Oil falls on dim OPEC demand outlook, pares gains from Gulf of Mexico storm - Reuters:
Oil prices fell on Thursday as OPEC forecast slower demand for its crude next year, with crude futures easing from their highest in more than a month after U.S. producers cut about half of their output in the Gulf of Mexico ahead of what could be one of the first major storms of the Atlantic hurricane.
Brent crude futures fell 49 cents to settle at $66.52 a barrel. During the session, they hit their highest since May 30 at $67.65 a barrel.
U.S. West Texas Intermediate (WTI) crude futures fell 23 cents to settle at $60.20 a barrel, after hitting their highest since May 23 at $60.94.
Oil firms shut more than 1 million barrels per day of oil production, 53% of Gulf of Mexico’s output, as Tropical Storm Barry intensified on Thursday.
Thursday 11 July 2019
Saudis Pledge to Keep Doing OPEC's Heavy Lifting as Shale Surges - Bloomberg
Saudis Pledge to Keep Doing OPEC's Heavy Lifting as Shale Surges - Bloomberg:
Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month.
The de facto leader of the Organization of Petroleum Exporting Countries will pump less than 10 million barrels a day of crude in both July and August, according to a person familiar with Saudi energy policy. Saudi Arabia will limit exports to fewer than 7 million barrels a day, said the person, who asked not to be identified because the information isn’t public.
OPEC and partners including Russia agreed to keep cutting production through the end of March. The alliance is seeking to mop up excess crude in the market and buoy prices. Brent crude has gained about 1% this month to near $67 a barrel, helped by the extended cuts, geopolitical tensions and sanctions that crimped sales from Iran and Venezuela.
Saudi Arabia is fulfilling its pledge to make deeper cuts in oil output than the OPEC+ agreement on output requires, according to the first indication of the kingdom’s production since the supplier group extended curbs earlier this month.
The de facto leader of the Organization of Petroleum Exporting Countries will pump less than 10 million barrels a day of crude in both July and August, according to a person familiar with Saudi energy policy. Saudi Arabia will limit exports to fewer than 7 million barrels a day, said the person, who asked not to be identified because the information isn’t public.
OPEC and partners including Russia agreed to keep cutting production through the end of March. The alliance is seeking to mop up excess crude in the market and buoy prices. Brent crude has gained about 1% this month to near $67 a barrel, helped by the extended cuts, geopolitical tensions and sanctions that crimped sales from Iran and Venezuela.
#UAE reduces, cancels government services fees to attract business, investors | ZAWYA MENA Edition
UAE reduces, cancels government services fees to attract business, investors | ZAWYA MENA Edition:
The United Arab Emirates is reducing or cancelling a range of federal government fees to ease the cost of doing business and increase the country’s appeal to investors.
A statement issued by the Ministry of Finance on Thursday stated that the cabinet had issued a decision to cancel or reduce certain charges on around 1,500 federal services for three ministries by up to 50 per cent. The reductions take effect from this month, the statement said.
Some 1,200 fees have been reduced or cancelled at the Ministry of Interior, 80 at the Ministry of Economy, and 200 at the Ministry of Human Resources and Emiratisation.
The United Arab Emirates is reducing or cancelling a range of federal government fees to ease the cost of doing business and increase the country’s appeal to investors.
A statement issued by the Ministry of Finance on Thursday stated that the cabinet had issued a decision to cancel or reduce certain charges on around 1,500 federal services for three ministries by up to 50 per cent. The reductions take effect from this month, the statement said.
Some 1,200 fees have been reduced or cancelled at the Ministry of Interior, 80 at the Ministry of Economy, and 200 at the Ministry of Human Resources and Emiratisation.
UPDATE 2-DP World set to raise $1.3 bln in bonds and sukuk - Reuters
UPDATE 2-DP World set to raise $1.3 bln in bonds and sukuk - Reuters:
Port operator DP World is set to raise $1.3 billion on Thursday through conventional and Islamic bond issues, documents issued by banks involved in the deal showed.
