Saudis Offer Carrot and Stick to Get OPEC to Defend Oil Prices - Bloomberg:
Saudi Arabia, the dominant force in OPEC, is using both stick and carrot to talk other members of the oil cartel into defending prices at Thursday’s ministerial meeting.
Saudi Oil Minister Prince Abdulaziz bin Salman, in Vienna for his first meeting since taking the top job, is willing to raise production slightly if other countries keep failing to meet their existing output target, according to OPEC delegates. The potential reward for complying: Riyadh will lead the way in deepening curbs.
The outcome of the meeting remained open on Wednesday evening as OPEC officials shuttled between sit-downs in the suites of luxury hotels. The precise terms of any proposed deal were unclear. Iraq, the country with the poorest track record complying with the pact, had talked about a production cut of 400,000 barrels a day, but later on Wednesday the minister said instead he favored an extension of the current plan, which expires in March 2020, until the end of next year.
Wednesday 4 December 2019
OPEC’s Middle East Oil Flows Shrink as Group Mulls Extended Cuts - Bloomberg
OPEC’s Middle East Oil Flows Shrink as Group Mulls Extended Cuts - Bloomberg:
Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for nearly 70% of OPEC’s entire production, shipped an average of 14.79 million barrels a day of crude and condensate in November, tanker-tracking data compiled by Bloomberg show. That was a drop of 970,000 barrels a day from October and the lowest level since July.
Saudi shipments in November dropped back to the levels seen before the attacks on its oil processing facilities in September, falling month on month by 680,000 barrels a day, or 9%, to 6.63 million. Exports from the country’s Yanbu terminal on its Red Sea coast dropped by 23% to 600,000 barrels a day, indicating that the kingdom is not making any real effort to avoid using the Strait of Hormuz for its exports in the wake of the attacks.
Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for nearly 70% of OPEC’s entire production, shipped an average of 14.79 million barrels a day of crude and condensate in November, tanker-tracking data compiled by Bloomberg show. That was a drop of 970,000 barrels a day from October and the lowest level since July.
Saudi shipments in November dropped back to the levels seen before the attacks on its oil processing facilities in September, falling month on month by 680,000 barrels a day, or 9%, to 6.63 million. Exports from the country’s Yanbu terminal on its Red Sea coast dropped by 23% to 600,000 barrels a day, indicating that the kingdom is not making any real effort to avoid using the Strait of Hormuz for its exports in the wake of the attacks.
Oil jumps 3% on U.S. stockpiles drop; further OPEC output cuts seen - Reuters
Oil jumps 3% on U.S. stockpiles drop; further OPEC output cuts seen - Reuters:
Oil prices surged more than 3% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.
Brent crude LCOc1 futures ended the session up $2.18, or 3.6%, at $63 a barrel after climbing to as much as $63.51. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled up $2.33, or 4.2%, at $58.43 after touching a session high of $58.66 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, could approve deeper crude output cuts when they meet in Vienna this week.
U.S. crude stocks fell by 4.9 million barrels in the week to Nov. 29 as refineries hiked output, the Energy Information Administration said, a much deeper draw than expected. Analysts had forecast a decrease of 1.7 million barrels.
Oil prices surged more than 3% on Wednesday on expectations that OPEC and allied producers would extend production curbs, and as U.S. government data showed a large drop in domestic crude stockpiles.
Brent crude LCOc1 futures ended the session up $2.18, or 3.6%, at $63 a barrel after climbing to as much as $63.51. U.S. West Texas Intermediate (WTI) crude CLc1 futures settled up $2.33, or 4.2%, at $58.43 after touching a session high of $58.66 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, could approve deeper crude output cuts when they meet in Vienna this week.
U.S. crude stocks fell by 4.9 million barrels in the week to Nov. 29 as refineries hiked output, the Energy Information Administration said, a much deeper draw than expected. Analysts had forecast a decrease of 1.7 million barrels.
