Top Qatar State Companies Cut Wage Bills Over Pandemic - Bloomberg:
Some of Qatar’s biggest state-owned companies have cut their wage bills as part of a wider government plan to reduce spending and bolster finances to mitigate the impact of the coronavirus outbreak.
Qatar Petroleum, the world’s biggest producer of liquefied natural gas, cut about 800 jobs, according to a person with knowledge of the matter. Qatar Airways is reducing basic salaries for non-Qatari pilots by as much as 25% and is poised to cut jobs in the coming weeks, according to an internal letter seen by Bloomberg.
Sports broadcaster BeIN Media Group cut more than 100 jobs after disruptions to events due to the pandemic, according to people familiar with the matter. Among those impacted are presenters, reporters and technicians.
Qatar, which is due to host the 2022 soccer World Cup, told government-funded entities to reduce monthly costs for non-Qatari employees by 30% from June 1, either by cutting salaries or laying off workers with a two-month notice, Bloomberg reported last week.
Monday 15 June 2020
Planned MENA energy investments will total $792m over 5 years - Arabianbusiness
Planned MENA energy investments will total $792m over 5 years - Arabianbusiness:
Planned and committed investments in the MENA region’s energy sector will exceed $792 billion over the next five years, approximately $173 million less than previous outlooks, according to a new report from the Arab Petroleum Investments Corporation (APICORP).
According to the report, the overall decline – which is mostly in planned investments – is largely a result of the Covid-19 pandemic, the oil crisis, and a looming financial crisis.
Despite these circumstances, however, the GCC region’s committed investments increased by 2.3 percent, compared to a 6 percent overall decrease in the MENA region as a whole, indicating a higher project execution rate in the AGCC.
“The impact of Covid-19 is already deeper lasting than past downturns. Indeed, the nature of this triple crisis and the profound restructuring in oil and gas will hit energy investments for a potentially long period of time, sowing the seeds of supply crunches and price volatility,” said Dr. Ahmed Ali Attiga, the CEO of APICORP.
Planned and committed investments in the MENA region’s energy sector will exceed $792 billion over the next five years, approximately $173 million less than previous outlooks, according to a new report from the Arab Petroleum Investments Corporation (APICORP).
According to the report, the overall decline – which is mostly in planned investments – is largely a result of the Covid-19 pandemic, the oil crisis, and a looming financial crisis.
Despite these circumstances, however, the GCC region’s committed investments increased by 2.3 percent, compared to a 6 percent overall decrease in the MENA region as a whole, indicating a higher project execution rate in the AGCC.
“The impact of Covid-19 is already deeper lasting than past downturns. Indeed, the nature of this triple crisis and the profound restructuring in oil and gas will hit energy investments for a potentially long period of time, sowing the seeds of supply crunches and price volatility,” said Dr. Ahmed Ali Attiga, the CEO of APICORP.
Column: Hedge funds wait for signs of cyclical recovery in oil - Kemp - Reuters
Column: Hedge funds wait for signs of cyclical recovery in oil - Kemp - Reuters:
Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced.
For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and options contracts, according to records published by regulators and exchanges.
Funds purchased the equivalent of just 10 million barrels in the seven days ending on June 9, after buying 6 million a week earlier, compared with average purchases of 40 million per week over the previous eight weeks.
Funds were small buyers of Brent (+12 million barrels) but there were no significant changes in NYMEX and ICE WTI (unchanged), U.S. gasoline (-3 million), U.S. diesel (-1 million) or European gasoil (+1 million).
Hedge fund managers show little directional conviction on petroleum prices after crude futures doubled between late April and early June, suggesting most now see upside and downside risks as finely balanced.
For the second week running, fund managers made no significant changes in their positioning in any of the six most import futures and options contracts, according to records published by regulators and exchanges.
Funds purchased the equivalent of just 10 million barrels in the seven days ending on June 9, after buying 6 million a week earlier, compared with average purchases of 40 million per week over the previous eight weeks.
