Oil slips as demand worries outweigh U.S. stocks draw - Reuters:
Oil prices steady on Wednesday as concerns lingered over soft U.S. fuel demand while global producers feared a second prolonged wave of the coronavirus pandemic was a major risk for the market recovery.
U.S. crude oil stockpiles USOILC=ECI fell 1.6 million barrels last week, while fuel demand was down 14% from the year-ago period over the last four weeks, Energy Information Administration data showed.
“The drop in gasoline demand week-over-week was a concern. That’s still showing weakness,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago. “The only thing that is holding us back is demand,” he said.
Brent crude futures LCOc1 settled at $45.37 a barrel, down 9 cents.
U.S. West Texas Intermediate (WTI) crude CLc1 ended 4 cents higher at $42.93 a barrel, getting a late boost after Federal Reserve board minutes were released. The U.S. central bank is considering policy tweaks that could sustain aggressive stimulus measures.
Wednesday, 19 August 2020
Netanyahu Says #UAE Wealth Fund Interested in Investing in Israel - Bloomberg
Netanyahu Says UAE Wealth Fund Interested in Investing in Israel - Bloomberg:
The United Arab Emirates’ sovereign wealth fund is interested in investing in Israel, Prime Minister Benjamin Netanyahu said at a meeting with lawmakers from the south of the country on Wednesday.
Israel’s south, known as the Negev, has developed desert agriculture, water technology, and solar energy, all of which interests the UAE, the prime minister said.
The UAE last week announced that it’s moving toward normalizing relations with Israel, joining Egypt and Jordan as the only Arab countries to do so.
The United Arab Emirates’ sovereign wealth fund is interested in investing in Israel, Prime Minister Benjamin Netanyahu said at a meeting with lawmakers from the south of the country on Wednesday.
Israel’s south, known as the Negev, has developed desert agriculture, water technology, and solar energy, all of which interests the UAE, the prime minister said.
The UAE last week announced that it’s moving toward normalizing relations with Israel, joining Egypt and Jordan as the only Arab countries to do so.
NMC Health Administrators Say They’re Near Bottom of Hidden Debt Pit - Bloomberg
NMC Health Administrators Say They’re Near Bottom of Hidden Debt Pit - Bloomberg:
NMC Health Plc’s administrators said that they’ve uncovered most of the hidden debt that caused the Middle East hospital operator to collapse.
The caretakers of the business are now looking into a range of options to recover some of those funds, Marija Simovic, managing director at Alvarez & Marsal, the restructuring specialist appointed as joint administrators in April, said in an interview Wednesday.
“Do we believe a majority of it has been identified? Yes. Is it 100%? No,” she said. Investigations into the alleged fraud continue to reveal new information, which the administrators and their legal teams are exploring further.
Those probes come amid a turnaround that will see NMC focus on its operations in the United Arab Emirates and Oman while considering the sale of the non-core international subsidiaries, including its lucrative fertility business. The unit is garnering strong global interest, with expressions of interest from more than 70 candidates, including the world’s biggest private-equity firms and a number of strategic buyers, Michael Davis, the acting CEO of NMC Health, said in the same interview.
NMC Health Plc’s administrators said that they’ve uncovered most of the hidden debt that caused the Middle East hospital operator to collapse.
The caretakers of the business are now looking into a range of options to recover some of those funds, Marija Simovic, managing director at Alvarez & Marsal, the restructuring specialist appointed as joint administrators in April, said in an interview Wednesday.
“Do we believe a majority of it has been identified? Yes. Is it 100%? No,” she said. Investigations into the alleged fraud continue to reveal new information, which the administrators and their legal teams are exploring further.
Those probes come amid a turnaround that will see NMC focus on its operations in the United Arab Emirates and Oman while considering the sale of the non-core international subsidiaries, including its lucrative fertility business. The unit is garnering strong global interest, with expressions of interest from more than 70 candidates, including the world’s biggest private-equity firms and a number of strategic buyers, Michael Davis, the acting CEO of NMC Health, said in the same interview.