#SaudiArabia to urge Opec to make deeper cuts in production | Financial Times
Saudi Arabia to urge Opec to make deeper cuts in production | Financial Times:
Saudi Arabia is pushing Opec and its allies to announce a deeper oil production cut as the group meets in Vienna, in a bid to prop up prices ahead of a potential glut in supplies next year.
Opec members are expected to discuss increasing the level of output curbs by at least 400,000 barrels a day at Thursday and Friday’s meetings in the Austrian capital, according to three people briefed on the talks, while extending the agreement deep into 2020.
The rising hopes of a cut being announced helped boost the oil price on Wednesday. Brent crude, the international benchmark, rose 4 per cent to $63 a barrel.
An existing deal stipulating supply cuts of 1.2m barrels a day expires at the end of March. The increase would take the reduction to 1.6m b/d.
Saudi Arabia is pushing Opec and its allies to announce a deeper oil production cut as the group meets in Vienna, in a bid to prop up prices ahead of a potential glut in supplies next year.
Opec members are expected to discuss increasing the level of output curbs by at least 400,000 barrels a day at Thursday and Friday’s meetings in the Austrian capital, according to three people briefed on the talks, while extending the agreement deep into 2020.
The rising hopes of a cut being announced helped boost the oil price on Wednesday. Brent crude, the international benchmark, rose 4 per cent to $63 a barrel.
An existing deal stipulating supply cuts of 1.2m barrels a day expires at the end of March. The increase would take the reduction to 1.6m b/d.
MIDEAST STOCKS-Egypt rises on foreign capital flows as most of Gulf gains - Reuters
MIDEAST STOCKS-Egypt rises on foreign capital flows as most of Gulf gains - Reuters:
Egyptian blue chips rose on Wednesday, with foreign
investors net buyers and local investors net sellers. Most Gulf equity markets
also gained as oil prices rose.
Oil prices boosted markets, gaining nearly 2% on expectations that OPEC and
its allies would extend output cuts when they met in Vienna later this week.
In addition industry data showed the U.S. crude stockpile fell more
than forecast.
Egyptian blue-chip index snapped a three-session losing streak and
closed 1.2% up with Talaat Mostafa Group Holding rising 3.5%.
El Sewedy Electric added 1.4% after the government of South Sudan
awarded a contract worth about $45 million to build a hybrid solar project.
Qatar's index rose 0.8%. Qatar Islamic Bank gained 1.2% and
Industries Qatar 1.1%.
Egyptian blue chips rose on Wednesday, with foreign
investors net buyers and local investors net sellers. Most Gulf equity markets
also gained as oil prices rose.
Oil prices boosted markets, gaining nearly 2% on expectations that OPEC and
its allies would extend output cuts when they met in Vienna later this week.
In addition industry data showed the U.S. crude stockpile fell more
than forecast.
Egyptian blue-chip index snapped a three-session losing streak and
closed 1.2% up with Talaat Mostafa Group Holding rising 3.5%.
El Sewedy Electric added 1.4% after the government of South Sudan
awarded a contract worth about $45 million to build a hybrid solar project.
Qatar's index rose 0.8%. Qatar Islamic Bank gained 1.2% and
Industries Qatar 1.1%.
#Saudi Aramco Shoots For The Highest Possible Valuation | OilPrice.com
Saudi Aramco Shoots For The Highest Possible Valuation | OilPrice.com:
Saudi Arabia’s oil giant Aramco is assessing setting the final offer price of its initial public offering at the top of the indicative range, which would raise US$25.6 billion and surpass the current record for the biggest IPO ever, Bloomberg reported on Wednesday, quoting people familiar with the discussions.
Aramco has set an indicative price range of 30-32 Saudi riyals, (US$8-8.52), per share, in its long-awaited IPO. The upper end of the pricing range would give the company a total value of some US$1.7 trillion.
