Satellite images show activity pick-up at Saudi Aramco's Abqaiq site - Reuters:
Satellite imagery of Saudi Arabia’s Abqaiq oil processing plant, which was damaged in an attack on Sept. 14, show signs of a return to thermal activity, data analytics firm Kayrros said on Thursday.
Kayrros also said that flaring - the burning of gas from oilfields - was at “usual minimal levels” at Ghawar, Khurais and Abqaiq.
The low flaring levels are in line with the resumption of gas compression activities at the Abqaiq plant, highlighting Saudi Aramco attempts to restore production levels, Kayrros said.
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Thursday, 26 September 2019
Oil steady as Middle East conflict fears support, Trump probe weighs - Reuters
Oil steady as Middle East conflict fears support, Trump probe weighs - Reuters:
Oil was largely flat on Thursday after a Pentagon statement intensified concerns of a Middle East conflict disrupting supply, supporting prices, while new details connected to the impeachment inquiry into U.S. President Donald Trump weakened demand sentiment.
Brent crude LCOc1 futures settled at $62.74 a barrel, up 0.6%, or 35 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $56.41 a barrel, down 8 cents, after briefly turning positive following the Pentagon statement.
Crude futures pared losses late in the session after the U.S. Department of Defense said it would deploy radar systems, Patriot missiles and about two hundred personnel to bolster Saudi Arabia’s defenses after an attack on the kingdom’s oil facilities this month.
Oil was largely flat on Thursday after a Pentagon statement intensified concerns of a Middle East conflict disrupting supply, supporting prices, while new details connected to the impeachment inquiry into U.S. President Donald Trump weakened demand sentiment.
Brent crude LCOc1 futures settled at $62.74 a barrel, up 0.6%, or 35 cents. U.S. West Texas Intermediate (WTI) crude CLc1 settled at $56.41 a barrel, down 8 cents, after briefly turning positive following the Pentagon statement.
Crude futures pared losses late in the session after the U.S. Department of Defense said it would deploy radar systems, Patriot missiles and about two hundred personnel to bolster Saudi Arabia’s defenses after an attack on the kingdom’s oil facilities this month.
#Saudi Crude Exports Have Yet to Fully Recover From Attacks - Bloomberg
Saudi Crude Exports Have Yet to Fully Recover From Attacks - Bloomberg:
Saudi Arabia’s crude exports haven’t fully recovered from attacks on key oil facilities almost two weeks ago, even as the kingdom races to resume full production after the incident.
Observed crude loadings dropped to about 5.86 million barrels a day from Sept. 14 -- the day of the attacks -- through Sept. 25, preliminary tanker-tracking data compiled by Bloomberg show. That compares with 6.74 million barrels a day in the 13 days prior to the incident.
Saudi Arabia’s crude exports haven’t fully recovered from attacks on key oil facilities almost two weeks ago, even as the kingdom races to resume full production after the incident.
Observed crude loadings dropped to about 5.86 million barrels a day from Sept. 14 -- the day of the attacks -- through Sept. 25, preliminary tanker-tracking data compiled by Bloomberg show. That compares with 6.74 million barrels a day in the 13 days prior to the incident.
RBC, Santander, Mizuho Said to Win Coveted Roles on Aramco IPO - Bloomberg
RBC, Santander, Mizuho Said to Win Coveted Roles on Aramco IPO - Bloomberg:
Royal Bank of Canada, Banco Santander SA and Japan’s Mizuho Financial Group Inc. are among banks that have secured bookrunner roles on Saudi Aramco’s initial public offering, people with knowledge of the matter said.
Chinese investment bank BOC International Holdings Ltd. and Tokyo-based Sumitomo Mitsui Banking Corp. are also among 15 joint bookrunners chosen by Aramco, the people said. Middle Eastern firms Saudi Fransi Capital, Al Rajhi Capital, Riyad Bank and EFG Hermes were also picked, the people said.
Aramco is accelerating its listing plans after recovering faster than expected from the biggest terror attacks in its history. The state oil giant plans to formally kick off its much-anticipated IPO next month by announcing the intention to float on Oct. 20, with a target of listing as soon as November, Bloomberg News has reported.
Royal Bank of Canada, Banco Santander SA and Japan’s Mizuho Financial Group Inc. are among banks that have secured bookrunner roles on Saudi Aramco’s initial public offering, people with knowledge of the matter said.