Majority owned by the Dubai government, DP World plans to borrow $1 billion by issuing sukuk with a 10-year maturity and offering a profit rate equivalent to 195 basis points over mid-swaps.
The Islamic paper was marketed earlier on Thursday with an initial guidance of around 230 basis points over mid-swaps.
Port operator DP World is set to raise $1.3 billion on Thursday through conventional and Islamic bond issues, documents issued by banks involved in the deal showed.
Majority owned by the Dubai government, DP World plans to borrow $1 billion by issuing sukuk with a 10-year maturity and offering a profit rate equivalent to 195 basis points over mid-swaps.
The Islamic paper was marketed earlier on Thursday with an initial guidance of around 230 basis points over mid-swaps.
EU mulls adding #SaudiArabia to money-laundering gray list - Reuters
EU mulls adding Saudi Arabia to money-laundering gray list - Reuters:
The European Union is preparing an overhaul of its listing of countries that pose money-laundering risks, an EU confidential document shows, a review that could allow Saudi Arabia to be moved to a new gray list after having been briefly blacklisted.
The EU executive added the oil-rich kingdom in February to its blacklist of 23 jurisdictions that represent a threat to the bloc because of lax controls against terrorism financing and money laundering, but after Saudi pressure the list was struck down by EU states.
Fearful of the economic impact of that listing, European governments led by Britain and France said the EU executive commission had given no chance to Riyadh and other listed states to address concerns.
The European Union is preparing an overhaul of its listing of countries that pose money-laundering risks, an EU confidential document shows, a review that could allow Saudi Arabia to be moved to a new gray list after having been briefly blacklisted.
The EU executive added the oil-rich kingdom in February to its blacklist of 23 jurisdictions that represent a threat to the bloc because of lax controls against terrorism financing and money laundering, but after Saudi pressure the list was struck down by EU states.
Fearful of the economic impact of that listing, European governments led by Britain and France said the EU executive commission had given no chance to Riyadh and other listed states to address concerns.
MIDEAST STOCKS-Banks boost #Saudi, while wide sell-off weighs down Egypt - Reuters
MIDEAST STOCKS-Banks boost Saudi, while wide sell-off weighs down Egypt - Reuters:
The Saudi stock market rose on Thursday
as nearly all its banks surged ahead of earnings announcements,
while Egypt dropped sharply with most blue-chips declining.
The Saudi index gained 0.7% with 10 of its 11 banks
rising. Riyad Bank rose 1.6% and Banque Saudi Fransi
added 0.6% before both go ex-dividend in the next
trading session. Investors will be entitled to the next dividend
pay-out as of Thursday.
Saudi banks are expected to report strong second-quarter
earnings. Investment bank EFG Hermes forecast 7.6% growth
year-on-year in second-quarter profit for Saudi Arabia's
financial sector.
The Saudi stock market rose on Thursday
as nearly all its banks surged ahead of earnings announcements,
while Egypt dropped sharply with most blue-chips declining.
The Saudi index gained 0.7% with 10 of its 11 banks
rising. Riyad Bank rose 1.6% and Banque Saudi Fransi
added 0.6% before both go ex-dividend in the next
trading session. Investors will be entitled to the next dividend
pay-out as of Thursday.
Saudi banks are expected to report strong second-quarter
earnings. Investment bank EFG Hermes forecast 7.6% growth
year-on-year in second-quarter profit for Saudi Arabia's
financial sector.
Barclays to Cut 20% of Jobs in #Dubai Wealth Management Business - Bloomberg
Barclays to Cut 20% of Jobs in Dubai Wealth Management Business - Bloomberg:
Barclays Plc is cutting about 20% of jobs in its wealth management business in Dubai, according to people with knowledge of the matter.
The layoffs will include senior positions and support staff within the division that employs about 100 members of staff and more cuts could be made, the people said, asking not to be identified because the plans aren’t yet public. The lender offered to relocate some employees to Geneva or London instead of eliminating their roles, one of the people said.