Saudi Arabia aims to raise more than US$25 billion from selling 1.5 percent in its crown jewel. If Aramco does price the shares at the top end of the range, it would generate US$25.6 billion from the IPO, beating the US$25-billion IPO of Alibaba on the New York Stock Exchange in 2014.
Saudi Arabia’s oil giant Aramco is assessing setting the final offer price of its initial public offering at the top of the indicative range, which would raise US$25.6 billion and surpass the current record for the biggest IPO ever, Bloomberg reported on Wednesday, quoting people familiar with the discussions.
Aramco has set an indicative price range of 30-32 Saudi riyals, (US$8-8.52), per share, in its long-awaited IPO. The upper end of the pricing range would give the company a total value of some US$1.7 trillion.
Saudi Arabia aims to raise more than US$25 billion from selling 1.5 percent in its crown jewel. If Aramco does price the shares at the top end of the range, it would generate US$25.6 billion from the IPO, beating the US$25-billion IPO of Alibaba on the New York Stock Exchange in 2014.
Oil up nearly 2% ahead of OPEC output talks - Reuters
Oil up nearly 2% ahead of OPEC output talks - Reuters:
Oil gained on Wednesday ahead of an expected extension to production curbs by OPEC and its allies, with further support from industry data showing a larger than forecast drop in U.S. crude stockpiles.
Brent crude LCOc1 futures were up $1.18, or 1.9%, at $62 a barrel by 1151 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 94 cents, or 1.7%, at $57.04.
The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - could approve deeper crude output cuts when they meet in Vienna this week.
Iraqi oil minister Thamer Ghadhban told reporters in Vienna on Tuesday that “a deeper cut is being preferred by a number of key members”.
Oil gained on Wednesday ahead of an expected extension to production curbs by OPEC and its allies, with further support from industry data showing a larger than forecast drop in U.S. crude stockpiles.
Brent crude LCOc1 futures were up $1.18, or 1.9%, at $62 a barrel by 1151 GMT. U.S. West Texas Intermediate (WTI) crude CLc1 futures were up by 94 cents, or 1.7%, at $57.04.
The Organization of the Petroleum Exporting Countries (OPEC) and allies that include Russia - a group known as OPEC+ - could approve deeper crude output cuts when they meet in Vienna this week.
Iraqi oil minister Thamer Ghadhban told reporters in Vienna on Tuesday that “a deeper cut is being preferred by a number of key members”.
South Africa News: Arqaam Capital Shuts Office as Economy Slows - Bloomberg
South Africa News: Arqaam Capital Shuts Office as Economy Slows - Bloomberg:
Arqaam Capital Ltd. is closing its South African office as the Dubai-based investment bank joins other brokers paring back operations in the continent’s financial-markets hub.
The company, which has been in Johannesburg since 2014, told clients Monday it is ceasing research coverage in South Africa, according to a note seen by Bloomberg News. Arqaam employs about 17 people in the city, a person familiar with the matter said earlier.
“The firm informed its employees yesterday that it has commenced a process which will lead to a cessation of all activities in its Johannesburg office,” Arqaam said in a response to questions on Tuesday. “An orderly wind down of operations will then commence.”
Arqaam Capital Ltd. is closing its South African office as the Dubai-based investment bank joins other brokers paring back operations in the continent’s financial-markets hub.
The company, which has been in Johannesburg since 2014, told clients Monday it is ceasing research coverage in South Africa, according to a note seen by Bloomberg News. Arqaam employs about 17 people in the city, a person familiar with the matter said earlier.
“The firm informed its employees yesterday that it has commenced a process which will lead to a cessation of all activities in its Johannesburg office,” Arqaam said in a response to questions on Tuesday. “An orderly wind down of operations will then commence.”