Chinese investment bank BOC International Holdings Ltd. and Tokyo-based Sumitomo Mitsui Banking Corp. are also among 15 joint bookrunners chosen by Aramco, the people said. Middle Eastern firms Saudi Fransi Capital, Al Rajhi Capital, Riyad Bank and EFG Hermes were also picked, the people said.
Aramco is accelerating its listing plans after recovering faster than expected from the biggest terror attacks in its history. The state oil giant plans to formally kick off its much-anticipated IPO next month by announcing the intention to float on Oct. 20, with a target of listing as soon as November, Bloomberg News has reported.
Speedy Aramco IPO Schedule Leaves Research Teams Scrambling - Bloomberg
Speedy Aramco IPO Schedule Leaves Research Teams Scrambling - Bloomberg:
Saudi Aramco is wasting no time pushing ahead with its initial public offering, leaving legions of analysts scrambling to prepare research that will help investors decide whether to buy into one of the world’s biggest ever share sales.
Investment banks’ research teams started meeting Wednesday in the desert city of Dhahran for two packed days of briefings by Aramco top brass. They will then have barely three weeks to prepare their pre-IPO reports on Aramco, according to an internal schedule seen by Bloomberg. That compares to six to eight weeks they’re normally given for some of the biggest global listings.
Aramco is speeding up preparations for the IPO with an aim of listing on the Saudi bourse as soon as November, Bloomberg News has reported. For its bankers, the stakes couldn’t be higher: they’ve spent years wooing the oil giant to get a lucrative spot on the deal, which could make Aramco the world’s biggest listed company if it hits its target market capitalization of $2 trillion.
Saudi Aramco is wasting no time pushing ahead with its initial public offering, leaving legions of analysts scrambling to prepare research that will help investors decide whether to buy into one of the world’s biggest ever share sales.
Investment banks’ research teams started meeting Wednesday in the desert city of Dhahran for two packed days of briefings by Aramco top brass. They will then have barely three weeks to prepare their pre-IPO reports on Aramco, according to an internal schedule seen by Bloomberg. That compares to six to eight weeks they’re normally given for some of the biggest global listings.
Aramco is speeding up preparations for the IPO with an aim of listing on the Saudi bourse as soon as November, Bloomberg News has reported. For its bankers, the stakes couldn’t be higher: they’ve spent years wooing the oil giant to get a lucrative spot on the deal, which could make Aramco the world’s biggest listed company if it hits its target market capitalization of $2 trillion.
#Saudi Aramco lures sovereign funds to hit $2trln IPO valuation - sources | ZAWYA MENA Edition
Saudi Aramco lures sovereign funds to hit $2trln IPO valuation - sources | ZAWYA MENA Edition:
State-owned Saudi Aramco has approached Abu Dhabi Investment Authority (ADIA), Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of the oil giant's listing at it seeks to achieve a $2 trillion valuation, sources said.
After initial conversations in recent months between Saudi Arabia and governments in the Gulf and Asia, approaches to their sovereign wealth funds have started via the banks appointed to handle Aramco's initial public offering (IPO), the sources said.
A meeting between Aramco's management and a team from Abu Dhabi's ADIA, the world's third-biggest sovereign wealth fund, was set up for October, one of the sources told Reuters.
State-owned Saudi Aramco has approached Abu Dhabi Investment Authority (ADIA), Singapore's GIC and other sovereign wealth funds to invest in the domestic leg of the oil giant's listing at it seeks to achieve a $2 trillion valuation, sources said.
After initial conversations in recent months between Saudi Arabia and governments in the Gulf and Asia, approaches to their sovereign wealth funds have started via the banks appointed to handle Aramco's initial public offering (IPO), the sources said.
A meeting between Aramco's management and a team from Abu Dhabi's ADIA, the world's third-biggest sovereign wealth fund, was set up for October, one of the sources told Reuters.
Oil slides as Trump impeachment prospect, #Saudi supply weighs - Reuters
Oil slides as Trump impeachment prospect, Saudi supply weighs - Reuters:
Oil fell on Thursday as new developments in an inquiry into the impeachment of U.S. President Donald Trump weighed on demand sentiment while moves to quickly restore Saudi output after attacks on its oil installations promised more oil supply.
