Oil settles lower, shrugs off Saudi attack after climbing above $70/bbl | Reuters
Oil prices settled lower on Monday, retreating from a session peak above $70 a barrel after attacks on oil facilities in Saudi Arabia lifted prices that high for the first time since the COVID-19 pandemic began.
Yemen’s Houthi forces fired drones and missiles at the heart of the Saudi oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh said there were no casualties or loss of property.
“The situation evaporated when it became obvious that there was no damage to the largest oil facility in the world,” said Bob Yawger, director of energy futures at Mizuho.
Brent climbed as high as $71.38 a barrel in early Asian trade, its highest since Jan. 8, 2020. It settled down $1.12 or 1.6% at $68.24.
U.S. West Texas Intermediate (WTI) crude settled down $1.04 or 1.6% at $65.05. The session high was $67.98 a barrel, its highest since October 2018.
Brent and WTI prices have climbed for four consecutive sessions.
Monday, 8 March 2021
‘Everyone is freaking out’: #SaudiArabia’s ultimatum rattles big business | Financial Times
‘Everyone is freaking out’: Saudi Arabia’s ultimatum rattles big business | Financial Times
For decades, most top foreign executives popped in and out of Saudi Arabia for business while setting up homes in Dubai as the latter’s more liberal, western-style lifestyle trumped the oil-rich kingdom’s ultra-conservative culture when it came to establishing a regional base.
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When ‘Programme HQ’ was publicly announced at Saudi Arabia’s investor conference in January only 24 multinationals had provisionally agreed to the move © Fayez Nureldine/AFP via Getty Images |
For decades, most top foreign executives popped in and out of Saudi Arabia for business while setting up homes in Dubai as the latter’s more liberal, western-style lifestyle trumped the oil-rich kingdom’s ultra-conservative culture when it came to establishing a regional base.
But now some are worried that their lives, and those of their families, could be upended after Crown Prince Mohammed bin Salman delivered an ultimatum to multinationals: move your regional headquarters to the kingdom or forget about securing prized government contracts.
The move, announced in February, is Prince Mohammed’s boldest attempt to accelerate his ambitions to transform Riyadh, the once sleepy Saudi capital, into the premier business and finance hub for the Middle East, Africa and parts of western Asia. Companies have been given three years to adapt to the measure, which will be enforced by entities including “agencies, institutions, and funds owned by the government” and comes into effect at the beginning of 2024.
But many executives view it as an attempt to strong-arm global companies to bend to Prince Mohammed’s will and are struggling to work out exactly what it would mean for those that have traditionally preferred to locate their regional headquarters in Dubai, Abu Dhabi or Manama.
Oil Extends Loss With Strengthening Dollar Helping Cool Rally - Bloomberg
Oil Extends Loss With Strengthening Dollar Helping Cool Rally - Bloomberg
Oil extended losses as the dollar strengthened and investors shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Global benchmark Brent futures fell as much as 2.3% on Monday after earlier surging above $71 a barrel, the highest since January 2020. The Bloomberg Dollar Spot Index rose as much as 0.5% on Monday, reducing the appeal of commodities priced in the currency. Meanwhile, the market looked past an assault on a storage tank farm at the Ras Tanura terminal on Sunday, with Saudi Arabia saying the attack was intercepted and oil output appeared to be unaffected.
“There was a big ripper this morning, but the fundamentals that got it there evaporated in the face of a successful defense,” said Bob Yawger, head of the futures division at Mizuho Securities. The market is also “shedding some length here against this extended position.”
Oil extended losses as the dollar strengthened and investors shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Global benchmark Brent futures fell as much as 2.3% on Monday after earlier surging above $71 a barrel, the highest since January 2020. The Bloomberg Dollar Spot Index rose as much as 0.5% on Monday, reducing the appeal of commodities priced in the currency. Meanwhile, the market looked past an assault on a storage tank farm at the Ras Tanura terminal on Sunday, with Saudi Arabia saying the attack was intercepted and oil output appeared to be unaffected.
“There was a big ripper this morning, but the fundamentals that got it there evaporated in the face of a successful defense,” said Bob Yawger, head of the futures division at Mizuho Securities. The market is also “shedding some length here against this extended position.”
