Oil rises but ends week lower on demand fears despite Mideast tensions - Reuters:
Oil rose about 1% on Friday after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.
Brent futures settled 70 cents, or 1.1%, higher at $62.01 a barrel, while U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.4%, to close at $52.51.
The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday.
Friday 14 June 2019
#SaudiArabia, #Qatar, Lebanon 5-year CDS climb after tanker attacks - Reuters
Saudi Arabia, Qatar, Lebanon 5-year CDS climb after tanker attacks - Reuters:
The cost of insuring exposure to the sovereign debt of Saudi Arabia, Qatar and Lebanon rose on Friday, a day after two oil tankers were hit in suspected attacks in the Gulf of Oman.
Five-year credit default swaps (CDS) for Saudi Arabia edged up 1 basis points (bps) from Thursday’s close to 88 bps, while Qatar’s inched up 1 bps to 66 bps, data from IHS Markit showed. Lebanon’s also climbed 1 bps to 910 bps after a dramatic rise on Thursday.
Washington has blamed Iran for the attacks, but Tehran bluntly denied the allegation.
The cost of insuring exposure to the sovereign debt of Saudi Arabia, Qatar and Lebanon rose on Friday, a day after two oil tankers were hit in suspected attacks in the Gulf of Oman.
Five-year credit default swaps (CDS) for Saudi Arabia edged up 1 basis points (bps) from Thursday’s close to 88 bps, while Qatar’s inched up 1 bps to 66 bps, data from IHS Markit showed. Lebanon’s also climbed 1 bps to 910 bps after a dramatic rise on Thursday.
Washington has blamed Iran for the attacks, but Tehran bluntly denied the allegation.
Adnoc, OCI in Talks to Combine Mideast Fertilizer Assets - Bloomberg
Adnoc, OCI in Talks to Combine Mideast Fertilizer Assets - Bloomberg:
Abu Dhabi National Oil Co. and Dutch chemical producer OCI NV are in advanced talks to combine their Middle Eastern fertilizer businesses, people with knowledge of the matter said.
An agreement between the state-owned energy company and OCI could be announced as soon as the coming days, the people said, asking not to be identified because the information is private.
"OCI continually considers strategic initiatives regarding its portfolio, including possible partnerships," OCI said in a statement Friday, after Bloomberg News reported on the talks. "In this context, OCI confirms that it is in discussions with ADNOC on a possible cooperation relating to each company’s MENA fertilizer assets. There can be no assurance that any transaction will ultimately take place."
Abu Dhabi National Oil Co. and Dutch chemical producer OCI NV are in advanced talks to combine their Middle Eastern fertilizer businesses, people with knowledge of the matter said.
An agreement between the state-owned energy company and OCI could be announced as soon as the coming days, the people said, asking not to be identified because the information is private.
"OCI continually considers strategic initiatives regarding its portfolio, including possible partnerships," OCI said in a statement Friday, after Bloomberg News reported on the talks. "In this context, OCI confirms that it is in discussions with ADNOC on a possible cooperation relating to each company’s MENA fertilizer assets. There can be no assurance that any transaction will ultimately take place."
Oil rises but set for weekly loss as demand fears outweigh geopolitics - Reuters
Oil rises but set for weekly loss as demand fears outweigh geopolitics - Reuters:
Oil rose about 1% on Friday after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.
Brent crude futures were up 66 cents at $61.97 a barrel by 10:57 a.m. EDT (1457 GMT). U.S. West Texas Intermediate crude futures were up 49 cents a barrel at $52.79.
The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday.
Oil rose about 1% on Friday after attacks on two oil tankers in the Gulf of Oman this week raised concerns about potential supply disruptions, but prices remained on track for a weekly loss on fears that trade disputes will dent global oil demand.
Brent crude futures were up 66 cents at $61.97 a barrel by 10:57 a.m. EDT (1457 GMT). U.S. West Texas Intermediate crude futures were up 49 cents a barrel at $52.79.
The attacks on oil tankers near Iran and the Strait of Hormuz pushed up oil prices by as much as 4.5% on Thursday.
World Court rejects #UAE demand for immediate measures against #Qatar - Reuters
World Court rejects UAE demand for immediate measures against Qatar - Reuters:
The United Nations’ highest court for inter-state disputes on Friday rejected a United Arab Emirates request for immediate measures against Qatar in a dispute over alleged discrimination between the Arab neighbors.
In a 15-1 vote, World Court judges rejected the UAE’s request for immediate action to stop Qatar blocking access to a UAE website that allows Qataris expelled from the UAE to obtain permits to return. By not allowing access to the site, Dubai argued, Doha was aggravating the dispute.