NMC Health says over 60 bidders have shown interest in international fertility business
Hospital group NMC Health has received expressions of interest from more than 60 potential bidders for its international fertility business, one of the first non-core assets it plans to sell as part of a recovery plan, its acting CEO said on Wednesday.
NMC Healthcare LLC plans to file for administration in Abu Dhabi, the UAE-based hospitals operator said, as it targets a three-year recovery plan involving a debt moratorium, debt restructuring and asset sales.
NMC’s acting CEO Michael Davis and Marija Simovic, managing director of NMC’s administrators Alvarez & Marsal, told Reuters the Boston IVF business may be included in the sale process alongside the Spain-based Eugin IVF unit.
Reuters reported in June that the administrators of NMC have selected Perella Weinberg Partners to advise on the sale.
#AbuDhabi in talks with banks for new international bond deal, sources say | ZAWYA MENA Edition
Abu Dhabi in talks with banks for new international bond deal, sources say | ZAWYA MENA Edition:
The government of Abu Dhabi is in talks with banks for a new international bond issue, sources said, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.
Hydrocarbon-dependent Gulf states have raised billions of dollars to refill state coffers this year and more deals are expected in coming months, with ratings agency S&P predicting a record $100 billion jump in debt this year.
Oil-rich Abu Dhabi - rated AA by Fitch and S&P and Aa2 by Moody's, making it overall the highest-rated sovereign issuer in the Gulf - raised $10 billion through an initial $7 billion bond in April which was re-opened the following month.
It is now discussing a new transaction and has picked a group of banks to arrange it, said two sources familiar with the matter without identifying the banks involved.
The government of Abu Dhabi is in talks with banks for a new international bond issue, sources said, having already raised $10 billion via debt issues this year to prop up its finances amid low oil prices and the coronavirus crisis.
Hydrocarbon-dependent Gulf states have raised billions of dollars to refill state coffers this year and more deals are expected in coming months, with ratings agency S&P predicting a record $100 billion jump in debt this year.
Oil-rich Abu Dhabi - rated AA by Fitch and S&P and Aa2 by Moody's, making it overall the highest-rated sovereign issuer in the Gulf - raised $10 billion through an initial $7 billion bond in April which was re-opened the following month.
It is now discussing a new transaction and has picked a group of banks to arrange it, said two sources familiar with the matter without identifying the banks involved.
Hospitals group NMC to file for administration in #AbuDhabi - Reuters
Hospitals group NMC to file for administration in Abu Dhabi - Reuters:
NMC Healthcare LLC plans to file for administration in Abu Dhabi, the UAE-based hospitals operator said on Wednesday, as it targets a three-year recovery plan involving a debt moratorium, debt restructuring and asset sales.
Its London-listed holding company NMC Health Plc is already being run by administrators Alvarez & Marsal after going into administration in April following months of turmoil over its finances.
NMC Healthcare LLC plans to file for administration with the Abu Dhabi financial centre ADGM, it said in a presentation posted on its website on Wednesday.
Alvarez & Marsal will also be appointed as administrators of the UAE business, it said.
NMC Healthcare LLC plans to file for administration in Abu Dhabi, the UAE-based hospitals operator said on Wednesday, as it targets a three-year recovery plan involving a debt moratorium, debt restructuring and asset sales.
Its London-listed holding company NMC Health Plc is already being run by administrators Alvarez & Marsal after going into administration in April following months of turmoil over its finances.
NMC Healthcare LLC plans to file for administration with the Abu Dhabi financial centre ADGM, it said in a presentation posted on its website on Wednesday.
Alvarez & Marsal will also be appointed as administrators of the UAE business, it said.
U.S. imposes Iran-related sanctions on #UAE-based companies - Reuters
U.S. imposes Iran-related sanctions on UAE-based companies - Reuters:
The United States on Wednesday imposed sanctions on two United Arab Emirates-based companies, the U.S. Treasury Department said, accusing them of providing material support to Iranian airline Mahan Air.
The Treasury in a statement said that Parthia Cargo and Delta Parts Supply FZC provided key parts and logistics services for Mahan Air, which is blacklisted by the United States under measures to fight terrorism and the proliferation of weapons of mass destruction.
