Saudi Arabia remains an attractive investment, says BlackRock exec - Arabianbusiness:
Saudi Arabia remains an attract investment even amid the ongoing Covid-19 pandemic, according to a senior executive from global investment management corporation BlackRock, the world’s largest asset manager.
In a webinar on Tuesday, Terrence Keeley, global head of the official institutions group at BlockRock, said that “the kingdom is an attractive investment on both relative and absolute levels.”
“International investors are interested in obtaining solid sources of returns,” he added. “The kingdom retains many attractive investment opportunities including investment infrastructure.”
Thursday 21 May 2020
#Qatar Petroleum to slash spending by 30%: CEO - Reuters
Qatar Petroleum to slash spending by 30%: CEO - Reuters:
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.
Speaking during a webcast organised by the U.S-Qatar Business Council, Saad al-Kaabi however said that plans to sharply expand Qatar Petroleum’s liquefied natural gas (LNG) capacity by the middle of the decade remain on track.
“We are going through budget revisions... In June we will be somewhere in the range of 30% reduction in expenditure, capex and opex,” Kaabi said.
The world’s top oil and gas companies sharply reduced spending in the wake of an unprecedented collapse in oil consumption triggered by travel restrictions governments around the world imposed to contain the coronavirus epidemic.
Qatar Petroleum will slash its spending by around 30% this year in the face of the sharp drop in oil and gas prices due to the coronavirus epidemic, its Chief Executive said on Thursday.
Speaking during a webcast organised by the U.S-Qatar Business Council, Saad al-Kaabi however said that plans to sharply expand Qatar Petroleum’s liquefied natural gas (LNG) capacity by the middle of the decade remain on track.
“We are going through budget revisions... In June we will be somewhere in the range of 30% reduction in expenditure, capex and opex,” Kaabi said.
The world’s top oil and gas companies sharply reduced spending in the wake of an unprecedented collapse in oil consumption triggered by travel restrictions governments around the world imposed to contain the coronavirus epidemic.
Brent at highest since March on U.S. stock draw, recovering demand - Reuters
Brent at highest since March on U.S. stock draw, recovering demand - Reuters:
Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements.
Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand collapsed. With fuel use rising and more signs that the supply glut is being tackled, Brent has since more than doubled.
Brent LCOc1 rose 34 cents, or 1%, to settle at $36.09 per barrel. U.S. West Texas Intermediate crude CLc1 closed up 43 cents, or 1.28%, to $33.92.
In the latest sign the supply glut is easing, U.S. crude inventories USOILC=ECI fell 5 million barrels last week. Analysts had expected an increase.
Global benchmark Brent rose more than 1% on Thursday to its highest since March, supported by lower U.S. crude inventories, OPEC-led supply cuts and recovering demand as governments ease coronavirus restrictions on people’s movements.
Oil has slumped in 2020, with Brent hitting a 21-year low below $16 a barrel in April as demand collapsed. With fuel use rising and more signs that the supply glut is being tackled, Brent has since more than doubled.
Brent LCOc1 rose 34 cents, or 1%, to settle at $36.09 per barrel. U.S. West Texas Intermediate crude CLc1 closed up 43 cents, or 1.28%, to $33.92.
In the latest sign the supply glut is easing, U.S. crude inventories USOILC=ECI fell 5 million barrels last week. Analysts had expected an increase.
Giant Kazakhstan oilfield threatened by surge in coronavirus cases | Financial Times
Giant Kazakhstan oilfield threatened by surge in coronavirus cases | Financial Times:
One of the world’s largest oilfields has been threatened with closure by local health authorities following a surge in coronavirus infections among its workers.
The Tengiz field in Kazakhstan, which produces about 500,000 barrels of oil a day, is being developed by an international consortium headed by Chevron, which said it was taking steps to minimise the spread of the virus and that production had not been affected.
