Oil rises nearly 2% as robust China trade data offsets returning supply | Reuters:
Oil prices rebounded on Tuesday, supported by robust economic data from China that offset returning supply in other regions but gains were capped by forecasts for a slow recovery in global oil demand as coronavirus cases rise.
Brent crude futures LCOc1 ended up 73 cents, or 1.8%, to $42.45 a barrel while U.S. West Texas Intermediate (WTI) crude CLc1 futures settled up 77 cents, or about 2%, to $40.20 a barrel. On Monday, both benchmarks fell nearly 3%.
China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from August and up 17.5% from a year earlier, but still below the record high level of 12.94 mln bpd in June, customs data showed.
“Oil prices, which suffered quite a blow the previous day, were looking for a bright spot and Tuesday offered just that,” said Rystad Energy’s senior oil markets analyst Paola Rodriguez-Masiu.
Tuesday 13 October 2020
#Saudi's United Electronics Investing in E-Commerce: CEO - Bloomberg
Saudi's United Electronics Investing in E-Commerce: CEO - Bloomberg:
Mohammed Galal Fahmi, chief executive officer of Saudi Arabia's United Electronics Co., discusses the consumer electronics retailer's financial results and business outlook. Its profit almost doubled to 53.2 million riyals in the third quarter. Fahmi speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Mohammed Galal Fahmi, chief executive officer of Saudi Arabia's United Electronics Co., discusses the consumer electronics retailer's financial results and business outlook. Its profit almost doubled to 53.2 million riyals in the third quarter. Fahmi speaks on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
OPEC Sees Market for Its Crude Shrink Again as Rivals Recover - Bloomberg
OPEC Sees Market for Its Crude Shrink Again as Rivals Recover - Bloomberg:
OPEC trimmed estimates for the amount of crude it will need to pump in the coming year, days before ministers are due to assess the impact of supply curbs on world markets.
The Organization of Petroleum Exporting Countries downgraded supply forecasts as its rival producers in the U.S. weather the impact of low prices, and as the resurgent pandemic continues to weigh on global demand.
The crude-producer group and its allies are due to hold a monitoring meeting on Monday to consider whether unprecedented output cuts they’ve made this year are managing to keep the global market in balance.
The coalition, led by Saudi Arabia and Russia, is set to relax the curbs at the start of next year and restore some more supplies, but delegates are growing increasingly concerned about whether markets can absorb additional barrels.
OPEC trimmed estimates for the amount of crude it will need to pump in the coming year, days before ministers are due to assess the impact of supply curbs on world markets.
The Organization of Petroleum Exporting Countries downgraded supply forecasts as its rival producers in the U.S. weather the impact of low prices, and as the resurgent pandemic continues to weigh on global demand.
The crude-producer group and its allies are due to hold a monitoring meeting on Monday to consider whether unprecedented output cuts they’ve made this year are managing to keep the global market in balance.
The coalition, led by Saudi Arabia and Russia, is set to relax the curbs at the start of next year and restore some more supplies, but delegates are growing increasingly concerned about whether markets can absorb additional barrels.
#Saudi Aramco CEO says 'the worst is behind us' for oil | Reuters
Saudi Aramco CEO says 'the worst is behind us' for oil | Reuters:
Saudi Aramco Chief Executive Amin Nasser said on Tuesday that “the worst is definitely behind us” for the oil market, as global oil demand is recovering and is currently at 90 million barrels per day.
Nasser said oil demand in China is almost back to its pre COVID-19 levels.
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| Amin H. Nasser, president and CEO of Saudi Aramco, speaks during the International Carbon Capture, Utilization and Storage Conference 2020 in Riyadh, Saudi Arabia February 25, 2020. REUTERS/Ahmed Yosri/File Photo |
Saudi Aramco Chief Executive Amin Nasser said on Tuesday that “the worst is definitely behind us” for the oil market, as global oil demand is recovering and is currently at 90 million barrels per day.
Nasser said oil demand in China is almost back to its pre COVID-19 levels.
#Qatar secures LNG capacity at UK's Grain terminal for 25 years | Reuters
Qatar secures LNG capacity at UK's Grain terminal for 25 years | Reuters:
Qatar Petroleum has secured storage and redelivery capacity at the UK’s Grain liquefied natural gas (LNG) terminal for 25 years from mid-2025, Qatar Petroleum and Britain’s National Grid said in separate statements on Tuesday.
