API Reports Yet Another Big Oil Inventory Build | OilPrice.com

API Reports Yet Another Big Oil Inventory Build | OilPrice.com:

The American Petroleum Institute (API) has estimated a crude oil inventory build of 4.45 million barrels for the week ending October 17—compared to analyst expectations of a 2.232-million-barrel build.

Last week saw a large build crude oil inventories of 10.45 million barrels, according to API data. The EIA’s estimates were similar, reporting a slightly smaller—but still huge—9.3-million-barrel build for that week.

After today’s inventory move, the net draw for the year is now dwindling at 10.82 million barrels for the 43-week reporting period so far, using API data.

Oil prices rise on prospects for U.S.-China trade deal - Reuters

Oil prices rise on prospects for U.S.-China trade deal - Reuters:

Oil prices rose on Tuesday after China signaled progress in trade talks with the United States, but gains were capped by forecasts of a buildup in U.S. crude stockpiles.

Brent crude oil settled up 74 cents, or 1.3% at $59.70 a barrel, while U.S. West Texas Intermediate crude was 85 cents, or 1.6%, higher at $54.16 per barrel. 


Washington and Beijing have made progress in trade talks, China’s Vice Foreign Minister Le Yucheng said, and problems can be resolved as long as both sides respect each other.

Uganda Sees Investors Picked for Five Oil Blocks by End-2020 - Bloomberg

Uganda Sees Investors Picked for Five Oil Blocks by End-2020 - Bloomberg:

Uganda sees investors lined up for five oil blocks by the end of next year and expects to start producing crude as early as 2023.

The landlocked East African nation plans to build a pipeline to export its oil through neighboring Tanzania, Energy Minister Irene Muloni said in an interview in Dubai, where she is trying to drum up interest in the licenses Uganda is offering.

“There is a lot of money that needs to be sunk into exploration and development before you go into production,” she said on Bloomberg Television. “We hope by the end of next year, we will have new investors for these five blocks.”

Putin Conquered the Middle East. The U.S. Can Get It Back. - Bloomberg

Putin Conquered the Middle East. The U.S. Can Get It Back. - Bloomberg: Russia, President Barack Obama taunted in 2014, was a “regional power”: a country capable of making mischief in its neighborhood, but not of projecting global influence. It wouldn’t be surprising if in the last two weeks, Russian President Vladimir Putin has chuckled at the memory of that jibe.

Russian mercenaries now occupy positions in Syria held just days ago by U.S. forces — a symbol of the collapse of America’s position in the region and Moscow’s ascendance as the key power broker in the Syrian civil war. Meanwhile, Putin conducted a state visit to the United Arab Emirates (as part of a larger trip to the Persian Gulf), where Russian flags lined the streets upon his arrival. Russia now possesses greater influence in the Middle East than at any time since the height of Soviet power in the 1960s. Not bad for a country that has an economy the size of a middling European power. 

It’s hard to remember that only a few years ago, Moscow’s sole ally in the region - Bashar al-Assad’s Syrian regime – was tottering; it looked like Moscow was about to get pushed out of the region altogether. When Putin intervened militarily in Syria in 2015, Obama predicted that Russian forces would soon get stuck in a quagmire. It hasn’t turned out that way.

Aramco Pushing to Complete IPO This Year After Brief Delay - Bloomberg

Aramco Pushing to Complete IPO This Year After Brief Delay - Bloomberg:

Saudi Aramco is pushing to complete its initial public offering this year by relying more on local investors, after international money managers’ skepticism triggered a brief delay, people with knowledge of the matter said.

The state-owned oil producer is considering making a formal announcement of the listing plan as soon as the next few weeks, according to the people, who asked not to be identified because the information is private. The kickoff, originally slated for Oct. 20, was postponed after overseas investors pushed back at its touted $2 trillion valuation.

Aramco plans to press on with the listing plans by relying more on demand from Saudi Arabia and other parts of the Middle East, the people said. Some domestic funds have been invited to a meeting at Aramco’s headquarters in Dhahran on Wednesday to discuss the IPO and may be asked for commitments shortly afterward, the people said.

#AbuDhabi has seen a surge in new investments from China - FSRA CEO | ZAWYA MENA Edition

Abu Dhabi has seen a surge in new investments from China - FSRA CEO | ZAWYA MENA Edition:

The UAE’s capital has attracted high profile investments from China with several major entities looking to establish presence at the Abu Dhabi Global Market (ADGM), the international financial centre, according to the chief executive of the Financial Services Regulatory Authority (FSRA).