The U.S. House Intelligence Committee released a declassified version of a whistleblower report alleging Trump used his office to solicit interference in the 2020 presidential election from a foreign country.
“When the odds of impeachment go down, the market goes up. When the odds of impeachment goes up, it goes down,” said Phil Flynn, an analyst with Price Futures Group in Chicago. “The market doesn’t like the prospect of impeachment - that’s going to be a negative for the U.S. economy, it’s going to be a negative on U.S.-China trade.”
Both benchmarks fell for a third straight day, with Brent crude LCOc1 futures down 39 cents, or 0.6%, at $62.00 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 65 cents, or 1.2%, lower at $55.84 a barrel by 11:47 a.m.
Oil fell on Thursday as new developments in an inquiry into the impeachment of U.S. President Donald Trump weighed on demand sentiment while moves to quickly restore Saudi output after attacks on its oil installations promised more oil supply.
The U.S. House Intelligence Committee released a declassified version of a whistleblower report alleging Trump used his office to solicit interference in the 2020 presidential election from a foreign country.
“When the odds of impeachment go down, the market goes up. When the odds of impeachment goes up, it goes down,” said Phil Flynn, an analyst with Price Futures Group in Chicago. “The market doesn’t like the prospect of impeachment - that’s going to be a negative for the U.S. economy, it’s going to be a negative on U.S.-China trade.”
Both benchmarks fell for a third straight day, with Brent crude LCOc1 futures down 39 cents, or 0.6%, at $62.00 a barrel and U.S. West Texas Intermediate (WTI) crude CLc1 65 cents, or 1.2%, lower at $55.84 a barrel by 11:47 a.m.
GRAPHIC-Tidal wave of emerging market debt setting new records - Reuters
GRAPHIC-Tidal wave of emerging market debt setting new records - Reuters:
What a difference a few weeks make. Developing countries were all but shut out of borrowing markets last month as global recession fears started to bite, but fast forward and September is challenging issuance records.
September tends to be a busy time of year anyway as borrowers look to lock in any funding they still need for the year, but this time a real tidal wave seems to have been unleashed.
On the sovereign side alone, Abu Dhabi has sold a $10 billion bond, Armenia a $500 million one, South Africa $5 billion, Ecuador $2 billion, Bahrain $2 billion, Uruguay $750 million, Kazakhstan 1.15 billion euros. Even troubled Lebanon says it has $2 billion in the works.
What a difference a few weeks make. Developing countries were all but shut out of borrowing markets last month as global recession fears started to bite, but fast forward and September is challenging issuance records.
September tends to be a busy time of year anyway as borrowers look to lock in any funding they still need for the year, but this time a real tidal wave seems to have been unleashed.
On the sovereign side alone, Abu Dhabi has sold a $10 billion bond, Armenia a $500 million one, South Africa $5 billion, Ecuador $2 billion, Bahrain $2 billion, Uruguay $750 million, Kazakhstan 1.15 billion euros. Even troubled Lebanon says it has $2 billion in the works.
MIDEAST STOCKS-Egypt extends gains; other markets subdued - Reuters
MIDEAST STOCKS-Egypt extends gains; other markets subdued - Reuters:
Egyptian stocks on Thursday extended
gains from the previous session offsetting some of its wide
losses incurred in the first three sessions of the week
following protests in several Egyptian cities.
Anti-government protests broke out last weekend against
President Abdel Fattah al-Sisi, causing shares to plunge on the
Cairo bourse early in the week.
Egypt's blue-chip index rebounded for a second day,
gaining 1.9% with 27 of 30 stocks rising on the index.
The country's largest lender Commercial International Bank
jumped 4.1% and Cairo for Investment and Real Estate
Development (CIRA) surged 10%, its biggest since April
2011.
Egyptian stocks on Thursday extended
gains from the previous session offsetting some of its wide
losses incurred in the first three sessions of the week
following protests in several Egyptian cities.
Anti-government protests broke out last weekend against
President Abdel Fattah al-Sisi, causing shares to plunge on the
Cairo bourse early in the week.
Egypt's blue-chip index rebounded for a second day,
gaining 1.9% with 27 of 30 stocks rising on the index.
The country's largest lender Commercial International Bank
jumped 4.1% and Cairo for Investment and Real Estate
Development (CIRA) surged 10%, its biggest since April
2011.