Aramco IPO Gives #SaudiArabia Incentive to Pump More Oil - Bloomberg
Aramco IPO Gives Saudi Arabia Incentive to Pump More Oil - Bloomberg:
Now that Saudi Aramco is finally about to become a public company, it will have to start acting like one. And that means the share price of the state-owned oil giant will be of primary consideration to its executives and its shareholders. The kingdom’s monarchy, which will still control nearly all of Aramco’s shares after the IPO, will have particular interest in the stock price as it seeks to sell additional shares following the lock-up period. But because Aramco is a unique oil company, this could lead to unexpected OPEC oil policies.
The widely held perception is that the Saudi monarchy will seek higher oil prices to bolster the share price for a publicly traded Aramco (the company’s formal name is Saudi Arabian Oil Co). The accepted forecast calls for Saudi Arabia’s Oil Ministry to act to limit OPEC production at this week’s meeting or those in the future, to achieve these higher oil prices — and indeed, there are reports that the kingdom is pushing for a three-month extension of current production cuts, through June 2020. However, the best way for Saudi Arabia to boost Aramco’s share price is actually to increase its own oil production, even if that leads to lower prices.
Now that Saudi Aramco is finally about to become a public company, it will have to start acting like one. And that means the share price of the state-owned oil giant will be of primary consideration to its executives and its shareholders. The kingdom’s monarchy, which will still control nearly all of Aramco’s shares after the IPO, will have particular interest in the stock price as it seeks to sell additional shares following the lock-up period. But because Aramco is a unique oil company, this could lead to unexpected OPEC oil policies.
The widely held perception is that the Saudi monarchy will seek higher oil prices to bolster the share price for a publicly traded Aramco (the company’s formal name is Saudi Arabian Oil Co). The accepted forecast calls for Saudi Arabia’s Oil Ministry to act to limit OPEC production at this week’s meeting or those in the future, to achieve these higher oil prices — and indeed, there are reports that the kingdom is pushing for a three-month extension of current production cuts, through June 2020. However, the best way for Saudi Arabia to boost Aramco’s share price is actually to increase its own oil production, even if that leads to lower prices.
#Qatar Emir’s Invite to Join Gulf Summit Signals Regional Thaw - Bloomberg
Qatar Emir’s Invite to Join Gulf Summit Signals Regional Thaw - Bloomberg:
Qatar said its emir has been invited by the Saudi monarch to attend this month’s summit of Gulf Arab nations in Riyadh, in what would be a major breakthrough in intensifying attempts to end a 30-month feud.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade links with Qatar in 2017 after accusing the gas-rich state of building close ties with their chief regional foe, Iran, and funding militant groups. Qatar has repeatedly denied the charges.
King Salman’s written invitation was delivered to Qatar’s foreign minister by the secretary-general of the six-nation Gulf Cooperation Council, the official Qatar News Agency reported. The country’s ruler, Sheikh Tamim bin Hamad Al Thani, hasn’t yet responded to the invitation.
Last week, the three boycotting Gulf states sent national teams to play in the 2019 Arabian Gulf Cup in Qatar after a last-minute decision to take part.
Qatar said its emir has been invited by the Saudi monarch to attend this month’s summit of Gulf Arab nations in Riyadh, in what would be a major breakthrough in intensifying attempts to end a 30-month feud.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade links with Qatar in 2017 after accusing the gas-rich state of building close ties with their chief regional foe, Iran, and funding militant groups. Qatar has repeatedly denied the charges.
King Salman’s written invitation was delivered to Qatar’s foreign minister by the secretary-general of the six-nation Gulf Cooperation Council, the official Qatar News Agency reported. The country’s ruler, Sheikh Tamim bin Hamad Al Thani, hasn’t yet responded to the invitation.
Last week, the three boycotting Gulf states sent national teams to play in the 2019 Arabian Gulf Cup in Qatar after a last-minute decision to take part.
