Baghdad Denies Trader’s Claim That U.S.-Seized Oil Is From Iraq - Bloomberg
An oil trader’s claim that a cargo of crude seized by the U.S. came from Iraq rather than Iran, as Washington asserts, is wrong, according to Baghdad.
SOMO, Baghdad’s state oil-marketing company, “categorically denies” that the 2 million barrels of crude -- worth roughly $130 million at today’s prices -- are “of Iraqi origin,” it said in a statement on its website.
Fujairah International Oil & Gas Corp. laid claim to the cargo that Washington seized as part of its efforts to sanction Iranian oil exports. FIOGC, controlled by the ruler of Fujairah, one of the UAE’s seven emirates, told a U.S. court last week that the crude came from Iraq and that it had documents from SOMO to prove that.
“In case of circulation of those shipping documents bearing the logo of SOMO for these shipments, they are to be considered as forged and incorrect documents,” SOMO wrote.
FIOGC didn’t immediately respond to a request for comment.
Wednesday, 17 March 2021
Oil falls further on demand outlook, U.S. stock build | Reuters
Oil falls further on demand outlook, U.S. stock build | Reuters
Oil slipped for a fourth day on Wednesday, weighed down by expectations of weaker demand in Europe and by rising U.S. crude inventories.
Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter lockdown and France plans to enforce tougher curbs.
“The suspension will not do the bloc’s economic and fuel recovery any favours,” said Stephen Brennock of oil broker PVM. “The hope now is that Europe can get its sluggish vaccine rollout back on track.”
Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel while U.S. West Texas Intermediate (WTI) crude dropped 20 cents, or 0.3%, to end at $63.68. Both contracts fell by more than $1 during the session.
Prices slipped towards session lows after government data showed U.S. crude inventories rose 2.4 million barrels last week, following Tuesday’s industry report estimating a 1 million barrel-drop. Analysts had forecast an increase of 3 million barrels.
Oil slipped for a fourth day on Wednesday, weighed down by expectations of weaker demand in Europe and by rising U.S. crude inventories.
Several European countries have paused the use of AstraZeneca’s COVID-19 vaccine on worries over possible side effects. Germany is seeing rising coronavirus cases, Italy is imposing a nationwide Easter lockdown and France plans to enforce tougher curbs.
“The suspension will not do the bloc’s economic and fuel recovery any favours,” said Stephen Brennock of oil broker PVM. “The hope now is that Europe can get its sluggish vaccine rollout back on track.”
Brent crude settled 39 cents, or 0.6% lower, at $68 a barrel while U.S. West Texas Intermediate (WTI) crude dropped 20 cents, or 0.3%, to end at $63.68. Both contracts fell by more than $1 during the session.
Prices slipped towards session lows after government data showed U.S. crude inventories rose 2.4 million barrels last week, following Tuesday’s industry report estimating a 1 million barrel-drop. Analysts had forecast an increase of 3 million barrels.
Oil Set for Longest Run of Losses in Six Months as Rally Wavers - Bloomberg
Oil Set for Longest Run of Losses in Six Months as Rally Wavers - Bloomberg
Oil headed for its longest run on declines in over six months after the International Energy Agency said talk of an upcoming supply shortfall could be misleading.
Futures in New York declined 0.9%. OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate report.
Traders will get more supply information Wednesday with the U.S. inventory data, which could show the first drop in crude stockpiles since mid-February. The Federal Reserve policy statement is also due later, as attention on the pace of global inflation grows.
Oil headed for its longest run on declines in over six months after the International Energy Agency said talk of an upcoming supply shortfall could be misleading.
Futures in New York declined 0.9%. OPEC and its partners could quickly deploy their stalled production spare capacity to quash oil price rallies, the IEA said in its monthly report. Demand won’t return to pre-virus levels until 2023, the agency said in a separate report.
Traders will get more supply information Wednesday with the U.S. inventory data, which could show the first drop in crude stockpiles since mid-February. The Federal Reserve policy statement is also due later, as attention on the pace of global inflation grows.