Prince Khaled’s KBW Ventures to increase investments in US tech sector - The National
Prince Khaled’s KBW Ventures to increase investments in US tech sector - The National:
KBW Ventures is looking to increase its investments in the US technology sector, its chairman Prince Khaled bin Alwaleed bin Talal said.
The venture capital arm of Dubai-based KBW Investments has already invested in 24 companies in e-gaming, e-commerce and the plant-based protein sector, among others, so far this year. It is planning to invest in five more companies by the end of 2019.
“Last month, we closed five investments and we are looking to increase our investments in the US. By the end of this year, we will have investments in about 30 companies,” Prince Khaled told The National. He did not provide details about the total value of the investments or the name of the companies.
KBW Ventures is looking to increase its investments in the US technology sector, its chairman Prince Khaled bin Alwaleed bin Talal said.
The venture capital arm of Dubai-based KBW Investments has already invested in 24 companies in e-gaming, e-commerce and the plant-based protein sector, among others, so far this year. It is planning to invest in five more companies by the end of 2019.
“Last month, we closed five investments and we are looking to increase our investments in the US. By the end of this year, we will have investments in about 30 companies,” Prince Khaled told The National. He did not provide details about the total value of the investments or the name of the companies.
Bounced cheque reports among 15 #Dubai police services to go online | Uae – Gulf News
Bounced cheque reports among 15 Dubai police services to go online | Uae – Gulf News:
As many as 15 public services by Dubai Police will not be provided in person, except in three stations, starting January 2, 2020. They will be offered only online.
The 15 services will be available on the Dubai Police app or other smart channels. The services pertain to reporting bounced cheques, lost and found enquiries, requests for report of traffic accidents without injuries, reports of traffic accident against the unknown, replacement of lost traffic accident reports, requests to release impounded vehicles, requests to pay fees for impounded vehicle, police clearance certificates, lost documents certificates, traffic fines clearance, to whomever it may concern certificates, work permits at night, detainee visit requests and traffic fines payment.
Major-General Dr Abdul Qudoos Abdul Razzaq Al Obaidly, assistant commander-in-chief for quality and excellence, said that the 15 services are part of 33 services provided by Dubai Police.
As many as 15 public services by Dubai Police will not be provided in person, except in three stations, starting January 2, 2020. They will be offered only online.
The 15 services will be available on the Dubai Police app or other smart channels. The services pertain to reporting bounced cheques, lost and found enquiries, requests for report of traffic accidents without injuries, reports of traffic accident against the unknown, replacement of lost traffic accident reports, requests to release impounded vehicles, requests to pay fees for impounded vehicle, police clearance certificates, lost documents certificates, traffic fines clearance, to whomever it may concern certificates, work permits at night, detainee visit requests and traffic fines payment.
Major-General Dr Abdul Qudoos Abdul Razzaq Al Obaidly, assistant commander-in-chief for quality and excellence, said that the 15 services are part of 33 services provided by Dubai Police.
#Saudi Crown Prince risks destroying his own script | Financial Times
Saudi Crown Prince risks destroying his own script | Financial Times:
When Prince Mohammed bin Salman announced his plans to launch an initial public offering for Saudi Aramco, he said taking the world’s biggest oil company public would create “more transparency”. In theory, he was right. A well-managed IPO should subject the kingdom’s national champion to scrutiny like never before, forcing it to open its books and become accountable to outside shareholders. Three years on, Prince Mohammed, the headstrong de facto leader of the kingdom, is destroying his own script.
The Financial Times reported last week that the government is pressing wealthy Saudis to become cornerstone investors as part of a plan to achieve the $2tn valuation coveted by the Crown Prince. There is nothing unusual about securing anchor investors ahead of an IPO. But the fear is the heir apparent is determined to dictate the terms of the partial privatisation rather than leave it to market forces. The Saudi government denied putting pressure on families or individuals. Saying no to Prince Mohammed, however, would not be an easy option even if there were no coercion, given his propensity to detain or silence critics and rivals.
When Prince Mohammed bin Salman announced his plans to launch an initial public offering for Saudi Aramco, he said taking the world’s biggest oil company public would create “more transparency”. In theory, he was right. A well-managed IPO should subject the kingdom’s national champion to scrutiny like never before, forcing it to open its books and become accountable to outside shareholders. Three years on, Prince Mohammed, the headstrong de facto leader of the kingdom, is destroying his own script.