The Treasury also slapped sanctions on Amin Mahdavi, an Iranian national based in the United Arab Emirates, for owning or controlling Parthia Cargo.
The move comes as U.S. President Donald Trump’s administration plans to try this week to trigger a return of all U.N. sanctions on Iran after the U.N. Security Council rejected Washington’s bid to extend an arms embargo on the country.
The United States on Wednesday imposed sanctions on two United Arab Emirates-based companies, the U.S. Treasury Department said, accusing them of providing material support to Iranian airline Mahan Air.
The Treasury in a statement said that Parthia Cargo and Delta Parts Supply FZC provided key parts and logistics services for Mahan Air, which is blacklisted by the United States under measures to fight terrorism and the proliferation of weapons of mass destruction.
The Treasury also slapped sanctions on Amin Mahdavi, an Iranian national based in the United Arab Emirates, for owning or controlling Parthia Cargo.
The move comes as U.S. President Donald Trump’s administration plans to try this week to trigger a return of all U.N. sanctions on Iran after the U.N. Security Council rejected Washington’s bid to extend an arms embargo on the country.
Oil slips as demand worries outweigh U.S. stocks draw - Reuters
Oil slips as demand worries outweigh U.S. stocks draw - Reuters:
Oil prices slipped on Wednesday as concerns lingered over soft U.S. fuel demand while global producers feared a second prolonged wave of the coronavirus pandemic was a major risk for the market recovery.
U.S. crude oil stockpiles USOILC=ECI fell 1.6 million barrels last week, while fuel demand was down 14% from the year-ago period over the last four weeks, Energy Information Administration data showed.
“The drop in gasoline demand week-over-week was a concern. That’s still showing weakness,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago. “The only thing that is holding us back is demand,” he said.
Brent crude futures LCOc1 were down 13 cents at $45.33 a barrel by 12:32 p.m. ET (1632 GMT), but still not far off a five-month high above $46 a barrel reached earlier in August.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 7 cents, or 0.2%, at $42.82 a barrel.
Oil prices slipped on Wednesday as concerns lingered over soft U.S. fuel demand while global producers feared a second prolonged wave of the coronavirus pandemic was a major risk for the market recovery.
U.S. crude oil stockpiles USOILC=ECI fell 1.6 million barrels last week, while fuel demand was down 14% from the year-ago period over the last four weeks, Energy Information Administration data showed.
“The drop in gasoline demand week-over-week was a concern. That’s still showing weakness,” said Phil Flynn, a senior analyst at Price Futures Group in Chicago. “The only thing that is holding us back is demand,” he said.
Brent crude futures LCOc1 were down 13 cents at $45.33 a barrel by 12:32 p.m. ET (1632 GMT), but still not far off a five-month high above $46 a barrel reached earlier in August.
U.S. West Texas Intermediate (WTI) crude CLc1 fell 7 cents, or 0.2%, at $42.82 a barrel.
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.
Sheikh Mohammed passes new law to regulate family-owned businesses in #Dubai | ZAWYA MENA Edition
Sheikh Mohammed passes new law to regulate family-owned businesses in Dubai | ZAWYA MENA Edition:
In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (9) of 2020 regulating family-owned businesses in Dubai.
By providing a clear legal framework for family ownership in the emirate, the new Law seeks to protect families’ wealth, enhance the contribution of family businesses to economic and social development and foster the growth of family businesses.
The Law is optionally applicable to existing and new family ownerships, including corporate equity securities and proprietorship. Family ownership in public joint stock companies and movable and immovable property are excluded from this law.
For the family ownership contract to become legally binding, all parties of the contract must be members of the same family and have a single common interest. Furthermore, the contract must clearly define the share of each member, and parties of the contract must own all the legal rights of the monies and assets that are under the purview of the contract. The family ownership contract must also be duly attested by the notary public according to the rules and regulations stipulated in Law No. (4) of 2013 concerning Notaries Public in the Emirate of Dubai.
