an advisory agreement to pay £320m in fees to the Qatari sovereign wealth fund, a court has heard during a landmark fraud trial.
A jury at Southwark Crown Court heard evidence from Gay Huey Evans, the deputy chair of the UK’s accounting watchdog, who in 2008 was tasked by Barclays with developing stronger ties with SWFs. They dominated investing at the time as oil prices rocketed.
She was unaware of services provided by Qatar despite a so-called advisory services agreement with Barclays, according to evidence read on Tuesday by Annabel Darlow QC for the UK’s Serious Fraud Office.
MIDEAST STOCKS- #Dubai hits 3-month high, COMI pressures Egypt | Reuters
MIDEAST STOCKS-Dubai hits 3-month high, COMI pressures Egypt | Reuters:
Dubai shares hit a three-month high on Tuesday as all but one of its real estate firms gained, while Egypt's blue-chip index declined, primarily led by Commercial International Bank (COMI).
The Dubai index rose 0.9 percent to reach its highest in nearly three months. The index, which was one of the world's worst performing markets last year, has risen 6.1 percent year-to-date, mainly triggered by strong fourth-quarter earnings from real estate firms.
Emaar Properties added 2.5 percent in heavy volume and its unit Emaar Development surged 6.8 percent.
Dubai shares hit a three-month high on Tuesday as all but one of its real estate firms gained, while Egypt's blue-chip index declined, primarily led by Commercial International Bank (COMI).
The Dubai index rose 0.9 percent to reach its highest in nearly three months. The index, which was one of the world's worst performing markets last year, has risen 6.1 percent year-to-date, mainly triggered by strong fourth-quarter earnings from real estate firms.
Emaar Properties added 2.5 percent in heavy volume and its unit Emaar Development surged 6.8 percent.
Can Oil Reinvent Itself? Shell's Power Push Divides Investors - Bloomberg
Can Oil Reinvent Itself? Shell's Power Push Divides Investors - Bloomberg:
When a few hundred Royal Dutch Shell Plc shareholders piled into a Methodist church in Westminster for their 2018 annual meeting, they got a lot more than the usual free sandwiches and PowerPoint slides.
As half a dozen pensioner activists hogged the microphones to warn of the dangers of fossil fuels and the merits of renewables, Chief Executive Officer Ben van Beurden gave them a lesson on the risks of Big Oil embracing clean energy.
Turning to Chief Financial Officer Jessica Uhl, he asked her to tell the crowd how she began her career at the company some 15 years ago.
When a few hundred Royal Dutch Shell Plc shareholders piled into a Methodist church in Westminster for their 2018 annual meeting, they got a lot more than the usual free sandwiches and PowerPoint slides.
As half a dozen pensioner activists hogged the microphones to warn of the dangers of fossil fuels and the merits of renewables, Chief Executive Officer Ben van Beurden gave them a lesson on the risks of Big Oil embracing clean energy.
Turning to Chief Financial Officer Jessica Uhl, he asked her to tell the crowd how she began her career at the company some 15 years ago.
Africa’s Oil Hub Woos Global Traders With New Million-Barrel Tanks - Bloomberg
Africa’s Oil Hub Woos Global Traders With New Million-Barrel Tanks - Bloomberg:
What started as a strategic oil storage for South Africa during apartheid is now gearing up to attract the biggest traders as it turns into a global center for crude.
A venture building a dozen new interconnected tanks on Africa’s southern tip will add to neighboring government-owned capacity, making it one of the world’s biggest hubs. They are on some of the busiest energy transit routes, giving traders the option to store and blend various crude grades to help maximize profits at a time earnings have taken a beating.
“The location is key, and then the flexibility is the other main selling point,” said Johnny Stewart, principal analyst at consultant Wood Mackenzie Ltd. The tanks are able to accommodate a wider market with the blending capability and configuration, he said.
The partially underground tanks tucked away in Saldanha Bay are a monument to oil trading. A big advantage is their strategic position between the Atlantic and Indian Oceans, giving merchants relatively easy access to markets in Asia, Europe and America.
What started as a strategic oil storage for South Africa during apartheid is now gearing up to attract the biggest traders as it turns into a global center for crude.
A venture building a dozen new interconnected tanks on Africa’s southern tip will add to neighboring government-owned capacity, making it one of the world’s biggest hubs. They are on some of the busiest energy transit routes, giving traders the option to store and blend various crude grades to help maximize profits at a time earnings have taken a beating.
“The location is key, and then the flexibility is the other main selling point,” said Johnny Stewart, principal analyst at consultant Wood Mackenzie Ltd. The tanks are able to accommodate a wider market with the blending capability and configuration, he said.
The partially underground tanks tucked away in Saldanha Bay are a monument to oil trading. A big advantage is their strategic position between the Atlantic and Indian Oceans, giving merchants relatively easy access to markets in Asia, Europe and America.