Barclays “confirms that it has completed a review of its operational model in the U.A.E. to ensure a sustainable and efficient business platform, a spokesman for the U.K.-based lender said in a statement. It “considers the U.A.E. and MENA region as a key market and remains fully committed to continue serving clients based there.”
Barclays Plc is cutting about 20% of jobs in its wealth management business in Dubai, according to people with knowledge of the matter.
The layoffs will include senior positions and support staff within the division that employs about 100 members of staff and more cuts could be made, the people said, asking not to be identified because the plans aren’t yet public. The lender offered to relocate some employees to Geneva or London instead of eliminating their roles, one of the people said.
Barclays “confirms that it has completed a review of its operational model in the U.A.E. to ensure a sustainable and efficient business platform, a spokesman for the U.K.-based lender said in a statement. It “considers the U.A.E. and MENA region as a key market and remains fully committed to continue serving clients based there.”
OPEC Sees New Oil Surplus in 2020 as U.S. Shale Keeps Surging - Bloomberg
OPEC Sees New Oil Surplus in 2020 as U.S. Shale Keeps Surging - Bloomberg:
A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge.
The Organization of Petroleum Exporting Countries, which pumps 40% of the world’s oil, estimated that it’s producing about 560,000 barrels a day more than will be needed next year as the ongoing surge in U.S. shale threatens to deliver another surplus. Supplies from the cartel’s rivals will grow by more than twice as much as global oil demand, it forecast.
Saudi Arabia and its partners agreed in Vienna last week to continue the production cutbacks they’ve made into the first quarter of 2020, to balance markets against a faltering global economy and record American output. Crude prices, trading near $67 a barrel in London, remain below the levels most OPEC nations need to cover government spending.
A week after OPEC agreed to keep oil production restrained until early next year, the group’s first forecasts for 2020 showed it faces an even longer and tougher challenge.
The Organization of Petroleum Exporting Countries, which pumps 40% of the world’s oil, estimated that it’s producing about 560,000 barrels a day more than will be needed next year as the ongoing surge in U.S. shale threatens to deliver another surplus. Supplies from the cartel’s rivals will grow by more than twice as much as global oil demand, it forecast.
Saudi Arabia and its partners agreed in Vienna last week to continue the production cutbacks they’ve made into the first quarter of 2020, to balance markets against a faltering global economy and record American output. Crude prices, trading near $67 a barrel in London, remain below the levels most OPEC nations need to cover government spending.
UPDATE 1-DP World to issue at least $700 million in bonds and sukuk - Reuters
UPDATE 1-DP World to issue at least $700 million in bonds and sukuk - Reuters:
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.
Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.
The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.
Port operator DP World plans to raise at least $700 million through conventional and Islamic bond issues on Thursday, documents issued by banks involved in the deal showed.
Majority owned by the Dubai government, DP World plans to issue benchmark sukuk with a 10-year maturity. Benchmark bonds are generally meant to be over $500 million.
The Islamic paper is being marketed with an initial guidance of around 230 basis points over mid-swaps.
Oil at six-week high on Gulf of Mexico storm, Iran tensions - Reuters
Oil at six-week high on Gulf of Mexico storm, Iran tensions - Reuters:
Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.
Brent crude futures were up 40 cents at $67.41 a barrel by 0947 GMT. Earlier in the session they hit their highest since May 30 at $67.65, after ending Wednesday up 4.4%.
U.S. West Texas Intermediate crude futures were up 31 cents, at $60.74 a barrel, having earlier touched their highest since May 23 at $60.94. They gained 4.5% in the previous session.
Oil prices hit a six-week high on Thursday as oil rigs in the Gulf of Mexico were evacuated ahead of a storm, while an incident with a British tanker in the Middle East highlighted tensions in the region.
Brent crude futures were up 40 cents at $67.41 a barrel by 0947 GMT. Earlier in the session they hit their highest since May 30 at $67.65, after ending Wednesday up 4.4%.