In his capacity as Ruler of Dubai, Vice President and Prime Minister of the UAE His Highness Sheikh Mohammed bin Rashid Al Maktoum issued Law No. (9) of 2020 regulating family-owned businesses in Dubai.
By providing a clear legal framework for family ownership in the emirate, the new Law seeks to protect families’ wealth, enhance the contribution of family businesses to economic and social development and foster the growth of family businesses.
The Law is optionally applicable to existing and new family ownerships, including corporate equity securities and proprietorship. Family ownership in public joint stock companies and movable and immovable property are excluded from this law.
For the family ownership contract to become legally binding, all parties of the contract must be members of the same family and have a single common interest. Furthermore, the contract must clearly define the share of each member, and parties of the contract must own all the legal rights of the monies and assets that are under the purview of the contract. The family ownership contract must also be duly attested by the notary public according to the rules and regulations stipulated in Law No. (4) of 2013 concerning Notaries Public in the Emirate of Dubai.
Union Properties looks to list three subsidiaries - Arabianbusiness
Union Properties looks to list three subsidiaries - Arabianbusiness:
Union Properties has announced plans to list three of its subsidiary companies on the Dubai Financial Market (DFM).
In a statement to DFM, the Dubai-based developer behind the vast Motor City project, revealed it is looking to convert the legal form of facilities management company ServeU, interior fitout company FitOut, and the Dubai Autodrome, motorsports and entertainment facility, into private joint stock companies.
It comes as the company develops a plan to deal with accumulated losses, which stood at AED2.3 billion ($626m) at the end of June this year. The plan will be presented to the Securities and Commodities Authority and shareholders.
The developer said that “in order to enhance its financial position and diversify its sources of income” it is currently looking at “suitable investment opportunities” in various sectors, including health and hospitality.
Union Properties has announced plans to list three of its subsidiary companies on the Dubai Financial Market (DFM).
In a statement to DFM, the Dubai-based developer behind the vast Motor City project, revealed it is looking to convert the legal form of facilities management company ServeU, interior fitout company FitOut, and the Dubai Autodrome, motorsports and entertainment facility, into private joint stock companies.
It comes as the company develops a plan to deal with accumulated losses, which stood at AED2.3 billion ($626m) at the end of June this year. The plan will be presented to the Securities and Commodities Authority and shareholders.
The developer said that “in order to enhance its financial position and diversify its sources of income” it is currently looking at “suitable investment opportunities” in various sectors, including health and hospitality.
Majid Al Futtaim committed to expansion plans, after 27% drop H1 earnings - Arabianbusiness
Majid Al Futtaim committed to expansion plans, after 27% drop H1 earnings - Arabianbusiness:
Dubai-based Majid Al Futtaim said it remains committed to its expansion plans, after it reported a 27% drop in earnings for the in the first six months of the year.
The shopping mall, communities, retail and leisure company, with operations in the Middle East, Africa and Asia, reported H1 earnings of AED1.6 billion ($435m) revenues dropped by three percent in the first six months of the year to AED17.3 billion, as elements of the company bore the brunt of the economic crisis caused by the coronavirus pandemic.
Majid Al Futtaim said it saw large-scale business disruption caused by the various lockdown measures and movement restrictions, coupled with more cautious consumer sentiment.
Alain Bejjani, chief executive officer of Majid Al Futtaim - Holding, said: “The pandemic has undoubtedly affected us all. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries.
Dubai-based Majid Al Futtaim said it remains committed to its expansion plans, after it reported a 27% drop in earnings for the in the first six months of the year.
The shopping mall, communities, retail and leisure company, with operations in the Middle East, Africa and Asia, reported H1 earnings of AED1.6 billion ($435m) revenues dropped by three percent in the first six months of the year to AED17.3 billion, as elements of the company bore the brunt of the economic crisis caused by the coronavirus pandemic.
Majid Al Futtaim said it saw large-scale business disruption caused by the various lockdown measures and movement restrictions, coupled with more cautious consumer sentiment.
Alain Bejjani, chief executive officer of Majid Al Futtaim - Holding, said: “The pandemic has undoubtedly affected us all. Over the years, we have built and maintained a sustainable and diversified business ready to withstand the headwinds in our industries.
