Qatar Starts to Make Good on $500 Million Bond Pledge to Lebanon - Bloomberg:
Qatar has bought some bonds in a planned $500 million investment in Lebanese debt and remains committed to completing its pledge, according to a Qatari government official.
The gas-rich country intends to make the rest of the investment as announced in January, the official said, without providing a time line to complete the deal. The official asked not be identified because the information isn’t public. Lebanon's dollar bonds rallied on Friday, lowering the yield by the most in a week.
Lebanon, one of the world’s most indebted nations that spends almost half its fiscal revenue just on interest payments, has been seeking funds from other countries for months after Qatar made its pledge.
Friday 28 June 2019
U.S. Oil Output Tops 12 Million Barrels a Day for First Time - Bloomberg
U.S. Oil Output Tops 12 Million Barrels a Day for First Time - Bloomberg:
U.S. crude output soared to new heights in April, highlighting OPEC’s dilemma just days before the producer group meets amid growing geopolitical threats.
A government report on Friday showed U.S. production grew 2.1% in April to 12.16 million barrels a day. Booming shale production from places like the Permian basin of West Texas have enabled U.S. oil output to overtake Saudi Arabia and Russia.
At the same time, trade disputes and escalating tensions in the Persian Gulf have clouded the outlook for the Organization of Petroleum Exporting Countries, which is expected to extend current output cuts next week.
U.S. crude output soared to new heights in April, highlighting OPEC’s dilemma just days before the producer group meets amid growing geopolitical threats.
A government report on Friday showed U.S. production grew 2.1% in April to 12.16 million barrels a day. Booming shale production from places like the Permian basin of West Texas have enabled U.S. oil output to overtake Saudi Arabia and Russia.
At the same time, trade disputes and escalating tensions in the Persian Gulf have clouded the outlook for the Organization of Petroleum Exporting Countries, which is expected to extend current output cuts next week.
Oil Falls as EU Adds Iran Sanctions Workaround Before G-20, OPEC - Bloomberg
Oil Falls as EU Adds Iran Sanctions Workaround Before G-20, OPEC - Bloomberg:
The U.S.-Iran standoff and shrinking American crude stockpiles propelled oil to its biggest monthly gain since January. Prices tumbled immediately before Friday’s close as traders closed positions and the EU said a workaround to Iran sanctions was in operation.
Futures in New York tumbled on Friday amid weak U.S. manufacturing data and word that Europe had launched an attempted workaround to American sanctions on Iran. Still, prices gained 9.3% in June, with traders hoping for progress on trade out of a Saturday meeting between U.S. President Donald Trump and China’s Xi Jinping. OPEC and allied oil producers are then scheduled to gather in Vienna on Monday to discuss production levels.
West Texas Intermediate for August delivery fell 96 cents to $58.47 a barrel at the close of New York Mercantile Exchange trading. Brent for September settlement lost 93 cents to $64.74 on London’s ICE Futures Europe Exchange. The August contract, which expired Friday, was unchanged.
The U.S.-Iran standoff and shrinking American crude stockpiles propelled oil to its biggest monthly gain since January. Prices tumbled immediately before Friday’s close as traders closed positions and the EU said a workaround to Iran sanctions was in operation.
Futures in New York tumbled on Friday amid weak U.S. manufacturing data and word that Europe had launched an attempted workaround to American sanctions on Iran. Still, prices gained 9.3% in June, with traders hoping for progress on trade out of a Saturday meeting between U.S. President Donald Trump and China’s Xi Jinping. OPEC and allied oil producers are then scheduled to gather in Vienna on Monday to discuss production levels.
West Texas Intermediate for August delivery fell 96 cents to $58.47 a barrel at the close of New York Mercantile Exchange trading. Brent for September settlement lost 93 cents to $64.74 on London’s ICE Futures Europe Exchange. The August contract, which expired Friday, was unchanged.
Epic Collapse of #Dubai-Based #Abraaj Nets U.S. Guilty Plea - Bloomberg
Epic Collapse of Dubai-Based Abraaj Nets U.S. Guilty Plea - Bloomberg:
A former executive at Abraaj Group pleaded guilty to conspiracy charges and agreed to cooperate with a U.S. probe of a scheme that helped lead to the world’s biggest private-equity insolvency in 2018.
Mustafa Abdel-Wadood, a former managing partner at the Dubai-based firm, appeared in federal court in Manhattan on Friday to admit he lied to investors across the globe in an attempt to hide losses at Abraaj and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges following an investigation by New York prosecutors.
