Dubai Airport On Hold - Bloomberg:
Dubai halted construction on its $36 billion mega airport (Source: TicToc)
Saturday 31 August 2019
#SaudiArabia Creates New Ministry, Shrinking Falih Portfolio - Bloomberg
Saudi Arabia Creates New Ministry, Shrinking Falih Portfolio - Bloomberg:
Saudi Arabia created a new ministry for industry and mineral resources that’s separate from the current energy ministry, reducing the remit of Energy Minister Khalid Al-Falih.
The shift was part of a series of royal orders by King Salman, issued just before the Islamic new year and reported Friday night by the official Saudi Press Agency. The existing Ministry of Energy, Industry and Mineral Resources, led by Al-Falih, will be renamed the Ministry of Energy and hand over its other files to the new ministry at the start of the next fiscal year, the agency said. He appointed Bandar Alkhorayef to head the new ministry.
The king also replaced the head of the royal court, who had served under the late King Abdullah, with a new appointee who’s viewed to be closer to Crown Prince Mohammed bin Salman.
Khalid Al-FalihPhotographer: Mohammed Al-Nemer/Bloomberg
Saudi Arabia created a new ministry for industry and mineral resources that’s separate from the current energy ministry, reducing the remit of Energy Minister Khalid Al-Falih.
The shift was part of a series of royal orders by King Salman, issued just before the Islamic new year and reported Friday night by the official Saudi Press Agency. The existing Ministry of Energy, Industry and Mineral Resources, led by Al-Falih, will be renamed the Ministry of Energy and hand over its other files to the new ministry at the start of the next fiscal year, the agency said. He appointed Bandar Alkhorayef to head the new ministry.
The king also replaced the head of the royal court, who had served under the late King Abdullah, with a new appointee who’s viewed to be closer to Crown Prince Mohammed bin Salman.
Khalid Al-FalihPhotographer: Mohammed Al-Nemer/Bloomberg
U.S. engages in threats to stop #Iran oil sales to traditional clients: Zarif - Reuters
U.S. engages in threats to stop Iran oil sales to traditional clients: Zarif - Reuters:
Iran’s foreign minister accused the United States on Twitter on Saturday of engaging in “piracy and threats” to stop Tehran from selling oil to traditional clients, after Washington blacklisted an Iranian oil tanker that it said was headed to Syria.
U.S. Secretary of State Mike Pompeo said on Friday the United States had reliable information the Iranian oil tanker Adrian Darya, which the U.S. Treasury Department has blacklisted, was headed to Syria.
“US engages in piracy & threats to prevent Iran from selling oil to traditional customers,” Mohammad Javad Zarif tweeted. “Stop nagging @SecPompeo: We will sell oil to any & all buyers.”
Iran’s foreign minister accused the United States on Twitter on Saturday of engaging in “piracy and threats” to stop Tehran from selling oil to traditional clients, after Washington blacklisted an Iranian oil tanker that it said was headed to Syria.
U.S. Secretary of State Mike Pompeo said on Friday the United States had reliable information the Iranian oil tanker Adrian Darya, which the U.S. Treasury Department has blacklisted, was headed to Syria.
“US engages in piracy & threats to prevent Iran from selling oil to traditional customers,” Mohammad Javad Zarif tweeted. “Stop nagging @SecPompeo: We will sell oil to any & all buyers.”
#SaudiArabia splits industry and mining from energy ministry - Reuters
Saudi Arabia splits industry and mining from energy ministry - Reuters:
Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, and replaced the powerful head of the royal court, in a series of royal orders issued late on Friday.
Bandar Alkhorayef, an investor and industrialist plucked from the private sector, was named to head the new entity, which will become independent on Jan. 1. The move appears to diminish the sprawling authority of Khalid al-Falih, who retains control of the energy portfolio and chairmanship of state oil giant Saudi Aramco.
Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. But despite ambitious plans for industry and mining, the sectors have seen relatively little development.
Saudi Arabia created a new ministry for industry and mineral resources, separating it from the kingdom’s colossal energy ministry, and replaced the powerful head of the royal court, in a series of royal orders issued late on Friday.
Bandar Alkhorayef, an investor and industrialist plucked from the private sector, was named to head the new entity, which will become independent on Jan. 1. The move appears to diminish the sprawling authority of Khalid al-Falih, who retains control of the energy portfolio and chairmanship of state oil giant Saudi Aramco.
Falih had overseen more than half the Saudi economy through the super-ministry, which was created in 2016 to help streamline new reforms. But despite ambitious plans for industry and mining, the sectors have seen relatively little development.
OPEC posts first 2019 oil-output rise despite Saudi cuts - Reuters survey - Reuters
OPEC posts first 2019 oil-output rise despite Saudi cuts - Reuters survey - Reuters:
OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.
The 14-member Organization of the Petroleum Exporting Countries has pumped 29.61 million barrels per day (bpd) this month, the survey showed, up 80,000 bpd from July’s revised figure which was the lowest OPEC total since 2014.
The survey indicates Saudi Arabia is not deviating from its plan of restraining output by more than called for by an OPEC-led supply deal to support the market. Despite calls this year from U.S. President Donald Trump on OPEC to raise output, the producers renewed the supply pact in July.
OPEC oil output has risen in August for the first month this year as higher supply from Iraq and Nigeria outweighed restraint by top exporter Saudi Arabia and losses caused by U.S. sanctions on Iran, a Reuters survey found.
The 14-member Organization of the Petroleum Exporting Countries has pumped 29.61 million barrels per day (bpd) this month, the survey showed, up 80,000 bpd from July’s revised figure which was the lowest OPEC total since 2014.
The survey indicates Saudi Arabia is not deviating from its plan of restraining output by more than called for by an OPEC-led supply deal to support the market. Despite calls this year from U.S. President Donald Trump on OPEC to raise output, the producers renewed the supply pact in July.
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