Crude Surrenders Gains as Trade Talks Loom, Demand Woes Deepen - Bloomberg:
Oil surrendered the biggest gains in more than two weeks amid conflicting signals about economic growth, energy demand and geopolitical stability.
Futures settled little changed in New York on Monday. At one point during the session, crude climbed $1.25 a barrel, presenting explorers with an opportunity to lock in prices for future output through hedges.
Just days ahead of highly-anticipated trade talks between the world’s two largest economies, Chinese officials signaled reluctance to address some of U.S. President Donald Trump’s primary themes. Separately, Trump threatened to “destroy and obliterate” Turkey’s economy if Ankara takes unspecified “off limits” actions in neighboring Syria.
Monday 7 October 2019
Cash-Strapped Lebanon Turns to #UAE for Financial Support - Bloomberg
Cash-Strapped Lebanon Turns to U.A.E. for Financial Support - Bloomberg:
Lebanese officials are in the United Arab Emirates seeking financial support to help keep the country afloat as it seeks to take painful austerity measures to restore investor confidence.
Central bank governor Riad Salameh said Lebanon was looking for assistance from its Gulf Arab ally and Prime Minister Saad Hariri, who traveled to Abu Dhabi at the head of a ministerial delegation, told Reuters he hoped for a cash injection into the central bank.
The comments came during an investment forum aimed at luring Emirati investment back to Lebanon, which faces mounting borrowing costs and pressure on its foreign reserves.
Lebanese officials are in the United Arab Emirates seeking financial support to help keep the country afloat as it seeks to take painful austerity measures to restore investor confidence.
Central bank governor Riad Salameh said Lebanon was looking for assistance from its Gulf Arab ally and Prime Minister Saad Hariri, who traveled to Abu Dhabi at the head of a ministerial delegation, told Reuters he hoped for a cash injection into the central bank.
The comments came during an investment forum aimed at luring Emirati investment back to Lebanon, which faces mounting borrowing costs and pressure on its foreign reserves.
Rolls-Royce Doubtful About Sealing Emirates Deal for #Dubai Show - Bloomberg
Rolls-Royce Doubtful About Sealing Emirates Deal for Dubai Show - Bloomberg:
Rolls-Royce Holdings Plc cast doubt on the likelihood that a $21 billion Emirates order for 70 Airbus SE jets equipped with the U.K. company’s engines will be signed at the Dubai Airshow next month.
Finalization of the deal for A350 and A330 wide-bodies, announced in February alongside a restructuring of the carrier’s remaining A380 superjumbo orders, is being delayed by issues concerning price and the performance of the planes, said John Kelly, Rolls’s senior vice president for the Middle East and Africa.
“In terms of this air show, we don’t expect any major announcements,” he said in an interview.
Rolls-Royce Holdings Plc cast doubt on the likelihood that a $21 billion Emirates order for 70 Airbus SE jets equipped with the U.K. company’s engines will be signed at the Dubai Airshow next month.
Finalization of the deal for A350 and A330 wide-bodies, announced in February alongside a restructuring of the carrier’s remaining A380 superjumbo orders, is being delayed by issues concerning price and the performance of the planes, said John Kelly, Rolls’s senior vice president for the Middle East and Africa.
“In terms of this air show, we don’t expect any major announcements,” he said in an interview.
With new spare capacity, Russia joins ranks of oil's swing producers - Reuters
With new spare capacity, Russia joins ranks of oil's swing producers - Reuters:
When Saudi Arabian oil installations sustained major attacks last month, Russia’s energy minister, Alexander Novak, was ready to ramp up production to fill the supply gap.
“If there had been a need we would have been ready for coordinated action,” Novak told Reuters in an interview in Moscow.
“We had a call with the Saudi minister ... He said they were managing. And I felt there was no need for any extraordinary measures.”
When Saudi Arabian oil installations sustained major attacks last month, Russia’s energy minister, Alexander Novak, was ready to ramp up production to fill the supply gap.
“If there had been a need we would have been ready for coordinated action,” Novak told Reuters in an interview in Moscow.
“We had a call with the Saudi minister ... He said they were managing. And I felt there was no need for any extraordinary measures.”
#Qatar Petroleum takes over Idd el-Shargi North and South Dome oilfields - Reuters
Qatar Petroleum takes over Idd el-Shargi North and South Dome oilfields - Reuters:
Qatar Petroleum has assumed operatorship of the Idd el-Shargi North Dome and South Dome offshore oilfields, the company said in a statement.
Development and production sharing agreements with Occidental Petroleum of Qatar Ltd. for both oilfields expired on Oct. 6 2019.
