OPEC Output Rebounds on Saudi Arabia’s Recovery From Attacks - Bloomberg:
OPEC’s oil production rebounded in October from an eight-year low as Saudi Arabia swiftly recovered from an attack on its biggest crude-processing plant.
The Organization of Petroleum Exporting Countries’ 14 members pumped an average of 29.7 million barrels of oil a day last month, an increase of 1.11 million barrels a day from September, according to a Bloomberg survey of officials, ship-tracking data and estimates from consultants including Rystad Energy AS, JBC Energy GmbH and Petro-logistics.
OPEC’s production increase last month was mainly driven by Saudi Arabia’s 1.23 million-barrel a day recovery in output to 9.88 million barrels a day. There were smaller increases from Algeria, Libya and Venezuela.
Friday 1 November 2019
Malaysia Police Say Untrue Jho Low Is in #UAE, Bernama Says - Bloomberg
Malaysia Police Say Untrue Jho Low Is in U.A.E., Bernama Says - Bloomberg:
Malaysia’s police chief said reports that 1MDB-linked financier Low Taek Jho is in the United Arab Emirates are untrue, according to state news agency Bernama.
Inspector-General Abdul Hamid Bador maintained the police know his location but that Low is being protected by a certain party, according to Bernama. There are ongoing talks at police-to-police levels as well as cooperation from various sides including the FBI, he said in the report.
Abdul Hamid previously said the fugitive known as Jho Low is in a jurisdiction with which Malaysia has an extradition treaty, while declining to name the place. He also said Low is unlikely to be in the U.S.
Malaysia’s police chief said reports that 1MDB-linked financier Low Taek Jho is in the United Arab Emirates are untrue, according to state news agency Bernama.
Inspector-General Abdul Hamid Bador maintained the police know his location but that Low is being protected by a certain party, according to Bernama. There are ongoing talks at police-to-police levels as well as cooperation from various sides including the FBI, he said in the report.
Abdul Hamid previously said the fugitive known as Jho Low is in a jurisdiction with which Malaysia has an extradition treaty, while declining to name the place. He also said Low is unlikely to be in the U.S.
The World’s Most Profitable Company Pays Surprisingly Little - Bloomberg
The World’s Most Profitable Company Pays Surprisingly Little - Bloomberg:
They run the world’s most profitable company, oversee one-tenth of global oil output and their decisions help shape the fate of a nation. Their paychecks, however, are a little less grandiose.
Saudi oil giant Aramco is a cash cow for the kingdom, allowing the royal family to wield power with a drip-feed of petrodollars. For executives, it’s a relatively modest life compared with some of their peers elsewhere.
Last year, top management and board members—about 17 people in total—split roughly $30 million worth of compensation and benefits. That was half of what rivals Exxon Mobil Corp. and Chevron Corp. handed their executives and directors, though they would have been subject to income tax whereas Saudi nationals aren’t.
They run the world’s most profitable company, oversee one-tenth of global oil output and their decisions help shape the fate of a nation. Their paychecks, however, are a little less grandiose.
Saudi oil giant Aramco is a cash cow for the kingdom, allowing the royal family to wield power with a drip-feed of petrodollars. For executives, it’s a relatively modest life compared with some of their peers elsewhere.
Last year, top management and board members—about 17 people in total—split roughly $30 million worth of compensation and benefits. That was half of what rivals Exxon Mobil Corp. and Chevron Corp. handed their executives and directors, though they would have been subject to income tax whereas Saudi nationals aren’t.
No rent hike for three years in #Dubai, draft law proposes | ZAWYA MENA Edition
No rent hike for three years in Dubai, draft law proposes | ZAWYA MENA Edition:
A new draft rental law has proposed that rents of apartments in Dubai should be fixed for the first three years of signing the contract.
It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant to cover administrative or any other cost while signing or renewing the contract, Arabic daily Emarat Al Youm reported.
The draft, which may be tabled for approval of the supreme legislation committee in Dubai, says that the owner may not, for any reason, increase rent during the first three years of the signing of the contract.
A new draft rental law has proposed that rents of apartments in Dubai should be fixed for the first three years of signing the contract.
It is also proposed that the owner or his representatives cannot receive commission or any other fee from the tenant to cover administrative or any other cost while signing or renewing the contract, Arabic daily Emarat Al Youm reported.