- West Texas Intermediate crude lost 75 cents to $64.05 a barrel at 12:29 p.m. London time. It’s the longest run of daily declines since early September
- Brent fell 1.4% to $67.46 a barrel
#SaudiArabia Pays More Aramco IPO Fees as Wall Street Misses Out - Bloomberg
Saudi Arabia Pays More Aramco IPO Fees as Wall Street Misses Out - Bloomberg
Saudi Arabia recently paid around $50 million of extra fees to banks on the record-breaking listing of state oil company Aramco, with most of the cash going to local underwriters after Wall Street firms were sidelined, people familiar with the matter said.
The discretionary incentive fee -- doled out to reward banks for the amount of orders they brought in -- was transferred to arrangers of the 2019 share sale in the last couple months, according to the people. The payments totalled about 0.25% of the money raised from institutional investors, the people said, asking not to be identified because the information is private.
The additional money brings the sum that the kingdom paid to the banks on the $29.4 billion initial public offering to just over $100 million, a tiny figure sum by global standards. T-Mobile US Inc. paid roughly twice that amount last year for a share sale that was about half the size of the Aramco offering, according to data compiled by Bloomberg.
It wasn’t immediately clear why it took Saudi Arabia so long after the IPO to pay the final fees. Aramco declined to comment.
Saudi Arabia recently paid around $50 million of extra fees to banks on the record-breaking listing of state oil company Aramco, with most of the cash going to local underwriters after Wall Street firms were sidelined, people familiar with the matter said.
The discretionary incentive fee -- doled out to reward banks for the amount of orders they brought in -- was transferred to arrangers of the 2019 share sale in the last couple months, according to the people. The payments totalled about 0.25% of the money raised from institutional investors, the people said, asking not to be identified because the information is private.
The additional money brings the sum that the kingdom paid to the banks on the $29.4 billion initial public offering to just over $100 million, a tiny figure sum by global standards. T-Mobile US Inc. paid roughly twice that amount last year for a share sale that was about half the size of the Aramco offering, according to data compiled by Bloomberg.
It wasn’t immediately clear why it took Saudi Arabia so long after the IPO to pay the final fees. Aramco declined to comment.
Most of Gulf falls in line with global shares | Reuters
Most of Gulf falls in line with global shares | Reuters
Most Gulf markets ended lower on Wednesday, mirroring global stocks as investors waited to see if the U.S. Federal Reserve will signal a faster path toward policy normalisation than previously expected.
Dubai’s main share index fell 0.8%, pressured by a 1.4% fall in blue-chip developer Emaar Properties and a 0.9% decrease in top lender Emirates NBD.
In Abu Dhabi, the index eased 0.1%, snapping five sessions of gains, hit by a 1.3% fall in Abu Dhabi Commercial Bank.
State-owned Abu Dhabi Airports has called on almost 3 billion dirhams ($816.82 million) worth of guarantees issued by local banks on behalf of contractors working on an airport expansion project already delayed by several years, Reuters reported, citing sources.
It could pressure balance sheets of banks already heavily exposed to the UAE’s construction sector, sluggish for years amid a slowdown in infrastructure and property projects.
Saudi Arabia’s benchmark index lost 0.6%, with Al Rajhi Bank falling 0.9%, while Saudi Telecom Company retreated 2.5%.
“There are also concerns over the sustained drops in demand for oil. With countries yet to return to their pre-COVID economic activity levels, demand for oil remains relatively low compared to what it was at the start of last year,” Michael Stark, research analyst at Exness, said.
Meanwhile, Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC’s decision to ignore calls from New Delhi to help the global economy with higher supply.
In Qatar, the benchmark concluded 0.8% lower, with Qatar Navigation falling more than 8%, as the stock went ex-dividend.
Qatar Navigation, a top Doha-based shipping and logistics group, saw its biggest intraday fall in nearly a year.
Most Gulf markets ended lower on Wednesday, mirroring global stocks as investors waited to see if the U.S. Federal Reserve will signal a faster path toward policy normalisation than previously expected.
Dubai’s main share index fell 0.8%, pressured by a 1.4% fall in blue-chip developer Emaar Properties and a 0.9% decrease in top lender Emirates NBD.