Lebanon Latest: Central Bank Slashes Rates to Ease Economy Crisis - Bloomberg
Lebanon Latest: Central Bank Slashes Rates to Ease Economy Crisis - Bloomberg:
Lebanon’s central bank took emergency measures Wednesday in an attempt to ease the worst financial crisis hitting the country in decades.
Banque du Liban, as the central bank is known, imposed a temporary interest-rate cap of 5% on dollar-denominated bank deposits and 8.5% on local-currency deposits received or renewed after Dec. 4, according to a circular posted on its website. It said the decision must be reflected in the pricing of benchmark lending rates by local banks.
The central bank also said it would temporarily pay 50% of the interest it owed banks for dollar deposits and dollar-denominated certificates of deposits in Lebanese pounds.
The measures will be in place for six months.
Lebanon’s central bank took emergency measures Wednesday in an attempt to ease the worst financial crisis hitting the country in decades.
Banque du Liban, as the central bank is known, imposed a temporary interest-rate cap of 5% on dollar-denominated bank deposits and 8.5% on local-currency deposits received or renewed after Dec. 4, according to a circular posted on its website. It said the decision must be reflected in the pricing of benchmark lending rates by local banks.
The central bank also said it would temporarily pay 50% of the interest it owed banks for dollar deposits and dollar-denominated certificates of deposits in Lebanese pounds.
The measures will be in place for six months.
One of Middle East’s Largest Startups Narrowly Averts Collapse - Bloomberg
One of Middle East’s Largest Startups Narrowly Averts Collapse - Bloomberg:
Courier app Fetchr, once one of the Middle East’s largest startups, raised as much as $10 million in emergency funding to help avoid collapse.
The Dubai-based company, which offers delivery and logistics services to e-commerce firms, is also in the process of securing as much as $25 million in additional funding to turn the company around, according to people with knowledge of the matter.
Existing Fetchr investors, who had put up more than $50 million since the company was founded in 2012, will see the value of their shares diluted to almost zero, according to a letter to investors seen by Bloomberg and the people, who asked not to be identified because the matter is private.
A spokesman for Fetchr confirmed the company had raised up to $10 million in financing from existing and new investors. He also said a majority of shareholders had approved a new financial and board structure.
Courier app Fetchr, once one of the Middle East’s largest startups, raised as much as $10 million in emergency funding to help avoid collapse.
The Dubai-based company, which offers delivery and logistics services to e-commerce firms, is also in the process of securing as much as $25 million in additional funding to turn the company around, according to people with knowledge of the matter.
Existing Fetchr investors, who had put up more than $50 million since the company was founded in 2012, will see the value of their shares diluted to almost zero, according to a letter to investors seen by Bloomberg and the people, who asked not to be identified because the matter is private.
A spokesman for Fetchr confirmed the company had raised up to $10 million in financing from existing and new investors. He also said a majority of shareholders had approved a new financial and board structure.
#Saudi Aramco IPO News: Pricing May Fall at Top of Expected Range - Bloomberg
Saudi Aramco IPO News: Pricing May Fall at Top of Expected Range - Bloomberg:
Saudi Aramco is considering pricing its initial public offering at the top end of a marketed range, which would make it the world’s biggest-ever new listing, people with knowledge of the matter said.
The Gulf energy giant has discussed pricing its IPO shares at 32 riyals apiece, after marketing them at 30 to 32 riyals each, according to the people. Many local fund managers placed orders at that level under the assumption strong domestic demand will lead the deal to price at the top, the people said, asking not to be identified because the information is private.
Saudi Arabia is selling a 1.5% stake in the state oil producer through the offering. The deal would raise $25.6 billion if it prices at the top end, surpassing Chinese internet giant Alibaba Group Holding Ltd.’s $25 billion U.S. share sale in 2014 as the largest IPO of all time, according to data compiled by Bloomberg.
Saudi Aramco is considering pricing its initial public offering at the top end of a marketed range, which would make it the world’s biggest-ever new listing, people with knowledge of the matter said.