The Financial Times reported last week that the government is pressing wealthy Saudis to become cornerstone investors as part of a plan to achieve the $2tn valuation coveted by the Crown Prince. There is nothing unusual about securing anchor investors ahead of an IPO. But the fear is the heir apparent is determined to dictate the terms of the partial privatisation rather than leave it to market forces. The Saudi government denied putting pressure on families or individuals. Saying no to Prince Mohammed, however, would not be an easy option even if there were no coercion, given his propensity to detain or silence critics and rivals.
#AbuDhabi launches freehold residential project in financial free zone - Reuters
Abu Dhabi launches freehold residential project in financial free zone - Reuters:
Privately owned Webridge Properties, in partnership with Mubadala Investment Co, has launched the first freehold residential project in Abu Dhabi’s financial free zone.
Abu Dhabi this year has made changes to its real estate laws allowing foreign investors to own freehold property in designated zones.
The Al Maryah island, home to Abu Dhabi’s financial free zone currently has only commercial properties such as hotels, retailers, offices and the Cleveland Clinic, where hundreds of foreign nationals work.
Privately owned Webridge Properties, in partnership with Mubadala Investment Co, has launched the first freehold residential project in Abu Dhabi’s financial free zone.
Abu Dhabi this year has made changes to its real estate laws allowing foreign investors to own freehold property in designated zones.
The Al Maryah island, home to Abu Dhabi’s financial free zone currently has only commercial properties such as hotels, retailers, offices and the Cleveland Clinic, where hundreds of foreign nationals work.
Oil Steady as Investors Weigh Trade Hope Against #Saudi Recovery - Bloomberg
Oil Steady as Investors Weigh Trade Hope Against Saudi Recovery - Bloomberg:
Oil was steady as investors weighed prospects of a thaw in the U.S.-China trade war against indications Saudi Arabia is recovering quicker than expected from the biggest attacks ever on its energy industry.
Futures rose 0.4% in New York after sliding 3.7% over the previous two sessions. President Donald Trump said Wednesday that a deal with Beijing could happen “sooner than you think,” offering a glimmer of hope for global oil demand. Saudi Arabia has boosted total production capacity to more than 11 million barrels a day, according to people with knowledge of the matter, beating its own target by about a week.
Oil was steady as investors weighed prospects of a thaw in the U.S.-China trade war against indications Saudi Arabia is recovering quicker than expected from the biggest attacks ever on its energy industry.
Futures rose 0.4% in New York after sliding 3.7% over the previous two sessions. President Donald Trump said Wednesday that a deal with Beijing could happen “sooner than you think,” offering a glimmer of hope for global oil demand. Saudi Arabia has boosted total production capacity to more than 11 million barrels a day, according to people with knowledge of the matter, beating its own target by about a week.
#Dubai’s Desperate Realtors Told Not to Hound Clients at Showcase - Bloomberg
Dubai’s Desperate Realtors Told Not to Hound Clients at Showcase - Bloomberg:
Gone are the days of dancing fountains, sky gardens and scuffles for the latest outlandish project. Dubai’s property showcase is a much more subdued affair this year.
As the city’s real estate sector suffers its worst run since the 2009 global crisis, Cityscape Global -- the emirate’s largest annual real estate conference -- is also adjusting to the new reality.
Some of Dubai’s flagship developers such as Emaar Properties PJSC -- builder of the world’s tallest tower -- and Damac Properties that built U.S. President Donald Trump’s golf resort in the emirate -- were notably absent from the event that started Wednesday. Many of those that did show up -- such as Nakheel PJSC, which built the palm-shaped islands and teetered on the brink of default almost a decade ago -- peddled existing developments.
Gone are the days of dancing fountains, sky gardens and scuffles for the latest outlandish project. Dubai’s property showcase is a much more subdued affair this year.
As the city’s real estate sector suffers its worst run since the 2009 global crisis, Cityscape Global -- the emirate’s largest annual real estate conference -- is also adjusting to the new reality.
Some of Dubai’s flagship developers such as Emaar Properties PJSC -- builder of the world’s tallest tower -- and Damac Properties that built U.S. President Donald Trump’s golf resort in the emirate -- were notably absent from the event that started Wednesday. Many of those that did show up -- such as Nakheel PJSC, which built the palm-shaped islands and teetered on the brink of default almost a decade ago -- peddled existing developments.