“We aim to aggregate liquidity and investments bringing together the best from the East and the West. In this regard, we have witnessed a sharp uptake in new investments from China,” said Richard Teng, CEO of FSRA.

Speaking at the Investor Forum of FinTech Abu Dhabi, Teng noted that Shanghai Stock Exchange will set up a “Belt and Road” international exchange in ADGM to meet the financing needs of investors and participants in the Belt and Road Initiative.

Emerging #Sharjah's demand for residential projects surges in Q2: Savills | ZAWYA MENA Edition

Emerging Sharjah's demand for residential projects surges in Q2: Savills | ZAWYA MENA Edition:

Growing population in Sharjah is driving an increase in demand for new residential units across Emerging Sharjah, a study by Savills showed.


According to Savills, enquiry levels across Emerging Sharjah increased by 50 percent from Q1 to Q2 2019 and the trend is expected to continue for the remainder of 2019.

University City grabs 36 percent of the total demand, followed by Al Khan at 24 percent, while Al Sharq District and Al Qassimiya District registered each 11 percent of the total demand.

Samsung, #UAE funds lead $55 million investment in quantum computing startup - Reuters

Samsung, UAE funds lead $55 million investment in quantum computing startup - Reuters:

U.S. quantum computing startup IonQ said on Tuesday it raised $55 million in a funding round that was led by venture funds backed by Samsung Electronics and the government of the United Arab Emirates.

With the investments from Samsung Catalyst Fund and Mubadala Capital, Maryland-based IonQ said its total funds raised to date reached $77 million. The company didn’t disclose its valuation.

Researchers believe quantum computers could operate millions of times faster than today’s advanced supercomputers, making potential tasks ranging from mapping complex molecular structures and chemical reactions to boosting the power of artificial intelligence possible.

#UAE's Masdar wins bid to develop Uzbekistan solar project - Reuters

UAE's Masdar wins bid to develop Uzbekistan solar project - Reuters:

UAE’s Masdar, a subsidiary of Mubadala Investment Company, said on Tuesday it had won a bid to develop Uzbekistan’s first public-private partnership (PPP) solar project. 


Masdar, one of the world’s leading renewable energy companies, will develop the 100-megawatt (MW) utility-scale solar plant, under the International Finance Corporation’s (IFC) Scaling Solar program.

The project will be located in the Navoi region of Uzbekistan.

DP World reports lower quarterly global cargo volumes, Dubai down again - Reuters

DP World reports lower quarterly global cargo volumes, Dubai down again - Reuters:

Port operator DP World (DPW.DI) reported on Tuesday a third quarter decline in cargo handled across its global portfolio as volumes fell in Dubai for a sixth consecutive quarter.

The operator said it handled 18 million twenty foot equivalent unit (TEU) containers in its ports in the three months to Sept. 30, down 1.6% on the same period a year ago.

It said a global trade row created a challenging environment. The United States and China have been locked in a trade row that has cast a shadow over global economic prospects.

MIDEAST STOCKS- #Saudi outperforms on Q3 results, #Dubai ends losing streak - Reuters

MIDEAST STOCKS-Saudi outperforms on Q3 results, Dubai ends losing streak - Reuters:

Saudi Arabia's stock market rose sharply
on Tuesday, outperforming other regional markets on the back of
strong corporate earnings, while Dubai rebounded through gains
in financials and property shares.

The Saudi benchmark index added 1.4% with Al Rajhi
Bank increasing 2.8% and Alinma Bank leaping
4.9%, its biggest intraday gain since April.

The latter reported a rise in third-quarter profit to 713
million riyals ($190.10 million) compared to 637 million a year
earlier.

Among other lenders, Bank Albilad jumped 4.5%
after it reported strong third-quarter earnings on Monday.

#SaudiArabia Comes Back to Bond Market With a $2.5 Billion Sukuk - Bloomberg

Saudi Arabia Comes Back to Bond Market With a $2.5 Billion Sukuk - Bloomberg:

Saudi Arabia is seeking to raise $2.5 billion of Islamic bonds as the world’s biggest oil exporter takes advantage of borrowing costs that are around the lowest in four years.

The kingdom’s government set initial price guidance for a 10-year sukuk at between 145 basis points and 150 basis points over the benchmark midswap rate, according to a person familiar with the deal who asked not to be identified because the information is private. Saudi Arabia’s $4 billion of securities due in April 2029 closed at a spread of 125 basis points on Monday, according to data compiled by Bloomberg.

The sale comes less than a week after oil giant Saudi Aramco delayed its planned initial public offering. That followed last month’s drone and missile strikes on Aramco’s facilities, which briefly halved its output. The kingdom has already raised $10.9 billion of Eurobonds this year, and the new deal will complete its funding requirements on international markets, according to the person.