U.S. West Texas Intermediate crude futures were up 31 cents, at $60.74 a barrel, having earlier touched their highest since May 23 at $60.94. They gained 4.5% in the previous session.
#Qatar Investment Authority leads $150mln funding for Indian education startup Byju's | ZAWYA MENA Edition
Qatar Investment Authority leads $150mln funding for Indian education startup Byju's | ZAWYA MENA Edition:
Indian online tutoring startup Byju's said on Wednesday it had raised $150 million from investors led by the Qatar Investment Authority (QIA), which a source familiar with the matter said valued it at more than $5.5 billion.
Venture capital fund Owl Ventures also participated in the funding round and the proceeds will be used for international expansion, Byju's said in a statement, without saying what valuation the investment implied for the firm.
"This investment underscores QIA's strong commitment to the education sector and our focus on investing in leading innovators in the TMT (tech, media and telecoms) industry globally," Mansoor Al-Mahmoud, CEO of QIA, Qatar's sovereign wealth fund, said in the statement.
Indian online tutoring startup Byju's said on Wednesday it had raised $150 million from investors led by the Qatar Investment Authority (QIA), which a source familiar with the matter said valued it at more than $5.5 billion.
Venture capital fund Owl Ventures also participated in the funding round and the proceeds will be used for international expansion, Byju's said in a statement, without saying what valuation the investment implied for the firm.
"This investment underscores QIA's strong commitment to the education sector and our focus on investing in leading innovators in the TMT (tech, media and telecoms) industry globally," Mansoor Al-Mahmoud, CEO of QIA, Qatar's sovereign wealth fund, said in the statement.
#Qatar Airways signed $5 billion in unspecified deals in Washington: QNA - Reuters
Qatar Airways signed $5 billion in unspecified deals in Washington: QNA - Reuters:
Qatar Airways said the total value of agreements it signed in Washington this week amounted to more than $5 billion, Qatar’s state news agency, QNA, reported on Wednesday, without providing more details.
The Gulf state’s ruling emir, Sheikh Tamim bin Hamad al-Thani, met with U.S. President Donald Trump on Tuesday to exchange views on the latest regional and international developments as well as economic and security ties.
Qatar Airways said the total value of agreements it signed in Washington this week amounted to more than $5 billion, Qatar’s state news agency, QNA, reported on Wednesday, without providing more details.
The Gulf state’s ruling emir, Sheikh Tamim bin Hamad al-Thani, met with U.S. President Donald Trump on Tuesday to exchange views on the latest regional and international developments as well as economic and security ties.
MIDEAST STOCKS- #Dubai stocks rise, led by property; other markets subdued - Reuters
MIDEAST STOCKS-Dubai stocks rise, led by property; other markets subdued - Reuters:
Dubai’s stocks rose on Thursday as real estate shares gained, while most other markets were little changed before corporate results due to pick up next week.
The Dubai index added 0.5%, led by a 1.4% gain in its largest lender, Emirates NBD, and a 0.8% rise in Emaar Properties.
The developer has been rising since Monday after its Egyptian subsidiary, Emaar Misr Development, initially agreed with El Nasr Housing and Development to settle a dispute on Uptown Cairo land.
Dubai’s stocks rose on Thursday as real estate shares gained, while most other markets were little changed before corporate results due to pick up next week.
The Dubai index added 0.5%, led by a 1.4% gain in its largest lender, Emirates NBD, and a 0.8% rise in Emaar Properties.
The developer has been rising since Monday after its Egyptian subsidiary, Emaar Misr Development, initially agreed with El Nasr Housing and Development to settle a dispute on Uptown Cairo land.
Assessing the Opportunities in #Saudi Arabian Stocks – Bloomberg
Assessing the Opportunities in Saudi Arabian Stocks – Bloomberg:
Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai, talks about Saudi Arabian stocks. He spoke on July 2 on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mohamad Al Hajj, an equities strategist at EFG-Hermes in Dubai, talks about Saudi Arabian stocks. He spoke on July 2 on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Monthly markets review: #SaudiArabia's index outperforms #GCC peers in June | ZAWYA MENA Edition
Monthly markets review: Saudi Arabia's index outperforms GCC peers in June | ZAWYA MENA Edition:
Most stock markets in the region gained in June as a rise in oil prices and global markets boosted investor sentiment.
