Oil steadies after slide on Trump's U.S-China trade comments - Reuters:
Oil steadied on Tuesday, settling narrowly mixed as expectations of output cuts from OPEC and allied producers helped prices bounce after a slide following comments from U.S. President Donald Trump that a trade deal with China may be delayed.
Brent crude LCOc1 futures fell 10 cents to settle at $60.82 a barrel. U.S. West Texas Intermediate (WTI) crude CLc1 futures rose 14 cents to settle at $56.10 a barrel.
Trump said a U.S.-China trade agreement might have to wait until after next November’s presidential election, denting hopes of a quick resolution to a dispute that has weighed on the world economy.
“I have no deadline, no,” Trump told reporters in London, where he was to attend a meeting of NATO leaders. “In some ways, I like the idea of waiting until after the election for the China deal.”
Tuesday 3 December 2019
Institutional investors have subscribed for 6.3 billion shares for Aramco IPO so far: lead bank - Reuters
Institutional investors have subscribed for 6.3 billion shares for Aramco IPO so far: lead bank - Reuters:
Saudi Aramco has received orders worth 189.04 billion riyals ($50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday.
The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans to sell 1.5% of its shares, in a deal which could raise up to $25.6 billion.
The Saudi oil giant has received subscription orders from institutional buyers for around 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.
Saudi Aramco has received orders worth 189.04 billion riyals ($50.4 billion) for the institutional tranche of its planned initial public offering (IPO), its financial advisers said in a joint statement on Tuesday.
The institutional bookbuilding began on Nov. 17 and investors have until Dec. 4 to place orders. Aramco plans to sell 1.5% of its shares, in a deal which could raise up to $25.6 billion.
The Saudi oil giant has received subscription orders from institutional buyers for around 6.3 billion of shares so far, Samba Capital, NCB Capital and HSBC Saudi Arabia said.
The rise of #AbuDhabi power broker Khaldoon al-Mubarak | Financial Times
The rise of Abu Dhabi power broker Khaldoon al-Mubarak | Financial Times:
Shortly after Sheikh Mansour bin Zayed al-Nahyan, a senior member of Abu Dhabi’s ruling family, stunned English football in 2008 by acquiring Manchester City for £150m, nervousness set in among the emirate’s top brass.
Sulaiman al-Fahim, the flamboyant Emirati who had brokered the sale, was bragging about Sheikh Mansour’s deep pockets while himself living the stereotypical playboy life, driving flashy sports cars and socialising with celebrities including Pamela Anderson of Baywatch fame. As the headlines mounted, Mr Fahim was sidelined as Abu Dhabi sought to shift the narrative.
A new team was brought in to steady the ship, led by Khaldoon al-Mubarak, a rising star at the centre of the emirate’s power structure who had football club chairman added to his growing portfolio of responsibilities.
In the decade since, Manchester City has been transformed into a slick, trophy-winning club at the centre of a global footballing franchise that has become the world’s most valuable sports group.
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Khaldoon al-Mubarak was only 33 when the original Manchester City deal was done, but he was already one of the most powerful figures in the emirate © FT montage / Reuters |
Shortly after Sheikh Mansour bin Zayed al-Nahyan, a senior member of Abu Dhabi’s ruling family, stunned English football in 2008 by acquiring Manchester City for £150m, nervousness set in among the emirate’s top brass.
Sulaiman al-Fahim, the flamboyant Emirati who had brokered the sale, was bragging about Sheikh Mansour’s deep pockets while himself living the stereotypical playboy life, driving flashy sports cars and socialising with celebrities including Pamela Anderson of Baywatch fame. As the headlines mounted, Mr Fahim was sidelined as Abu Dhabi sought to shift the narrative.
A new team was brought in to steady the ship, led by Khaldoon al-Mubarak, a rising star at the centre of the emirate’s power structure who had football club chairman added to his growing portfolio of responsibilities.
In the decade since, Manchester City has been transformed into a slick, trophy-winning club at the centre of a global footballing franchise that has become the world’s most valuable sports group.
Russia sees constructive OPEC+ meeting as Saudis seek deeper oil cut - Reuters
Russia sees constructive OPEC+ meeting as Saudis seek deeper oil cut - Reuters:
Russia expects a “constructive” meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to avoid a new glut next year.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with allies, known as OPEC+, on Friday.
“We are still finalizing our position,” Russian Energy Minister Alexander Novak said when asked about Moscow’s stance before the talks. “Let’s wait ... But I think the meeting, as usual, will be of a constructive nature,” he told reporters in Moscow.
Russia expects a “constructive” meeting with OPEC producers this week, its energy minister said on Tuesday, as OPEC leader Saudi Arabia presses members and allies such as Russia to deepen output cuts to avoid a new glut next year.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with allies, known as OPEC+, on Friday.