#UAE reports surplus in consolidated government finances | ZAWYA MENA Edition
UAE reports surplus in consolidated government finances | ZAWYA MENA Edition:
UAE reported a surplus of AED49.42 billion in consolidated government finances during H1 2019, a growth of 35.4 percent on the comparable period in 2018, figures revealed by the Ministry of Finance indicate.
The growth is driven by a significant rise in revenues from January through June to AED249.87 billion, with expenses standing at AED200.45 billion.
The largest share of revenues came from 'other sources' , amounting to AED132.63 billion since the beginning of the year until the end of June against AED127.75 billion on the comparable period of 2018.
UAE reported a surplus of AED49.42 billion in consolidated government finances during H1 2019, a growth of 35.4 percent on the comparable period in 2018, figures revealed by the Ministry of Finance indicate.
The growth is driven by a significant rise in revenues from January through June to AED249.87 billion, with expenses standing at AED200.45 billion.
The largest share of revenues came from 'other sources' , amounting to AED132.63 billion since the beginning of the year until the end of June against AED127.75 billion on the comparable period of 2018.
U.S. slaps new sanctions on Chinese entities over #Iran oil - Reuters
U.S. slaps new sanctions on Chinese entities over Iran oil - Reuters:
The United States is imposing new sanctions on certain Chinese entities and people who it accuses of knowingly transferring oil from Iran in violation of Washington’s curbs on Tehran, U.S. Secretary of State Mike Pompeo said on Wednesday.
The U.S. Treasury Department announced that it placing sanctions on five Chinese nationals and six entities, including two Cosco Shipping Corporation subsidiaries.
“And we are telling China, and all nations: know that we will sanction every violation,” Pompeo said at a conference on the sidelines of the United Nations General Assembly in New York.
The United States is imposing new sanctions on certain Chinese entities and people who it accuses of knowingly transferring oil from Iran in violation of Washington’s curbs on Tehran, U.S. Secretary of State Mike Pompeo said on Wednesday.
The U.S. Treasury Department announced that it placing sanctions on five Chinese nationals and six entities, including two Cosco Shipping Corporation subsidiaries.
“And we are telling China, and all nations: know that we will sanction every violation,” Pompeo said at a conference on the sidelines of the United Nations General Assembly in New York.
MIDEAST STOCKS- #Saudi gains as oil output recovers; other markets mixed - Agricultural Commodities - Reuters
MIDEAST STOCKS-Saudi gains as oil output recovers; other markets mixed - Agricultural Commodities - Reuters:
Saudi Arabia’s key stock index rose 0.2%, with Al Rjahi Bank gaining 1%, while Sahara International Petrochemical (Sipchem) advanced 3.4% after its board approved a higher first-half dividend compared to a year earlier.
Other petrochemical stocks also increased after they said feedstock supplies from Saudi Aramco (IPO-ARAM.SE) returned to normal. Saudi Kayan Petrochemical added 1.2% and Rabigh Refining And Petrochemical climbed 0.3%.
Qatar traded 0.1% higher, with Mesaieed Petrochemical Holding rising 2.3%, while Qatar Islamic Bank gained 0.5%.
Rating agency Moody’s on Tuesday said the outlook for Qatar’s banking sector remained stable as infrastructure spending drives economic growth.
Saudi Arabia’s key stock index rose 0.2%, with Al Rjahi Bank gaining 1%, while Sahara International Petrochemical (Sipchem) advanced 3.4% after its board approved a higher first-half dividend compared to a year earlier.
Other petrochemical stocks also increased after they said feedstock supplies from Saudi Aramco (IPO-ARAM.SE) returned to normal. Saudi Kayan Petrochemical added 1.2% and Rabigh Refining And Petrochemical climbed 0.3%.
Qatar traded 0.1% higher, with Mesaieed Petrochemical Holding rising 2.3%, while Qatar Islamic Bank gained 0.5%.
Rating agency Moody’s on Tuesday said the outlook for Qatar’s banking sector remained stable as infrastructure spending drives economic growth.
OPEC's Barkindo says quick #Saudi response was key to curbing volatility - Reuters
OPEC's Barkindo says quick Saudi response was key to curbing volatility - Reuters:
Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities, OPEC Secretary General Mohammed Barkindo said on Thursday.
Barkindo told an energy conference in Kazakhstan that an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us”.