Top Energy Trader Vitol Says OPEC+ Has Control of Oil Market - Bloomberg
Top Energy Trader Vitol Says OPEC+ Has Control of Oil Market - Bloomberg
Oil’s surge following OPEC+’s surprise move to maintain cuts in supply shows the producers’ group is in charge of the market, Vitol Group said.
The Organization of Petroleum Exporting Countries and its allies shocked the market on Thursday when they opted to keep output curbs largely in place, belying expectations that they would pump more crude to meet rising demand. Benchmark Brent futures jumped toward $70 a barrel at the end of the week.
“The market is telling us that OPEC+ have control,” Mike Muller, Vitol’s head of Asia, said Sunday in an online forum hosted by consultant Gulf Intelligence. “We’re going to get a stock-draw that is going to accelerate through the second quarter and that’s why the market is doing what it’s doing.”
Oil producers and traders were left reeling last year after the coronavirus pandemic wiped out a third of energy demand, dragging down prices. Surplus crude flooded into storage, swelling stockpiles to the point where U.S. futures dropped below zero.
Oil’s surge following OPEC+’s surprise move to maintain cuts in supply shows the producers’ group is in charge of the market, Vitol Group said.
The Organization of Petroleum Exporting Countries and its allies shocked the market on Thursday when they opted to keep output curbs largely in place, belying expectations that they would pump more crude to meet rising demand. Benchmark Brent futures jumped toward $70 a barrel at the end of the week.
“The market is telling us that OPEC+ have control,” Mike Muller, Vitol’s head of Asia, said Sunday in an online forum hosted by consultant Gulf Intelligence. “We’re going to get a stock-draw that is going to accelerate through the second quarter and that’s why the market is doing what it’s doing.”
Oil producers and traders were left reeling last year after the coronavirus pandemic wiped out a third of energy demand, dragging down prices. Surplus crude flooded into storage, swelling stockpiles to the point where U.S. futures dropped below zero.
MIDEAST STOCKS- #Saudi shares firm as major Gulf markets end mixed | Nasdaq
MIDEAST STOCKS-Saudi shares firm as major Gulf markets end mixed | Nasdaq
Saudi Arabia's stock market recouped earlier losses to end higher on Monday, led by gains in financial shares, while other major Gulf markets were mixed.
Saudi shares had eased earlier following reports that Yemen's Houthi forces fired drones and missiles at the heart of the kingdom's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh called the attack a failed assault on global energy security.
"While the Houthi drone and missile attacks on Saudi oil facilities, including the Ras Tanura facility, did not result in any production outages, they underscored just how dangerous the security environment remains in the region," said Helima Croft, head of global commodity strategy and MENA Research at RBC Capital Markets.
Saudi Arabia's benchmark index .TASI finished 0.3% higher, with Al Rajhi Bank 1120.SE rising 2% and Samba Financial Group 1090.SE climbing 1.4%.
Meanwhile, oil prices, a key catalyst for the Gulf region's financial markets, climbed above $70 a barrel for the first time since the start of the coronavirus crisis. O/R
Last week, investors were surprised that the kingdom had decided to maintain its voluntary cut of 1 million barrels per day through April even after the oil price rally of the past two months as COVID-19 vaccination programmes gained pace around the globe.
In Dubai, the main share index .DFMGI eased 0.2%, hit by a 1.9% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.1% retreat in sharia-compliant lender Dubai Islamic Bank DISB.DU.
The Abu Dhabi index .ADI closed 0.1% lower, driven down by a 1.6% drop in Abu Dhabi Commercial Bank ADCB.AD.
Qatar's benchmark share index .QSI, which traded after a session's break, gained 0.5%, with petrochemical maker Industries Qatar IQCD.QA advancing 2.2%.
Saudi Arabia's stock market recouped earlier losses to end higher on Monday, led by gains in financial shares, while other major Gulf markets were mixed.
Saudi shares had eased earlier following reports that Yemen's Houthi forces fired drones and missiles at the heart of the kingdom's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports. Riyadh called the attack a failed assault on global energy security.
"While the Houthi drone and missile attacks on Saudi oil facilities, including the Ras Tanura facility, did not result in any production outages, they underscored just how dangerous the security environment remains in the region," said Helima Croft, head of global commodity strategy and MENA Research at RBC Capital Markets.