The draft, which may be tabled for approval of the supreme legislation committee in Dubai, says that the owner may not, for any reason, increase rent during the first three years of the signing of the contract.
Oil rises nearly 4% on U.S.-China trade hopes, but sets weekly decline - Reuters
Oil rises nearly 4% on U.S.-China trade hopes, but sets weekly decline - Reuters:
Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers.
Brent crude ended the session up $2.07, or 3.5%, at $61.69 a barrel, but notched a drop of about 0.4% for the week.
West Texas Intermediate crude settled $2.02, or 3.7% higher at $56.20 a barrel, but fell about 0.8% in the week.
U.S.-China trade talks are progressing well and the United States aims to sign an initial deal this month, top Trump administration officials said, offering reassurance to global markets after nearly 16 months of tit-for-tat tariffs.
Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers.
Brent crude ended the session up $2.07, or 3.5%, at $61.69 a barrel, but notched a drop of about 0.4% for the week.
West Texas Intermediate crude settled $2.02, or 3.7% higher at $56.20 a barrel, but fell about 0.8% in the week.
U.S.-China trade talks are progressing well and the United States aims to sign an initial deal this month, top Trump administration officials said, offering reassurance to global markets after nearly 16 months of tit-for-tat tariffs.
Aramco meets investors in last-minute bid to hit $2 trillion IPO target: sources - Reuters
Aramco meets investors in last-minute bid to hit $2 trillion IPO target: sources - Reuters:
Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation ahead of an expected Sunday announcement that the initial public offering (IPO) will go ahead, according to three sources.
Failure to reach the target would cause a dilemma for Saudi Crown Prince Mohammed bin Salman - swallow the bitter pill of going ahead at a lower valuation or postpone the initial public offering (IPO) once again.
The Aramco officials and advisers are meeting institutional investors around the world, according to the three people familiar with the matter. Chief executive Amin Nasser has been meeting investors in New York and London this week, they added.
Saudi Aramco officials and advisers are holding last-minute meetings with investors in an attempt to achieve as close to a $2 trillion valuation ahead of an expected Sunday announcement that the initial public offering (IPO) will go ahead, according to three sources.
Failure to reach the target would cause a dilemma for Saudi Crown Prince Mohammed bin Salman - swallow the bitter pill of going ahead at a lower valuation or postpone the initial public offering (IPO) once again.
The Aramco officials and advisers are meeting institutional investors around the world, according to the three people familiar with the matter. Chief executive Amin Nasser has been meeting investors in New York and London this week, they added.
#Saudi Crown Prince approves kick-off of Aramco IPO on Sunday: sources - Reuters
Saudi Crown Prince approves kick-off of Aramco IPO on Sunday: sources - Reuters:
Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.
The world’s top oil company will announce its intention to float (ITF) on Nov. 3, the sources said.
“The crown prince finally gave the green light,” one source said.
Saudi Arabia’s Crown Prince Mohammed bin Salman on Friday agreed that the initial public offering of state oil giant Aramco will be announced on Sunday, five sources familiar with the matter told Reuters.
The world’s top oil company will announce its intention to float (ITF) on Nov. 3, the sources said.
“The crown prince finally gave the green light,” one source said.
Oil rises on Chinese factory data but set for weekly loss - Reuters
Oil rises on Chinese factory data but set for weekly loss - Reuters:
Oil prices rose on Friday but remained on track for a weekly loss as a surprise bounce in Chinese manufacturing activity calmed investors’ worries about progress in U.S.-China trade talks.
Brent crude was up 27 cents, or 0.4%, at $59.89 a barrel by 0930 GMT, on course for a drop of about 3.4% for the week.
West Texas Intermediate crude rose 32 cents to $54.50 a barrel, which would leave it with a weekly loss of more than 3.8%.
A Reuters survey showed that oil prices are expected to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.
Oil prices rose on Friday but remained on track for a weekly loss as a surprise bounce in Chinese manufacturing activity calmed investors’ worries about progress in U.S.-China trade talks.
Brent crude was up 27 cents, or 0.4%, at $59.89 a barrel by 0930 GMT, on course for a drop of about 3.4% for the week.
West Texas Intermediate crude rose 32 cents to $54.50 a barrel, which would leave it with a weekly loss of more than 3.8%.
A Reuters survey showed that oil prices are expected to remain under pressure this year and next. The poll of 51 economists and analysts forecast Brent crude would average $64.16 a barrel in 2019 and $62.38 next year.
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