Oil rises more than 2% on firm yuan, expectations of more OPEC cuts - Reuters:
Oil jumped more than 2% on Thursday on expectations that falling prices could lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.
Brent crude LCOc1 ended the session up $1.15, or 2.1%, at $57.38 a barrel, after hitting a session high of $58.01.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose $1.45, or 2.8%, to settle at $52.54 a barrel after hitting a peak of $52.98.
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Thursday 8 August 2019
#Saudi 'Whatever It Takes' Pledge Won't Move Oil Prices - Bloomberg
Saudi 'Whatever It Takes' Pledge Won't Move Oil Prices - Bloomberg:
Sometimes it can feel like your world is coming apart. In Saudi Arabia’s case, that is unfortunately somewhat true. Which is presumably why reports the country is considering all options to halt the slide in oil prices have bubbled to the surface over the past 24 hours.
This isn’t the first time Saudi Arabia has deployed the whatever-it-takes weapon to beat back the bears. In May 2017, energy minister Khalid Al-Falih used that exact phrase when Brent crude had slipped below $50 a barrel. It sparked a brief rally, followed by a brief dip again, that ultimately segued into a sustained march toward $86 by the fall of 2018.
As bleak as things seemed to OPEC in May 2017, the organization actually had some favorable trends going its way. One of these was its own hesitancy to deliver on the production cuts agreed in late 2016. Apart from Saudi Arabia and the involuntary “discipline” of Venezuela and Angola, the rest of the group didn’t collectively get with the program until toward the end of 2017. In other words, there was plenty of room in May 2017 for many members just to do something, never mind whatever it took. Plus, U.S. sanctions against Iran were yet to kick in. Meanwhile, low oil prices were boosting global demand and suppressing non-OPEC supply, as U.S. shale operators were only just beginning to emerge from the shock of 2016.
Sometimes it can feel like your world is coming apart. In Saudi Arabia’s case, that is unfortunately somewhat true. Which is presumably why reports the country is considering all options to halt the slide in oil prices have bubbled to the surface over the past 24 hours.
This isn’t the first time Saudi Arabia has deployed the whatever-it-takes weapon to beat back the bears. In May 2017, energy minister Khalid Al-Falih used that exact phrase when Brent crude had slipped below $50 a barrel. It sparked a brief rally, followed by a brief dip again, that ultimately segued into a sustained march toward $86 by the fall of 2018.
As bleak as things seemed to OPEC in May 2017, the organization actually had some favorable trends going its way. One of these was its own hesitancy to deliver on the production cuts agreed in late 2016. Apart from Saudi Arabia and the involuntary “discipline” of Venezuela and Angola, the rest of the group didn’t collectively get with the program until toward the end of 2017. In other words, there was plenty of room in May 2017 for many members just to do something, never mind whatever it took. Plus, U.S. sanctions against Iran were yet to kick in. Meanwhile, low oil prices were boosting global demand and suppressing non-OPEC supply, as U.S. shale operators were only just beginning to emerge from the shock of 2016.
Lower spot LNG may push India's top gas importer to renegotiate deals - Reuters
Lower spot LNG may push India's top gas importer to renegotiate deals - Reuters:
India’s top gas importer Petronet LNG will consider renogiating its long-term supply deals to secure lower liquefied natural gas (LNG) prices if spot prices remain weak for two to three years, its managing director said on Thursday.
An inexorable decline in spot market prices for LNG is driving some buyers in Japan and China to request delays in term cargoes, while others are looking to lift lower volumes under their term contracts from LNG sellers.
“There is no doubt. We have to be sensitive to the international market. If spot prices continue to be low for 2-3 years then you don’t have much of a choice, and there would be a case to look at renegotiation,” Prabhat Singh told Reuters.
India’s top gas importer Petronet LNG will consider renogiating its long-term supply deals to secure lower liquefied natural gas (LNG) prices if spot prices remain weak for two to three years, its managing director said on Thursday.
An inexorable decline in spot market prices for LNG is driving some buyers in Japan and China to request delays in term cargoes, while others are looking to lift lower volumes under their term contracts from LNG sellers.
“There is no doubt. We have to be sensitive to the international market. If spot prices continue to be low for 2-3 years then you don’t have much of a choice, and there would be a case to look at renegotiation,” Prabhat Singh told Reuters.