Saudi Arabia's benchmark index .TASI finished 0.3% higher, with Al Rajhi Bank 1120.SE rising 2% and Samba Financial Group 1090.SE climbing 1.4%.
Meanwhile, oil prices, a key catalyst for the Gulf region's financial markets, climbed above $70 a barrel for the first time since the start of the coronavirus crisis. O/R
Last week, investors were surprised that the kingdom had decided to maintain its voluntary cut of 1 million barrels per day through April even after the oil price rally of the past two months as COVID-19 vaccination programmes gained pace around the globe.
In Dubai, the main share index .DFMGI eased 0.2%, hit by a 1.9% fall in blue-chip developer Emaar Properties EMAR.DU and a 1.1% retreat in sharia-compliant lender Dubai Islamic Bank DISB.DU.
The Abu Dhabi index .ADI closed 0.1% lower, driven down by a 1.6% drop in Abu Dhabi Commercial Bank ADCB.AD.
Qatar's benchmark share index .QSI, which traded after a session's break, gained 0.5%, with petrochemical maker Industries Qatar IQCD.QA advancing 2.2%.
Gulf countries get fiscal leeway after OPEC+ extends output cuts | Reuters
Gulf countries get fiscal leeway after OPEC+ extends output cuts | Reuters
Oil-rich Gulf Cooperation Council (GCC) countries, whose state coffers have been battered by the coronavirus crisis, are set to get some fiscal respite after OPEC and its allies last week agreed to extend most oil output cuts into April.
While lower output could weigh on the region’s overall growth this year, higher oil prices are set to curb deficits, providing some headroom for a potential boost to GCC economies recovering from the COVID-19 pandemic.
“These countries will still benefit from the higher oil revenue, as the forecast increase in oil price outweighs the lower output,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
“The marked narrowing in the fiscal deficit with higher oil revenue gives further space to increase fiscal support to the economies.”
Oil prices jumped to their highest levels in more than a year last week after the OPEC+ decision. OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day for a third consecutive month, and that it would decide in coming months to gradually phase it out.
JPMorgan last week revised upwards its 2021 and 2022 Brent price forecasts by $3 and $2, respectively, to $67 a barrel and $74 a barrel.
Oil-rich Gulf Cooperation Council (GCC) countries, whose state coffers have been battered by the coronavirus crisis, are set to get some fiscal respite after OPEC and its allies last week agreed to extend most oil output cuts into April.
While lower output could weigh on the region’s overall growth this year, higher oil prices are set to curb deficits, providing some headroom for a potential boost to GCC economies recovering from the COVID-19 pandemic.
“These countries will still benefit from the higher oil revenue, as the forecast increase in oil price outweighs the lower output,” said Monica Malik, chief economist at Abu Dhabi Commercial Bank.
“The marked narrowing in the fiscal deficit with higher oil revenue gives further space to increase fiscal support to the economies.”
Oil prices jumped to their highest levels in more than a year last week after the OPEC+ decision. OPEC’s leader Saudi Arabia said it would extend its voluntary oil output cut of 1 million barrels per day for a third consecutive month, and that it would decide in coming months to gradually phase it out.
JPMorgan last week revised upwards its 2021 and 2022 Brent price forecasts by $3 and $2, respectively, to $67 a barrel and $74 a barrel.
Investcorp Is Said to Raise $1 Billion for North American Deals - Bloomberg
Investcorp Is Said to Raise $1 Billion for North American Deals - Bloomberg
Investcorp Holdings BSC has raised about $1 billion for its first private equity fund focused on North American assets, according to people familiar the matter.
The biggest private equity and alternative asset manager in the Middle East is set to complete a first close on the fund soon, and aims to eventually raise about $2 billion, the people said. The fund will focus on investing in areas including technology and data companies, along with supply chain and industrial services.
Among the fund’s backers are a Middle East sovereign wealth fund and large asset managers from the U.S. and Europe, the people said, declining to be named because the information isn’t public.
Bahrain-based Investcorp, which oversees about $34 billion, is raising more funds for specific uses as it looks to boost assets under management. It’s previously tended to book deals on its own balance sheet and sell them on to investors.
Investcorp Holdings BSC has raised about $1 billion for its first private equity fund focused on North American assets, according to people familiar the matter.