The deal was signed between National Grid’s Grain LNG and Qatar Petroleum’s Qatar Terminal Limited (QTL) after the conclusion of an open season process launched by National Grid in Nov. 2019.
Qatar Petroleum said its affiliate will subscribe to the equivalent of up to 7.2 million tonnes per annum of the terminal’s future throughput capacity.
“By entering into this agreement, we are reaffirming our commitment to the United Kingdom’s gas market,” said Saad Sherida Al-Kaabi, QP’s chief executive and Qatar’s energy minister.
Qatar Petroleum has secured storage and redelivery capacity at the UK’s Grain liquefied natural gas (LNG) terminal for 25 years from mid-2025, Qatar Petroleum and Britain’s National Grid said in separate statements on Tuesday.
The deal was signed between National Grid’s Grain LNG and Qatar Petroleum’s Qatar Terminal Limited (QTL) after the conclusion of an open season process launched by National Grid in Nov. 2019.
Qatar Petroleum said its affiliate will subscribe to the equivalent of up to 7.2 million tonnes per annum of the terminal’s future throughput capacity.
“By entering into this agreement, we are reaffirming our commitment to the United Kingdom’s gas market,” said Saad Sherida Al-Kaabi, QP’s chief executive and Qatar’s energy minister.
#UAE says OPEC+ plans to ease oil cuts from January as agreed | Reuters
UAE says OPEC+ plans to ease oil cuts from January as agreed | Reuters:
The energy minister from the United Arab Emirates (UAE) said on Tuesday that OPEC+ oil producers will stick to their plans to taper oil production cuts from January.
OPEC+ - producers from the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia - have been reducing output since January 2017 in a bid to balance the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels per day, down from 9.7 million bpd.
“It will be reduced again at the end of this year as we walk to 2021,” Suhail al-Mazrouei told the Energy Intelligence Forum.
The energy minister from the United Arab Emirates (UAE) said on Tuesday that OPEC+ oil producers will stick to their plans to taper oil production cuts from January.
OPEC+ - producers from the Organization of the Petroleum Exporting Countries (OPEC) and others including Russia - have been reducing output since January 2017 in a bid to balance the market, support prices and reduce inventories.
They are currently curbing production by 7.7 million barrels per day, down from 9.7 million bpd.
“It will be reduced again at the end of this year as we walk to 2021,” Suhail al-Mazrouei told the Energy Intelligence Forum.
Israel sees commercial aviation deal with #UAE within days | Reuters
Israel sees commercial aviation deal with UAE within days | Reuters:
Israel and the United Arab Emirates will sign a commercial aviation deal imminently, an Israeli official said on Tuesday, as the countries cemented newly normalised relations ahead of reciprocal delegation visits expected next week.
Direct air traffic between Tel Aviv and Abu Dhabi or Dubai would be a tourism and business boon for Israel and the Gulf power, while also easing Israelis’ travel to Asia.
Saudi Arabia has agreed to expedite such flights by letting them pass over its territory. But Riyadh has indicated it is not ready to establish formal ties with Israel, as the UAE and Bahrain did at a Sept. 15 ceremony in Washington.
Ofer Malka, director-general of Israel’s Transportation Ministry, said in an interview the UAE aviation deal is “more or less ready, and we will sign it in the coming days”.
Israel and the United Arab Emirates will sign a commercial aviation deal imminently, an Israeli official said on Tuesday, as the countries cemented newly normalised relations ahead of reciprocal delegation visits expected next week.
Direct air traffic between Tel Aviv and Abu Dhabi or Dubai would be a tourism and business boon for Israel and the Gulf power, while also easing Israelis’ travel to Asia.
Saudi Arabia has agreed to expedite such flights by letting them pass over its territory. But Riyadh has indicated it is not ready to establish formal ties with Israel, as the UAE and Bahrain did at a Sept. 15 ceremony in Washington.
Ofer Malka, director-general of Israel’s Transportation Ministry, said in an interview the UAE aviation deal is “more or less ready, and we will sign it in the coming days”.
#Saudi Aramco and BlackRock, others, discussing deal worth over $10 billion - sources | Reuters
Saudi Aramco and BlackRock, others, discussing deal worth over $10 billion - sources | Reuters:
Saudi Aramco 2222.SE is in talks with BlackRock BLK.N and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said.
The deal, internally dubbed “Project Seek”, is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the matter said.
The transaction would be similar to infrastructure deals signed this and last year by Abu Dhabi’s national oil company ADNOC.
Those raised billions of dollars by leasing its oil and gas pipelines assets to investor partners.