#UAE will support actions to balance oil market, confident partners will do same -energy minister - Reuters
UAE will support actions to balance oil market, confident partners will do same -energy minister - Reuters:
The United Arab Emirates will continue to support actions to balance the oil market and is confident its OPEC and non-OPEC partners will take similar measures, the country’s energy minister Suhail al-Mazrouei said in a tweet on Thursday.
Mazrouei said JMMC, the OPEC and non-OPEC ministerial monitoring committee, would meet in Abu Dhabi on Sept. 12 to review the oil market and make recommendations aimed at keeping it balanced.
Mazrouei said market fundamentals were good and that “commercial stock overhang continues to decline and demand remains healthy” despite a “temporary overreaction” in the market driven by speculation.
The United Arab Emirates will continue to support actions to balance the oil market and is confident its OPEC and non-OPEC partners will take similar measures, the country’s energy minister Suhail al-Mazrouei said in a tweet on Thursday.
Mazrouei said JMMC, the OPEC and non-OPEC ministerial monitoring committee, would meet in Abu Dhabi on Sept. 12 to review the oil market and make recommendations aimed at keeping it balanced.
Mazrouei said market fundamentals were good and that “commercial stock overhang continues to decline and demand remains healthy” despite a “temporary overreaction” in the market driven by speculation.
Ex-Barclays Executives Face New Charges in 2008 #Qatar Fraud Case - Bloomberg
Ex-Barclays Executives Face New Charges in 2008 Qatar Fraud Case - Bloomberg:
U.K. prosecutors added to the fraud indictment of three former Barclays Plc executives who are to go on trial in connection with the bank’s fundraising from Qatar at the height of the 2008 financial crisis.
The Serious Fraud Office included charges of actual fraud to the existing counts of conspiracy to defraud against the men, according to a copy of the indictment released Thursday. Former Middle East head Roger Jenkins now faces four charges, while ex-wealth boss Tom Kalaris and Richard Boath, the former European head of Barclays’s Financial Institutions division, each face two charges.
All three deny wrongdoing. A trial is scheduled for October.
U.K. prosecutors added to the fraud indictment of three former Barclays Plc executives who are to go on trial in connection with the bank’s fundraising from Qatar at the height of the 2008 financial crisis.
The Serious Fraud Office included charges of actual fraud to the existing counts of conspiracy to defraud against the men, according to a copy of the indictment released Thursday. Former Middle East head Roger Jenkins now faces four charges, while ex-wealth boss Tom Kalaris and Richard Boath, the former European head of Barclays’s Financial Institutions division, each face two charges.
All three deny wrongdoing. A trial is scheduled for October.
MIDEAST STOCKS-Egyptian blue chips surge on inflation beat, robust earnings - Reuters
MIDEAST STOCKS-Egyptian blue chips surge on inflation beat, robust earnings - Reuters:
Egyptian blue-chip stocks had their strongest day in
nearly six months on Thursday as better-than-expected July inflation data and a
host of strong corporate earnings buoyed investors ahead of a three-day
religious holiday starting Sunday.
Egypt's headline inflation rate fell to its lowest in nearly four years,
dropping to 8.7% in July, defying analyst expectations since it followed a fresh
round of fuel subsidy cuts that pushed domestic fuel prices up by 16%-30%.
"It's great news for the markets because it reinforces hopes of interest
rate cuts in August. I think the central bank now has enough room to restart its
monetary easing policy going forward," said Allen Sandeep, head of research at
Naeem Brokerage.
Egyptian blue-chip stocks had their strongest day in
nearly six months on Thursday as better-than-expected July inflation data and a
host of strong corporate earnings buoyed investors ahead of a three-day
religious holiday starting Sunday.
Egypt's headline inflation rate fell to its lowest in nearly four years,
dropping to 8.7% in July, defying analyst expectations since it followed a fresh
round of fuel subsidy cuts that pushed domestic fuel prices up by 16%-30%.
"It's great news for the markets because it reinforces hopes of interest
rate cuts in August. I think the central bank now has enough room to restart its
monetary easing policy going forward," said Allen Sandeep, head of research at
Naeem Brokerage.
