OPEC Production Falls in June as Cartel Moves to Prolong Cuts - Bloomberg:
OPEC’s output fell for a seventh consecutive month as the group signaled it would keep supplies restrained at least until the end of the year.
Crude production in June dropped to 30 million barrels a day as U.S. sanctions further curtailed Iranian shipments and Saudi Arabia chose to pare back its output. The supply drop underscores the kingdom’s determination to keep the oil market tight, having just secured an agreement with Russia to extend output cuts for as much as nine months.
June output was 130,000 barrels a day lower than May, bringing the total reduction since the group agreed a fresh round of output cuts last year to about 2.5 million barrels a day. Despite that significant curtailment -- a combination of voluntary cuts and involuntary supply disruptions -- crude has been languishing at about $65 a barrel in London due to fears that global demand is weakening.
Sunday, 30 June 2019
OPEC Oil Curbs Slash #Saudi Economic Growth by More Than Half - Bloomberg
OPEC Oil Curbs Slash Saudi Economic Growth by More Than Half - Bloomberg:
Saudi Arabia’s economy is feeling the sting of oil output cuts just as it looks to extend the OPEC+ agreement at current production levels for the rest of this year and possibly beyond.
Gross domestic product expanded an annual 1.7% in the first quarter, the kingdom’s statistics authority said on Sunday, down from 3.6% in the previous three months. Growth in the oil sector stood at 1%, compared with 6% in the fourth quarter of 2018.
“The deceleration was expected with the OPEC production cut deal," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. She predicts a contraction in the oil sector from the second quarter onward.
Saudi Arabia’s economy is feeling the sting of oil output cuts just as it looks to extend the OPEC+ agreement at current production levels for the rest of this year and possibly beyond.
Gross domestic product expanded an annual 1.7% in the first quarter, the kingdom’s statistics authority said on Sunday, down from 3.6% in the previous three months. Growth in the oil sector stood at 1%, compared with 6% in the fourth quarter of 2018.
“The deceleration was expected with the OPEC production cut deal," said Monica Malik, chief economist at Abu Dhabi Commercial Bank. She predicts a contraction in the oil sector from the second quarter onward.
#Saudi central bank studying license requests for two new banks: SAMA governor - Reuters
Saudi central bank studying license requests for two new banks: SAMA governor - Reuters:
Saudi Arabia’s central bank is reviewing license requests for two new Saudi banks, Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey said in an interview with Al Arabiya TV on Sunday, without providing any further details.
Saudi Arabia’s central bank is reviewing license requests for two new Saudi banks, Saudi Arabian Monetary Authority (SAMA) Governor Ahmed al-Kholifey said in an interview with Al Arabiya TV on Sunday, without providing any further details.
MIDEAST STOCKS-Trade war truce lifts Gulf markets, #Dubai leads gains - Reuters
MIDEAST STOCKS-Trade war truce lifts Gulf markets, Dubai leads gains - Reuters:
Most major Gulf markets gained on
Sunday, reacting to positive global market sentiment after the
United States and China agreed to a trade war truce at the G20
meeting.
The two powers agreed on Saturday to restart trade talks
after U.S. President Donald Trump offered concessions including
no new tariffs and an easing of restrictions on the Chinese tech
company Huawei.
Dubai's index rose 1.2%, lifted by the largest
lender in the emirate, Emirates NBD, rising 4.1% after
getting banking regulatory approval to acquire shares in
Turkey's Denizbank from Russia's Sberbank.
Most major Gulf markets gained on
Sunday, reacting to positive global market sentiment after the
United States and China agreed to a trade war truce at the G20
meeting.
The two powers agreed on Saturday to restart trade talks
after U.S. President Donald Trump offered concessions including
no new tariffs and an easing of restrictions on the Chinese tech
company Huawei.
Dubai's index rose 1.2%, lifted by the largest
lender in the emirate, Emirates NBD, rising 4.1% after
getting banking regulatory approval to acquire shares in
Turkey's Denizbank from Russia's Sberbank.
#Qatar shows commitment to Lebanon financial stability: finance minister - Reuters
Qatar shows commitment to Lebanon financial stability: finance minister - Reuters:
The Lebanese finance minister said on Sunday that Qatar’s position on purchasing Lebanese government bonds was serious and showed a commitment to the country’s financial stability.
A Qatari government official said earlier that Qatar had bought some Lebanese government bonds as part of a $500 investment in the Lebanese economy.
“The Qatari talk is serious and expresses a commitment to the promise that was previously made to support financial stability in Lebanon,” Finance Minister Ali Hassan Khalil told Reuters.
The Lebanese finance minister said on Sunday that Qatar’s position on purchasing Lebanese government bonds was serious and showed a commitment to the country’s financial stability.
A Qatari government official said earlier that Qatar had bought some Lebanese government bonds as part of a $500 investment in the Lebanese economy.
“The Qatari talk is serious and expresses a commitment to the promise that was previously made to support financial stability in Lebanon,” Finance Minister Ali Hassan Khalil told Reuters.