The warning is the first time a major oilfield has been threatened by coronavirus and underscores the danger posed by the pandemic to remote energy projects where thousands of contractors often live and work in cramped conditions before returning home at the end of their shift rotation.
Tengiz faces closure if it fails to control the spread of the virus, Kazakhstan’s chief sanitary doctor warned on Wednesday, and demanded the project adhere to a government-backed plan to curb the outbreak. Close to 950 workers at the field have tested positive, about 13 per cent of the entire Central Asian country’s coronavirus cases.
One of the world’s largest oilfields has been threatened with closure by local health authorities following a surge in coronavirus infections among its workers.
The Tengiz field in Kazakhstan, which produces about 500,000 barrels of oil a day, is being developed by an international consortium headed by Chevron, which said it was taking steps to minimise the spread of the virus and that production had not been affected.
The warning is the first time a major oilfield has been threatened by coronavirus and underscores the danger posed by the pandemic to remote energy projects where thousands of contractors often live and work in cramped conditions before returning home at the end of their shift rotation.
Tengiz faces closure if it fails to control the spread of the virus, Kazakhstan’s chief sanitary doctor warned on Wednesday, and demanded the project adhere to a government-backed plan to curb the outbreak. Close to 950 workers at the field have tested positive, about 13 per cent of the entire Central Asian country’s coronavirus cases.
The Month That Shook #Saudi Economy Just the Start of a Long Slog - Bloomberg
The Month That Shook Saudi Economy Just the Start of a Long Slog - Bloomberg:
It was a sharp descent for Rakan Al-Ghalayini.
A graduate of Northeastern University in Boston who moved back home to Saudi Arabia, he just found work at the start of 2020 in the kingdom’s new entertainment industry, booming at the time under plans to reinvent the oil-based economy.
But in March, as the pandemic struck and the oil market went into meltdown, the crisis obliterated his job of bringing in hundreds of guests for Saudi Arabia’s first international film festival. The event was indefinitely postponed, along with all the others he’d hoped to work on -- leaving him unemployed, again.
“My future looked bright after a year of not working,” said Al-Ghalayini, 26. “What do I do now? Back to square one?”
It was a sharp descent for Rakan Al-Ghalayini.
A graduate of Northeastern University in Boston who moved back home to Saudi Arabia, he just found work at the start of 2020 in the kingdom’s new entertainment industry, booming at the time under plans to reinvent the oil-based economy.
But in March, as the pandemic struck and the oil market went into meltdown, the crisis obliterated his job of bringing in hundreds of guests for Saudi Arabia’s first international film festival. The event was indefinitely postponed, along with all the others he’d hoped to work on -- leaving him unemployed, again.
“My future looked bright after a year of not working,” said Al-Ghalayini, 26. “What do I do now? Back to square one?”
Emirates Faces Dilemma Over Giant Jets in Shrunken Travel Market - Bloomberg
Emirates Faces Dilemma Over Giant Jets in Shrunken Travel Market - Bloomberg:
A year ago Emirates thought it had resolved its A380 problem by cutting back its final batch on order. Now the coronavirus has presented the Dubai-based carrier with a fresh headache around the superjumbo.
With travel demand set to be subdued for years to come, the mammoth jet built by Airbus SE risks becoming a white elephant in a world where reduced demand for long-haul flights favors more modestly sized wide-bodies.
Emirates will respond by retiring a chunk of its A380 fleet, people with knowledge of the plan have said. But with the Gulf airline alone in building its business around a double-decker model that won precious few orders elsewhere, options for offloading the planes are limited.
Here are the hard choices facing the world’s biggest long-haul carrier:
A year ago Emirates thought it had resolved its A380 problem by cutting back its final batch on order. Now the coronavirus has presented the Dubai-based carrier with a fresh headache around the superjumbo.
With travel demand set to be subdued for years to come, the mammoth jet built by Airbus SE risks becoming a white elephant in a world where reduced demand for long-haul flights favors more modestly sized wide-bodies.