Saudis Have Few Good Options in Oil Talks With OPEC+ Allies - Bloomberg
Saudis Have Few Good Options in Oil Talks With OPEC+ Allies - Bloomberg:
While Saudi Arabia and its allies may be considering all possible means to end the slump in oil prices, the options available to them are scarce.
The world’s biggest crude exporters have already been laboring since the beginning of the year to shore up prices by cutting production. That Brent futures nonetheless sank on Wednesday to a seven-month low demonstrates the limits of their powers.
Unlike previous market routs, the immediate problem doesn’t seem to be one of excess supplies. Instead, a cooling global economy and a prolonged trade dispute between the U.S. and China are putting a brake on fuel demand. Even if the Saudis and others in the OPEC+ cartel decide to cut output further, they may struggle to revive prices.
While Saudi Arabia and its allies may be considering all possible means to end the slump in oil prices, the options available to them are scarce.
The world’s biggest crude exporters have already been laboring since the beginning of the year to shore up prices by cutting production. That Brent futures nonetheless sank on Wednesday to a seven-month low demonstrates the limits of their powers.
Unlike previous market routs, the immediate problem doesn’t seem to be one of excess supplies. Instead, a cooling global economy and a prolonged trade dispute between the U.S. and China are putting a brake on fuel demand. Even if the Saudis and others in the OPEC+ cartel decide to cut output further, they may struggle to revive prices.
Oil rises due to firm yuan, expectations of more OPEC cuts - Reuters
Oil rises due to firm yuan, expectations of more OPEC cuts - Reuters:
Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.
Brent crude LCOc1 was up 67 cents at $56.90 a barrel by 1130 GMT, after hitting a session high of $58.01.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 96 cents to $52.05 a barrel after hitting a peak of $52.84.
Oil jumped more than $1 a barrel on Thursday due to expectations that falling prices may lead to production cuts, coupled with a steadying of the yuan currency after a week of turmoil spurred by an escalation in U.S.-China trade tensions.
Brent crude LCOc1 was up 67 cents at $56.90 a barrel by 1130 GMT, after hitting a session high of $58.01.
U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 96 cents to $52.05 a barrel after hitting a peak of $52.84.
UPDATE 1- #SaudiArabia plans to keep Aug-Sept oil exports below 7 mln bpd - official - Reuters
UPDATE 1-Saudi Arabia plans to keep Aug-Sept oil exports below 7 mln bpd - official - Reuters:
Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, a Saudi oil official said.
State-owned Aramco’s oil nominations - the requests made by refiners and customers for Saudi crude - were high in September, a sign of healthy oil demand globally, the Saudi official, who asked not to be named, said on Thursday.
Despite that, the kingdom is maintaining its oil production below 10 million bpd and keeping its exports below 7 million bpd in both August and September, he said.
Saudi Arabia plans to keep its crude oil exports below 7 million barrels per day in August and September despite strong demand from customers, to help drain global oil inventories and bring the market back to balance, a Saudi oil official said.
State-owned Aramco’s oil nominations - the requests made by refiners and customers for Saudi crude - were high in September, a sign of healthy oil demand globally, the Saudi official, who asked not to be named, said on Thursday.
Despite that, the kingdom is maintaining its oil production below 10 million bpd and keeping its exports below 7 million bpd in both August and September, he said.
#UAE concludes WTO dispute following #Qatar’s withdrawal of discriminatory measures | ZAWYA MENA Edition
UAE concludes WTO dispute following Qatar’s withdrawal of discriminatory measures | ZAWYA MENA Edition:
The United Arab Emirates has formally concluded dispute proceedings over trade violations committed by Qatar through the World Trade Organisation (WTO) Dispute Settlement Body, following Qatar’s withdrawal of the discriminatory measures which triggered the dispute.
Qatar’s discriminatory measures against goods and distributors originating from the United Arab Emirates, imposed in May and June 2018, violated Qatar’s obligations and commitments as a member of the WTO. As a result, the UAE put forward a request for the formation of a WTO dispute settlement panel on January 28th, 2019, against Qatar, to seek the withdrawal of the discriminatory measures.
On March 31st 2019, Qatar withdrew the measures in question, in order to address the claims contained within the dispute. Accordingly, the UAE has notified the WTO of its willingness to conclude proceedings against Qatar.