The Gulf energy giant has discussed pricing its IPO shares at 32 riyals apiece, after marketing them at 30 to 32 riyals each, according to the people. Many local fund managers placed orders at that level under the assumption strong domestic demand will lead the deal to price at the top, the people said, asking not to be identified because the information is private.
Saudi Arabia is selling a 1.5% stake in the state oil producer through the offering. The deal would raise $25.6 billion if it prices at the top end, surpassing Chinese internet giant Alibaba Group Holding Ltd.’s $25 billion U.S. share sale in 2014 as the largest IPO of all time, according to data compiled by Bloomberg.
#Saudi auto services firm raises $50 million to invest in Aramco IPO - Reuters
Saudi auto services firm raises $50 million to invest in Aramco IPO - Reuters:
Saudi Automotive Services Co said on Wednesday it is raising 190 million riyals ($50.67 million) in debt to invest in the initial public offering of state-owned oil giant Saudi Aramco.
Saudi Automotive Services said the loan proceeds will help diversify its investments by subscribing to Aramco’s shares. SABB Bank provided the medium term financing, it said.
Saudi banks have been offering easy loans to retail investors to bid for shares in Aramco, the crown jewel of the Saudi economy and the world’s most profitable company.
Saudi Automotive Services Co said on Wednesday it is raising 190 million riyals ($50.67 million) in debt to invest in the initial public offering of state-owned oil giant Saudi Aramco.
Saudi Automotive Services said the loan proceeds will help diversify its investments by subscribing to Aramco’s shares. SABB Bank provided the medium term financing, it said.
Saudi banks have been offering easy loans to retail investors to bid for shares in Aramco, the crown jewel of the Saudi economy and the world’s most profitable company.
#Oman Oil Co plans 20%-25% share sale in 2020: oil minister - Reuters
Oman Oil Co plans 20%-25% share sale in 2020: oil minister - Reuters:
State-owned Oman Oil Co expects to list 20%-25% of its shares in an initial public offering (IPO) by the end of next year, Oman’s Oil Minister Mohammed al-Rumhi said on Wednesday.
It would become the second national oil company in the Gulf to raise cash this way after Saudi Aramco’s planned IPO later this month to help diversify the economy away from oil.
Oman is trying to raise funds from asset sales because lower oil prices have led it to pile up debt over the past few years.
It posted a budget deficit of 1.545 billion Omani rial ($4 billion) in January to September.
State-owned Oman Oil Co expects to list 20%-25% of its shares in an initial public offering (IPO) by the end of next year, Oman’s Oil Minister Mohammed al-Rumhi said on Wednesday.
It would become the second national oil company in the Gulf to raise cash this way after Saudi Aramco’s planned IPO later this month to help diversify the economy away from oil.
Oman is trying to raise funds from asset sales because lower oil prices have led it to pile up debt over the past few years.
It posted a budget deficit of 1.545 billion Omani rial ($4 billion) in January to September.
Lebanese protests have given way to a debt crisis | Financial Times
Lebanese protests have given way to a debt crisis | Financial Times:
The mass protests that have convulsed Lebanon for seven weeks have come to a temporary pause. There is an opportunity to resolve some of the more urgent problems before the country implodes into a debt, banking and currency crisis. Yet there is no sign that the ruling elites who have looted the country and brought it to the brink of ruin can see this opportunity, let alone use it.
There have been episodic crises since Lebanon emerged from the sectarian carnage of the 1975-90 civil war. Until now, Europe, the US and the Gulf have stepped in: to bolster power-sharing; bail Lebanon out; and support institutions from the central bank to the army.
An international donors conference last year in Paris pledged $11bn in soft loans for urgent infrastructure upgrades, contingent on reforms including fiscal policy. Not a cent has been released.