Aramco Seeks Top Refining and Chemicals Spots to Bolster Growth - Bloomberg

Aramco Seeks Top Refining and Chemicals Spots to Bolster Growth - Bloomberg:

Saudi Aramco is pressing ahead with plans to become the world’s biggest oil refiner and a top chemicals maker to secure future demand for its crude and bolster growth. 

The state oil producer is looking to invest in projects that are already built or under construction in markets with the fastest-growing demand such as India and China, said Abdulaziz Al-Judaimi, Aramco’s senior vice president for downstream. Expanding in chemicals will boost profitability in this business, which processes crude into fuels like gasoline or products like plastics, he said.

“We have massive reserves” of oil, Al-Judaimi told reporters during a presentation at the company’s headquarters in Dhahran. “Our first objective is to monetize those reserves.”

Lebanon expects 'very positive' reaction to reforms from foreign donors: senior government adviser - Reuters

Lebanon expects 'very positive' reaction to reforms from foreign donors: senior government adviser - Reuters:

Reforms announced by Lebanon’s government are expected to get a “very positive” reaction from foreign donors and send a clear message that the country is handling its budget deficit, senior government adviser Nadim Munla said on Tuesday.

Munla said some political groups had suggested a cabinet reshuffle and such a move could be decided “within days” but had not yet reached a level of serious debate or come from Prime Minister Saad al-Hariri.

Munla said Lebanese bond holders would not be affected by reforms that include a reduction in debt servicing and that zero growth was expected in 2020.

UPDATE 1- #SaudiArabia hires JPMorgan, Standard Chartered for $2.5 bln sukuk - Reuters

UPDATE 1-Saudi Arabia hires JPMorgan, Standard Chartered for $2.5 bln sukuk - Reuters:

Saudi Arabia has hired banks including JPMorgan and Standard Chartered to manage a $2.5 billion issuance of sukuk, or Islamic bonds, the kingdom’s first international debt sale since an assault on its oil facilities last month.

The strikes, that initially halved Saudi crude production, led to a rating downgrade by Fitch, which cited increased geopolitical risks and the possibility of further attacks.

The sale of the new sukuk notes, due in 2029, will be completed on Tuesday. The notes offer an initial profit rate equivalent to between 145 and 150 basis points over mid-swaps, a document issued by one of the banks leading the deal showed.

#Qatar's Hamad airport to be expanded to handle 60 mln passengers - Reuters

Qatar's Hamad airport to be expanded to handle 60 mln passengers - Reuters:

Qatar’s Hamad International Airport will be expanded to handle over 60 million passengers a year after 2022, the airport said on Tuesday.

Qatar’s main commercial airport, used by state carrier Qatar Airways, handled 34.5 million passengers in 2018.

It has already been announced capacity will be increased to over 53 million passengers a year by 2022 when the Gulf state hosts the FIFA World Cup.

UPDATE 1- #UAE banks weighing proposed caps to property lending - Reuters

UPDATE 1-UAE banks weighing proposed caps to property lending - Reuters:

The United Arab Emirates’ bank lobby is proposing limits on bank lending to the real estate sector to protect them from being overexposed to the sector, a senior bank executive said on Tuesday.

The UAE, home to the world’s tallest tower, the Burj Khalifa, has faced a sharp real estate slowdown due to oversupply and weaker investment appetite amid lower oil prices.

“There is a draft paper for real estate lending with the UAE Banks Federation (UBF) and the banking sector which will review and give feedback to have a proper policy in lending cap for the real estate sector,” said Abdul Aziz al-Ghurair, head of the United Arab Emirates Banks Federation, on the sidelines of a conference.

Mashreq Banks' seeing loan growth flat - chairman - Reuters

Mashreq Banks' seeing loan growth flat - chairman - Reuters:

Dubai-based lender Mashreq Bank is seeing flat loan growth, its chairman said on Tuesday.

Abdul Aziz al-Ghurair, who is also the head of the United Arab Emirates Banks Federation, said other banks were also seeing flat loan growth.

He was speaking at a conference in Abu Dhabi.

#Oman’s budget deficit sees 24.7% decrease | ZAWYA MENA Edition

Oman’s budget deficit sees 24.7% decrease | ZAWYA MENA Edition:

Revenue in Oman is on the rise and the deficit is plummeting, according to data released by the National Centre for Statistics and Information.

A recent report shows that Oman’s government budget deficit had plunged 24.7 per cent to OMR1.4 billion by the end of August this year, down from OMR1.8 billion the previous year.