The United Arab Emirates has formally concluded dispute proceedings over trade violations committed by Qatar through the World Trade Organisation (WTO) Dispute Settlement Body, following Qatar’s withdrawal of the discriminatory measures which triggered the dispute.
Qatar’s discriminatory measures against goods and distributors originating from the United Arab Emirates, imposed in May and June 2018, violated Qatar’s obligations and commitments as a member of the WTO. As a result, the UAE put forward a request for the formation of a WTO dispute settlement panel on January 28th, 2019, against Qatar, to seek the withdrawal of the discriminatory measures.
On March 31st 2019, Qatar withdrew the measures in question, in order to address the claims contained within the dispute. Accordingly, the UAE has notified the WTO of its willingness to conclude proceedings against Qatar.
#UAE's Air Arabia posts record second quarter net profit of $57mln, up 75% | ZAWYA MENA Edition
UAE's Air Arabia posts record second quarter net profit of $57mln, up 75% | ZAWYA MENA Edition:
Air Arabia today announced strong financial and operational results for the second quarter of this year ending June 30, 2019 as the Middle East and North Africa’s first and largest low-cost carrier continued to deliver robust and sustained performance.
Air Arabia registered a record net profit of AED 210 million for the three months ending June 30, 2019, an increase of 75 per cent compared to the AED 120 million reported for the same period last year. The company’s turnover for the second quarter of 2019 increased by 22 per cent to AED 1.144 billion, compared to AED 938 million in the corresponding period last year.
The strong second quarter financial results were backed by solid growth in passenger demand with Air Arabia serving over three million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 16 per cent compared to 2.59 million passengers carried in the same quarter last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same quarter stood at 84 per cent.
Air Arabia today announced strong financial and operational results for the second quarter of this year ending June 30, 2019 as the Middle East and North Africa’s first and largest low-cost carrier continued to deliver robust and sustained performance.
Air Arabia registered a record net profit of AED 210 million for the three months ending June 30, 2019, an increase of 75 per cent compared to the AED 120 million reported for the same period last year. The company’s turnover for the second quarter of 2019 increased by 22 per cent to AED 1.144 billion, compared to AED 938 million in the corresponding period last year.
The strong second quarter financial results were backed by solid growth in passenger demand with Air Arabia serving over three million passengers from its four hubs in the UAE, Morocco and Egypt, an increase of 16 per cent compared to 2.59 million passengers carried in the same quarter last year. The average seat load factor – or passengers carried as a percentage of available seats – for the same quarter stood at 84 per cent.
#Abraaj's Naqvi Sentenced to Prison in Absentia by U.A.E. Court - Bloomberg
Abraaj's Naqvi Sentenced to Prison in Absentia by U.A.E. Court - Bloomberg:
Arif Naqvi, the founder of defunct Dubai-based private equity firm Abraaj Group, was sentenced in absentia to three years in prison by a court in the United Arab Emirates for a case involving low-cost carrier Air Arabia PJSC, people familiar with the matter said.
It’s unclear whether Naqvi will serve the sentence, given he’s in London awaiting a hearing over his potential extradition to the U.S. The sentencing comes a week after the Dubai financial center watchdog fined the collapsed buyout firm a record $315 million for misleading investors and misappropriating their funds.
Naqvi’s legal representative declined to comment, and Air Arabia representatives weren’t available to comment. Calls to the court in Sharjah, where Air Arabia filed the case, were unanswered.
Arif Naqvi, the founder of defunct Dubai-based private equity firm Abraaj Group, was sentenced in absentia to three years in prison by a court in the United Arab Emirates for a case involving low-cost carrier Air Arabia PJSC, people familiar with the matter said.
It’s unclear whether Naqvi will serve the sentence, given he’s in London awaiting a hearing over his potential extradition to the U.S. The sentencing comes a week after the Dubai financial center watchdog fined the collapsed buyout firm a record $315 million for misleading investors and misappropriating their funds.
Naqvi’s legal representative declined to comment, and Air Arabia representatives weren’t available to comment. Calls to the court in Sharjah, where Air Arabia filed the case, were unanswered.
Mideast Stocks: Most major Gulf markets gain, #AbuDhabi bucks the trend | ZAWYA MENA Edition
Mideast Stocks: Most major Gulf markets gain, Abu Dhabi bucks the trend | ZAWYA MENA Edition:
Saudi Arabian stocks gained on Thursday as oil prices rose, while most Gulf markets recovered from a recent sell-off.