Saudi Aramco 2222.SE is in talks with BlackRock BLK.N and other investors on a planned deal worth over $10 billion to sell a stake in its pipeline business, sources said.
The deal, internally dubbed “Project Seek”, is still in its initial phase and there is no formal decision on the investors yet, one of the two sources familiar with the matter said.
The transaction would be similar to infrastructure deals signed this and last year by Abu Dhabi’s national oil company ADNOC.
Those raised billions of dollars by leasing its oil and gas pipelines assets to investor partners.
IMF revises down economic forecasts for most Gulf countries | Reuters
IMF revises down economic forecasts for most Gulf countries | Reuters:
The International Monetary Fund (IMF) revised down on Tuesday its 2020 real gross domestic product (GDP) projections for most Gulf countries, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.
The IMF forecast a 2020 global contraction of 4.4% in its latest World Economic Outlook, an improvement over a 5.2% contraction predicted in June, but said it was still the worst economic crisis since the 1930s Great Depression.
Countries in the oil-rich Gulf are suffering the double shock of the coronavirus crisis, which is dampening demand in the non-oil economy, and low oil prices, which have been hurting revenue this year.
The IMF revised down its previous forecasts for all Gulf countries except Saudi Arabia, which is now expected to contract 5.4% this year, against a previous 6.8% contraction estimate.
The International Monetary Fund (IMF) revised down on Tuesday its 2020 real gross domestic product (GDP) projections for most Gulf countries, as it warned the economic outlook was worsening for many emerging markets amid the coronavirus crisis.
The IMF forecast a 2020 global contraction of 4.4% in its latest World Economic Outlook, an improvement over a 5.2% contraction predicted in June, but said it was still the worst economic crisis since the 1930s Great Depression.
Countries in the oil-rich Gulf are suffering the double shock of the coronavirus crisis, which is dampening demand in the non-oil economy, and low oil prices, which have been hurting revenue this year.
The IMF revised down its previous forecasts for all Gulf countries except Saudi Arabia, which is now expected to contract 5.4% this year, against a previous 6.8% contraction estimate.
Visions of Mohammed bin Salman — the reality and the fantasy | Financial Times
Visions of Mohammed bin Salman — the reality and the fantasy | Financial Times:
Mohammed bin Salman, crown prince and de facto ruler of Saudi Arabia, established two things soon after his father, Salman, became king in 2015 and began handing him the keys to the kingdom.
The aspiring wunderkind, now aged 35, quickly cleared a path to the throne and ended the House of Saud’s consensual model of an absolute monarchy with no absolute monarch, seizing all the reins of power. Second, he surged forward with social and economic reform in a state until now under theocratic tutelage, where change has traditionally been driven at speeds between slow and stop.
Prince Mohammed set a furious pace for a ruling family that would coalesce slowly around low common denominators, with caution and consensus as its watchwords, so change-averse it did not outlaw slavery until 1962.
MBS, the colloquial shorthand into which he soon abbreviated amid effusions of hyperbole, came seemingly out of nowhere. Almost no foreign ministry or security service had a file on him. After he launched an air war against Iran-backed Houthi rebels in Yemen in March 2015, Washington sent Tony Blinken, a top adviser to then vice-president Joe Biden, to Riyadh. The person he met was Mohammed bin Nayef, a long-trusted US ally MBS would depose as crown prince in 2017.
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| Crown Prince Mohammed bin Salman of Saudi Arabia arrives with his entourage at the Future Investment Initiative conference in Riyadh in October 2017 © New York Times / Redux / eyevine |
Mohammed bin Salman, crown prince and de facto ruler of Saudi Arabia, established two things soon after his father, Salman, became king in 2015 and began handing him the keys to the kingdom.
The aspiring wunderkind, now aged 35, quickly cleared a path to the throne and ended the House of Saud’s consensual model of an absolute monarchy with no absolute monarch, seizing all the reins of power. Second, he surged forward with social and economic reform in a state until now under theocratic tutelage, where change has traditionally been driven at speeds between slow and stop.
Prince Mohammed set a furious pace for a ruling family that would coalesce slowly around low common denominators, with caution and consensus as its watchwords, so change-averse it did not outlaw slavery until 1962.
MBS, the colloquial shorthand into which he soon abbreviated amid effusions of hyperbole, came seemingly out of nowhere. Almost no foreign ministry or security service had a file on him. After he launched an air war against Iran-backed Houthi rebels in Yemen in March 2015, Washington sent Tony Blinken, a top adviser to then vice-president Joe Biden, to Riyadh. The person he met was Mohammed bin Nayef, a long-trusted US ally MBS would depose as crown prince in 2017.