Qatar Petroleum has assumed operatorship of the Idd el-Shargi North Dome and South Dome offshore oilfields, the company said in a statement.
Development and production sharing agreements with Occidental Petroleum of Qatar Ltd. for both oilfields expired on Oct. 6 2019.
Lebanon dollar bonds rise on hopes of #UAE financial support - Reuters
Lebanon dollar bonds rise on hopes of UAE financial support - Reuters:
Lebanon’s dollar-denominated sovereign bonds rose on Monday on hopes the government might secure a cash injection from the United Arab Emirates.
Longer-dated issues climbed the most, with the 2037 issue up 0.6 cents to 65.96 cents in the dollar, while the 2032 issue edged up 0.5 cents to 65.57 cents in the dollar, according to Tradeweb data.
Lebanon’s Prime Minister Saad al-Hariri is visiting UAE in an effort to drum up financial support and investment for the country’s ailing economy.
Lebanon’s dollar-denominated sovereign bonds rose on Monday on hopes the government might secure a cash injection from the United Arab Emirates.
Longer-dated issues climbed the most, with the 2037 issue up 0.6 cents to 65.96 cents in the dollar, while the 2032 issue edged up 0.5 cents to 65.57 cents in the dollar, according to Tradeweb data.
Lebanon’s Prime Minister Saad al-Hariri is visiting UAE in an effort to drum up financial support and investment for the country’s ailing economy.
#UAE lifts Lebanon travel ban as Beirut seeks support for ailing economy - Reuters
UAE lifts Lebanon travel ban as Beirut seeks support for ailing economy - Reuters:
The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday as the Beirut government sought UAE help in steering the heavily indebted economy out of deep crisis.
Prime Minister Saad al-Hariri, leading a delegation to Abu Dhabi seeking support, had told Reuters he was hoping the UAE would inject cash into its central bank.
Before the lifting of the travel ban was announced, Hariri said he was “optimistic” after visiting the UAE and meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. He said the UAE would announce any support initiative that may come. “The atmosphere is good,” Hariri said on Twitter.
The United Arab Emirates lifted a ban on its citizens visiting Lebanon on Monday as the Beirut government sought UAE help in steering the heavily indebted economy out of deep crisis.
Prime Minister Saad al-Hariri, leading a delegation to Abu Dhabi seeking support, had told Reuters he was hoping the UAE would inject cash into its central bank.
Before the lifting of the travel ban was announced, Hariri said he was “optimistic” after visiting the UAE and meeting with Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed al-Nahyan. He said the UAE would announce any support initiative that may come. “The atmosphere is good,” Hariri said on Twitter.
Stocks fall, dollar rises as investors worry about trade - Reuters
Stocks fall, dollar rises as investors worry about trade - Reuters:
Oil prices settled slightly lower, paring early gains as hopes of a comprehensive U.S.-China trade deal faded and a new poll showed analysts expect U.S. crude oil inventories to have risen last week. Hopes of U.S.-China trade progress had helped lift oil prices earlier in the session.
Brent Crude futures LCOc1settled down 2 cents at $58.35 and U.S. crude CLc1finished down 6 cents at $$52.75.
Oil prices settled slightly lower, paring early gains as hopes of a comprehensive U.S.-China trade deal faded and a new poll showed analysts expect U.S. crude oil inventories to have risen last week. Hopes of U.S.-China trade progress had helped lift oil prices earlier in the session.
Brent Crude futures LCOc1settled down 2 cents at $58.35 and U.S. crude CLc1finished down 6 cents at $$52.75.
MIDEAST STOCKS-Egypt gains on talks for IMF assistance, Banks weigh on #Saudi - Reuters
MIDEAST STOCKS-Egypt gains on talks for IMF assistance, Banks weigh on Saudi - Reuters:
Egypt's blue-chip shares rose sharply on
Monday, boosted by financial shares amid talks over possible
further assistance from the International Monetary Fund (IMF),
while banking shares dragged down Saudi stocks.
Egypt's blue-chip index rose 1.5% in its first day
of trading since the central bank governor said Cairo was in
talks with the International Monetary Fund (IMF) on further
assistance to help it carry out structural reforms.
Egypt’s current $12 billion three-year IMF program ends next
month.
Egypt's blue-chip shares rose sharply on
Monday, boosted by financial shares amid talks over possible
further assistance from the International Monetary Fund (IMF),
while banking shares dragged down Saudi stocks.
Egypt's blue-chip index rose 1.5% in its first day
of trading since the central bank governor said Cairo was in
talks with the International Monetary Fund (IMF) on further
assistance to help it carry out structural reforms.
Egypt’s current $12 billion three-year IMF program ends next
month.