Profits slide for #Dubai's DP World port operator amid virus
Profits slide for Dubai's DP World port operator amid virus:
International port operator DP World said on Wednesday profits were down 56% for the first half of the year, with earnings sliding to $333 million as coronavirus lockdowns and a global recession impact trade around the world.
The Dubai state-owned company’s $420 million dollar drop in profits for the period between January to June was due largely to a decline of nearly 4% in container volume at DP World ports.
“The COVID-19 outbreak has undoubtedly resulted in one of the most challenging periods in the history of our industry,” DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said in a statement.
Already, full-year profits had fallen by more than 8% to $1.2 billion last year amid trade wars and other disruptions.
International port operator DP World said on Wednesday profits were down 56% for the first half of the year, with earnings sliding to $333 million as coronavirus lockdowns and a global recession impact trade around the world.
The Dubai state-owned company’s $420 million dollar drop in profits for the period between January to June was due largely to a decline of nearly 4% in container volume at DP World ports.
“The COVID-19 outbreak has undoubtedly resulted in one of the most challenging periods in the history of our industry,” DP World Group Chairman and CEO, Sultan Ahmed Bin Sulayem, said in a statement.
Already, full-year profits had fallen by more than 8% to $1.2 billion last year amid trade wars and other disruptions.
Kuwaiti lessor Alafco delays Airbus orders - Reuters
Kuwaiti lessor Alafco delays Airbus orders - Reuters:
Kuwaiti aircraft leasing company Alafco said on Wednesday it has reached an agreement with Airbus (AIR.PA) to delay the delivery of aircraft ordered from the planemaker.
Aviation has been one of the industries worst hit during the COVID-19 pandemic and airlines around the world expect it will take years before travel returns to pre-pandemic levels.
The lessor did not say how many aircraft were affected by the agreement, although according to Airbus’ website it currently has 43 A320neo and 10 A321neo jets on order to be delivered.
Under the agreement, advance payments to be made between now and the next three years will instead be due from 2024 onwards, Alafco said in a bourse filing.
Kuwaiti aircraft leasing company Alafco said on Wednesday it has reached an agreement with Airbus (AIR.PA) to delay the delivery of aircraft ordered from the planemaker.
Aviation has been one of the industries worst hit during the COVID-19 pandemic and airlines around the world expect it will take years before travel returns to pre-pandemic levels.
The lessor did not say how many aircraft were affected by the agreement, although according to Airbus’ website it currently has 43 A320neo and 10 A321neo jets on order to be delivered.
Under the agreement, advance payments to be made between now and the next three years will instead be due from 2024 onwards, Alafco said in a bourse filing.
#Saudi approves agreement with Saudi Arabian Chevron on Neutral Zone - Reuters
Saudi approves agreement with Saudi Arabian Chevron on Neutral Zone - Reuters:
Saudi Arabia’s cabinet approved an agreement with Chevron Saudi Arabia (SAC) regarding the Neutral Zone between the kingdom and Kuwait, the state news agency said late on Tuesday.
“It approved ... amending and extending an agreement between the Saudi government and Chevron Saudi Arabia in the Neutral Zone,” the cabinet statement said, without giving further details.
Kuwait and Saudi Arabia, both members of the Organization of the Petroleum Exporting Countries (OPEC), agreed last year to end a five-year dispute over the border area known as the Neutral Zone, allowing production to resume at the jointly run Wafra and Khafagi oil fields that can pump up to 0.5% of the world’s oil supply.
Crude oil production resumed early July at the Wafra oilfield, shared by Kuwait and Saudi Arabia.
Saudi Arabia’s cabinet approved an agreement with Chevron Saudi Arabia (SAC) regarding the Neutral Zone between the kingdom and Kuwait, the state news agency said late on Tuesday.
“It approved ... amending and extending an agreement between the Saudi government and Chevron Saudi Arabia in the Neutral Zone,” the cabinet statement said, without giving further details.