“We are still finalizing our position,” Russian Energy Minister Alexander Novak said when asked about Moscow’s stance before the talks. “Let’s wait ... But I think the meeting, as usual, will be of a constructive nature,” he told reporters in Moscow.
UPDATE 1-OPEC+ expected to deepen output cuts to 1.5 mln bpd -JPM - Reuters
UPDATE 1-OPEC+ expected to deepen output cuts to 1.5 mln bpd -JPM - Reuters:
OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million currently to help reduce a global supply overhang, JPMorgan said in a note on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC)and allies including Russia, a group known as OPEC+, meet in Vienna on Thursday and Friday.
OPEC’s de facto leader Saudi Arabia will agree to lower its quota to 10 million bpd from 10.3 million bpd and will press other producers, particularly Iraq, Nigeria and Russia, to improve their compliance with previous commitments, JPMorgan analyst Christyan Malek wrote in the note.
OPEC and other major oil producers are expected to agree to deepen output cuts to 1.5 million barrels per day (bpd) to the end of 2020 from 1.2 million currently to help reduce a global supply overhang, JPMorgan said in a note on Tuesday.
The Organization of the Petroleum Exporting Countries (OPEC)and allies including Russia, a group known as OPEC+, meet in Vienna on Thursday and Friday.
OPEC’s de facto leader Saudi Arabia will agree to lower its quota to 10 million bpd from 10.3 million bpd and will press other producers, particularly Iraq, Nigeria and Russia, to improve their compliance with previous commitments, JPMorgan analyst Christyan Malek wrote in the note.
MIDEAST STOCKS- #Saudi rises on strong private sector data, Egypt extends losses - Reuters
MIDEAST STOCKS-Saudi rises on strong private sector data, Egypt extends losses - Reuters:
Saudi Arabia's stock market rose on Tuesday on the back of
rising oil prices and robust non-oil private sector data, while Egypt fell as
the same sector there dropped to a more than two-year low in the last month.
Oil prices edged higher on expectations of deeper output cuts when OPEC and
its allies meet this week.
Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT.
Saudi Arabia is pushing for the cut in oil supplies to deliver a positive
surprise to the market before the listing of state-owned oil giant Saudi Aramco,
the sources said.
Aramco plans to sell 1.5% of its shares in a deal that could raise up to
$25.6 billion for which Institutional investors have already put in 144.1
billion riyals ($38.4 billion) worth of bids.
Saudi Arabia's stock market rose on Tuesday on the back of
rising oil prices and robust non-oil private sector data, while Egypt fell as
the same sector there dropped to a more than two-year low in the last month.
Oil prices edged higher on expectations of deeper output cuts when OPEC and
its allies meet this week.
Brent futures rose 43 cents to $61.35 a barrel by 0924 GMT.
Saudi Arabia is pushing for the cut in oil supplies to deliver a positive
surprise to the market before the listing of state-owned oil giant Saudi Aramco,
the sources said.
Aramco plans to sell 1.5% of its shares in a deal that could raise up to
$25.6 billion for which Institutional investors have already put in 144.1
billion riyals ($38.4 billion) worth of bids.
#Saudi Aramco Pitches Itself as the Low-Carbon Investors’ Choice - Bloomberg
Saudi Aramco Pitches Itself as the Low-Carbon Investors’ Choice - Bloomberg:
Since 1980, the year Saudi Aramco was fully nationalized, the world’s largest oil producer has pumped about 116 billion barrels of crude oil from giant fields below the kingdom’s desert and the waters of the Persian Gulf.
At today’s rate of consumption that crude would keep the world going for more than three years without using a single drop from any other oil-producing country. Put it through a refinery and you’d get enough gasoline to fill the tanks of more than 70 billion Chevy Suburban SUVs.
And then there’s the carbon. All that oil has released more than 30 billion tons of carbon dioxide into the atmosphere in the last four decades, more than double China’s annual emissions. An analysis published in the Guardian newspaper last month reckoned Aramco’s oil was responsible for more emissions than any other single company.
Since 1980, the year Saudi Aramco was fully nationalized, the world’s largest oil producer has pumped about 116 billion barrels of crude oil from giant fields below the kingdom’s desert and the waters of the Persian Gulf.
At today’s rate of consumption that crude would keep the world going for more than three years without using a single drop from any other oil-producing country. Put it through a refinery and you’d get enough gasoline to fill the tanks of more than 70 billion Chevy Suburban SUVs.
And then there’s the carbon. All that oil has released more than 30 billion tons of carbon dioxide into the atmosphere in the last four decades, more than double China’s annual emissions. An analysis published in the Guardian newspaper last month reckoned Aramco’s oil was responsible for more emissions than any other single company.