Oil futures rose more than $1 a barrel on Thursday, recovering half the nearly 5% lost the day before, on expectations that lower prices may lead to production cuts.
Many investors took profits before the Eid Holiday, which begins on Sunday and lasts for a week in Saudi Arabia and at least three days in other Gulf countries.
In Saudi Arabia, the index rose 0.2%. Saudi Cement gained 7.3%, snapping a three-day losing streak. Samba Financial Group was up 1.4%.
Saudi Arabian stocks gained on Thursday as oil prices rose, while most Gulf markets recovered from a recent sell-off.
Oil futures rose more than $1 a barrel on Thursday, recovering half the nearly 5% lost the day before, on expectations that lower prices may lead to production cuts.
Many investors took profits before the Eid Holiday, which begins on Sunday and lasts for a week in Saudi Arabia and at least three days in other Gulf countries.
In Saudi Arabia, the index rose 0.2%. Saudi Cement gained 7.3%, snapping a three-day losing streak. Samba Financial Group was up 1.4%.
Talal Al Dhiyebi, CEO of Aldar Properties, on Earnings, Strategy - Bloomberg
Talal Al Dhiyebi, CEO of Aldar Properties, on Earnings, Strategy - Bloomberg:
Talal Al Dhiyebi, chief executive officer of Aldar Properties PJSC, Abu Dhabi's largest publicly-listed developer, talks about the company's financial results and business outlook. Aldar reported revenue for the second quarter that was 1.2% below the average analyst estimate. Al Dhiyebi speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Correct company name in headline.) (Source: Bloomberg)
Talal Al Dhiyebi, chief executive officer of Aldar Properties PJSC, Abu Dhabi's largest publicly-listed developer, talks about the company's financial results and business outlook. Aldar reported revenue for the second quarter that was 1.2% below the average analyst estimate. Al Dhiyebi speaks with Manus Cranny and Tracy Alloway on "Bloomberg Daybreak: Middle East." (Correct company name in headline.) (Source: Bloomberg)
UPDATE 1-Aldar Properties Q2 profit up 7%, says #AbuDhabi sentiment up - Reuters
UPDATE 1-Aldar Properties Q2 profit up 7%, says Abu Dhabi sentiment up - Reuters:
Aldar Properties, the largest property developer in Abu Dhabi, on Thursday reported a 7% rise in second-quarter profit year on year, saying sentiment in the property sector had improved following reforms to real estate legislation.
The state-linked builder of Abu Dhabi’s Formula One circuit, reported a net profit of 476 million dirhams ($129.6 million) in the three months ending June 30, 2019.
That compared with a net profit of 445 million dirhams in the same period a year earlier.
Aldar Properties, the largest property developer in Abu Dhabi, on Thursday reported a 7% rise in second-quarter profit year on year, saying sentiment in the property sector had improved following reforms to real estate legislation.
The state-linked builder of Abu Dhabi’s Formula One circuit, reported a net profit of 476 million dirhams ($129.6 million) in the three months ending June 30, 2019.
That compared with a net profit of 445 million dirhams in the same period a year earlier.
Profit at large #UAE banks to decline modestly in 2019, Moody's says - The National
Profit at large UAE banks to decline modestly in 2019, Moody's says - The National:
The profitability of the UAE's four biggest banks is predicted to decline slightly to 1.7 per cent in 2019, from 1.8 per cent last year, Moody’s Investors Service said in a report on Wednesday.
Operating expenses will increase as investments are made on technology and expansion plans, the ratings agency said.
“Provisioning charges will also increase owing to pressure in the property and hospitality sector, and in the retail segment, amid a soft non-oil economy,” it added.
The profitability of the UAE's four biggest banks is predicted to decline slightly to 1.7 per cent in 2019, from 1.8 per cent last year, Moody’s Investors Service said in a report on Wednesday.
Operating expenses will increase as investments are made on technology and expansion plans, the ratings agency said.
“Provisioning charges will also increase owing to pressure in the property and hospitality sector, and in the retail segment, amid a soft non-oil economy,” it added.