In Abu Dhabi, the index eased 0.1%, snapping five sessions of gains, hit by a 1.3% fall in Abu Dhabi Commercial Bank.
State-owned Abu Dhabi Airports has called on almost 3 billion dirhams ($816.82 million) worth of guarantees issued by local banks on behalf of contractors working on an airport expansion project already delayed by several years, Reuters reported, citing sources.
It could pressure balance sheets of banks already heavily exposed to the UAE’s construction sector, sluggish for years amid a slowdown in infrastructure and property projects.
Saudi Arabia’s benchmark index lost 0.6%, with Al Rajhi Bank falling 0.9%, while Saudi Telecom Company retreated 2.5%.
“There are also concerns over the sustained drops in demand for oil. With countries yet to return to their pre-COVID economic activity levels, demand for oil remains relatively low compared to what it was at the start of last year,” Michael Stark, research analyst at Exness, said.
Meanwhile, Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC’s decision to ignore calls from New Delhi to help the global economy with higher supply.
In Qatar, the benchmark concluded 0.8% lower, with Qatar Navigation falling more than 8%, as the stock went ex-dividend.
Qatar Navigation, a top Doha-based shipping and logistics group, saw its biggest intraday fall in nearly a year.
Global Oil Demand Won’t Hit Pre-Virus Level Until 2023, IEA Says - Bloomberg
Global Oil Demand Won’t Hit Pre-Virus Level Until 2023, IEA Says - Bloomberg
Global oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.
Fuel consumption will average just over 101 million barrels a day in 2023, fully recouping the 9 million a day lost last year when lockdowns emptied roads and grounded flights, the IEA said in a report.
But as trends like remote-working endure, and as governments seek to limit climate change, hydrocarbon use will falter. Oil demand in the middle of this decade will be about 2.5 million barrels lower than the agency projected last year. Gasoline consumption has probably peaked already.
Global oil demand won’t return to pre-pandemic levels until 2023, and growth will be subdued thereafter amid new working habits and a shift away from fossil fuels, the International Energy Agency said.
Fuel consumption will average just over 101 million barrels a day in 2023, fully recouping the 9 million a day lost last year when lockdowns emptied roads and grounded flights, the IEA said in a report.
But as trends like remote-working endure, and as governments seek to limit climate change, hydrocarbon use will falter. Oil demand in the middle of this decade will be about 2.5 million barrels lower than the agency projected last year. Gasoline consumption has probably peaked already.
#Saudi mall operator Arabian Centres plans $500 mln sukuk - sources | Reuters
Saudi mall operator Arabian Centres plans $500 mln sukuk - sources | Reuters
Saudi Arabian mall operator Arabian Centres is planning a sale of $500 million sukuk, or Islamic bonds, sources familiar with the matter said, in what would be the first Saudi corporate international bond issuance this year.
Arabian Centres, which operates 21 shopping centres across Saudi Arabia, made its debut in the international sukuk market in 2019 with a $500 million issuance, after going public earlier that year with a 2.8 billion riyal ($746.61 million) initial public offering in Saudi Arabia.
The company, which did not immediately respond to a request for comment, saw its net profit drop an annual 34.1% in the nine-month period ending on Dec. 31 last year, as containment measures against the coronavirus pandemic impacted business.
Saudi Arabian mall operator Arabian Centres is planning a sale of $500 million sukuk, or Islamic bonds, sources familiar with the matter said, in what would be the first Saudi corporate international bond issuance this year.
Arabian Centres, which operates 21 shopping centres across Saudi Arabia, made its debut in the international sukuk market in 2019 with a $500 million issuance, after going public earlier that year with a 2.8 billion riyal ($746.61 million) initial public offering in Saudi Arabia.
The company, which did not immediately respond to a request for comment, saw its net profit drop an annual 34.1% in the nine-month period ending on Dec. 31 last year, as containment measures against the coronavirus pandemic impacted business.
#Dubai's Emaar Development mulls withholding dividends after profit plunge | ZAWYA MENA Edition
Dubai's Emaar Development mulls withholding dividends after profit plunge | ZAWYA MENA Edition
Emaar Development, a subsidiary of Dubai’s largest listed developer Emaar Properties, is considering a proposal to withhold the distribution of dividends to shareholders.