The biggest private equity and alternative asset manager in the Middle East is set to complete a first close on the fund soon, and aims to eventually raise about $2 billion, the people said. The fund will focus on investing in areas including technology and data companies, along with supply chain and industrial services.
Among the fund’s backers are a Middle East sovereign wealth fund and large asset managers from the U.S. and Europe, the people said, declining to be named because the information isn’t public.
Bahrain-based Investcorp, which oversees about $34 billion, is raising more funds for specific uses as it looks to boost assets under management. It’s previously tended to book deals on its own balance sheet and sell them on to investors.
#Saudi PIF Investments to Spur Corporate Credit Growth, S&P Says - Bloomberg
Saudi PIF Investments to Spur Corporate Credit Growth, S&P Says - Bloomberg
Investments by Saudi Arabia’s sovereign wealth fund will likely fuel corporate credit growth this year, according to S&P Global Ratings.
The Public Investment Fund’s goals, particularly in sectors related to construction, are expected to “offset the gradual lifting” of government support during the pandemic, analysts including Roman Rybalkin wrote Monday.
Saudi Arabia’s $400 billion fund is increasingly playing a major role in diversifying the economy away from oil and developing sectors such as tourism. Over the next two years, its investments in the local economy are set to amount to more than 10% of government expenditure for 2021.
Domestic private-sector credit in the Arab world’s largest economy will likely exceed 80% of gross domestic product this year and next, compared with an earlier estimate of 75%, according to S&P.
Investments by Saudi Arabia’s sovereign wealth fund will likely fuel corporate credit growth this year, according to S&P Global Ratings.
The Public Investment Fund’s goals, particularly in sectors related to construction, are expected to “offset the gradual lifting” of government support during the pandemic, analysts including Roman Rybalkin wrote Monday.
Saudi Arabia’s $400 billion fund is increasingly playing a major role in diversifying the economy away from oil and developing sectors such as tourism. Over the next two years, its investments in the local economy are set to amount to more than 10% of government expenditure for 2021.
Domestic private-sector credit in the Arab world’s largest economy will likely exceed 80% of gross domestic product this year and next, compared with an earlier estimate of 75%, according to S&P.
#UAE's Arrow Capital co-sponsors $240mln Nasdaq tech SPAC | ZAWYA MENA Edition
UAE's Arrow Capital co-sponsors $240mln Nasdaq tech SPAC | ZAWYA MENA Edition
UAE's Arrow Capital, a financial and investment advisory company, said it co-sponsored a special purpose acquisition company (SPAC), Tribe Capital Growth Corp I, which raised $240 million in its initial public offering on the Nasdaq Capital Market.
The SPAC is a blank check company seeking targets in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory, Arrow Capital said in a statement.
Tribe Capital, a US venture capital firm, was the other co-sponsor.
Arrow Capital said that in its collaboration with Tribe Capital, it has "partnered with one of the most prominent venture capital firms in Silicon Valley, offering to its investors some of the most attractive technology investment opportunities coming out of the West Coast of the United States."
Arrow Capital has offices in the Dubai International Financial Centre and Mauritius. Via SPAC, it will enable Gulf investors much greater access to high quality deal flow and will offer UAE and GCC investors diversification for their investments, with exclusive access to Silicon Valley technology deals.
UAE's Arrow Capital, a financial and investment advisory company, said it co-sponsored a special purpose acquisition company (SPAC), Tribe Capital Growth Corp I, which raised $240 million in its initial public offering on the Nasdaq Capital Market.
The SPAC is a blank check company seeking targets in the technology sector, pursuing M&A opportunities with top private technology companies showing inflection points in their growth trajectory, Arrow Capital said in a statement.
Tribe Capital, a US venture capital firm, was the other co-sponsor.
Arrow Capital said that in its collaboration with Tribe Capital, it has "partnered with one of the most prominent venture capital firms in Silicon Valley, offering to its investors some of the most attractive technology investment opportunities coming out of the West Coast of the United States."
Arrow Capital has offices in the Dubai International Financial Centre and Mauritius. Via SPAC, it will enable Gulf investors much greater access to high quality deal flow and will offer UAE and GCC investors diversification for their investments, with exclusive access to Silicon Valley technology deals.