Oil Edges Higher as Market Eyes Trade Talks Later This Week - Bloomberg
Oil Edges Higher as Market Eyes Trade Talks Later This Week - Bloomberg:
Oil pared its biggest weekly drop since July ahead of the resumption of U.S.-China trade talks later this week that may sway a cloudy demand outlook.
Futures in New York added as much as 0.8% after losing 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad deal pursued by President Donald Trump, according to people familiar with the discussions, before high-level talks that are set to resume Thursday.
Oil fell for eight days through Thursday as a slew of disappointing economic data highlighted the increasing toll the trade war is taking on the global economy. Prices are now well below the level just before the Sept. 14 attacks on Saudi Arabia, even amid a lack of progress in resolving tensions in the Middle East. The end of the U.S. summer driving season is also eroding demand, with hedge fund bets on a crude price rally falling to an eight-month low.
Oil pared its biggest weekly drop since July ahead of the resumption of U.S.-China trade talks later this week that may sway a cloudy demand outlook.
Futures in New York added as much as 0.8% after losing 5.5% last week. Chinese officials are signaling they’re increasingly reluctant to agree to a broad deal pursued by President Donald Trump, according to people familiar with the discussions, before high-level talks that are set to resume Thursday.
Oil fell for eight days through Thursday as a slew of disappointing economic data highlighted the increasing toll the trade war is taking on the global economy. Prices are now well below the level just before the Sept. 14 attacks on Saudi Arabia, even amid a lack of progress in resolving tensions in the Middle East. The end of the U.S. summer driving season is also eroding demand, with hedge fund bets on a crude price rally falling to an eight-month low.
#Saudi, #Oman face higher pressure to provide private sector jobs than #UAE, #Qatar | ZAWYA MENA Edition
Saudi, Oman face higher pressure to provide private sector jobs than UAE, Qatar | ZAWYA MENA Edition:
With low oil price prospects, Arab Gulf countries are expected to advance labour force nationalisation policies, yet some countries of the bloc will go in for stricter policy implementation than others, according to Fitch Solutions.
“Countries like the UAE and Qatar that are relatively wealthier, have more fiscal flexibility and smaller youth population are under less pressure to implement labour force nationalisation,” Selim Elbadri, MENA Country Risk Analyst, Fitch Solutions said at a live webinar.
“There are divergent priorities with regards to labour force nationalisation across the bloc. This why we think some countries will be stricter than others when it comes to implementation,” he said.
With low oil price prospects, Arab Gulf countries are expected to advance labour force nationalisation policies, yet some countries of the bloc will go in for stricter policy implementation than others, according to Fitch Solutions.
“Countries like the UAE and Qatar that are relatively wealthier, have more fiscal flexibility and smaller youth population are under less pressure to implement labour force nationalisation,” Selim Elbadri, MENA Country Risk Analyst, Fitch Solutions said at a live webinar.
“There are divergent priorities with regards to labour force nationalisation across the bloc. This why we think some countries will be stricter than others when it comes to implementation,” he said.
MIDEAST STOCKS-Financials weigh on #Saudi and #Qatar markets - Reuters
MIDEAST STOCKS-Financials weigh on Saudi and Qatar markets - Reuters:
Saudi Arabian and Qatari stocks slipped in early trade on Monday, pulled lower by a drop in financials in both the countries.
Saudi Arabia’s benchmark index was down 0.5% at 7,926 points, set for its fourth session of losses in five. Riyad Bank dropped 1.4% and Arab National Bank dipped 1.2%.
Saudi Advanced Industries declined 4.9% after it said that an agreement for the sale of its 10% stake in Alsalam Aerospace Industries was extended further for a period of six months.
Saudi Arabian and Qatari stocks slipped in early trade on Monday, pulled lower by a drop in financials in both the countries.
Saudi Arabia’s benchmark index was down 0.5% at 7,926 points, set for its fourth session of losses in five. Riyad Bank dropped 1.4% and Arab National Bank dipped 1.2%.
Saudi Advanced Industries declined 4.9% after it said that an agreement for the sale of its 10% stake in Alsalam Aerospace Industries was extended further for a period of six months.
Former Barclays bankers face #Qatar fraud retrial at Old Bailey | Financial Times
Former Barclays bankers face Qatar fraud retrial at Old Bailey | Financial Times:
Three former top bankers at Barclays will enter London’s Old Bailey on Monday for the start of their second jury trial over the bank’s arrangements with Qatar at the height of the financial crisis.
Roger Jenkins, Tom Kalaris and Richard Boath are charged with criminal offences following a Serious Fraud Office investigation dating back to 2012 that has cost millions of pounds in special taxpayer funds ringfenced by the Treasury.
