No dialogue for now as Saudis, Iranians camp on positions - Reuters

No dialogue for now as Saudis, Iranians camp on positions - Reuters:

Iran and Saudi Arabia appeared no closer to bridging their differences on Saturday with both sides sticking to their positions and regional facilitator Oman seeing no breakthrough before U.S. elections in November. 

Tensions in the Gulf region stepped up after the killing in early January of Iranian military commander Qassem Soleimani by the United States in Iraq. European and Arab states have since scrambled to avert a full-fledged conflict between the two sides.

Iran’s Foreign Minister Mohammad Javad Zarif and his Saudi counterpart Prince Faisal bin Farhan Al Saud both attended the Munich Security Conference on Saturday and took part in a session on defusing tensions in the Gulf.

But the two were kept apart with Zarif even claiming that his Saudi counterpart had asked to reshuffle the schedule so that he wouldn’t have to meet him.

Coronavirus pushes wobbly LNG market to the edge

It’s never good when companies start speaking in legalese. China National Offshore Oil Corporation, the country’s leading liquefied natural gas importer, has invoked the legal clause force majeure – which would allow it to suspend contracts because of the deadly coronavirus. China – the world’s second largest importer of LNG – has been responsible for much of the product’s demand growth, meaning the woefully oversupplied market could be in serious trouble.

Even before the virus, the LNG market was wobbling. Prices of the main benchmark used in Asia fell to just over $3 per million British Thermal units last Wednesday – a record low – from well over $5 before the crisis. The last time the price dipped below $4 was July 2009. A warmer winter in China reduced demand even as product from the U.S. and Australia kept supply robust. If counterparties start to get antsy about the legal position of their contracts, things would get even worse.

CNOOC’s use of force majeure is probably a long shot. The legal clause is normally invoked when a company can’t fulfill an obligation because of something completely uncontrollable – like natural disasters or civil unrest – not low demand. Unless quarantines make it physically impossible for Chinese importers to accept gas, the legal case looks far from watertight.

Short-Sellers Give Oil a Break Following Coronavirus Concerns - Bloomberg

Short-Sellers Give Oil a Break Following Coronavirus Concerns - Bloomberg:

Short-sellers are giving oil a reprieve after the global coronavirus scare led them to double bearish wagers in just two weeks.

With the market less panicky, hedge funds kept their bets against West Texas Intermediate crude little changed in the week ended Feb. 11, data released Friday showed. But their overall stance is still the most pessimistic since November.

“There is a chance that it gets worse from here,” said Stewart Glickman, an analyst at CFRA Research. "Oil prices could go further into a tailspin.”

Oil prices in New York sank below $50 a barrel for the first time in a year this month, after reaching more than $65 in early January. They’ve rebounded somewhat to around $52 after China reassured the international community that a huge spike in new illnesses was a one-off event. The outlook for oil demand remains gloomy, though.

#Saudi Aramco to report 2019 results on March 16 - Reuters

Saudi Aramco to report 2019 results on March 16 - Reuters:

Saudi Aramco (2222.SE) will report 2019 full-year results on March 16, the oil giant said on its website here on Friday, its first set of financial results after the company went public in December.

Aramco raised $29.4 billion in a record initial public offering.

#Dubai forecast to add 127,000 more homes before 2023 - Arabianbusiness

Dubai forecast to add 127,000 more homes before 2023 - Arabianbusiness:

Dubai Government initiatives, including the formation of a new real estate committee to regulate and control future supply, are expected to support the emirate’s residential sector in 2020, according to new research from CBRE.

Its report also reveals that there is a continued push for residential developments to be completed before the start of Expo 2020, which is set to welcome more than 25 million visitors over a six-month period from October 2020 to April 2021.

CBRE also said developers are introducing a number of schemes to further stimulate the market including rent-to-own initiatives, waived completion fees and new residential “co-living” schemes.

Figures from CBRE demonstrate that existing supply at the end of 2019 stood at 608,500 units in the emirate, with an additional 127,000 units expected to be delivered by 2023.