The mass protests that have convulsed Lebanon for seven weeks have come to a temporary pause. There is an opportunity to resolve some of the more urgent problems before the country implodes into a debt, banking and currency crisis. Yet there is no sign that the ruling elites who have looted the country and brought it to the brink of ruin can see this opportunity, let alone use it.
There have been episodic crises since Lebanon emerged from the sectarian carnage of the 1975-90 civil war. Until now, Europe, the US and the Gulf have stepped in: to bolster power-sharing; bail Lebanon out; and support institutions from the central bank to the army.
An international donors conference last year in Paris pledged $11bn in soft loans for urgent infrastructure upgrades, contingent on reforms including fiscal policy. Not a cent has been released.
OPEC gearing up for deeper oil cuts, Russia yet to agree - Reuters
OPEC gearing up for deeper oil cuts, Russia yet to agree - Reuters:
OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.
OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world’s biggest producer and is not taking part in cuts.
Next year, rising production in non-OPEC countries such as Brazil and Norway threaten to add to the glut.
OPEC is gearing up to deepen production cuts later this week but still needs to agree with allies such as Russia over details of a deal to support oil prices and head off a looming oil glut next year.
The Organization of the Petroleum Exporting Countries (OPEC) meets on Thursday in Vienna followed by a meeting with Russia and others, a grouping known as OPEC+, on Friday.
OPEC+ has been curbing output since 2017 to counter oversupply as a result of booming output in the United States, which has become the world’s biggest producer and is not taking part in cuts.
Next year, rising production in non-OPEC countries such as Brazil and Norway threaten to add to the glut.
CORRECTED-Majid Al Futtaim to invest in #Saudi, other emerging markets - CEO - Reuters
CORRECTED-Majid Al Futtaim to invest in Saudi, other emerging markets - CEO - Reuters:
Dubai-based Majid Al Futtaim will spend 2 billion Saudi riyals ($533.6 million) building cinemas in Saudi Arabia as part of a five-year 16 billion riyal investment plan, its CEO said on Wednesday.
Majid Al Futtaim also plans to expand in Egypt, Uzbekistan and Uganda, chief executive Alain Bejjani told Reuters in an interview. The company began the Saudi expansion plan a year and a half ago.
Dubai-based Majid Al Futtaim will spend 2 billion Saudi riyals ($533.6 million) building cinemas in Saudi Arabia as part of a five-year 16 billion riyal investment plan, its CEO said on Wednesday.
Majid Al Futtaim also plans to expand in Egypt, Uzbekistan and Uganda, chief executive Alain Bejjani told Reuters in an interview. The company began the Saudi expansion plan a year and a half ago.
REFILE-MIDEAST STOCKS- #Saudi index falls as Aramco IPO oversubscribed; Emirates NBD lifts #Dubai - Reuters
REFILE-MIDEAST STOCKS-Saudi index falls as Aramco IPO oversubscribed; Emirates NBD lifts Dubai - Reuters:
Saudi Arabian stocks eased on Wednesday as investments continued to flow into oil giant Saudi Aramco’s initial public offering (IPO), while a rebound in Emirates NBD Bank propelled Dubai.
Saudi institutions have oversubscribed by almost three times the shares allocated to them as part of Aramco’s IPO, giving orders worth 189.04 billion riyals ($50.4 billion).
They still have until Dec. 4 to place orders.
The Saudi index edged down 0.1% with Al Rajhi Bank falling 0.5% and National Commercial Bank sliding 0.4%
Saudi Arabian stocks eased on Wednesday as investments continued to flow into oil giant Saudi Aramco’s initial public offering (IPO), while a rebound in Emirates NBD Bank propelled Dubai.
Saudi institutions have oversubscribed by almost three times the shares allocated to them as part of Aramco’s IPO, giving orders worth 189.04 billion riyals ($50.4 billion).
They still have until Dec. 4 to place orders.
The Saudi index edged down 0.1% with Al Rajhi Bank falling 0.5% and National Commercial Bank sliding 0.4%