Kuwait and Saudi Arabia, both members of the Organization of the Petroleum Exporting Countries (OPEC), agreed last year to end a five-year dispute over the border area known as the Neutral Zone, allowing production to resume at the jointly run Wafra and Khafagi oil fields that can pump up to 0.5% of the world’s oil supply.
Crude oil production resumed early July at the Wafra oilfield, shared by Kuwait and Saudi Arabia.
Israeli Peace Deal Coaxes #UAE Investors Out of the Shadows - Bloomberg
Israeli Peace Deal Coaxes UAE Investors Out of the Shadows - Bloomberg:
When Tel Aviv-based financier Edouard Cukierman started his first fund in the late 1990s, some of the investors he signed up from the United Arab Emirates hid their identity behind a trust to keep their involvement discreet.
Now, the LinkedIn account of the head of Cukierman & Co. Investment House Ltd. is buzzing with 20 to 30 messages a day from Emiratis eager to do deals -- without having to conceal themselves. The shift comes after a U.S.-brokered peace process aimed at ending decades of official hostility between the two Middle East nations.
“The timing is great to start building cross-border transactions in a much more open manner,” said Cukierman, who is already planning a trip to the UAE in September to scout local partners.
The investor is among many businesses hoping the Israel-UAE pact will usher in an economic boom. While Israel’s peace deals during the 1970s and 1990s with Egypt and Jordan resolved military conflicts, the relationships never blossomed into strong corridors for trade or investment.
 |
| Israeli and UAE national flags fly in Netanya, Israel, on Aug. 17. Photographer: Kobi Wolf/Bloomberg |
When Tel Aviv-based financier Edouard Cukierman started his first fund in the late 1990s, some of the investors he signed up from the United Arab Emirates hid their identity behind a trust to keep their involvement discreet.
Now, the LinkedIn account of the head of Cukierman & Co. Investment House Ltd. is buzzing with 20 to 30 messages a day from Emiratis eager to do deals -- without having to conceal themselves. The shift comes after a U.S.-brokered peace process aimed at ending decades of official hostility between the two Middle East nations.
“The timing is great to start building cross-border transactions in a much more open manner,” said Cukierman, who is already planning a trip to the UAE in September to scout local partners.
The investor is among many businesses hoping the Israel-UAE pact will usher in an economic boom. While Israel’s peace deals during the 1970s and 1990s with Egypt and Jordan resolved military conflicts, the relationships never blossomed into strong corridors for trade or investment.
Mideast News: Stakes Rising in #Oman for Regional Financial Aid - Bloomberg
Mideast News: Stakes Rising in Oman for Regional Financial Aid - Bloomberg:
Potential assistance for Oman from wealthier neighbors in the Gulf may not be quite the turning point it was for Bahrain two years ago.
Oman’s bondholders are hoping it obtains a similar lifeline, and credit assessors from Fitch Ratings to S&P Global Ratings see that as a possibility. The sultanate discussed the option with other Gulf states, people with knowledge of the matter told Bloomberg in June.
But the size of any aid package will likely “be calibrated to facilitate, but not meaningfully replace, debt market funding,” Fitch said this week as it downgraded Oman’s sovereign rating deeper into junk. The sultanate’s dollar-denominated bonds have lost 1.6% this year, the worst performer in the region.
That raises the stakes for Oman, which has lagged behind most peers in implementing fiscal reforms despite dwindling reserves and a budget deficit Fitch estimates could reach 20% of gross domestic product this year.
Potential assistance for Oman from wealthier neighbors in the Gulf may not be quite the turning point it was for Bahrain two years ago.
Oman’s bondholders are hoping it obtains a similar lifeline, and credit assessors from Fitch Ratings to S&P Global Ratings see that as a possibility. The sultanate discussed the option with other Gulf states, people with knowledge of the matter told Bloomberg in June.
But the size of any aid package will likely “be calibrated to facilitate, but not meaningfully replace, debt market funding,” Fitch said this week as it downgraded Oman’s sovereign rating deeper into junk. The sultanate’s dollar-denominated bonds have lost 1.6% this year, the worst performer in the region.
That raises the stakes for Oman, which has lagged behind most peers in implementing fiscal reforms despite dwindling reserves and a budget deficit Fitch estimates could reach 20% of gross domestic product this year.