Mideast Stocks: Weak oil weighs on #Saudi, developer Emaar aids #Dubai | ZAWYA MENA Edition
Mideast Stocks: Weak oil weighs on Saudi, developer Emaar aids Dubai | ZAWYA MENA Edition:
Saudi Arabia's stock market fell on Tuesday, pressured by its banks amid falling oil prices, while Dubai was supported by gains in its largest listed developer Emaar Properties.
Oil prices fell more than 3 percent overnight after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices.
Saudi Arabia's index slid 0.3 percent with Riyad Bank losing 2.1 percent and Al Rajhi Bank falling 0.3 percent.
Saudi Arabia's stock market fell on Tuesday, pressured by its banks amid falling oil prices, while Dubai was supported by gains in its largest listed developer Emaar Properties.
Oil prices fell more than 3 percent overnight after U.S. President Donald Trump called on OPEC to rein in its efforts to boost prices.
Saudi Arabia's index slid 0.3 percent with Riyad Bank losing 2.1 percent and Al Rajhi Bank falling 0.3 percent.
#SaudiArabia aims to export 3bln cubic feet/day of gas before 2030 | ZAWYA MENA Edition
Saudi Arabia aims to export 3bln cubic feet/day of gas before 2030 | ZAWYA MENA Edition:
Saudi Aramco's chief executive said on Tuesday that Saudi Arabia aims to export 3 billion cubic feet per day of gas before 2030, from conventional and non-conventional resources.
Speaking in London, Amin Nasser told reporters that future gas export options would include pipelined gas and liquefied natural gas (LNG) and that Aramco solely would develop the kingdom’s gas assets.
Saudi Aramco's chief executive said on Tuesday that Saudi Arabia aims to export 3 billion cubic feet per day of gas before 2030, from conventional and non-conventional resources.
Speaking in London, Amin Nasser told reporters that future gas export options would include pipelined gas and liquefied natural gas (LNG) and that Aramco solely would develop the kingdom’s gas assets.
Iranian stocks drop 2,000 points on Zarif resignation - IRNA | Reuters
Iranian stocks drop 2,000 points on Zarif resignation - IRNA | Reuters:
Iran’s stock market dropped around 2,000 points on Tuesday on news that Foreign Minister Mohammad Javad Zarif had announced his resignation, the Islamic Republic News Agency (IRNA) reported.
Zarif announced his resignation in an Instagram post on Monday but President Hassan Rouhani did not confirm that he had accepted the resignation.
Iran’s stock market dropped around 2,000 points on Tuesday on news that Foreign Minister Mohammad Javad Zarif had announced his resignation, the Islamic Republic News Agency (IRNA) reported.
Zarif announced his resignation in an Instagram post on Monday but President Hassan Rouhani did not confirm that he had accepted the resignation.
Oil edges up to $65 as OPEC seen rebuffing Trump pressure | Reuters
Oil edges up to $65 as OPEC seen rebuffing Trump pressure | Reuters:
Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.
Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on OPEC to ease its efforts to boost the oil market. Prices were “getting too high”, the president said.
“Yesterday was a typical price action you see during IP Week when you have a headline,” said Olivier Jakob, oil analyst at Petromatrix. “But I don’t think it will change anything in current OPEC supply policy.”
Brent oil edged up to $65 a barrel on Tuesday as Saudi Arabia and the rest of OPEC were expected to stick to their production cuts, despite renewed pressure from U.S. President Donald Trump.
Prices slid on Monday, when many traders were out of the office attending IP Week, a series of industry events in London, after Trump called on OPEC to ease its efforts to boost the oil market. Prices were “getting too high”, the president said.
“Yesterday was a typical price action you see during IP Week when you have a headline,” said Olivier Jakob, oil analyst at Petromatrix. “But I don’t think it will change anything in current OPEC supply policy.”
UPDATE 1-Emirates Steel expects 2019 slowdown in regional construction | Reuters
UPDATE 1-Emirates Steel expects 2019 slowdown in regional construction | Reuters:
Emirates Steel, the largest steel producer in the United Arab Emirates, expects a slowdown in regional construction in 2019 and rising iron ore prices, its chief executive said on Tuesday.
Growth in the Gulf economies have slowed due to oil output cuts, lower crude prices and weaker global growth.
Emirates Steel produced 3.1 million tonnes of steel in 2018, matching 2017 volumes. About 20 percent of production is exported, most of it going to Gulf states.
Emirates Steel, the largest steel producer in the United Arab Emirates, expects a slowdown in regional construction in 2019 and rising iron ore prices, its chief executive said on Tuesday.
Growth in the Gulf economies have slowed due to oil output cuts, lower crude prices and weaker global growth.
Emirates Steel produced 3.1 million tonnes of steel in 2018, matching 2017 volumes. About 20 percent of production is exported, most of it going to Gulf states.
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