OPEC+ Set to Debate Oil-Cut Cheating as Russia Seeks Rule Change - Bloomberg
OPEC+ Set to Debate Oil-Cut Cheating as Russia Seeks Rule Change - Bloomberg:
OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week, with Russia asking to discuss a rule change that would exclude some of its oil production from the group’s quota.
Ministers from some of the world’s largest oil producers are gathering this week, and typically their discussions wouldn’t focus on a niche hydrocarbon called condensate. Yet as Saudi Arabia signals impatience with fellow members who aren’t implementing their pledged curbs, Russia’s rebuttal may focus on the accounting method for this light oil that’s a byproduct of natural gas.
Underlying the discussions in the Austrian capital on Dec. 5 to 6 will be a disparity at the heart of the alliance between the Organization of Petroleum Exporting Countries at its allies. Since the coalition came together in late 2016, Saudi Arabia has consistently led by example by cutting deeper than required, while other nations such as Iraq, Kazakhstan and Nigeria have made only sporadic efforts to comply.
OPEC+ is poised for a debate about lax implementation of oil-production cuts in Vienna this week, with Russia asking to discuss a rule change that would exclude some of its oil production from the group’s quota.
Ministers from some of the world’s largest oil producers are gathering this week, and typically their discussions wouldn’t focus on a niche hydrocarbon called condensate. Yet as Saudi Arabia signals impatience with fellow members who aren’t implementing their pledged curbs, Russia’s rebuttal may focus on the accounting method for this light oil that’s a byproduct of natural gas.
Underlying the discussions in the Austrian capital on Dec. 5 to 6 will be a disparity at the heart of the alliance between the Organization of Petroleum Exporting Countries at its allies. Since the coalition came together in late 2016, Saudi Arabia has consistently led by example by cutting deeper than required, while other nations such as Iraq, Kazakhstan and Nigeria have made only sporadic efforts to comply.
#Saudi non-oil private sector gains momentum but no employment boost -PMI | ZAWYA MENA Edition
Saudi non-oil private sector gains momentum but no employment boost -PMI | ZAWYA MENA Edition:
Saudi Arabia's non-oil private sector gained momentum in November but this did not translate into a higher rate of job creation, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 58.3 in November, up from 57.8 in October and the highest in over four years. Any reading above 50 indicates expansion.
The increase in the headline figure was underpinned by an uptick in new order growth, with around 45% of the surveyed businesses recording a rise in order books.
Output growth declined to the slowest in four months, however, and job creation remained subdued.
Saudi Arabia's non-oil private sector gained momentum in November but this did not translate into a higher rate of job creation, a survey showed on Tuesday.
The seasonally adjusted IHS Markit Saudi Arabia Purchasing Managers' Index (PMI) rose to 58.3 in November, up from 57.8 in October and the highest in over four years. Any reading above 50 indicates expansion.
The increase in the headline figure was underpinned by an uptick in new order growth, with around 45% of the surveyed businesses recording a rise in order books.
Output growth declined to the slowest in four months, however, and job creation remained subdued.
Oil higher as #Saudi pushes for further supply cuts - Reuters
Oil higher as Saudi pushes for further supply cuts - Reuters:
Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains.
Brent futures LCOv1 rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. U.S. West Texas Intermediate crude CLc1 was up 44 cents at $56.40 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.
Oil prices edged higher on rising expectations of deeper output cuts when OPEC and its allies meet this week, although scepticism about a deal among some analysts limited the gains.
Brent futures LCOv1 rose 43 cents to $61.35 a barrel by 0924 GMT on Tuesday. U.S. West Texas Intermediate crude CLc1 was up 44 cents at $56.40 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June, two sources familiar with the matter said.
MIDEAST STOCKS- #Saudi gains as oil rises on supply cut push - Reuters
MIDEAST STOCKS-Saudi gains as oil rises on supply cut push - Reuters:
Saudi Arabia’s stock market rose in early trade on Tuesday on the back of rising oil prices, while Dubai and Abu Dhabi were shut for public holidays.
Oil prices rose for a second day as the world’s biggest oil exporter, Saudi Arabia, is pushing producers to deepen a supply cut agreement when OPEC and its allies meet this week.
Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday.
Saudi Arabia is pushing for the cut in oil supplies to deliver a positive surprise to the market before the listing of state-owned oil giant Saudi Aramco, the sources said.
Saudi Arabia’s stock market rose in early trade on Tuesday on the back of rising oil prices, while Dubai and Abu Dhabi were shut for public holidays.
Oil prices rose for a second day as the world’s biggest oil exporter, Saudi Arabia, is pushing producers to deepen a supply cut agreement when OPEC and its allies meet this week.
Brent futures rose 19 cents, or 0.3%, to $61.11 a barrel by 0218 GMT, after gaining 0.7% on Monday.
Saudi Arabia is pushing for the cut in oil supplies to deliver a positive surprise to the market before the listing of state-owned oil giant Saudi Aramco, the sources said.