DXB Entertainments shareholders urged to accept Meraas offer - Arabianbusiness
DXB Entertainments shareholders urged to accept Meraas offer - Arabianbusiness
Shareholders of Dubai-based DXB Entertainments have been urged to accept an offer from state-controlled Meraas Holding to acquire the theme park operator’s debt and take it private, or risk the company being placed into liquidation.
The offer from Meraas to acquire debt worth AED4.26 billion ($1.16 billion) and convert it into new DXB Entertainment shares, will be discussed and put to a vote at the company’s general assembly meeting on Tuesday.
Meraas currently holds a 52 percent stake in DXB Entertainments, which still counts Qatar’s sovereign fund and Kuwait Investment Authority as other shareholders. The move would boost Meraas’ ownership to more than 90 percent.
However, in a note to Dubai Financial Market (DFM) DXB Entertainments said that a failure to approve the offer would see an alternative resolution tabled “to consider and approve the dissolution and liquidation of the company”.
Shareholders of Dubai-based DXB Entertainments have been urged to accept an offer from state-controlled Meraas Holding to acquire the theme park operator’s debt and take it private, or risk the company being placed into liquidation.
The offer from Meraas to acquire debt worth AED4.26 billion ($1.16 billion) and convert it into new DXB Entertainment shares, will be discussed and put to a vote at the company’s general assembly meeting on Tuesday.
Meraas currently holds a 52 percent stake in DXB Entertainments, which still counts Qatar’s sovereign fund and Kuwait Investment Authority as other shareholders. The move would boost Meraas’ ownership to more than 90 percent.
However, in a note to Dubai Financial Market (DFM) DXB Entertainments said that a failure to approve the offer would see an alternative resolution tabled “to consider and approve the dissolution and liquidation of the company”.
OilServ's Akbar Does Not Expect Higher Oil Output After Tanura Facility Attack - Bloomberg video
OilServ's Akbar Does Not Expect Higher Oil Output After Tanura Facility Attack - Bloomberg
Sara Akbar, Chair Person & CEO of OilServ Kuwait She speaks with Yousef Gamal El-Din and Manus Cranny on "Bloomberg Daybreak: Middle East." (Source: Bloomberg)
Oil Surge Eases Following Attack on Key #Saudi Crude Terminal - Bloomberg
Oil Surge Eases Following Attack on Key Saudi Crude Terminal - Bloomberg
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Futures in London earlier surged above $71 a barrel, the highest since January 2020, before retreating to trade little changed. The assault on a storage tank farm at Ras Tanura on Sunday was intercepted, Saudi Arabia said, and oil output appeared to be unaffected.
Brent oil erased gains as the market shrugged off an attack on the world’s largest crude terminal in Saudi Arabia.
Futures in London earlier surged above $71 a barrel, the highest since January 2020, before retreating to trade little changed. The assault on a storage tank farm at Ras Tanura on Sunday was intercepted, Saudi Arabia said, and oil output appeared to be unaffected.
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Brent hops past $70 for first time since pandemic began after #Saudi attack | Reuters
Brent hops past $70 for first time since pandemic began after Saudi attack | Reuters
Brent crude futures climbed above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.
Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $70.56 a barrel by 0730 GMT, up $1.20, or 1.7%.
U.S. West Texas Intermediate (WTI) crude for April rose $1.08, or 1.6%, to $67.17. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.
Asian stocks also rose after the U.S. Senate approved a $1.9 trillion stimulus bill while positive economic data from the United States and China bode well for a global economic rebound.
Brent crude futures climbed above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years, following reports of attacks on Saudi Arabian facilities.
Brent crude futures for May hit $71.38 a barrel in early Asian trade, the highest since Jan. 8, 2020, and were at $70.56 a barrel by 0730 GMT, up $1.20, or 1.7%.
U.S. West Texas Intermediate (WTI) crude for April rose $1.08, or 1.6%, to $67.17. The front-month WTI price touched $67.98 a barrel earlier, the highest since October 2018.
Asian stocks also rose after the U.S. Senate approved a $1.9 trillion stimulus bill while positive economic data from the United States and China bode well for a global economic rebound.