The plan, proposed by the company’s board of directors, will be discussed during the third annual general meeting next month, according to a bourse filing to the Dubai Financial Market (DFM) on Wednesday.
This comes as the business saw net profits tumble 38 percent to 1.657 billion dirhams ($451 million) over the past year due to the health outbreak.
The company is the build-to-sell property development business that is majority-owned by Emaar Properties, which had also reported a 57 percent decline in net profits for 2020.
Emaar Development, a subsidiary of Dubai’s largest listed developer Emaar Properties, is considering a proposal to withhold the distribution of dividends to shareholders.
The plan, proposed by the company’s board of directors, will be discussed during the third annual general meeting next month, according to a bourse filing to the Dubai Financial Market (DFM) on Wednesday.
This comes as the business saw net profits tumble 38 percent to 1.657 billion dirhams ($451 million) over the past year due to the health outbreak.
The company is the build-to-sell property development business that is majority-owned by Emaar Properties, which had also reported a 57 percent decline in net profits for 2020.
#UAE contracted more sharply than #SaudiArabia last year: S&P | ZAWYA MENA Edition
UAE contracted more sharply than Saudi Arabia last year: S&P | ZAWYA MENA Edition
The UAE contracted more sharply than Saudi Arabia in 2020 due to weaker economic activity in Abu Dhabi and especially in Dubai, said Trevor Cullinan, Lead Analyst, GCC Sovereign Ratings, at S&P, in an email to Zawya.
Saudi Arabia’s economy is almost twice the size of the next largest GCC sovereign, the UAE, and so has an overweight bearing on the aggregate data. “We expect a broad recovery across hydrocarbon and nonhydrocarbon sectors, over the period to 2023.”
He said Abu Dhabi was hit by low oil prices last year due to it being more dependent on the oil sector (about 50 percent of real GDP compared with about 40 percent for Saudi Arabia). Dubai was hit due to lockdowns related to the COVID-19 pandemic, which affected the trade, travel, and tourism industry.
The UAE contracted more sharply than Saudi Arabia in 2020 due to weaker economic activity in Abu Dhabi and especially in Dubai, said Trevor Cullinan, Lead Analyst, GCC Sovereign Ratings, at S&P, in an email to Zawya.
Saudi Arabia’s economy is almost twice the size of the next largest GCC sovereign, the UAE, and so has an overweight bearing on the aggregate data. “We expect a broad recovery across hydrocarbon and nonhydrocarbon sectors, over the period to 2023.”
He said Abu Dhabi was hit by low oil prices last year due to it being more dependent on the oil sector (about 50 percent of real GDP compared with about 40 percent for Saudi Arabia). Dubai was hit due to lockdowns related to the COVID-19 pandemic, which affected the trade, travel, and tourism industry.
Oil bears and bulls grapple as market puzzles over pandemic exit | Reuters
Oil bears and bulls grapple as market puzzles over pandemic exit | Reuters
Trading in oil futures is now as heavy as it was in the first months of the COVID-19 crisis, according to market data and analysts, with oil bulls and bears rushing to hedge against jolts in the steady rise of prices.
Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking $55 in less than a year to $70 a barrel this week while actual fuel demand remains weak.
But speculation over when and if people will begin to travel and commute as they once did is driving dueling bets in the market and historic volumes of trade.
“What makes the current situation so pronounced is ... the duration of uncertainty around how the resolution will pan out,” said Marc Rowell, senior energy broker at Britannia Global Markets.
Total monthly contracts for U.S. WTI crude held by producers and merchants increased to more than 1 million in February for the first time since May, according to the U.S. Commodity Futures Trading Commission.
Trading in oil futures is now as heavy as it was in the first months of the COVID-19 crisis, according to market data and analysts, with oil bulls and bears rushing to hedge against jolts in the steady rise of prices.
Oil futures have already recovered to pre-pandemic levels, with Brent crude futures spiking $55 in less than a year to $70 a barrel this week while actual fuel demand remains weak.