The 49-year-old with Egyptian and Maltese citizenships was arrested in April in New York while on a college-shopping trip with his wife and son. Since then, he has been confined to his home in New York and subject to a $10 million bond. Abdel-Wadood is the only defendant to appear in court in the U.S.
A former executive at Abraaj Group pleaded guilty to conspiracy charges and agreed to cooperate with a U.S. probe of a scheme that helped lead to the world’s biggest private-equity insolvency in 2018.
Mustafa Abdel-Wadood, a former managing partner at the Dubai-based firm, appeared in federal court in Manhattan on Friday to admit he lied to investors across the globe in an attempt to hide losses at Abraaj and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges following an investigation by New York prosecutors.
The 49-year-old with Egyptian and Maltese citizenships was arrested in April in New York while on a college-shopping trip with his wife and son. Since then, he has been confined to his home in New York and subject to a $10 million bond. Abdel-Wadood is the only defendant to appear in court in the U.S.
Oil prices steady; set for weekly gain ahead of G20 talks, OPEC - Reuters
Oil prices steady; set for weekly gain ahead of G20 talks, OPEC - Reuters:
Oil prices were little changed on Friday and were on track for a second straight week of gains, ahead of talks over the trade dispute between the U.S. and Chinese presidents this weekend and on production cuts from OPEC on Monday.
Brent August crude LCOc1 futures were up 19 cents at $66.74 a barrel by 1:50 p.m. ET (1750 GMT), ahead of expiry. U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 14 cents at $59.29 a barrel. The most active September Brent crude futures LCOU9 was down 16 cents at $65.51 a barrel.
Brent was on course for a gain of around 25% in the first half of 2019 and WTI for a 30% gain. Both contracts were also set to notch their second straight weekly gain.
Oil prices were little changed on Friday and were on track for a second straight week of gains, ahead of talks over the trade dispute between the U.S. and Chinese presidents this weekend and on production cuts from OPEC on Monday.
Brent August crude LCOc1 futures were up 19 cents at $66.74 a barrel by 1:50 p.m. ET (1750 GMT), ahead of expiry. U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 14 cents at $59.29 a barrel. The most active September Brent crude futures LCOU9 was down 16 cents at $65.51 a barrel.
Brent was on course for a gain of around 25% in the first half of 2019 and WTI for a 30% gain. Both contracts were also set to notch their second straight weekly gain.
Oil Set for Best Month Since January Before Crucial Meetings - Bloomberg
Oil Set for Best Month Since January Before Crucial Meetings - Bloomberg:
The U.S.-Iran standoff and falling American stockpiles have propelled oil toward its biggest monthly gain since January but crucial meetings in the next few days will determine whether the rally continues.
Futures in New York declined Friday, paring their advance in June to about 11%. Investors are focused on the meeting Saturday in Osaka between the U.S. and Chinese leaders for any progress on defusing the trade war. OPEC and its allies will then gather in Vienna on Monday and Tuesday to decide on the group’s production levels. Russia’s energy minister said his country is still in talks on the future of the group’s supply cuts deal.
Growing gloom over the global economic outlook spurred by the trade war snubbed out oil’s rally in late April, and pushed it down more than 20% before attacks on tankers in the Middle East gave prices a lift. While President Donald Trump has threatened this week to impose more tariffs on Chinese goods, there is some hope he may agree to another truce while negotiations resume. Meanwhile, most analysts expect the Organization of Petroleum Exporting Countries to roll over their output cuts for the rest of the year.
The U.S.-Iran standoff and falling American stockpiles have propelled oil toward its biggest monthly gain since January but crucial meetings in the next few days will determine whether the rally continues.
Futures in New York declined Friday, paring their advance in June to about 11%. Investors are focused on the meeting Saturday in Osaka between the U.S. and Chinese leaders for any progress on defusing the trade war. OPEC and its allies will then gather in Vienna on Monday and Tuesday to decide on the group’s production levels. Russia’s energy minister said his country is still in talks on the future of the group’s supply cuts deal.
Growing gloom over the global economic outlook spurred by the trade war snubbed out oil’s rally in late April, and pushed it down more than 20% before attacks on tankers in the Middle East gave prices a lift. While President Donald Trump has threatened this week to impose more tariffs on Chinese goods, there is some hope he may agree to another truce while negotiations resume. Meanwhile, most analysts expect the Organization of Petroleum Exporting Countries to roll over their output cuts for the rest of the year.
