Russia, Saudi Step Up Oil Diplomacy Before OPEC+ Committee Meets - Bloomberg:
Russia and Saudi Arabia held a second, and unusual, phone call this week to discuss the OPEC+ agreement after officials from the group warned on Friday of the potential for a weaker oil market in 2021.
President Vladimir Putin and Saudi Arabia Crown Prince Mohammed Bin Salman spoke Saturday in what the Kremlin said was a continuation of an Oct. 13 conversation. The two discussed the OPEC+ cooperation “extensively,” the Kremlin said in an emailed statement.
“Both sides reiterated their readiness for further close coordination in this area in the interest of maintaining stability in the world energy market,” the Kremlin said.
The latest call came two days before several OPEC+ ministers are set to discuss the implementation of production cuts during a meeting of the so-called Joint Ministerial Monitoring Committee. The steering group meets monthly to analyze the market, with their recommendation later reviewed by the whole group. The next full OPEC+ ministerial meeting is scheduled for Nov. 30 and Dec 1.
Saturday 17 October 2020
S&P Follows Suit in Downgrading #Oman for 2nd Time This Year - Bloomberg
S&P Follows Suit in Downgrading Oman for 2nd Time This Year - Bloomberg:
Oman’s sovereign rating was cut for the second time in 2020 by S&P Global Ratings as lower crude revenue and the virus pandemic take a heavy toll on the country’s finances.
S&P took Oman a notch lower to B+, four levels into its non-investment grade scale, according to a statement Friday. The outlook on the rating is stable.
The Gulf nation had already been downgraded twice this year by both Moody’s Investors Service and Fitch Ratings. S&P’s rating is now one level lower than both Moody’s and Fitch.
“Oman’s public sector finances, as indicated by the net debt level, will materially weaken over the next three years, notwithstanding the implementation of measures to reduce fiscal deficits, S&P said. “This is partly driven by our assumptions of restrained oil price growth and slow economic recovery from the Covid-19 pandemic.”
Oman’s sovereign rating was cut for the second time in 2020 by S&P Global Ratings as lower crude revenue and the virus pandemic take a heavy toll on the country’s finances.
S&P took Oman a notch lower to B+, four levels into its non-investment grade scale, according to a statement Friday. The outlook on the rating is stable.
The Gulf nation had already been downgraded twice this year by both Moody’s Investors Service and Fitch Ratings. S&P’s rating is now one level lower than both Moody’s and Fitch.
“Oman’s public sector finances, as indicated by the net debt level, will materially weaken over the next three years, notwithstanding the implementation of measures to reduce fiscal deficits, S&P said. “This is partly driven by our assumptions of restrained oil price growth and slow economic recovery from the Covid-19 pandemic.”
Nearly a quarter of all office space lies vacant in #Dubai - Arabianbusiness
Nearly a quarter of all office space lies vacant in Dubai - Arabianbusiness:
The importance of the physical office is unlikely to be diminished in Dubai as many businesses see a loss of productivity during the current "work from home" era caused by the coronavirus crisis, according to experts.
Robert Thomas, head of agency at real estate consultants Core, said that although the work from home will remain prevalent within hybrid models, it has also created problems for some businesses.
"While the initial adoption of widespread work from home arrangement was met with great enthusiasm, many enterprises are now witnessing that lack of social connections and no clear separation between personal and professional life is causing loss of productivity and lower levels of engagement," he said.
His comments comes as Core research revealed that a quarter of all office stock in Dubai is currently vacant.
Out of the total 104.9 million sq ft of office stock in Dubai, nearly 25.2 million sq ft is vacant, with the volume of vacant stock gradually increasing over the last five years.
The importance of the physical office is unlikely to be diminished in Dubai as many businesses see a loss of productivity during the current "work from home" era caused by the coronavirus crisis, according to experts.
Robert Thomas, head of agency at real estate consultants Core, said that although the work from home will remain prevalent within hybrid models, it has also created problems for some businesses.
"While the initial adoption of widespread work from home arrangement was met with great enthusiasm, many enterprises are now witnessing that lack of social connections and no clear separation between personal and professional life is causing loss of productivity and lower levels of engagement," he said.
His comments comes as Core research revealed that a quarter of all office stock in Dubai is currently vacant.
Out of the total 104.9 million sq ft of office stock in Dubai, nearly 25.2 million sq ft is vacant, with the volume of vacant stock gradually increasing over the last five years.
Exclusive: OPEC+ fears second virus wave could lead to oil surplus in 2021 | Reuters
Exclusive: OPEC+ fears second virus wave could lead to oil surplus in 2021 | Reuters:
OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago.
A panel of officials from OPEC+ producers, called the Joint Technical Committee, considered this worst-case scenario during a virtual monthly meeting on Thursday. In September, the panel had not seen a surplus under any scenarios it considered.
Such a surplus could threaten plans by OPEC, Russia and allies, known as OPEC+, to taper record output cuts made this year by adding 2 million bpd of oil to the market in 2021.
The Organization of the Petroleum Exporting Countries has not indicated any plan so far to scrap that supply boost.
OPEC and its allies fear a prolonged second wave of the COVID-19 pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a gloomier outlook than just a month ago.
A panel of officials from OPEC+ producers, called the Joint Technical Committee, considered this worst-case scenario during a virtual monthly meeting on Thursday. In September, the panel had not seen a surplus under any scenarios it considered.
Such a surplus could threaten plans by OPEC, Russia and allies, known as OPEC+, to taper record output cuts made this year by adding 2 million bpd of oil to the market in 2021.
The Organization of the Petroleum Exporting Countries has not indicated any plan so far to scrap that supply boost.