The argument dates from 2017 when the UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar, severing diplomatic and transport ties and accusing it of supporting terrorism. Doha denies these claims.
The United Nations’ highest court for inter-state disputes on Friday rejected a United Arab Emirates request for immediate measures against Qatar in a dispute over alleged discrimination between the Arab neighbors.
In a 15-1 vote, World Court judges rejected the UAE’s request for immediate action to stop Qatar blocking access to a UAE website that allows Qataris expelled from the UAE to obtain permits to return. By not allowing access to the site, Dubai argued, Doha was aggravating the dispute.
The argument dates from 2017 when the UAE, Saudi Arabia, Bahrain and Egypt imposed a boycott on Qatar, severing diplomatic and transport ties and accusing it of supporting terrorism. Doha denies these claims.
Rising oil prices add to global economic strife - Reuters
Rising oil prices add to global economic strife - Reuters:
Escalating tension in the Middle East is driving up oil prices, a huge import cost for many economies, putting more strain on global growth already hurt by the trade war being waged by U.S. President Donald Trump and weakening consumer confidence.
Crude oil prices spiked more than 4% after two oil tankers were attacked in the Gulf of Oman on Thursday, just a month after strikes on tankers in the United Arab Emirates and oil-pumping stations in Saudi Arabia.
Trump, meanwhile, has been fighting a trade war against China and is beginning to turn his attention to other trading partners, a policy likely to raise the chances of a recession both at home and abroad.
Escalating tension in the Middle East is driving up oil prices, a huge import cost for many economies, putting more strain on global growth already hurt by the trade war being waged by U.S. President Donald Trump and weakening consumer confidence.
Crude oil prices spiked more than 4% after two oil tankers were attacked in the Gulf of Oman on Thursday, just a month after strikes on tankers in the United Arab Emirates and oil-pumping stations in Saudi Arabia.
Trump, meanwhile, has been fighting a trade war against China and is beginning to turn his attention to other trading partners, a policy likely to raise the chances of a recession both at home and abroad.
US-led ramp up in oil output undermining Opec cuts — IEA | Financial Times
US-led ramp up in oil output undermining Opec cuts — IEA | Financial Times:
Supply curbs by Opec are being undermined by “relentless” production growth outside of the cartel led by the US, a trend that will continue in 2020.
The International Energy Agency said in its monthly oil market report that non-Opec supply will accelerate from 1.9m barrels a day to 2.3m b/d next year.
“Plentiful supply will be available,” said the IEA in its outlook that includes 2020 estimates for the first time. US gains will be supported by Brazil, Canada, and Norway.
Supply curbs by Opec are being undermined by “relentless” production growth outside of the cartel led by the US, a trend that will continue in 2020.
The International Energy Agency said in its monthly oil market report that non-Opec supply will accelerate from 1.9m barrels a day to 2.3m b/d next year.
“Plentiful supply will be available,” said the IEA in its outlook that includes 2020 estimates for the first time. US gains will be supported by Brazil, Canada, and Norway.
Three #Abraaj Executives Charged in U.S. Fraud Investigation - Bloomberg
Three Abraaj Executives Charged in U.S. Fraud Investigation - Bloomberg:
Three additional former executives of The Abraaj Group were charged in New York in a fraud investigation into the firm’s collapse last year that was the world’s biggest private-equity insolvency.
Former Chief Financial Officer Ashish Dave, former Managing Director Rafique Lakhani and former Managing Director Waqar Siddique were charged with multiple counts including fraud and conspiracy, in an indictment unsealed Thursday.
James Margolin, a spokesman for Manhattan U.S. Attorney Geoffrey Berman, declined to say whether any of the men are in custody.
Three additional former executives of The Abraaj Group were charged in New York in a fraud investigation into the firm’s collapse last year that was the world’s biggest private-equity insolvency.
Former Chief Financial Officer Ashish Dave, former Managing Director Rafique Lakhani and former Managing Director Waqar Siddique were charged with multiple counts including fraud and conspiracy, in an indictment unsealed Thursday.
James Margolin, a spokesman for Manhattan U.S. Attorney Geoffrey Berman, declined to say whether any of the men are in custody.
IEA cuts 2019 estimate for oil demand growth on global economy worries - Reuters
IEA cuts 2019 estimate for oil demand growth on global economy worries - Reuters:
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020.
The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.
“The main focus is on oil demand as economic sentiment weakens ... The consequences for oil demand are becoming apparent,” the IEA said in its monthly oil report.