OPEC Keen to Extend Cut, Russia Is Circumspect: Reality Check - Bloomberg
OPEC Keen to Extend Cut, Russia Is Circumspect: Reality Check - Bloomberg:
For an OPEC+ meeting in which the key decision over an output-cut extension is supposedly “in the bag,” according to Saudi Arabia’s Energy Minister Khalid Al-Falih, Monday’s gathering in Vienna could be as closely watched as any during the three-year coalition.
The Organization of Petroleum Exporting Countries and its allies convene next week to discuss extending a 1.2 million barrel-a-day cut into the second half. While the cartel’s three biggest members – Saudi Arabia, Iraq and the United Arab Emirates – are all willing to continue the policy of reduced production, Russia remains circumspect, prompting questions over potential changes to policy.
Meanwhile, myriad uncertainties cloud the oil market outlook. An ongoing U.S. and China trade spat is stoking fears over demand growth, while escalating tension between the U.S. and Iran has heightened geopolitical risk in the world’s biggest oil-producing region.
For an OPEC+ meeting in which the key decision over an output-cut extension is supposedly “in the bag,” according to Saudi Arabia’s Energy Minister Khalid Al-Falih, Monday’s gathering in Vienna could be as closely watched as any during the three-year coalition.
The Organization of Petroleum Exporting Countries and its allies convene next week to discuss extending a 1.2 million barrel-a-day cut into the second half. While the cartel’s three biggest members – Saudi Arabia, Iraq and the United Arab Emirates – are all willing to continue the policy of reduced production, Russia remains circumspect, prompting questions over potential changes to policy.
Meanwhile, myriad uncertainties cloud the oil market outlook. An ongoing U.S. and China trade spat is stoking fears over demand growth, while escalating tension between the U.S. and Iran has heightened geopolitical risk in the world’s biggest oil-producing region.
Oil prices slip ahead of G20 talks, OPEC meet - Reuters
Oil prices slip ahead of G20 talks, OPEC meet - Reuters:
Oil prices eased on Friday as traders awaited any update on the Sino-U.S. trade war from a scheduled weekend meeting of the two countries’ presidents at the G20, and eyed next week’s OPEC gathering.
Brent crude LCOc1 futures were down 35 cents, or 0.5%, at $66.20 per barrel by 0644 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.
Oil prices eased on Friday as traders awaited any update on the Sino-U.S. trade war from a scheduled weekend meeting of the two countries’ presidents at the G20, and eyed next week’s OPEC gathering.
Brent crude LCOc1 futures were down 35 cents, or 0.5%, at $66.20 per barrel by 0644 GMT.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 30 cents, or 0.5%, at $59.13 a barrel.
#SaudiArabia's hometown ambitions could clip wealth fund's wings - Reuters
Saudi Arabia's hometown ambitions could clip wealth fund's wings - Reuters:
Saudi Arabia’s Public Investment Fund (PIF) risks being pulled deeper into Crown Prince Mohammed bin Salman’s domestic projects, curbing its international ambitions and tying its fortunes closer to its home market, four sources familiar with its strategy said.
Unusually for a sovereign wealth fund, which typically is solely focused on generating wealth for future generations, PIF has a two-pronged mandate - it is also expected to develop domestic projects that will reduce Saudi Arabia’s reliance on oil. That means PIF acting as a cornerstone investor on some major hometown ventures with foreign investors expected to join in.
The projects include a high-tech economic zone dubbed NEOM planned for an area close to the size of Belgium, an entertainment park outside Riyadh called Qiddiya being built on a site 2-1/2 times larger than Disney World, and a luxury tourist resort off the Red Sea coast that will span more than 90 islands.
Saudi Arabia’s Public Investment Fund (PIF) risks being pulled deeper into Crown Prince Mohammed bin Salman’s domestic projects, curbing its international ambitions and tying its fortunes closer to its home market, four sources familiar with its strategy said.
Unusually for a sovereign wealth fund, which typically is solely focused on generating wealth for future generations, PIF has a two-pronged mandate - it is also expected to develop domestic projects that will reduce Saudi Arabia’s reliance on oil. That means PIF acting as a cornerstone investor on some major hometown ventures with foreign investors expected to join in.
The projects include a high-tech economic zone dubbed NEOM planned for an area close to the size of Belgium, an entertainment park outside Riyadh called Qiddiya being built on a site 2-1/2 times larger than Disney World, and a luxury tourist resort off the Red Sea coast that will span more than 90 islands.
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