#AbuDhabi Fund Mubadala to Invest $235 Million in Evotec - Bloomberg
Abu Dhabi Fund Mubadala to Invest $235 Million in Evotec - Bloomberg:
Mubadala Investment Co. will invest 200 million euros ($235 million) in German pharmaceutical company Evotec SE as part of the Abu Dhabi wealth fund’s plans to expand its portfolio.
Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies. The fund has said over the past few years that it’s looking to boost its investments in technology.
It will subscribe to 9.2 million Evotec shares, taking about a 5.6% stake in a private placement, according to a statement. The shares were sold at 21.78 euros, a 3.4% discount to Evotec’s Oct. 12 close of 22.55 euros.
Novo Holdings will also invest 50 million euros to subscribe to 2.3 million shares in the company at the same price, taking its stake to about 11%. Evotec rose 2.4% to 23.10 euros on Tuesday.
Mubadala Investment Co. will invest 200 million euros ($235 million) in German pharmaceutical company Evotec SE as part of the Abu Dhabi wealth fund’s plans to expand its portfolio.
Mubadala, which manages $232 billion in assets, is among Gulf sovereign funds plowing their oil and natural gas wealth into technology to lessen their reliance on crude and help diversify their economies. The fund has said over the past few years that it’s looking to boost its investments in technology.
It will subscribe to 9.2 million Evotec shares, taking about a 5.6% stake in a private placement, according to a statement. The shares were sold at 21.78 euros, a 3.4% discount to Evotec’s Oct. 12 close of 22.55 euros.
Novo Holdings will also invest 50 million euros to subscribe to 2.3 million shares in the company at the same price, taking its stake to about 11%. Evotec rose 2.4% to 23.10 euros on Tuesday.
#Dubai’s GEMS Downgraded Deeper Into Junk by Moody’s Over Economy - Bloomberg
Dubai’s GEMS Downgraded Deeper Into Junk by Moody’s Over Economy - Bloomberg:
GEMS Education had its ratings cut by Moody’s Investors Service, a decision it said reflected the impact on the company’s credit ratios of the coronavirus pandemic and a weakening domestic economy.
Moody’s downgraded the corporate family rating of GEMS MENASA Cayman Ltd., the entity that owns and operates schools in the United Arab Emirates and abroad, to B3 from B2, according to a statement on Monday.
The company’s probability of default rating was lowered to B3-PD from B2-PD and several of its debt facilities to B3 from B2. Corporate families ranked B-PD are “considered speculative and are subject to high default risk,” according to Moody’s.
The ratings company cited “the negative effects of the coronavirus pandemic on the economic environment in the UAE, and in Dubai in particular.”
GEMS Education had its ratings cut by Moody’s Investors Service, a decision it said reflected the impact on the company’s credit ratios of the coronavirus pandemic and a weakening domestic economy.
Moody’s downgraded the corporate family rating of GEMS MENASA Cayman Ltd., the entity that owns and operates schools in the United Arab Emirates and abroad, to B3 from B2, according to a statement on Monday.
The company’s probability of default rating was lowered to B3-PD from B2-PD and several of its debt facilities to B3 from B2. Corporate families ranked B-PD are “considered speculative and are subject to high default risk,” according to Moody’s.
The ratings company cited “the negative effects of the coronavirus pandemic on the economic environment in the UAE, and in Dubai in particular.”
Drake and Scull auditor raises doubts on #Dubai firm's ability to continue | ZAWYA MENA Edition
Drake and Scull auditor raises doubts on Dubai firm's ability to continue | ZAWYA MENA Edition:
Drake and Scull International’s (DSI) auditor has raised doubts on the company’s ability to continue as a going concern, although the Dubai contractor has just posted a net profit of 199 million UAE dirhams ($54.179 million) for the first half of the year.
In a report submitted to the Dubai Financial Market (DFM) on Tuesday, Ernst & Young (EY) Middle East said the engineering firm’s current liabilities have exceeded its current assets by 3,991 million UAE dirhams ($1,086 million) as of June 30, 2020.
The company also incurred a negative cash flow from operating activities of 5 million dirhams from January to June this year, while accumulated losses have reached 4,806 million dirhams.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and that, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business,” the auditor said in a note that accompanied the firm’s interim condensed consolidated financial statements.