The outlook for oil demand growth in 2019 has dimmed due to worsening prospects for world trade, the International Energy Agency (IEA) said on Friday, although stimulus packages and developing countries should boost growth going into 2020.
The Paris-based IEA, which coordinates the energy policies of industrial nations, revised down its 2019 demand growth estimate by 100,000 barrels to 1.2 million barrels per day (bpd), but said it would climb to 1.4 million bpd for 2020.
“The main focus is on oil demand as economic sentiment weakens ... The consequences for oil demand are becoming apparent,” the IEA said in its monthly oil report.
#Sharjah likely to award airport expansion deal in Q3 | ZAWYA MENA Edition
Sharjah likely to award airport expansion deal in Q3 | ZAWYA MENA Edition:
Sharjah Airport Authority (SAA) is expected to award the main construction contract for its 1.5 billion UAE dirhams ($408 million) Sharjah International Airport Expansion project by the third quarter of 2019, according to a source close to the project.
The project involves expansion of the terminal building and other facilities to increase the airport’s annual passenger handling capacity to 20 million by 2025.
The contract is expected to be awarded by the second week of August, the source told Thomson Reuters Projects, adding that the Expression of Interest (EOI) tender was issued in January.
Sharjah Airport Authority (SAA) is expected to award the main construction contract for its 1.5 billion UAE dirhams ($408 million) Sharjah International Airport Expansion project by the third quarter of 2019, according to a source close to the project.
The project involves expansion of the terminal building and other facilities to increase the airport’s annual passenger handling capacity to 20 million by 2025.
The contract is expected to be awarded by the second week of August, the source told Thomson Reuters Projects, adding that the Expression of Interest (EOI) tender was issued in January.
Having a gas: Australia dominates China's LNG supply - Reuters
Having a gas: Australia dominates China's LNG supply - Reuters:
Australia’s fast-expanding liquefied natural gas industry has this year been supplying the lion’s share of China’s growing demand for imports of the commodity, with appetite surging as Beijing shifts away from dirtier fuels such as coal.
Australia supplied over 53% of China’s LNG imports during the first five months of 2019, shipping data in Refinitiv showed, up from around 40% in 2016 when a previous round of new Australian export projects started to ramp up.
With Royal Dutch Shell’s Prelude facility delivering its first LNG cargo this week from northwest Australia, that share is likely to increase further.
Australia’s fast-expanding liquefied natural gas industry has this year been supplying the lion’s share of China’s growing demand for imports of the commodity, with appetite surging as Beijing shifts away from dirtier fuels such as coal.
Australia supplied over 53% of China’s LNG imports during the first five months of 2019, shipping data in Refinitiv showed, up from around 40% in 2016 when a previous round of new Australian export projects started to ramp up.
With Royal Dutch Shell’s Prelude facility delivering its first LNG cargo this week from northwest Australia, that share is likely to increase further.
Brent oil rises for second day after Middle East tanker attacks - Reuters
Brent oil rises for second day after Middle East tanker attacks - Reuters:
Brent crude on Friday extended sharp gains from the previous day following attacks on two oil tankers in the Gulf of Oman that stoked concerns of reduced crude flows of the commodity through one of the world’s key shipping routes.
The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. U.S. crude
It was the second time in a month tankers have been attacked in the world’s most important zone for oil supplies, amid rising tensions between the United States and Iran. Washington quickly blamed Iran for Thursday’s attacks, but Tehran denied the allegation.
Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. Still, the contract is heading for a weekly fall of nearly 3%, a fourth week of decline.
U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2
Brent crude on Friday extended sharp gains from the previous day following attacks on two oil tankers in the Gulf of Oman that stoked concerns of reduced crude flows of the commodity through one of the world’s key shipping routes.
The attacks near Iran and the Strait of Hormuz pushed oil prices up as much as 4.5% on Thursday, putting the brakes on a slide in prices in recent weeks over concerns about global demand. U.S. crude
It was the second time in a month tankers have been attacked in the world’s most important zone for oil supplies, amid rising tensions between the United States and Iran. Washington quickly blamed Iran for Thursday’s attacks, but Tehran denied the allegation.
Brent crude futures were up 23 cents, or 0.4%, at $61.54 a barrel by 0638 GMT, having settled up 2.2% on Thursday. Still, the contract is heading for a weekly fall of nearly 3%, a fourth week of decline.
U.S. West Texas Intermediate crude futures were down 1 cent at $52.27 a barrel, after earlier rising. WTI also closed up 2.2
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