Iraq Says OPEC+ to Mull More Cuts, Jarring With Group Stance - Bloomberg:
Iraq said that OPEC and its allies will consider deeper production cuts, though the comments come after the coalition has widely signaled reluctance to take such action.
The reduction could be about 400,000 barrels a day, Iraq’s oil minister Thamir Ghadhban told reporters in Baghdad on Sunday, adding that Iraq complied with its commitment to lowering output in November. “This figure has been discussed and reached between OPEC ministers as a result of careful studies.”
“There are viewpoints for OPEC+ to do further cuts, but not as big as 1.2 million barrels a day,” Ghadhban said. “Such cuts will lead to market stability, maintain shipments to consumers.”
Sunday, 1 December 2019
#Saudi assumes G20 Presidency for 2020 | ZAWYA MENA Edition
Saudi assumes G20 Presidency for 2020 | ZAWYA MENA Edition:
The Kingdom of Saudi Arabia has assumed the G20 Presidency on Sunday, leading up to the G20 Leaders' Summit in Riyadh on 21st and 22nd November 2020, Saudi Press Agency, SPA, reported today.
The Group of Twenty, or the G20, is the premier forum for international economic cooperation. Saudi Arabia commended the work of the Japanese G20 Presidency in 2019. Prince Mohammed bin Salman bin Abdul Aziz, Saudi Arabia’s Crown Prince, Deputy Prime Minister and Minister of Defence, said, "The Saudi G20 Presidency is committed to continue the work from Osaka and promote consensus."
"Working with our G20 partners, we will strive to deliver concrete actions and realise opportunities to enable us to face the challenges of the future," the Crown Prince added.
The Kingdom of Saudi Arabia has assumed the G20 Presidency on Sunday, leading up to the G20 Leaders' Summit in Riyadh on 21st and 22nd November 2020, Saudi Press Agency, SPA, reported today.
The Group of Twenty, or the G20, is the premier forum for international economic cooperation. Saudi Arabia commended the work of the Japanese G20 Presidency in 2019. Prince Mohammed bin Salman bin Abdul Aziz, Saudi Arabia’s Crown Prince, Deputy Prime Minister and Minister of Defence, said, "The Saudi G20 Presidency is committed to continue the work from Osaka and promote consensus."
"Working with our G20 partners, we will strive to deliver concrete actions and realise opportunities to enable us to face the challenges of the future," the Crown Prince added.
UPDATE 2-OPEC and allies may deepen oil cuts to 1.6 mln bpd -Iraq - Reuters
UPDATE 2-OPEC and allies may deepen oil cuts to 1.6 mln bpd -Iraq - Reuters:
OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq’s oil minister said on Sunday.
The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider increasing the cuts in their supply pact at meetings in Vienna this week.
OPEC+ oil exporters have coordinated output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, expires at the end of March.
Ghadhban added that Iraq, as of Sunday, has exceeded 100% commitment with the supply deal and that an agreement capping production from the semi-autonomous Kurdistan region will also aid compliance.
OPEC and allied oil producers will consider deepening their existing oil output cuts by about 400,000 barrels per day (bpd) to 1.6 million bpd, Iraq’s oil minister said on Sunday.
The minister, Thamer Ghadhban, told reporters in Baghdad that the Organization of the Petroleum Exporting Countries and its allies, together known as OPEC+, will consider increasing the cuts in their supply pact at meetings in Vienna this week.
OPEC+ oil exporters have coordinated output for three years to balance the market and support prices. Their current deal, which agreed to cut supply by 1.2 million bpd from January this year, expires at the end of March.
Ghadhban added that Iraq, as of Sunday, has exceeded 100% commitment with the supply deal and that an agreement capping production from the semi-autonomous Kurdistan region will also aid compliance.
CORRECTED-MIDEAST STOCKS-Markets advance on hopes of reduced Gulf tensions - Reuters
CORRECTED-MIDEAST STOCKS-Markets advance on hopes of reduced Gulf tensions - Reuters:
All major Gulf stock markets closed higher on Sunday on
hopes that a reported visit by Qatar's foreign minister to Riyadh would ease a
rift between Gulf states.
Qatar's foreign minister made an unannounced visit to Saudi Arabia, sources
told Reuters on Thursday.
Saudi Arabia, United Arab Emirates, Bahrain and Egypt had cut diplomatic and
trade links with Qatar in June 2017, accusing Doha of backing terrorism. Qatar
denies the charge.
OPEC and allied oil producers, meanwhile, will consider further oil supply
cuts when their leaders meet in Vienaa this week, Iraq's oil minister said on
Sunday, in a move expected to support oil prices.