Drake and Scull International’s (DSI) auditor has raised doubts on the company’s ability to continue as a going concern, although the Dubai contractor has just posted a net profit of 199 million UAE dirhams ($54.179 million) for the first half of the year.
In a report submitted to the Dubai Financial Market (DFM) on Tuesday, Ernst & Young (EY) Middle East said the engineering firm’s current liabilities have exceeded its current assets by 3,991 million UAE dirhams ($1,086 million) as of June 30, 2020.
The company also incurred a negative cash flow from operating activities of 5 million dirhams from January to June this year, while accumulated losses have reached 4,806 million dirhams.
“These conditions indicate the existence of a material uncertainty that may cast significant doubt about the Group’s ability to continue as a going concern and that, therefore, it may be unable to realise its assets and discharge its liabilities in the normal course of business,” the auditor said in a note that accompanied the firm’s interim condensed consolidated financial statements.
#UAE stable while most emerging markets are set to incur revenue losses: Moody's | ZAWYA MENA Edition
UAE stable while most emerging markets are set to incur revenue losses: Moody's | ZAWYA MENA Edition:
The UAE has ample capacity to adjust to new economic realities while most emerging market sovereigns are set to suffer long-lasting loss of revenues owing to the ongoing coronavirus crisis, according to a new report.
Only the governments will have an ability to boost credit growth, and both Abu Dhabi and the UAE have Aa2 stable outlook on “fiscal policy effectiveness,” Moody’s Investors Service said in its latest report.
The “fiscal policy effectiveness” is a combination of a government’s capacity to adjust to a change in economic circumstances by raising additional revenue and an overall assessment of a sovereign's institutions and governance strength.
Other countries are not in a privileged state as the UAE as majority of emerging markets (EMs) are likely to record budget deficits in 2020 and face constraints in cutting spending amid the pandemic, amplifying the importance of revenue generation, said the report, adding that EM fiscal revenue will stay below pre-crisis levels amid a slow and halting global recovery.
The UAE has ample capacity to adjust to new economic realities while most emerging market sovereigns are set to suffer long-lasting loss of revenues owing to the ongoing coronavirus crisis, according to a new report.
Only the governments will have an ability to boost credit growth, and both Abu Dhabi and the UAE have Aa2 stable outlook on “fiscal policy effectiveness,” Moody’s Investors Service said in its latest report.
The “fiscal policy effectiveness” is a combination of a government’s capacity to adjust to a change in economic circumstances by raising additional revenue and an overall assessment of a sovereign's institutions and governance strength.
Other countries are not in a privileged state as the UAE as majority of emerging markets (EMs) are likely to record budget deficits in 2020 and face constraints in cutting spending amid the pandemic, amplifying the importance of revenue generation, said the report, adding that EM fiscal revenue will stay below pre-crisis levels amid a slow and halting global recovery.
#Dubai's Drake and Scull in 'advanced talks' with banks on restructuring - Arabianbusiness
Dubai's Drake and Scull in 'advanced talks' with banks on restructuring - Arabianbusiness:
Dubai-based Drake & Scull International (DSI) has revealed discussions with banks to formulate a financial restructuring plan have reached “advanced stages” as the construction giant reveals an uptick in results for the first half of the year.
The company reported a net profit of $54 million (AED199m) for H1, despite the global coronavirus crisis, which compared to a net loss of $228m (AED838m) for the same period last year.
It builds on the positive results reported for 2019, which saw the construction company turn a net profit of $71.3m (AED262m) for the year, compared to over $1.4 billion (AED5bn) in losses from 2018.
The results seem to buck the current difficult times for the construction sector across the Middle East, particularly in light of the recent announcement that giant Arabtec is to be placed into liquidation.
Dubai-based Drake & Scull International (DSI) has revealed discussions with banks to formulate a financial restructuring plan have reached “advanced stages” as the construction giant reveals an uptick in results for the first half of the year.
The company reported a net profit of $54 million (AED199m) for H1, despite the global coronavirus crisis, which compared to a net loss of $228m (AED838m) for the same period last year.
It builds on the positive results reported for 2019, which saw the construction company turn a net profit of $71.3m (AED262m) for the year, compared to over $1.4 billion (AED5bn) in losses from 2018.
The results seem to buck the current difficult times for the construction sector across the Middle East, particularly in light of the recent announcement that giant Arabtec is to be placed into liquidation.