The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics”, he said.
Saudi Arabia’s quick moves to restore output have been crucial to curbing oil price volatility after the global oil market had been shaken up following the attacks on some of its facilities, OPEC Secretary General Mohammed Barkindo said on Thursday.
Barkindo told an energy conference in Kazakhstan that an extraordinary meeting of OPEC members and fellow oil exporters was not on the cards as Saudi Arabia has restored the bulk of its supply and the incident was “behind us”.
The group remains focused on maintaining oil price stability and “will do whatever it takes to insulate oil from politics”, he said.
#Saudi attacks unlikely to have major impact on LNG supply - IEA - Reuters
Saudi attacks unlikely to have major impact on LNG supply - IEA - Reuters:
Recent attacks on Saudi Arabia’s oil facilities are unlikely to have a major immediate impact on the supply of liquefied natural gas, a senior official at the International Energy Agency (IEA) said at a press briefing on Thursday.
But if the security situation worsens in the Middle East, in particular the Strait of Hormuz, then it may hit LNG supply from Qatar and the United Arab Emirates, said Keisuke Sadamori, director of IEA’S Energy Markets and Security division.
The share of Qatar and UAE in global trade is about one quarter, he said.
Recent attacks on Saudi Arabia’s oil facilities are unlikely to have a major immediate impact on the supply of liquefied natural gas, a senior official at the International Energy Agency (IEA) said at a press briefing on Thursday.
But if the security situation worsens in the Middle East, in particular the Strait of Hormuz, then it may hit LNG supply from Qatar and the United Arab Emirates, said Keisuke Sadamori, director of IEA’S Energy Markets and Security division.
The share of Qatar and UAE in global trade is about one quarter, he said.
Tokyo bourse owner feels #Saudi Aramco IPO plans intact -Jiji - Reuters
Tokyo bourse owner feels Saudi Aramco IPO plans intact -Jiji - Reuters:
Japan Exchange Group, owner of the Tokyo Stock Exchange, has contacted Saudi Aramco and feels the listing plan for the world’s largest oil company remains intact, Japan’s Jiji Press quoted CEO Akira Kiyota as saying.
Kiyota said Aramco officials were planning to visit Japan in October and a meeting with them was possible, Jiji reported on Thursday.
Saudi Arabia is unlikely to list state-owned Aramco this year after attacks this month on its facilities, sources told Reuters this week.
Japan Exchange Group, owner of the Tokyo Stock Exchange, has contacted Saudi Aramco and feels the listing plan for the world’s largest oil company remains intact, Japan’s Jiji Press quoted CEO Akira Kiyota as saying.
Kiyota said Aramco officials were planning to visit Japan in October and a meeting with them was possible, Jiji reported on Thursday.
Saudi Arabia is unlikely to list state-owned Aramco this year after attacks this month on its facilities, sources told Reuters this week.
Oil slips on weak demand outlook, returning #Saudi supply - Reuters
Oil slips on weak demand outlook, returning Saudi supply - Reuters:
Oil prices edged lower on Thursday, extending losses from the previous two sessions, as Saudi Arabia quickly regained production volumes after an attack on its oil facilities and amid increasing signs of slowing demand.
Brent crude LCOc1 futures were at $62.36 a barrel, down 3 cents, or 0.1%, from the previous close, by 0659 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were 9 cents lower, or 0.2%, to $56.40 a barrel.
Brent and WTI prices have dropped 3.7% and 3.8%, respectively, since their close on Monday, weighed down by a surprise 2.4 million-barrel build in U.S. crude inventories last week, and a faster-than-expected recovery of Saudi output capacity after the Sept. 14 attacks on two of its oil processing plants.
Oil prices edged lower on Thursday, extending losses from the previous two sessions, as Saudi Arabia quickly regained production volumes after an attack on its oil facilities and amid increasing signs of slowing demand.
Brent crude LCOc1 futures were at $62.36 a barrel, down 3 cents, or 0.1%, from the previous close, by 0659 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were 9 cents lower, or 0.2%, to $56.40 a barrel.
Brent and WTI prices have dropped 3.7% and 3.8%, respectively, since their close on Monday, weighed down by a surprise 2.4 million-barrel build in U.S. crude inventories last week, and a faster-than-expected recovery of Saudi output capacity after the Sept. 14 attacks on two of its oil processing plants.