Funds were small buyers of Brent (+12 million barrels) but there were no significant changes in NYMEX and ICE WTI (unchanged), U.S. gasoline (-3 million), U.S. diesel (-1 million) or European gasoil (+1 million).
Oil prices rise 2% on optimism around OPEC+ output pact - Reuters
Oil prices rise 2% on optimism around OPEC+ output pact - Reuters:
Oil prices rose more than 2% on Monday as signs that fuel demand was recovering, while OPEC+ members were complying with a production cut deal, outweighed fears that new coronavirus infections could further slow the global economy.
U.S. West Texas Intermediate crude rose 86 cents, or 2.4%, to settle at $37.12 a barrel. Brent crude gained 99 cents, or 2.6%, to settle at $39.72 a barrel.
Prices rebounded from early losses after the energy minister of the United Arab Emirates voiced confidence that OPEC+ countries with poor compliance to agreed cuts would meet their commitments and reported signs oil demand was picking up.
“That seemed to take away some of the market’s negativity,” said Phil Flynn, senior analyst at Price Futures Group. “It’s fear about the coronavirus versus the reality of what’s happening on the ground.”
Oil prices rose more than 2% on Monday as signs that fuel demand was recovering, while OPEC+ members were complying with a production cut deal, outweighed fears that new coronavirus infections could further slow the global economy.
U.S. West Texas Intermediate crude rose 86 cents, or 2.4%, to settle at $37.12 a barrel. Brent crude gained 99 cents, or 2.6%, to settle at $39.72 a barrel.
Prices rebounded from early losses after the energy minister of the United Arab Emirates voiced confidence that OPEC+ countries with poor compliance to agreed cuts would meet their commitments and reported signs oil demand was picking up.
“That seemed to take away some of the market’s negativity,” said Phil Flynn, senior analyst at Price Futures Group. “It’s fear about the coronavirus versus the reality of what’s happening on the ground.”
Oil falls on growing fears of coronavirus second wave - Reuters
Oil falls on growing fears of coronavirus second wave - Reuters:
Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could hamper a recovery in fuel demand.
Brent crude was down 38 cents, or 1%, at $38.35 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was down 66 cents, or 1.8%, at $35.60.
“A fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” said ING’s head of commodities strategy, Warren Patterson.
After nearly two months with no new infections, Beijing officials have reported 79 coronavirus cases over the past four days.
Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could hamper a recovery in fuel demand.
Brent crude was down 38 cents, or 1%, at $38.35 a barrel by 1154 GMT. U.S. West Texas Intermediate crude was down 66 cents, or 1.8%, at $35.60.
“A fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” said ING’s head of commodities strategy, Warren Patterson.
After nearly two months with no new infections, Beijing officials have reported 79 coronavirus cases over the past four days.
European, Middle Eastern & African Stocks - Bloomberg #UAE #SaudiArabia #Qatar close
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.
Mideast Stocks: Major Gulf stocks fall, mirroring oil prices, global equities | ZAWYA MENA Edition
Mideast Stocks: Major Gulf stocks fall, mirroring oil prices, global equities | ZAWYA MENA Edition:
All major Gulf markets fell on Monday, in line with oil and global stocks as growing fears of a second wave of coronavirus infections revived economic worries.
Brent crude futures were $1.02, or 2.6% lower, at$37.71 a barrel by 0750 GMT, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks could weigh on the recovery of fuel demand.
A cluster of COVID-19 infections in Beijing has increased concerns about a resurgence of the disease in China.
Saudi Arabia's benchmark index eased 0.4%, with National Commercial Bank, the kingdom's largest lender, dropping 1.4% and Al Rajhi Bank down 0.3%. State-owned Saudi Aramco was down 0.2%.
All major Gulf markets fell on Monday, in line with oil and global stocks as growing fears of a second wave of coronavirus infections revived economic worries.
Brent crude futures were $1.02, or 2.6% lower, at$37.71 a barrel by 0750 GMT, as new coronavirus infections hit China and the United States, raising the prospect that renewed outbreaks could weigh on the recovery of fuel demand.
A cluster of COVID-19 infections in Beijing has increased concerns about a resurgence of the disease in China.