All three face charges of conspiracy to commit fraud by false representation, as well as substantive fraud offences. They deny the charges, which carry a maximum 10-year sentence.
Three former top bankers at Barclays will enter London’s Old Bailey on Monday for the start of their second jury trial over the bank’s arrangements with Qatar at the height of the financial crisis.
Roger Jenkins, Tom Kalaris and Richard Boath are charged with criminal offences following a Serious Fraud Office investigation dating back to 2012 that has cost millions of pounds in special taxpayer funds ringfenced by the Treasury.
All three face charges of conspiracy to commit fraud by false representation, as well as substantive fraud offences. They deny the charges, which carry a maximum 10-year sentence.
Surging Scooter Startup Raises $60 Million Led by #UAE’s Mubadala - Bloomberg
Surging Scooter Startup Raises $60 Million Led by UAE’s Mubadala - Bloomberg:
One of Europe’s biggest e-scooter sharing companies said it has raised $60 million in new financing, led in part by one of the sovereign wealth vehicles behind SoftBank Group Corp.’s gargantuan Vision Fund.
Berlin-based Tier Mobility, a primary competitor to U.S. e-scooter unicorns Lime and Bird, said it would use the money to accelerate its expansion across the continent, which presently extends to more than 40 cities in 12 countries. A valuation wasn’t disclosed, though by Tier’s own calculations, its 10 million rides in eleven months of operation mark it as the fastest-growing mobility startup yet.
Leading the German startup’s new funding is Mubadala Capital, an arm of Abu Dhabi’s sovereign wealth-backed Mubadala Investment Co., alongside Silicon Valley’s Goodwater Capital. Mubadala forms part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments, and in 2017 it committed $15 billion to SoftBank’s $100 billion Vision Fund.
One of Europe’s biggest e-scooter sharing companies said it has raised $60 million in new financing, led in part by one of the sovereign wealth vehicles behind SoftBank Group Corp.’s gargantuan Vision Fund.
Berlin-based Tier Mobility, a primary competitor to U.S. e-scooter unicorns Lime and Bird, said it would use the money to accelerate its expansion across the continent, which presently extends to more than 40 cities in 12 countries. A valuation wasn’t disclosed, though by Tier’s own calculations, its 10 million rides in eleven months of operation mark it as the fastest-growing mobility startup yet.
Leading the German startup’s new funding is Mubadala Capital, an arm of Abu Dhabi’s sovereign wealth-backed Mubadala Investment Co., alongside Silicon Valley’s Goodwater Capital. Mubadala forms part of Abu Dhabi’s efforts to diversify its economy by turning oil revenue into profitable investments, and in 2017 it committed $15 billion to SoftBank’s $100 billion Vision Fund.
CNPC Quits Flagship #Iran Gas Project as U.S. Sanctions Bite - Bloomberg
CNPC Quits Flagship Iran Gas Project as U.S. Sanctions Bite - Bloomberg:
China National Petroleum Corp. is no longer a partner in Iran’s biggest natural gas project, and the Persian Gulf nation will develop Phase 11 of the giant South Pars field on its own, Oil Minister Bijan Namdar Zanganeh said.
CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran. Phase 11 was the biggest infrastructure development project with major foreign participants that Iran arranged after the accord took effect.
The Chinese company was “dismissed” from the project, Zanganeh says, according to the ministry’s Shana news service in a report that gave no explanation for the dismissal. Iran’s Petropars Ltd. will take over CNPC’s stake and be sole participant in Phase 11, he said.
China National Petroleum Corp. is no longer a partner in Iran’s biggest natural gas project, and the Persian Gulf nation will develop Phase 11 of the giant South Pars field on its own, Oil Minister Bijan Namdar Zanganeh said.
CNPC was the only international partner left in the project, after Total SA of France withdrew last year when U.S. President Donald Trump abandoned the 2015 nuclear accord and reimposed sanctions on Iran. Phase 11 was the biggest infrastructure development project with major foreign participants that Iran arranged after the accord took effect.
The Chinese company was “dismissed” from the project, Zanganeh says, according to the ministry’s Shana news service in a report that gave no explanation for the dismissal. Iran’s Petropars Ltd. will take over CNPC’s stake and be sole participant in Phase 11, he said.
End-of-Summer Blues Drop Bullish Oil Bets Into Eight-Month Low - Bloomberg
End-of-Summer Blues Drop Bullish Oil Bets Into Eight-Month Low - Bloomberg:
As temperatures cool, so does enthusiasm for oil.