UPDATE 1-UK's Starling Bank raises $376 mln for lending, overseas push | Reuters
UPDATE 1-UK's Starling Bank raises $376 mln for lending, overseas push | Reuters
British digital lender Starling Bank said on Monday it has completed a 272 million pounds ($376.39 million) fundraising to fuel lending growth and expansion across Europe.
The bank said the series D funding round was led by Fidelity Management & Research Company, alongside the Qatar Investment Authority, Railpen and Millennium Management.
The round values the company at 1.1 billion pounds pre-money, the company said, with funds raised also going towards a mergers and acquisitions push.
Since launching in 2017, Starling has attracted more than two million customers and lent more than 2 billion pounds.
The lender has fared better in the pandemic than some start-up rivals, including Monzo, with its business banking push accelerated by taking part in state-backed lending schemes.
British digital lender Starling Bank said on Monday it has completed a 272 million pounds ($376.39 million) fundraising to fuel lending growth and expansion across Europe.
The bank said the series D funding round was led by Fidelity Management & Research Company, alongside the Qatar Investment Authority, Railpen and Millennium Management.
The round values the company at 1.1 billion pounds pre-money, the company said, with funds raised also going towards a mergers and acquisitions push.
Since launching in 2017, Starling has attracted more than two million customers and lent more than 2 billion pounds.
The lender has fared better in the pandemic than some start-up rivals, including Monzo, with its business banking push accelerated by taking part in state-backed lending schemes.
Israeli retailer Shufersal raises $211 million in share offering | Reuters
Israeli retailer Shufersal raises $211 million in share offering | Reuters
Shufersal, Israel’s largest supermarket chain, said on Sunday it raised 702 million shekels ($211 million) in a share offering that included foreign investors for the first time.
Shufersal said demand in the offering, which took place late last week, reached 1.5 billion shekels, with all Israeli institutions participating.
Shares were sold at 26 shekels each, a discount of 3.3% to Shufersal’s closing price on Thursday in Tel Aviv.
Shufersal last week reported a 2.6% rise in quarterly profit, boosted by a 15.9% jump in revenue from higher online sales mainly due to the coronavirus pandemic that kept many shoppers home.
Shufersal, Israel’s largest supermarket chain, said on Sunday it raised 702 million shekels ($211 million) in a share offering that included foreign investors for the first time.
Shufersal said demand in the offering, which took place late last week, reached 1.5 billion shekels, with all Israeli institutions participating.
Shares were sold at 26 shekels each, a discount of 3.3% to Shufersal’s closing price on Thursday in Tel Aviv.
Shufersal last week reported a 2.6% rise in quarterly profit, boosted by a 15.9% jump in revenue from higher online sales mainly due to the coronavirus pandemic that kept many shoppers home.
Key #Saudi Arabian Oil Site Attacked, Sending Brent Above $70 - Bloomberg video
Key Saudi Arabian Oil Site Attacked, Sending Brent Above $70 - Bloomberg
Witnesses in the coastal city of Dhahran, where Aramco is also headquartered, reported an explosion rocking the city, and windows shaking. Ras Tanura is about an hour by car up the coast.
“Both attacks did not result in any injury or loss of life or property,” a spokesman for the Saudi Energy Ministry said. Two people familiar with the situation also said oil output was unaffected, and on Monday loading in the Ras Tanura area was continuing, with tankers docking on the north pier and sea islands.
Brent crude rose as much as 2.9% to $71.37 a barrel on Monday, before paring gains. Oil had already received a boost from an OPEC meeting last week, when ministers agreed to keep a tight leash on supply.
Witnesses in the coastal city of Dhahran, where Aramco is also headquartered, reported an explosion rocking the city, and windows shaking. Ras Tanura is about an hour by car up the coast.
“Both attacks did not result in any injury or loss of life or property,” a spokesman for the Saudi Energy Ministry said. Two people familiar with the situation also said oil output was unaffected, and on Monday loading in the Ras Tanura area was continuing, with tankers docking on the north pier and sea islands.
Brent crude rose as much as 2.9% to $71.37 a barrel on Monday, before paring gains. Oil had already received a boost from an OPEC meeting last week, when ministers agreed to keep a tight leash on supply.
DAMAC clarifies stake increase in DAMAC International | ZAWYA MENA Edition
DAMAC clarifies stake increase in DAMAC International | ZAWYA MENA Edition
Dubai’s DAMAC Properties has clarified its announcement that it has increased its stake in DAMAC International from 20 percent to 45 percent.
