Oil climbs 5% on U.S. jobless drop, OPEC+ meeting hopes - Reuters:
Oil prices rose on Friday after an unexpected fall in the May U.S. jobless rate and OPEC’s decision to bring forward to Saturday discussions on whether to extend record production cuts.
Brent crude futures settled up $2.31, or 5.8%, at $42.30 a barrel, surging 19.2% on the week. U.S. West Texas Intermediate (WTI) crude futures rose $2.14, or 5.7%, to $39.55 a barrel, rising 10.7% on the week.
The U.S. Labor Department reported a surprise fall in the jobless rate to 13.3% last month from 14.7% in April.
Brent has risen 17% since May 29 to reach a three-month high, in a range more comfortable for producers like Russia. The contract has more than doubled since crashing as low as $15.98 a barrel on April 22. WTI is up 11%.
Friday, 5 June 2020
#Qatar, #UAE Ministers Stand Their Ground on Crisis in Tweets - Bloomberg
Gulf Cooperation Council News: Latest on Future Affairs - Bloomberg:
Top officials from the United Arab Emirates and Qatar stood their ground on Twitter on the third anniversary of the rift between Gulf states.
Anwar Gargash, UAE minister of state for foreign affairs, said Gulf Cooperation Council affairs had changed, and there can be no return to the situation before the sparring with Qatar erupted. “I don’t see that the Qatari crisis on its third anniversary deserves comment,” he said in a tweet. “Paths have diverged.”
Qatari Foreign Minister Mohammed bin Abdulrahman Al Thani said shortly after that his country had always sought a civil dialog without conditions that respected sovereignty and international law. “These positions have not and will not change,” he said on Twitter.
Both, however, called for states to look toward the future.
Top officials from the United Arab Emirates and Qatar stood their ground on Twitter on the third anniversary of the rift between Gulf states.
Anwar Gargash, UAE minister of state for foreign affairs, said Gulf Cooperation Council affairs had changed, and there can be no return to the situation before the sparring with Qatar erupted. “I don’t see that the Qatari crisis on its third anniversary deserves comment,” he said in a tweet. “Paths have diverged.”
Qatari Foreign Minister Mohammed bin Abdulrahman Al Thani said shortly after that his country had always sought a civil dialog without conditions that respected sovereignty and international law. “These positions have not and will not change,” he said on Twitter.
Both, however, called for states to look toward the future.
#Qatar's foreign minister says there is a new initiative to end Gulf crisis - Reuters
Qatar's foreign minister says there is a new initiative to end Gulf crisis - Reuters:
Qatar’s foreign minister said on Friday there is a new initiative to end the three-year-old Gulf crisis and that Qatar is open to negotiations, Qatar’s Al Jazeera broadcaster reported on its twitter account.
“We hope the initiative will produce results, we are open to dialogue and ready to meet each step forward with 10 steps from our side,” Al Jazeera’s tweet quoted foreign minister Sheikh Mohammed bin Abdulrahman Al-Thani.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties with Qatar in June 2017 over allegations that it backs terrorism. Doha denies that and accuses them of trying to curtail its sovereignty.
Kuwait and the United States have tried to mediate a rift that has undermined Washington’s efforts to form a united front against Iran, which is locked in a struggle for regional supremacy with Saudi Arabia.
Qatar’s foreign minister said on Friday there is a new initiative to end the three-year-old Gulf crisis and that Qatar is open to negotiations, Qatar’s Al Jazeera broadcaster reported on its twitter account.
“We hope the initiative will produce results, we are open to dialogue and ready to meet each step forward with 10 steps from our side,” Al Jazeera’s tweet quoted foreign minister Sheikh Mohammed bin Abdulrahman Al-Thani.
Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic and trade ties with Qatar in June 2017 over allegations that it backs terrorism. Doha denies that and accuses them of trying to curtail its sovereignty.
Kuwait and the United States have tried to mediate a rift that has undermined Washington’s efforts to form a united front against Iran, which is locked in a struggle for regional supremacy with Saudi Arabia.