MENA fund managers continue to increase investments in Kuwait: Poll | ZAWYA MENA Edition
MENA fund managers continue to increase investments in Kuwait: Poll | ZAWYA MENA Edition:
Middle Eastern funds plan to continue increasing their investments in Kuwait over the next three months, while largely keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
A third of the managers who took part in the poll said they would increase investment in Egypt, and the same proportion said they would decrease investment in Qatar.
Six of the 11 fund managers polled said they would increase their investments in Kuwait, continuing a trend from previous months.
Middle Eastern funds plan to continue increasing their investments in Kuwait over the next three months, while largely keeping their exposure to other countries in the region at current levels, according to a Reuters poll.
A third of the managers who took part in the poll said they would increase investment in Egypt, and the same proportion said they would decrease investment in Qatar.
Six of the 11 fund managers polled said they would increase their investments in Kuwait, continuing a trend from previous months.
ADNOC closes $4bln pipeline deal with KKR and BlackRock | ZAWYA MENA Edition
ADNOC closes $4bln pipeline deal with KKR and BlackRock | ZAWYA MENA Edition:
Abu Dhabi National Oil Company (ADNOC) has completed a deal for BlackRock and KKR to acquire a 40 per cent stake in ADNOC Oil Pipelines for $4 billion.
In a statement, ADNOC said that the KKR and BlackRock investment was successfully funded through their global infrastructure funds and financed by a syndicate of international banks.
The agreement will see BlackRock and KKR acquiring a combined 40 per cent stake in a newly formed entity, ADNOC Oil Pipelines.
Abu Dhabi National Oil Company (ADNOC) has completed a deal for BlackRock and KKR to acquire a 40 per cent stake in ADNOC Oil Pipelines for $4 billion.
In a statement, ADNOC said that the KKR and BlackRock investment was successfully funded through their global infrastructure funds and financed by a syndicate of international banks.
The agreement will see BlackRock and KKR acquiring a combined 40 per cent stake in a newly formed entity, ADNOC Oil Pipelines.
#AbuDhabi Securities Exchange cut trading commission by up to 90% | ZAWYA MENA Edition
Abu Dhabi Securities Exchange cut trading commission by up to 90% | ZAWYA MENA Edition:
The Abu Dhabi Securities Exchange (ADX) said on Sunday it was cutting its trading commission fees by between 50% and 90% as it seeks to attract investors into the market.
The measure comes amid Abu Dhabi's wider plans to lower costs and reduce barriers for doing business as part of a 50 billion dirhams ($13.62 billion) stimulus package launched last year to bolster the emirate's economy.
The new trading commission fees will be effective from July 1, 2019, ADX said in a statement.
The Abu Dhabi Securities Exchange (ADX) said on Sunday it was cutting its trading commission fees by between 50% and 90% as it seeks to attract investors into the market.
The measure comes amid Abu Dhabi's wider plans to lower costs and reduce barriers for doing business as part of a 50 billion dirhams ($13.62 billion) stimulus package launched last year to bolster the emirate's economy.
The new trading commission fees will be effective from July 1, 2019, ADX said in a statement.
Shale Fight Makes OPEC Accept Lowest Market Share Since 1991 - Bloomberg
Shale Fight Makes OPEC Accept Lowest Market Share Since 1991 - Bloomberg:
For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel. The level has survived everything from wars and economic crises to terrorist attacks and diplomatic spats.
Yet, with OPEC set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991, according to Bloomberg News calculations.
The sliding market share of the Organization of Petroleum Exporting Countries, which meets in Vienna on Monday, highlights how the cartel keeps giving ground to rising U.S. shale production in pursuit of higher prices.
For almost three decades, OPEC has always pumped at least 30% of the world’s crude oil, creating an informal floor for Saudi Arabia and its allies in the cartel. The level has survived everything from wars and economic crises to terrorist attacks and diplomatic spats.
Yet, with OPEC set to extend output cuts for the rest of the year and potentially into early 2020, its share of the oil market is all but certain to drop below 30% for the first time since 1991, according to Bloomberg News calculations.
The sliding market share of the Organization of Petroleum Exporting Countries, which meets in Vienna on Monday, highlights how the cartel keeps giving ground to rising U.S. shale production in pursuit of higher prices.
#Dubai's DP World in `Very Advanced' Talks to Buy Topaz Energy - Bloomberg
Dubai's DP World in `Very Advanced' Talks to Buy Topaz Energy - Bloomberg:
DP World Plc is in advanced discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector.
The world’s largest port operator is in "very advanced" discussions to acquire Dubai-based Topaz, DP World said in a statement. There can be no certainty of a transaction, the company said.
Sky News reported earlier that a $1.3 billion deal could be announced as early as Monday, without specifying whether the valuation was referring to the equity or enterprise value of the transaction.