#Dubai's Majid Al Futtaim hires HSBC for sale of district cooling unit - sources | Reuters
Dubai's Majid Al Futtaim hires HSBC for sale of district cooling unit - sources | Reuters:
Dubai’s Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, is putting its district cooling unit up for sale, four sources with knowledge of the matter told Reuters.
District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings.
MAF has hired HSBC to tender the deal, said the sources, declining to be named as the matter is not public.
MAF, which also operates the Middle East franchise of French retailer Carrefour CARR.PA, in a statement on Tuesday said it continually assesses its business portfolio to ensure it remains "fit for purpose and positioned for long term sustainable growth.'
Dubai’s Majid Al Futtaim (MAF), which develops shopping malls across the Middle East, is putting its district cooling unit up for sale, four sources with knowledge of the matter told Reuters.
District cooling firms deliver chilled water via insulated pipes to cool offices, industrial and residential buildings.
MAF has hired HSBC to tender the deal, said the sources, declining to be named as the matter is not public.
MAF, which also operates the Middle East franchise of French retailer Carrefour CARR.PA, in a statement on Tuesday said it continually assesses its business portfolio to ensure it remains "fit for purpose and positioned for long term sustainable growth.'
European, Middle Eastern & African Stocks - Bloomberg #UAE #Kuwait #Israel #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.
Oil rebounds as strong China trade data offsets supply concerns | Reuters
Oil rebounds as strong China trade data offsets supply concerns | Reuters:
Oil prices rose on Tuesday, recovering some ground from falls of nearly 3% in the previous session, drawing support from robust China data, although concerns about supply resumption in Norway, the U.S. Gulf of Mexico and Libya still weighed on the market.
U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.30%, to $39.55 a barrel at 0739 GMT. Brent crude futures rose 12 cents, or 0.29%, to $41.84 a barrel.
China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from 11.18 million bpd in August and 17.5% from 10.04 million bpd in September last year, customs data showed on Tuesday.
Oil prices remained under pressure, however, from worries about the return of supplies, while resurgent COVID-19 infections in the U.S. Midwest and Europe raised doubts about fuel demand growth, posing a challenge for the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+.
Oil prices rose on Tuesday, recovering some ground from falls of nearly 3% in the previous session, drawing support from robust China data, although concerns about supply resumption in Norway, the U.S. Gulf of Mexico and Libya still weighed on the market.
U.S. West Texas Intermediate (WTI) crude futures rose 12 cents, or 0.30%, to $39.55 a barrel at 0739 GMT. Brent crude futures rose 12 cents, or 0.29%, to $41.84 a barrel.
China, the world’s top crude oil importer, took in 11.8 million barrels per day (bpd) of oil in September, up 5.5% from 11.18 million bpd in August and 17.5% from 10.04 million bpd in September last year, customs data showed on Tuesday.
Oil prices remained under pressure, however, from worries about the return of supplies, while resurgent COVID-19 infections in the U.S. Midwest and Europe raised doubts about fuel demand growth, posing a challenge for the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+.
Petrofac CEO to retire after 30 years | Financial Times
Petrofac CEO to retire after 30 years | Financial Times:
Ayman Asfari, the longstanding chief executive of Petrofac, is to step down after almost three decades at the oilfield services company, which remains under investigation by the UK’s Serious Fraud Office.
He will be replaced by Sami Iskander, an Egyptian and French national and energy industry veteran of 30 years, who until last year was executive vice-president of Royal Dutch Shell’s upstream joint-ventures business.
Mr Asfari, 62, whose family owns nearly 19 per cent of Petrofac, will retire at the end of the year to focus on “family, health and charitable interests”, but will remain with the company as a non-executive director.
He joined Petrofac in 1991 when it was a US-based business and was charged with setting up an international division, which he later floated in London in 2005. The company now works on projects from large oil refineries in the Middle East to offshore wind farms in the North Sea.
Ayman Asfari, the longstanding chief executive of Petrofac, is to step down after almost three decades at the oilfield services company, which remains under investigation by the UK’s Serious Fraud Office.
He will be replaced by Sami Iskander, an Egyptian and French national and energy industry veteran of 30 years, who until last year was executive vice-president of Royal Dutch Shell’s upstream joint-ventures business.
Mr Asfari, 62, whose family owns nearly 19 per cent of Petrofac, will retire at the end of the year to focus on “family, health and charitable interests”, but will remain with the company as a non-executive director.
He joined Petrofac in 1991 when it was a US-based business and was charged with setting up an international division, which he later floated in London in 2005. The company now works on projects from large oil refineries in the Middle East to offshore wind farms in the North Sea.
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