But speculation over when and if people will begin to travel and commute as they once did is driving dueling bets in the market and historic volumes of trade.
“What makes the current situation so pronounced is ... the duration of uncertainty around how the resolution will pan out,” said Marc Rowell, senior energy broker at Britannia Global Markets.
Total monthly contracts for U.S. WTI crude held by producers and merchants increased to more than 1 million in February for the first time since May, according to the U.S. Commodity Futures Trading Commission.
#UAE News: #AbuDhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - Bloomberg
UAE News: Abu Dhabi Utility Taqa to Weigh Sale of Oil and Gas Assets - Bloomberg
Abu Dhabi National Energy Co. is considering options for its oil and gas assets, including a potential sale, as the state-owned utility focuses more on power generation, people familiar with the matter said.
The company, also known as Taqa, is speaking with potential advisers as it reviews a business that spans countries including the U.K. and Canada, the people said, asking not to be identified as the matter is private. Taqa’s oil and gas portfolio could be worth substantially less than the billions of dollars it spent to build it, the people said.
No final decisions have been made and it may decide not to proceed with a sale, the people said. Taqa didn’t immediately respond to a request for comment.
Taqa has a monopoly on power and water distribution in Abu Dhabi, capital of the oil-rich United Arab Emirates. The city’s government aims to create a regional utility champion out of the company. Last year, Abu Dhabi orchestrated a plan for Taqa to receive assets from government-owned holding company Abu Dhabi Power Corp., known as ADPower, in return for shares. The deal pushed Taqa’s valuation to more than $40 billion and made it one of the largest listed companies in the UAE.
The firm’s oil and gas business has struggled because of last year’s coronavirus-triggered slump in commodity prices. In 2020, it made revenue of 4.2 billion dirhams ($1.1 billion), a 31% drop from the previous year. Earnings before interest, tax, depreciation and amortization fell 71% to 700 million dirhams.
Taqa built its oil and gas unit mostly through acquisitions. It bought Calgary-based Northrock Resources for $2 billion in 2007 and acquired BP Plc’s North Sea assets for $1.1 billion in 2012. In the U.K., the company also operates the Brent System pipeline, which carries about 5% of the country’s oil.
Abu Dhabi National Energy Co. is considering options for its oil and gas assets, including a potential sale, as the state-owned utility focuses more on power generation, people familiar with the matter said.
The company, also known as Taqa, is speaking with potential advisers as it reviews a business that spans countries including the U.K. and Canada, the people said, asking not to be identified as the matter is private. Taqa’s oil and gas portfolio could be worth substantially less than the billions of dollars it spent to build it, the people said.
No final decisions have been made and it may decide not to proceed with a sale, the people said. Taqa didn’t immediately respond to a request for comment.
Taqa has a monopoly on power and water distribution in Abu Dhabi, capital of the oil-rich United Arab Emirates. The city’s government aims to create a regional utility champion out of the company. Last year, Abu Dhabi orchestrated a plan for Taqa to receive assets from government-owned holding company Abu Dhabi Power Corp., known as ADPower, in return for shares. The deal pushed Taqa’s valuation to more than $40 billion and made it one of the largest listed companies in the UAE.
The firm’s oil and gas business has struggled because of last year’s coronavirus-triggered slump in commodity prices. In 2020, it made revenue of 4.2 billion dirhams ($1.1 billion), a 31% drop from the previous year. Earnings before interest, tax, depreciation and amortization fell 71% to 700 million dirhams.
Taqa built its oil and gas unit mostly through acquisitions. It bought Calgary-based Northrock Resources for $2 billion in 2007 and acquired BP Plc’s North Sea assets for $1.1 billion in 2012. In the U.K., the company also operates the Brent System pipeline, which carries about 5% of the country’s oil.
Oil climbs as surprise drop in U.S. crude stocks outweighs European vaccine woes | Reuters
Oil climbs as surprise drop in U.S. crude stocks outweighs European vaccine woes | Reuters
Oil prices climbed on Wednesday as investors weighed a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week against concerns of rocky demand in Europe.
Brent crude futures rose 35 cents, or 0.5%, to $68.74 a barrel by 0641 GMT, after initially falling as much as 27 cents.