OPEC+ meets to review compliance with oil cuts - Reuters
OPEC+ meets to review compliance with oil cuts - Reuters:
OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.
OPEC+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, according to OPEC+ sources.
They said the meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan.
Compliance with the cuts was seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday.
OPEC oil producers and allies such as Russia, a grouping dubbed OPEC+, meets on Wednesday to review compliance with oil cuts meant to support oil prices amid the coronavirus pandemic.
OPEC+ is unlikely to change its output policy, which currently calls for reducing output by 7.7 million barrels per day (bpd) versus a record high 9.7 million bpd up until this month, according to OPEC+ sources.
They said the meeting instead would focus on compliance by countries such as Iraq, Nigeria and Kazakhstan.
Compliance with the cuts was seen at 95% to 97% in July, according to OPEC+ sources and a draft report seen by Reuters on Monday.
Oil slips as demand worries outweigh U.S. stocks draw - Reuters
Oil slips as demand worries outweigh U.S. stocks draw - Reuters:
Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.
With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, Brent crude futures LCOc1 fell 40 cents, or 0.9%, to $45.06 a barrel by 0701 GMT, having edged up 9 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 34 cents, or 0.8%, at $42.55 a barrel, having ended unchanged the previous day.
“Demand concerns weighed on oil prices, with U.S. economic stimulus still nowhere in sight and U.S.-Sino trade talks being postponed,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Oil prices eased on Wednesday on concerns that U.S. fuel demand may not recover as quickly as expected amid stalled talks on an economic stimulus package, overshadowing a bigger-than-expected drawdown in U.S. crude stocks.
With investors keeping an eye on a key producer countries’ ministerial meeting later in the day, Brent crude futures LCOc1 fell 40 cents, or 0.9%, to $45.06 a barrel by 0701 GMT, having edged up 9 cents on Tuesday.
U.S. West Texas Intermediate (WTI) crude CLc1 futures were down 34 cents, or 0.8%, at $42.55 a barrel, having ended unchanged the previous day.
“Demand concerns weighed on oil prices, with U.S. economic stimulus still nowhere in sight and U.S.-Sino trade talks being postponed,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
MIDEAST STOCKS-Most major Gulf markets gain as financial shares rise - Reuters
MIDEAST STOCKS-Most major Gulf markets gain as financial shares rise - Reuters:
Most major Gulf bourses rose in early trade on Wednesday, helped by gains in financial shares, although the Abu Dhabi index bucked the trend to trade flat.
Saudi Arabia’s benchmark index gained 0.3%, with Riyad Bank rising 2.3% and Al Rajhi Bank gaining 0.5%.
The biggest drag on the index was Petrochemical maker Saudi Basic Industries (SABIC), which slipped 0.5%, as the world’s fourth-biggest petrochemicals firm picked banks to arrange a U.S. dollar denominated bond issue, Reuters reported, citing two sources.
The Dubai index rose 0.3%, helped by a 1% gain for Emirates NBD Bank and a 0.7% rise for Emaar Properties .
Elsewhere, Union Properties advanced 2.3%. The real estate developer on Tuesday said it is planning to list three of its subsidiaries on the Dubai Financial Market.
Most major Gulf bourses rose in early trade on Wednesday, helped by gains in financial shares, although the Abu Dhabi index bucked the trend to trade flat.
Saudi Arabia’s benchmark index gained 0.3%, with Riyad Bank rising 2.3% and Al Rajhi Bank gaining 0.5%.
The biggest drag on the index was Petrochemical maker Saudi Basic Industries (SABIC), which slipped 0.5%, as the world’s fourth-biggest petrochemicals firm picked banks to arrange a U.S. dollar denominated bond issue, Reuters reported, citing two sources.
The Dubai index rose 0.3%, helped by a 1% gain for Emirates NBD Bank and a 0.7% rise for Emaar Properties .
Elsewhere, Union Properties advanced 2.3%. The real estate developer on Tuesday said it is planning to list three of its subsidiaries on the Dubai Financial Market.
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