All major Gulf stock markets closed higher on Sunday on
hopes that a reported visit by Qatar's foreign minister to Riyadh would ease a
rift between Gulf states.
Qatar's foreign minister made an unannounced visit to Saudi Arabia, sources
told Reuters on Thursday.
Saudi Arabia, United Arab Emirates, Bahrain and Egypt had cut diplomatic and
trade links with Qatar in June 2017, accusing Doha of backing terrorism. Qatar
denies the charge.
OPEC and allied oil producers, meanwhile, will consider further oil supply
cuts when their leaders meet in Vienaa this week, Iraq's oil minister said on
Sunday, in a move expected to support oil prices.
Forget Aramco. The Real Excitement in #Saudi Stocks Is in Cement - Bloomberg
Forget Aramco. The Real Excitement in Saudi Stocks Is in Cement - Bloomberg:
While Saudi Arabia’s massive initial public offering of oil producer Aramco has been dominating headlines in the kingdom for months, investors have been making a fortune in an obscure corner of the market: Cement producers.
Companies that make the building material account for six of the 10 best-performing stocks in the kingdom this year, delivering returns of at least 53% while the main Saudi index was little changed.
The stocks have gained on increasing demand for the product driven by several tourism and entertainment projects that are key parts of Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil. Part of the money for those developments may come from the $25.6 billion that the government aims to raise from the sale of 1.5% of Aramco this month.
While Saudi Arabia’s massive initial public offering of oil producer Aramco has been dominating headlines in the kingdom for months, investors have been making a fortune in an obscure corner of the market: Cement producers.
Companies that make the building material account for six of the 10 best-performing stocks in the kingdom this year, delivering returns of at least 53% while the main Saudi index was little changed.
The stocks have gained on increasing demand for the product driven by several tourism and entertainment projects that are key parts of Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil. Part of the money for those developments may come from the $25.6 billion that the government aims to raise from the sale of 1.5% of Aramco this month.
#Dubai hotel sector 'needs rethink', luxury rates to hit new normal - Arabianbusiness
Dubai hotel sector 'needs rethink', luxury rates to hit new normal - Arabianbusiness:
The hotel sector in Dubai will need a complete repositioning to continue to be successful over the coming decade, according to the hospitality division at consultant Drees & Sommer.
Driven by the evolving economy, increased hotel supply and the consolidation of the average room rate witnessed in the Dubai market, hotel owners and operators will need to shift from a revenue-driven strategy to a cost-driven strategy, said Filippo Sona, managing director, Global Hospitality at Drees & Sommer.
He said the consolidation of average room rate in Dubai is here to stay, adding that $180-200 is going to be the new average five-star room rate.
Sona said he is calling for a repositioning across three main aspects of the hotel industry in Dubai - business models, physical assets and brands.
The hotel sector in Dubai will need a complete repositioning to continue to be successful over the coming decade, according to the hospitality division at consultant Drees & Sommer.
Driven by the evolving economy, increased hotel supply and the consolidation of the average room rate witnessed in the Dubai market, hotel owners and operators will need to shift from a revenue-driven strategy to a cost-driven strategy, said Filippo Sona, managing director, Global Hospitality at Drees & Sommer.
He said the consolidation of average room rate in Dubai is here to stay, adding that $180-200 is going to be the new average five-star room rate.
Sona said he is calling for a repositioning across three main aspects of the hotel industry in Dubai - business models, physical assets and brands.
MIDEAST STOCKS- #Saudi rises on corporate news, other Gulf markets also gain - Reuters
MIDEAST STOCKS-Saudi rises on corporate news, other Gulf markets also gain - Reuters:
Saudi Arabian shares rose in early trade on Sunday on the back of corporate news, as all major Gulf markets gained ground.
Supporting the region’s markets was the news that Qatar’s foreign minister had made an unannounced visit to Riyadh, two sources told Reuters.
The visit signals that a 2-1/2-year rift between U.S.-allied Gulf Arab states could soon subside, reviving trade activities between Gulf states.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade links with Qatar in June 2017, accusing Doha of backing terrorism. Qatar denies the charge and accuses its neighbours of seeking to curtail its sovereignty.
Saudi Arabian shares rose in early trade on Sunday on the back of corporate news, as all major Gulf markets gained ground.
Supporting the region’s markets was the news that Qatar’s foreign minister had made an unannounced visit to Riyadh, two sources told Reuters.
The visit signals that a 2-1/2-year rift between U.S.-allied Gulf Arab states could soon subside, reviving trade activities between Gulf states.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade links with Qatar in June 2017, accusing Doha of backing terrorism. Qatar denies the charge and accuses its neighbours of seeking to curtail its sovereignty.
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