Behind Record Fine of #Abraaj, Once a Dubai High-Flyer: QuickTake - Bloomberg
Behind Record Fine of Abraaj, Once a Dubai High-Flyer: QuickTake - Bloomberg:
The startling collapse of Abraaj Group, the once-mighty Middle Eastern private equity firm, continues to reverberate. Regulators in Dubai, where the dealmaker is based, have imposed a record fine, and Abraaj founder Arif Naqvi and a clutch of senior executives face legal charges in the U.S. The scandal, meanwhile, has all but frozen fundraising by other Dubai-based buyout companies.
1. What is Abraaj accused of doing wrong?
The Dubai Financial Services Authority fined two Abraaj Group companies a combined $315 million for deceiving investors and misappropriating funds. “Misconduct and deceit were pervasive and persistent,” and management "rode roughshod” over its compliance function, the authority said. Mustafa Abdel-Wadood, a former Abraaj managing partner, admitted in a court in June that he lied to investors in an attempt to hide losses and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges after an investigation by New York prosecutors. The others are Chief Financial Officer Ashish Dave and managing directors Sivendran Vettivetpillai, Rafique Lakhani and Waqar Siddique.
The startling collapse of Abraaj Group, the once-mighty Middle Eastern private equity firm, continues to reverberate. Regulators in Dubai, where the dealmaker is based, have imposed a record fine, and Abraaj founder Arif Naqvi and a clutch of senior executives face legal charges in the U.S. The scandal, meanwhile, has all but frozen fundraising by other Dubai-based buyout companies.
1. What is Abraaj accused of doing wrong?
The Dubai Financial Services Authority fined two Abraaj Group companies a combined $315 million for deceiving investors and misappropriating funds. “Misconduct and deceit were pervasive and persistent,” and management "rode roughshod” over its compliance function, the authority said. Mustafa Abdel-Wadood, a former Abraaj managing partner, admitted in a court in June that he lied to investors in an attempt to hide losses and raise more money. He’s one of six former Abraaj executives facing racketeering and securities-fraud charges after an investigation by New York prosecutors. The others are Chief Financial Officer Ashish Dave and managing directors Sivendran Vettivetpillai, Rafique Lakhani and Waqar Siddique.
Oil jumps on expectations producers may cut supply after 4% slump - Reuters
Oil jumps on expectations producers may cut supply after 4% slump - Reuters:
Oil futures jumped more than $1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts.
Brent crude had rebounded to $57.81 a barrel, up $1.58, or 2.81%, from its last close by 0634 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.61, or 3.15%, to $52.70 a barrel.
Both contracts fell to their lowest since January on Wednesday after a surprise build in U.S. crude inventories added to worries that the China-U.S. trade war could further dampen demand growth this year.
Oil futures jumped more than $1 a barrel on Thursday, recovering half of the nearly 5% losses in the previous session, on expectations that lower prices may lead to production cuts.
Brent crude had rebounded to $57.81 a barrel, up $1.58, or 2.81%, from its last close by 0634 GMT, while U.S. West Texas Intermediate (WTI) crude futures jumped $1.61, or 3.15%, to $52.70 a barrel.
Both contracts fell to their lowest since January on Wednesday after a surprise build in U.S. crude inventories added to worries that the China-U.S. trade war could further dampen demand growth this year.
Saudis Discussing Options to Halt Oil Slide With Producers - Bloomberg
Saudis Discussing Options to Halt Oil Slide With Producers - Bloomberg:
Saudi Arabia has phoned other oil producers to discuss possible policy responses as oil prices fell to a seven-month low, a Saudi official said.
The kingdom won’t tolerate a continued slide in prices and is considering all options, the official said, asking not to be identified discussing private talks. He didn’t say what measures were being discussed.
Saudi Arabia, the world’s largest oil exporter, has already cut production more than required under the agreement between the Organization of Petroleum Exporting Countries and allies outside of the group.
Saudi Arabia has phoned other oil producers to discuss possible policy responses as oil prices fell to a seven-month low, a Saudi official said.
The kingdom won’t tolerate a continued slide in prices and is considering all options, the official said, asking not to be identified discussing private talks. He didn’t say what measures were being discussed.
Saudi Arabia, the world’s largest oil exporter, has already cut production more than required under the agreement between the Organization of Petroleum Exporting Countries and allies outside of the group.