At the same time, the government’s total revenue surged 6.9 per cent to OMR 7.1 billion for the first eight months of 2019, thanks to a major recovery in oil prices.

Green bonds, project finance on focus as #Dubai drives Middle East's green economy | ZAWYA MENA Edition

Green bonds, project finance on focus as Dubai drives Middle East's green economy | ZAWYA MENA Edition:

Dubai is slowly and steadily pursuing its ambition to strengthen its position to be a hub for sustainable investments worldwide.

At the 2019 World Green Economy Summit (WGES) in Dubai, experts discussed the various achievements and challenges so far to the emirate’s ambitious goal.

The latest government-backed initiative, Dubai Sustainable Finance Working group announced in July, was jointly launched by Dubai International Financial Centre (DIFC) and Dubai Financial Market (DFM).

Interview: London-based $3.5bln TransferWise CEO optimistic on new #UAE presence | ZAWYA MENA Edition

Interview: London-based $3.5bln TransferWise CEO optimistic on new UAE presence | ZAWYA MENA Edition:

Global cross-border payments company TransferWise has obtained a license from the regulatory authority of Abu Dhabi to launch its low-cost fast money transfer platform in the UAE.

“Abu Dhabi and the UAE are going to be the next country where people can start taking advantage of TransferWise product offering. The country is a source base of remittances in the region to around the world and the demand is enormous,” Kristo Käärmann, CEO and co-founder of TransferWise said in an interview with Zawya. 


The firm’s product is expected to be launched in early 2020 in the UAE under the Abu Dhabi General Market (ADGM) Financial Services Regulatory Authority (FSRA).

#Oman considers setting up new regional airline - sources - Reuters

Oman considers setting up new regional airline - sources - Reuters:

Oman is considering setting up a new regional airline that could take over domestic operations from state carrier Oman Air, two sources familiar with the matter told Reuters.

A request for proposal was issued this month by state entity Oman Aviation Group for a feasibility study into operating the new airline, ‘Oman Link,’ the sources said. 


Setting up a new airline for domestic flights would allow Oman Air to focus on its international network where it competes with large Gulf carriers Emirates, Qatar Airways, and Etihad Airways.

Oil steadies as traders eye U.S.-China talks, inventory data - Reuters

Oil steadies as traders eye U.S.-China talks, inventory data - Reuters:

Oil prices steadied on Tuesday as bearish forecasts of a buildup in U.S. crude stockpiles offset signs of progress in U.S.-China trade talks. 

Brent crude oil LCOc1 was up 4 cents at $59.00 a barrel by 0840 GMT, while U.S. West Texas Intermediate crude CLc1 was down 9 cents at $53.22 per barrel.

“Oil prices are largely trending sideways on Tuesday morning, awaiting the upcoming U.S. oil inventory data,” UBS oil analyst Giovanni Staunovo said.

U.S. crude stockpiles are expected to have increased for a sixth straight week, while distillates and gasoline stocks likely fell in the week to Oct. 18, a Reuters poll showed.

MIDEAST STOCKS- #Saudi profits from corporate earnings, #Qatar extends losses - Reuters

MIDEAST STOCKS-Saudi profits from corporate earnings, Qatar extends losses - Reuters:

Saudi Arabia’s stock market rose on Tuesday, buoyed by corporate earnings, while Qatar’s index was dragged down by its blue chips for a fourth consecutive session.

The Saudi benchmark index added 0.6%. Al Rajhi Bank gained 1.3%, and Alinma Bank jumped 4.2% after it reported a rise in third-quarter profit to 713 million riyals ($190.1 million) compared to 637 million a year earlier. 


National Shipping Co of Saudi Arabia gained 2.8%. On Monday, the firm posted a more than 80% surge in third-quarter net profit, which it attributed to higher returns from operating segments powered by growth in logistics services.

Putin’s Plan To Take Control Of The Middle East | OilPrice.com

Putin’s Plan To Take Control Of The Middle East | OilPrice.com:

Having secured pivotal economic and political influence in recent months with Iraq (both north and south), Syria, Iran (and by dint of this, the rest of the countries constituting the Shia arc of power, including Lebanon, Jordan, and Yemen), Russia appears to be in the process of ‘completing the set’. Last week saw a range of done deals and hints at more secretive deals that point to Russia taking full advantage of the power vacuum created in the Middle East by U.S. President Donald Trump’s renewed isolationist policy focus. “The withdrawal of U.S. troops from Syria – even at the cost of breaking the promise made to the Kurds that they would be given independence in exchange for defeating Islamic State on the ground – was a clear signal to Russia that it can do what it wants in the region,” a London-based risk analyst told OilPrice.com last week.