With the end of the summer-driving period taking away a key factor supporting demand, hedge fund bets on a crude price rally in New York and London have plunged to the lowest in eight months, data released Friday show. Meanwhile, U.S. gasoline consumption is at its lowest since March.
“We are heading into a seasonally weak demand period,” said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle. “The biggest driver is gasoline consumption.”
As temperatures cool, so does enthusiasm for oil.
With the end of the summer-driving period taking away a key factor supporting demand, hedge fund bets on a crude price rally in New York and London have plunged to the lowest in eight months, data released Friday show. Meanwhile, U.S. gasoline consumption is at its lowest since March.
“We are heading into a seasonally weak demand period,” said Rob Haworth, who helps oversee $151 billion at U.S. Bank Wealth Management in Seattle. “The biggest driver is gasoline consumption.”
#Saudi mining giant Ma'aden renews focus on gold, aims to produce 250,000 ounces annually | ZAWYA MENA Edition
Saudi mining giant Ma'aden renews focus on gold, aims to produce 250,000 ounces annually | ZAWYA MENA Edition:
Saudi Arabia’s state-run mining firm, Ma’aden, faces a tough task to achieve its goal of more than doubling its gold output by 2025, while higher costs are also hurting production margins. But with prices for the yellow metal in the ascendant, the company’s decision to invest heavily in opening new gold mines looks a smart move.
Founded in 1997 by royal decree, Ma’aden’s three main divisions are phosphate, aluminium and gold. In the first half of 2019, phosphate and aluminium accounted for 49 and 42 percent of sales revenue, with gold generating the remaining 9 percent.
Yet Ma’aden aims to increase the relative importance of its gold mining subsidiary, which in July awarded a 2.3 billion riyal contract ($606 million) to India’s L&T Construction to build production facilities at two new mines at Mansourah and Massarah.
Saudi Arabia’s state-run mining firm, Ma’aden, faces a tough task to achieve its goal of more than doubling its gold output by 2025, while higher costs are also hurting production margins. But with prices for the yellow metal in the ascendant, the company’s decision to invest heavily in opening new gold mines looks a smart move.
Founded in 1997 by royal decree, Ma’aden’s three main divisions are phosphate, aluminium and gold. In the first half of 2019, phosphate and aluminium accounted for 49 and 42 percent of sales revenue, with gold generating the remaining 9 percent.
Yet Ma’aden aims to increase the relative importance of its gold mining subsidiary, which in July awarded a 2.3 billion riyal contract ($606 million) to India’s L&T Construction to build production facilities at two new mines at Mansourah and Massarah.
OPEC's Barkindo says too early to discuss deeper output cuts - TASS - Reuters
OPEC's Barkindo says too early to discuss deeper output cuts - TASS - Reuters:
It is too early for the Organization of Petroleum Exporting Countries (OPEC) to discuss deeper oil output cuts despite the decline in oil prices, OPEC Secretary-General Mohammed Barkindo was quoted as saying by Russian news agency TASS on Monday.
OPEC is counting on Russia to help sooth tensions between Iran and Saudi Arabia in order to help the global oil market stabilize, Barkindo was quoted by TASS as saying.
It is too early for the Organization of Petroleum Exporting Countries (OPEC) to discuss deeper oil output cuts despite the decline in oil prices, OPEC Secretary-General Mohammed Barkindo was quoted as saying by Russian news agency TASS on Monday.
OPEC is counting on Russia to help sooth tensions between Iran and Saudi Arabia in order to help the global oil market stabilize, Barkindo was quoted by TASS as saying.
Oil prices little changed, cautious mood ahead of U.S.-China trade talks - Reuters
Oil prices little changed, cautious mood ahead of U.S.-China trade talks - Reuters:
Oil prices were mixed on Monday with traders pegging cautious hopes for a rebound from last week’s losses on progress in talks on ending the U.S.-China trade war, against a backdrop of global economic slowdown weighing on future oil demand.
Brent crude futures LCOc1 edged down 1 cent to $58.36 a barrel by 0656 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was at $52.85, up 4 cents.
Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world’s top economies hurts global growth and raises the risk of recession.
Oil prices were mixed on Monday with traders pegging cautious hopes for a rebound from last week’s losses on progress in talks on ending the U.S.-China trade war, against a backdrop of global economic slowdown weighing on future oil demand.
Brent crude futures LCOc1 edged down 1 cent to $58.36 a barrel by 0656 GMT, while U.S. West Texas Intermediate (WTI) crude CLc1 was at $52.85, up 4 cents.
Both contracts ended last week with a more-than-5% decline after dismal manufacturing data from the United States and China, as the lingering row between the world’s top economies hurts global growth and raises the risk of recession.
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