Saudi Arabia’s index recorded the best monthly performance against its peers, while Oman’s index was the worst performer. The aggregate stock market index of the six Gulf Cooperation Council (GCC) countries along with Egypt rose 11.77 percent in June.
Global equity markets rallied during the month on easing trade tensions between the US and China. Oil prices also gained on worries over heightened tensions between the US and Iran.
Most stock markets in the region gained in June as a rise in oil prices and global markets boosted investor sentiment.
Saudi Arabia’s index recorded the best monthly performance against its peers, while Oman’s index was the worst performer. The aggregate stock market index of the six Gulf Cooperation Council (GCC) countries along with Egypt rose 11.77 percent in June.
Global equity markets rallied during the month on easing trade tensions between the US and China. Oil prices also gained on worries over heightened tensions between the US and Iran.
DP World markets new dollar sukuk, taps existing bond - Reuters
DP World markets new dollar sukuk, taps existing bond - Reuters:
Port operator DP World started marketing 10-year U.S. dollar-denominated sukuk, or Islamic bonds, with an initial price guidance of around 230 basis points over mid-swaps, a document issued by one of the banks leading the deal showed.
The company, majority owned by the Dubai government, is also reopening an existing conventional bond, due in 2048.
The initial yield guidance for the bond reopening, or “tap”, ranges between 5% and 5.1%, a separate bank document showed.
Port operator DP World started marketing 10-year U.S. dollar-denominated sukuk, or Islamic bonds, with an initial price guidance of around 230 basis points over mid-swaps, a document issued by one of the banks leading the deal showed.
The company, majority owned by the Dubai government, is also reopening an existing conventional bond, due in 2048.
The initial yield guidance for the bond reopening, or “tap”, ranges between 5% and 5.1%, a separate bank document showed.
Oil hits six-week high as storm builds in Gulf of Mexico - Reuters
Oil hits six-week high as storm builds in Gulf of Mexico - Reuters:
Oil futures hit a six-week high on Thursday as a storm built in the Gulf of Mexico, threatening crude output, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.
U.S. West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6%, at $60.77 a barrel by 0337 GMT, after earlier touching the highest since May 23 at $60.83. They gained 4.5% in the previous session.
Brent crude futures reversed early losses and were up 30 cents, or 0.5%, at $67.31 a barrel, after rising to as high as $67.38, the highest since May 30. They ended Wednesday up 4.4%.
Oil futures hit a six-week high on Thursday as a storm built in the Gulf of Mexico, threatening crude output, while an incident with a British tanker in the Middle East highlighted ongoing tensions in the region.
U.S. West Texas Intermediate (WTI) crude futures were up 34 cents, or 0.6%, at $60.77 a barrel by 0337 GMT, after earlier touching the highest since May 23 at $60.83. They gained 4.5% in the previous session.
Brent crude futures reversed early losses and were up 30 cents, or 0.5%, at $67.31 a barrel, after rising to as high as $67.38, the highest since May 30. They ended Wednesday up 4.4%.
Russia and #UAE's ADNOC discuss cooperation in LNG projects - Reuters
Russia and UAE's ADNOC discuss cooperation in LNG projects - Reuters:
Russian Energy Minister Alexander Novak and UAE’s minister of state Sultan Ahmed Al Jaber, who also runs the Abu Dhabi National Oil Company (ADNOC), discussed cooperation in LNG projects at a meeting in Moscow on Wednesday, the energy ministry said.
Russian Energy Minister Alexander Novak and UAE’s minister of state Sultan Ahmed Al Jaber, who also runs the Abu Dhabi National Oil Company (ADNOC), discussed cooperation in LNG projects at a meeting in Moscow on Wednesday, the energy ministry said.
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