DP World Plc is in advanced discussions to acquire Topaz Energy & Marine Plc in what would be the Dubai-based company’s first venture into the oil and gas sector.
The world’s largest port operator is in "very advanced" discussions to acquire Dubai-based Topaz, DP World said in a statement. There can be no certainty of a transaction, the company said.
Sky News reported earlier that a $1.3 billion deal could be announced as early as Monday, without specifying whether the valuation was referring to the equity or enterprise value of the transaction.
Endorsed by Trump, #Saudi Prince Steps Back Out on World Stage - Bloomberg
Endorsed by Trump, Saudi Prince Steps Back Out on World Stage - Bloomberg:
Seven months ago Saudi Arabia’s Crown Prince Mohammed Bin Salman seemed like the loneliest leader at the party.
Attending the Group of 20 summit in Argentina, he spent two days holed up in the Saudi residence in a posh neighborhood in the capital, avoiding a firestorm over the murder of columnist and Saudi critic Jamal Khashoggi.
When he did emerge he was lectured by the leaders of the U.K., Canada and France. U.S. President Donald Trump dodged a chat with him. A rare bright spot was Russian President Vladimir Putin, with whom he shared a firm handshake and smiles.
Seven months ago Saudi Arabia’s Crown Prince Mohammed Bin Salman seemed like the loneliest leader at the party.
Attending the Group of 20 summit in Argentina, he spent two days holed up in the Saudi residence in a posh neighborhood in the capital, avoiding a firestorm over the murder of columnist and Saudi critic Jamal Khashoggi.
When he did emerge he was lectured by the leaders of the U.K., Canada and France. U.S. President Donald Trump dodged a chat with him. A rare bright spot was Russian President Vladimir Putin, with whom he shared a firm handshake and smiles.
Top five MENA venture capital deals in Q2 2019 | ZAWYA MENA Edition
Top five MENA venture capital deals in Q2 2019 | ZAWYA MENA Edition:
Venture capital (VC) firms in the UAE and Saudi Arabia played a key role in driving many deals in the second quarter of 2019. The top five disclosed VC deals in MENA region amounted to $98.5 million. The credit goes to Egypt-based Swvl for bagging the biggest venture capital investment in the second quarter of 2019.
Here are the top five VC deals in the second quarter of 2019.
Venture capital (VC) firms in the UAE and Saudi Arabia played a key role in driving many deals in the second quarter of 2019. The top five disclosed VC deals in MENA region amounted to $98.5 million. The credit goes to Egypt-based Swvl for bagging the biggest venture capital investment in the second quarter of 2019.
Here are the top five VC deals in the second quarter of 2019.
#SaudiArabia's economy grows 1.66% in first quarter - Reuters
Saudi Arabia's economy grows 1.66% in first quarter - Reuters:
Saudi Arabia’s economy grew 1.66% in the first quarter, in line with expectations of a modest pick up as oil production cuts weigh on the world’s top crude exporter.
The Saudi oil sector grew 1% in the first quarter, government data showed on Sunday. This was almost twice the rate reached in the same period a year ago but a massive slowdown from the previous quarter, when the oil sector grew by almost 6% year-on-year.
The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed in December to slash oil production by more than the market had expected.
Saudi Arabia’s economy grew 1.66% in the first quarter, in line with expectations of a modest pick up as oil production cuts weigh on the world’s top crude exporter.
The Saudi oil sector grew 1% in the first quarter, government data showed on Sunday. This was almost twice the rate reached in the same period a year ago but a massive slowdown from the previous quarter, when the oil sector grew by almost 6% year-on-year.
The Organization of the Petroleum Exporting Countries (OPEC) and its Russia-led allies agreed in December to slash oil production by more than the market had expected.
MIDEAST-STOCKS-Financials lift #Dubai, most Gulf markets rise - Reuters
MIDEAST-STOCKS-Financials lift Dubai, most Gulf markets rise - Reuters:
Dubai stocks rose on Sunday, lifted by financials and real estate, while other Gulf markets also gained after falling in recent sessions amid concerns about rising geopolitical risk in the region.
Dubai’s stock index was up 1.3% in early trade with the largest lender in the emirate, Emirates NBD, rising 5.5% after getting banking regulatory approval to acquire the shares of Turkey’s Denizbank from Russia’s Sberbank.
Emirates NBD said in April that it would buy Denizbank from Sberbank for 15.48 billion lira ($2.68 billion), a roughly 20 percent discount to a previously agreed price.
Dubai stocks rose on Sunday, lifted by financials and real estate, while other Gulf markets also gained after falling in recent sessions amid concerns about rising geopolitical risk in the region.
Dubai’s stock index was up 1.3% in early trade with the largest lender in the emirate, Emirates NBD, rising 5.5% after getting banking regulatory approval to acquire the shares of Turkey’s Denizbank from Russia’s Sberbank.
Emirates NBD said in April that it would buy Denizbank from Sberbank for 15.48 billion lira ($2.68 billion), a roughly 20 percent discount to a previously agreed price.
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