Saudi Arabia's benchmark index eased 0.4%, with National Commercial Bank, the kingdom's largest lender, dropping 1.4% and Al Rajhi Bank down 0.3%. State-owned Saudi Aramco was down 0.2%.
#UAE's Invest Bank reports $601.7 mln accumulated losses at end-2019 - Reuters
UAE's Invest Bank reports $601.7 mln accumulated losses at end-2019 - Reuters:
Sharjah-based Invest Bank’s accumulated losses stood at 2.21 billion dirhams ($601.72 million) at the end of 2019, 70% of its capital, the bank said in a bourse filing.
In 2018, the government of Sharjah stepped in after the bank was hit by high levels of bad loans, partly due to its exposure to the troubled real estate and construction sectors.
Invest Bank said the accumulated losses were a result of “weak governance and credit underwriting and monitoring practices experiences by the bank in the past, compounded by a subdued economic environment that led to a further deterioration of the credit quality of its loan portfolio,” which forced the bank to book large provisions.
The bank said it would use its special and legal reserves, each about 450.7 million dirhams, to amortize part of the accumulated losses. That would decrease the accumulated losses to 41.3% of its issued capital, it said.
Sharjah-based Invest Bank’s accumulated losses stood at 2.21 billion dirhams ($601.72 million) at the end of 2019, 70% of its capital, the bank said in a bourse filing.
In 2018, the government of Sharjah stepped in after the bank was hit by high levels of bad loans, partly due to its exposure to the troubled real estate and construction sectors.
Invest Bank said the accumulated losses were a result of “weak governance and credit underwriting and monitoring practices experiences by the bank in the past, compounded by a subdued economic environment that led to a further deterioration of the credit quality of its loan portfolio,” which forced the bank to book large provisions.
The bank said it would use its special and legal reserves, each about 450.7 million dirhams, to amortize part of the accumulated losses. That would decrease the accumulated losses to 41.3% of its issued capital, it said.
#Saudi Aramco cuts July crude supplies to at least five buyers in Asia: sources - Reuters
Saudi Aramco cuts July crude supplies to at least five buyers in Asia: sources - Reuters:
World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.
The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter said.
Four of the refiners saw smaller July cuts than what they had received in June. The sources declined to be named due to sensitivity of the matter.
The move followed a deal struck by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July.
World’s largest oil exporter Saudi Aramco has reduced the volume of July-loading crude that it will supply to at least five buyers in Asia, seven sources said on Monday.
The cuts were mainly for medium and heavy grades and were seen at refineries in countries such as China, the sources with knowledge of the matter said.
Four of the refiners saw smaller July cuts than what they had received in June. The sources declined to be named due to sensitivity of the matter.
The move followed a deal struck by the Organization of the Petroleum Exporting Countries (OPEC) and its allies including Russia to keep production cuts of 9.7 million barrels per day, or 10% of pre-coronavirus world demand, until the end of July.
Oil falls on growing fears of a second wave of coronavirus - Reuters
Oil falls on growing fears of a second wave of coronavirus - Reuters:
Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
Brent crude was down 93 cents, or 2.4%, at $37.80 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was down $1.33, or 3.7%, at $34.93 a barrel.
“The recovery in oil demand is already set to be a lengthy process, and a fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” ING’s head of commodities strategy Warren Patterson said.
After nearly two months with no new infections, Beijing officials have reported 79 cases of the coronavirus over the past four days.
Oil prices fell on Monday as new coronavirus infections hit China, Japan and the United States, adding to concerns that a resurgence of the virus could weigh on the recovery of fuel demand.
Brent crude was down 93 cents, or 2.4%, at $37.80 a barrel by 0808 GMT. U.S. West Texas Intermediate crude was down $1.33, or 3.7%, at $34.93 a barrel.
“The recovery in oil demand is already set to be a lengthy process, and a fresh wave of cases will certainly raise worries that a recovery in demand may take even longer than initially thought,” ING’s head of commodities strategy Warren Patterson said.
After nearly two months with no new infections, Beijing officials have reported 79 cases of the coronavirus over the past four days.
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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