The developer told Dubai Financial Market (DFM) yesterday that DAMAC International indirectly owns 75 percent of the Nine Elms real estate project in London and is working on a resort project in the Maldives.
“The transaction falls under company business nature, and the value of the transaction (independently valued) is less than 5 percent of the company’s issued capital,” DAMAC Properties said in its statement.
Dubai’s DAMAC Properties has clarified its announcement that it has increased its stake in DAMAC International from 20 percent to 45 percent.
The developer told Dubai Financial Market (DFM) yesterday that DAMAC International indirectly owns 75 percent of the Nine Elms real estate project in London and is working on a resort project in the Maldives.
“The transaction falls under company business nature, and the value of the transaction (independently valued) is less than 5 percent of the company’s issued capital,” DAMAC Properties said in its statement.
MIDEAST STOCKS- #Saudi shares ease following reports of attacks on oil facilities | Nasdaq
MIDEAST STOCKS-Saudi shares ease following reports of attacks on oil facilities | Nasdaq
Major stock markets in the Gulf traded mixed early on Monday, with financials and energy shares weighing on Saudi Arabia following reports of attacks on the country's oil heartland with drones and missiles.
Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.
Saudi Arabia's benchmark index .TASI eased 0.3%, with National Commercial Bank 1180.SE, the kingdom's largest lender, losing 0.5% and oil behemoth Saudi Aramco 2220.SE down 0.4%.
"While the Houthi drone and missile attacks on Saudi oil facilities, including the Ras Tanura facility, did not result in any production outages, they underscored just how dangerous the security environment remains in the region," said Helima Croft, head of global commodity strategy and MENA Research at RBC Capital Markets.
Meanwhile, Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years. O/R
In Dubai, the index .DFMGI fell 0.3%, with blue-chip developer Emaar Properties EMAR.DU dropping 1.7%.
Major stock markets in the Gulf traded mixed early on Monday, with financials and energy shares weighing on Saudi Arabia following reports of attacks on the country's oil heartland with drones and missiles.
Yemen's Houthi forces fired drones and missiles at the heart of Saudi Arabia's oil industry on Sunday, including a Saudi Aramco facility at Ras Tanura vital to petroleum exports, in what Riyadh called a failed assault on global energy security.
Saudi Arabia's benchmark index .TASI eased 0.3%, with National Commercial Bank 1180.SE, the kingdom's largest lender, losing 0.5% and oil behemoth Saudi Aramco 2220.SE down 0.4%.
"While the Houthi drone and missile attacks on Saudi oil facilities, including the Ras Tanura facility, did not result in any production outages, they underscored just how dangerous the security environment remains in the region," said Helima Croft, head of global commodity strategy and MENA Research at RBC Capital Markets.
Meanwhile, Brent crude futures surged above $70 a barrel on Monday for the first time since the COVID-19 pandemic began, while U.S. crude touched its highest in more than two years. O/R
In Dubai, the index .DFMGI fell 0.3%, with blue-chip developer Emaar Properties EMAR.DU dropping 1.7%.
Oil Jumps Above $70 After #Saudi Arabian Energy Facility Attacked - Bloomberg
Oil Jumps Above $70 After Saudi Arabian Energy Facility Attacked - Bloomberg
Oil surged above $70 a barrel in early Asian trading after Saudi Arabia said an energy facility was attacked, with prices extending gains after OPEC+ last week said it would keep production steady.
Futures in London jumped as much as 2.6% after rising 4.9% last week. The kingdom said a storage tank in the Ras Tanura export terminal in the country’s Gulf coast was attacked on Sunday by a drone from the sea. Output appeared to be unaffected after the barrage of missiles and drones were intercepted.
Oil surged above $70 a barrel in early Asian trading after Saudi Arabia said an energy facility was attacked, with prices extending gains after OPEC+ last week said it would keep production steady.
Futures in London jumped as much as 2.6% after rising 4.9% last week. The kingdom said a storage tank in the Ras Tanura export terminal in the country’s Gulf coast was attacked on Sunday by a drone from the sea. Output appeared to be unaffected after the barrage of missiles and drones were intercepted.
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