Oil Set for Sixth Weekly Gain as OPEC+ Nears Cut Extension Deal - Bloomberg
Oil Set for Sixth Weekly Gain as OPEC+ Nears Cut Extension Deal - Bloomberg:
Oil was headed for a sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts until the end of July.
Futures in New York edged higher toward $38 a barrel on Friday and are up around 6% this week. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past non-compliance. OPEC+ will meet Saturday at 4 p.m. Vienna time, delegates said.
In another potentially bullish driver for oil prices, analysts have been poring over U.S. inventory numbers that don’t add up. While it’s unclear where the discrepancy lies, data sets including stockpiles, output, imports and exports are signaling that official figures on at least some supplies are excessive.
Oil was headed for a sixth weekly gain after OPEC+ reached a tentative agreement to extend record production cuts until the end of July.
Futures in New York edged higher toward $38 a barrel on Friday and are up around 6% this week. After almost a week of wrangling, Saudi Arabia and Russia clinched a deal with Iraq, according to a delegate. The pair were pushing Baghdad to stop shirking its share of cuts and to compensate for past non-compliance. OPEC+ will meet Saturday at 4 p.m. Vienna time, delegates said.
In another potentially bullish driver for oil prices, analysts have been poring over U.S. inventory numbers that don’t add up. While it’s unclear where the discrepancy lies, data sets including stockpiles, output, imports and exports are signaling that official figures on at least some supplies are excessive.
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake - Bloomberg
Why the Breach Between Saudis, Qataris Goes On and On: QuickTake - Bloomberg:
Three years have passed since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties and transportation links with Qatar, kicking off a regional squabble with broad geopolitical implications. So far, efforts by Kuwait and the U.S. to get the former allies to mend ties have failed. Friendly overtures between Saudi Arabia and Qatar in late 2019 stalled early this year. On June 3, Kuwait’s prime minister said there was some progress in resolving the standoff. Qatar, which quit the oil cartel OPEC at the start of 2019, has also been charting a different course from its neighbors on energy policy, with its fortunes tied more closely to natural gas.
Three years have passed since Saudi Arabia, the United Arab Emirates, Bahrain and Egypt cut diplomatic ties and transportation links with Qatar, kicking off a regional squabble with broad geopolitical implications. So far, efforts by Kuwait and the U.S. to get the former allies to mend ties have failed. Friendly overtures between Saudi Arabia and Qatar in late 2019 stalled early this year. On June 3, Kuwait’s prime minister said there was some progress in resolving the standoff. Qatar, which quit the oil cartel OPEC at the start of 2019, has also been charting a different course from its neighbors on energy policy, with its fortunes tied more closely to natural gas.
Shuaa steps up support to address frozen credit markets | ZAWYA MENA Edition
Shuaa steps up support to address frozen credit markets | ZAWYA MENA Edition:
Shuaa Capital has announced the strengthening of its specialised corporate restructuring service, to support reenergising the business sector.
Jassim Alseddiqi, Chief Executive Officer of Shuaa Capital said: "The Covid-19 pandemic has had a significant impact on businesses, freezing their credit lines, and pushing several to insolvency. The UAE has been among the first nations to announce a financial stimulus package to support the business community and to direct them back to healthy fundamentals."
Shuaa has also strengthened its advisory services for corporates to execute capital raising through diverse instruments such as mezzanine/sub-ordinated debt, Term Loan B (TLBs), fixed income, convertibles, and preferred equity, among others.
Shuaa Capital is playing a key role in the regional sukuk market as a mandate lead arranger for several issuances, including the GFH Financial Group's $300 million five-year sukuk in early 2020 and Jabal Omar Development Company's $135 million five-year sukuk and The First Group's $135 million Sukuk in 2019. This brings the total amount raised for Shuaa-led sukuk to more than $600 million during the past year and a half, making it the most active non-bank advisor in the Middle East for sukuk issuances.
