Russia Completes Its OPEC Takeover With Japan Deal: Oil Strategy - Bloomberg:
The trouble with bringing new people into your club, especially if they are bigger than you, is that they might just take over. OPEC is learning that lesson.
Three years ago, suffering a collapse in oil prices, OPEC sought outside help to cut oil supplies in order to drain excess inventories that had built up over the previous two years. It eventually succeeded in securing the help of a group of non-OPEC countries.
Most of them added little to this new OPEC+ club. The output cuts they offered were, in many cases, going to happen anyway, as a result of natural declines through a lack of investment or dwindling reserves.
Saturday, 29 June 2019
Russia, #Saudi deal shows commitment to oil market stability: Novak - Reuters
Russia, Saudi deal shows commitment to oil market stability: Novak - Reuters:
Russia’s deal with Saudi Arabia on crude production cuts shows their commitment to stabilizing the oil market, Russian Energy Minister Alexander Novak said in a statement on Saturday.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.
Russia’s deal with Saudi Arabia on crude production cuts shows their commitment to stabilizing the oil market, Russian Energy Minister Alexander Novak said in a statement on Saturday.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production.
#Iran's OPEC Veteran Weathers Storms From Trump to Saudi Arabia - Bloomberg
Iran's OPEC Veteran Weathers Storms From Trump to Saudi Arabia - Bloomberg:
Iran’s Bijan Namdar Zanganeh is OPEC’s longest serving oil minister.
During 14 years spent shuttling between Tehran and the cartel’s Vienna headquarters, he’s proved himself adept at both the closed-door horsetrading, where policy gets decided, and the uniquely chaotic brand of public diplomacy ministers use to talk to the global oil market.
But he arrives for Monday’s meeting, his 48th, under pressure on several fronts.
Iran’s Bijan Namdar Zanganeh is OPEC’s longest serving oil minister.
During 14 years spent shuttling between Tehran and the cartel’s Vienna headquarters, he’s proved himself adept at both the closed-door horsetrading, where policy gets decided, and the uniquely chaotic brand of public diplomacy ministers use to talk to the global oil market.
But he arrives for Monday’s meeting, his 48th, under pressure on several fronts.
Former #Abraaj executive pleads guilty to U.S. charges | ZAWYA MENA Edition
Former Abraaj executive pleads guilty to U.S. charges | ZAWYA MENA Edition:
A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm's financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
A former executive of collapsed Dubai private equity firm Abraaj Capital Ltd on Friday pleaded guilty to U.S. fraud and conspiracy charges, admitting that he lied to investors about the firm's financial health and track record.
Former Abraaj Managing Partner Mustafa Abdel-Wadood, 49, entered his plea before Magistrate Judge Gabriel Gorenstein in Manhattan. He has agreed to cooperate with U.S. prosecutors in a criminal fraud case targeting five other former Abraaj executives.
In a prepared statement read in court, Abdel-Wadood said he deceived investors at the direction of Abraaj founder Arif Naqvi, who is fighting extradition to the United States in London.
Rebuked by many, #Saudi crown prince feted at G20 summit
Rebuked by many, Saudi crown prince feted at G20 summit:
For many he’s an international pariah, but you wouldn’t know it by the lavish reception Saudi Crown Prince Mohammed bin Salman has received at the G-20 summit this week.
He beamed as he stood front and center, sandwiched between President Donald Trump and Japanese Prime Minister Shinzo Abe, for a group photo. He exchanged an impish grin as he sat down next to Russian President Vladimir Putin. He posed with South Korean President Moon Jae-in and a group of flag-waving kids ahead of an earlier signing ceremony for $8 billion in deals.
Even as rebukes pile up elsewhere — a U.N. expert has called for an investigation of his alleged role in the killing of a prominent journalist, and a growing number of Americans are questioning their nation’s support for his kingdom and its role in the war in Yemen — some leaders in Osaka have gone out of their way to make sure the prince feels comfortable.
For many he’s an international pariah, but you wouldn’t know it by the lavish reception Saudi Crown Prince Mohammed bin Salman has received at the G-20 summit this week.
He beamed as he stood front and center, sandwiched between President Donald Trump and Japanese Prime Minister Shinzo Abe, for a group photo. He exchanged an impish grin as he sat down next to Russian President Vladimir Putin. He posed with South Korean President Moon Jae-in and a group of flag-waving kids ahead of an earlier signing ceremony for $8 billion in deals.
Even as rebukes pile up elsewhere — a U.N. expert has called for an investigation of his alleged role in the killing of a prominent journalist, and a growing number of Americans are questioning their nation’s support for his kingdom and its role in the war in Yemen — some leaders in Osaka have gone out of their way to make sure the prince feels comfortable.
Pakistan signs $375 million syndicated loan with #UAE banks - Reuters
Pakistan signs $375 million syndicated loan with UAE banks - Reuters:
Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
Pakistan signed a $375 million syndicated loan with banks in the United Arab Emirates in June made up of conventional and Islamic banking tranches, the Pakistani government said on Saturday.
The tranches were fully subscribed by a syndicate of leading UAE banks, the government statement said.
Emirates NBD Capital Limited was global coordinator. The transaction was anchored and arranged by Commercial Bank of Dubai, Emirates NBD Bank, Noor Bank, Dubai Islamic Bank, Mashreqbank and Sharjah Islamic Bank.
Russia agrees with #Saudi to extend OPEC deal by 6-9 months: Putin - Reuters
Russia agrees with Saudi to extend OPEC deal by 6-9 months: Putin - Reuters:
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said.
Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal would be extended in its current form and with the same volumes.
The Organization of Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on July 1-2 to discuss the deal that involves curbing oil output by 1.2 million barrels per day (bpd). The pact expires after June 30.
Russia has agreed with Saudi Arabia to extend by six to nine months a deal with OPEC on reducing oil production, Russian President Vladimir Putin said.
Putin, speaking after talks with Saudi Crown Prince Mohammed bin Salman, told a news conference the deal would be extended in its current form and with the same volumes.
The Organization of Petroleum Exporting Countries, Russia and other producers, an alliance known as OPEC+, meet on July 1-2 to discuss the deal that involves curbing oil output by 1.2 million barrels per day (bpd). The pact expires after June 30.
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