Emirates will respond by retiring a chunk of its A380 fleet, people with knowledge of the plan have said. But with the Gulf airline alone in building its business around a double-decker model that won precious few orders elsewhere, options for offloading the planes are limited.
Here are the hard choices facing the world’s biggest long-haul carrier:
#AbuDhabi Wealth Fund Sees U-Shaped Global Rebound Next Year - Bloomberg
Abu Dhabi Wealth Fund Sees U-Shaped Global Rebound Next Year - Bloomberg:
The global economy is likely to recover from this year’s virus-driven recession with 5% growth in 2021, according to Abu Dhabi’s $220 billion wealth fund.
The most likely outcome following the economic crisis sparked by the coronavirus is a U-shaped rebound, meaning there will be some stagnation before things get better, said Musabbeh Al Kaabi, chief executive officer of the Petroleum & Petrochemicals division of Mubadala Investment Co. The fund -- with holdings across healthcare, technology, aerospace and energy -- gives that scenario a 70% probability and sees a 30% chance of a longer economic slump, Al Kaabi said.
As the pandemic forced factories all over the world to shutter and people to stay home, the global economy has plummeted and oil prices have dropped by almost half since the start of the year. Though they’ve risen in the past month as activity resumes in nations such as China, demand for crude is likely to peak within 10 years at most with the growing adoption of cleaner energy, Al Kaabi said.
“We are not in a state of denial, we understand the energy transition,” Al Kaabi said Wednesday, in a virtual energy forum hosted by the Atlantic Council, a Washington-based think tank. Energy markets will see stronger demand for natural gas and Mubadala is skewing its investments in that direction, he said.
The global economy is likely to recover from this year’s virus-driven recession with 5% growth in 2021, according to Abu Dhabi’s $220 billion wealth fund.
The most likely outcome following the economic crisis sparked by the coronavirus is a U-shaped rebound, meaning there will be some stagnation before things get better, said Musabbeh Al Kaabi, chief executive officer of the Petroleum & Petrochemicals division of Mubadala Investment Co. The fund -- with holdings across healthcare, technology, aerospace and energy -- gives that scenario a 70% probability and sees a 30% chance of a longer economic slump, Al Kaabi said.
As the pandemic forced factories all over the world to shutter and people to stay home, the global economy has plummeted and oil prices have dropped by almost half since the start of the year. Though they’ve risen in the past month as activity resumes in nations such as China, demand for crude is likely to peak within 10 years at most with the growing adoption of cleaner energy, Al Kaabi said.
“We are not in a state of denial, we understand the energy transition,” Al Kaabi said Wednesday, in a virtual energy forum hosted by the Atlantic Council, a Washington-based think tank. Energy markets will see stronger demand for natural gas and Mubadala is skewing its investments in that direction, he said.
Oil prices rise to highest since March after U.S. stock drawdown - Reuters
Oil prices rise to highest since March after U.S. stock drawdown - Reuters:
Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.
Brent crude futures for July delivery LCoc1 were trading up 62 cents, or 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day.
U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session.
Both prices are at their highest since March 11.
Oil prices rose on Thursday to their highest since March, as a drawdown of U.S. crude inventories and output cuts by major producers helped ease concerns about a supply glut, offsetting fears over the economic fallout from the COVID-19 epidemic.
Brent crude futures for July delivery LCoc1 were trading up 62 cents, or 1.7%, at $36.37 per barrel at 0550 GMT, rising for a second day.
U.S. West Texas Intermediate (WTI) crude futures for July CLc1 were up 61 cents, or 1.8%, at $34.10 a barrel, extending its gains into a sixth straight session.
Both prices are at their highest since March 11.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar mid-session
European, Middle Eastern & African Stocks - Bloomberg:
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
Updated stock indexes in Europe, Middle East & Africa. Get an overview of major indexes, current values and stock market data in Europe, UK, Germany, Russia & more.
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