U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.7%, to $65.21 after falling as much as 18 cents in early trade.
The price gains halted three straight sessions of declines for both benchmarks.
U.S. crude inventories fell by 1 million barrels in the week to March 12, according to trading sources citing data from the American Petroleum Institute. Analysts in a Reuters poll had expected a build of 3 million barrels.
Oil prices climbed on Wednesday as investors weighed a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week against concerns of rocky demand in Europe.
Brent crude futures rose 35 cents, or 0.5%, to $68.74 a barrel by 0641 GMT, after initially falling as much as 27 cents.
U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.7%, to $65.21 after falling as much as 18 cents in early trade.
The price gains halted three straight sessions of declines for both benchmarks.
U.S. crude inventories fell by 1 million barrels in the week to March 12, according to trading sources citing data from the American Petroleum Institute. Analysts in a Reuters poll had expected a build of 3 million barrels.
MIDEAST STOCKS- #UAE bourses fall as banks drag, ex-dividend stock hits #Qatar | Nasdaq
MIDEAST STOCKS-UAE bourses fall as banks drag, ex-dividend stock hits Qatar | Nasdaq
Stock markets in the United Arab Emirates (UAE) traded lower on Wednesday, dragged down by banking shares, while the Qatari index was pressured by Qatar Navigation QNNC.QA trading ex-dividend.
State-owned Abu Dhabi Airports has called on almost 3 billion dirhams ($816.82 million) worth of guarantees issued by local banks on behalf of contractors working on an airport expansion project already delayed by several years, Reuters reported, citing sources.
It could pressure balance sheets of banks already heavily exposed to the UAE's construction sector, sluggish for years amid a slowdown in infrastructure and property projects.
In Dubai, the main share index .DFMGI retreated 1.2%, weighed down by a 2.6% fall in top lender Emirates NBD ENBD.DU, while blue-chip developer Emaar Properties EMAR.DU declined over 1%.
The Abu Dhabi index .ADI fell 0.3%, with the country's largest lender First Abu Dhabi Bank FAB.AD losing 0.4% and Abu Dhabi Commercial Bank ADCB.AD dropping 1.9%.
In Qatar, the benchmark .QSI lost 0.4%, on course to end three sessions of gains, with Qatar Navigation QNNC.QA, a top Doha-based shipping and logistics group, shedding over 7%.
Saudi Arabia's benchmark index .TASI edged down 0.1%, with Al Rajhi Bank 1120.SE losing 1.3%.
Meanwhile, Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply.
Stock markets in the United Arab Emirates (UAE) traded lower on Wednesday, dragged down by banking shares, while the Qatari index was pressured by Qatar Navigation QNNC.QA trading ex-dividend.
State-owned Abu Dhabi Airports has called on almost 3 billion dirhams ($816.82 million) worth of guarantees issued by local banks on behalf of contractors working on an airport expansion project already delayed by several years, Reuters reported, citing sources.
It could pressure balance sheets of banks already heavily exposed to the UAE's construction sector, sluggish for years amid a slowdown in infrastructure and property projects.
In Dubai, the main share index .DFMGI retreated 1.2%, weighed down by a 2.6% fall in top lender Emirates NBD ENBD.DU, while blue-chip developer Emaar Properties EMAR.DU declined over 1%.
The Abu Dhabi index .ADI fell 0.3%, with the country's largest lender First Abu Dhabi Bank FAB.AD losing 0.4% and Abu Dhabi Commercial Bank ADCB.AD dropping 1.9%.
In Qatar, the benchmark .QSI lost 0.4%, on course to end three sessions of gains, with Qatar Navigation QNNC.QA, a top Doha-based shipping and logistics group, shedding over 7%.
Saudi Arabia's benchmark index .TASI edged down 0.1%, with Al Rajhi Bank 1120.SE losing 1.3%.
Meanwhile, Indian state refiners are planning to cut oil imports from Saudi Arabia by about a quarter in May, in an escalating stand-off with Riyadh following OPEC's decision to ignore calls from New Delhi to help the global economy with higher supply.
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