Shuaa Capital has announced the strengthening of its specialised corporate restructuring service, to support reenergising the business sector.
Jassim Alseddiqi, Chief Executive Officer of Shuaa Capital said: "The Covid-19 pandemic has had a significant impact on businesses, freezing their credit lines, and pushing several to insolvency. The UAE has been among the first nations to announce a financial stimulus package to support the business community and to direct them back to healthy fundamentals."
Shuaa has also strengthened its advisory services for corporates to execute capital raising through diverse instruments such as mezzanine/sub-ordinated debt, Term Loan B (TLBs), fixed income, convertibles, and preferred equity, among others.
Shuaa Capital is playing a key role in the regional sukuk market as a mandate lead arranger for several issuances, including the GFH Financial Group's $300 million five-year sukuk in early 2020 and Jabal Omar Development Company's $135 million five-year sukuk and The First Group's $135 million Sukuk in 2019. This brings the total amount raised for Shuaa-led sukuk to more than $600 million during the past year and a half, making it the most active non-bank advisor in the Middle East for sukuk issuances.
Oil rises as traders await OPEC+ meeting on extending supply cuts - Reuters
Oil rises as traders await OPEC+ meeting on extending supply cuts - Reuters:
Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.
Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel as of 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.5%, to $37.58 a barrel.
Brent has risen about 14% this week, while WTI is up nearly 6%, leaving benchmarks on track for a sixth week of gains. The surge was triggered by the output cuts amid signs of improving fuel demand as countries begin to ease lockdowns they had imposed to prevent the spread of the new coronavirus.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a grouping known as OPEC+, will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC source.
Oil prices moved higher on Friday as traders await cues from a meeting that could take place as soon as this weekend where major oil producers will discuss whether to extend record production cuts.
Brent crude futures were up 27 cents, or 0.7%, at $40.26 a barrel as of 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 17 cents, or 0.5%, to $37.58 a barrel.
Brent has risen about 14% this week, while WTI is up nearly 6%, leaving benchmarks on track for a sixth week of gains. The surge was triggered by the output cuts amid signs of improving fuel demand as countries begin to ease lockdowns they had imposed to prevent the spread of the new coronavirus.
The Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, a grouping known as OPEC+, will meet on Saturday to discuss extending output cuts, Algeria’s Ennahar TV channel reported on Friday, citing an OPEC source.
#AbuDhabi's Mubadala to invest $1.2 billion in Reliance's Jio Platforms - Reuters
Abu Dhabi's Mubadala to invest $1.2 billion in Reliance's Jio Platforms - Reuters:
Indian oil-to-telecoms conglomerate Reliance Industries Ltd (RELI.NS) said on Friday that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85% stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).
Reliance has now sold a combined 19% interest in Jio Platforms, which houses movie, music apps and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99% stake sale to Facebook Inc (FB.O) for $5.7 billion.
The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance’s retail network to expand into e-commerce.
The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
Indian oil-to-telecoms conglomerate Reliance Industries Ltd (RELI.NS) said on Friday that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85% stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).
Reliance has now sold a combined 19% interest in Jio Platforms, which houses movie, music apps and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99% stake sale to Facebook Inc (FB.O) for $5.7 billion.
The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance’s retail network to expand into e-commerce.
The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in assets.
Russia says OPEC+ meeting to be held on Saturday - Reuters
Russia says OPEC+ meeting to be held on Saturday - Reuters:
The Russian energy ministry said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.
Separately, an OPEC+ source told Reuters that the OPEC conference was scheduled to start at 2 pm Vienna time (1200 GMT) on Saturday followed by the OPEC+ online meeting at 4 pm.
The Russian energy ministry said a video conference of a group of leading oil producers, known as OPEC+, would be held on Saturday.
Separately, an OPEC+ source told Reuters that the OPEC conference was scheduled to start at 2 pm Vienna time (1200 GMT) on Saturday followed by the OPEC+ online meeting at 4 pm.