Oil Has Worst Week in Over a Month Amid Potential Iran Return - Bloomberg

Oil Has Worst Week in Over a Month Amid Potential Iran Return - Bloomberg

PRICES
West Texas Intermediate for July delivery increased $1.64 to $63.58 a barrel, but ended the week 2.7% lower in its largest such decline since early April Brent for July settlement rose $1.33 to $66.44 a barrel. The contract posted a 3.3% weekly decline, the largest since March

Oil benchmarks suffered their worst week in at least a month as the market contends with a potential deal that could lift U.S. sanctions against Iranian crude.

WTI futures in New York rose the most since mid-April on Friday, tracking a broader market rally that buoyed prices during most of the trading day. Nonetheless, crude benchmarks couldn’t shake off the specter of millions of barrels a day of Iranian crude returning to the market, with Brent futures in London posting the largest weekly decline since March. President Hassan Rouhani this week said world powers have accepted that major sanctions will be lifted as part of any nuclear deal.

“There’s concern about the additional slug of supply potentially coming from Iran,” said John Kilduff, a partner at Again Capital LLC. “As the market was getting back on its feet, the prospect of more Iranian supply has been a momentum killer.”

#AbuDhabi's brand new 'Murban' oil futures contract sets its own benchmark | Energy – Gulf News

Abu Dhabi's brand new 'Murban' oil futures contract sets its own benchmark | Energy – Gulf News

This year has seen the UAE make headlines with a number of developments. In addition to its highly successful vaccine rollout, there was the launch of the ICE Futures Abu Dhabi (IFAD) exchange’s ‘Murban’ futures contract.

The contract – its launch coincided with the 50th anniversary of the founding of the UAE - is the first crude oil futures contract to be established in the Middle East since the Dubai Mercantile Exchanges commenced its Oman crude futures in 2007. Its launch on March 29th gave IFAD a couple of days to see trading take place before its use as the new pricing benchmark for ADNOC’s official selling prices in April.

As such, April was the first month a full trading cycle for the contract was completed, with market participants reviewing each and every movement. The market is keenly observing how the new futures contract will fit into the existing ecosystem of highly liquid hedging instruments, namely Dubai and Brent futures.

#UAE fuel retailer ADNOC Distribution's entry in MSCI Emerging Market Index is right exposure | Markets – Gulf News

UAE fuel retailer ADNOC Distribution's entry in MSCI Emerging Market Index is right exposure | Markets – Gulf News

The largest UAE fuel retailer ADNOC Distribution's inclusion in the MSCI Emerging Market Index could increase the attractiveness of its shares to potential overseas investors and further diversify the investor base. With $31.56 billion in assets, the company joins nine other UAE-listed companies that are part of the index with an estimated weightage of 0.04 per cent.

Asset management firms, foreign pension funds and sovereign wealth funds usually use indices such as the MSCI EM Index as part of their globe-spanning passive investment strategy. Adding ADNOC into that universe could attract significant foreign institutional interest.

ADNOC Distribution’s current market capitalization stands at Dh60.37 billion, and in the second-half of 2020, it successfully completed a private placement valued at $1 billion to institutional investors, increasing its free-floating equity to 20 per cent and contributing to improved liquidity of its shares.

#AbuDhabi announces 1,105 commercial and industrial activities available for foreign ownership | ZAWYA MENA Edition

Abu Dhabi announces 1,105 commercial and industrial activities available for foreign ownership | ZAWYA MENA Edition

The Abu Dhabi Department of Economic Development (ADDED) has announced a list of 1,105 registered commercial and industrial activities that are open for ownership by natural and legal non-citizens, enabling them to fully or partially own commercial companies to practise these activities in Abu Dhabi.

The Department’s decision on foreign ownership of commercial activities is in line with Federal Decree-Law No. (26) of 2020 amending the provisions of Federal Law No. (2) of 2015 on the Commercial Companies Law and its amendments, by adding articles that permit the establishment of 100-percent foreign-owned companies in Abu Dhabi.

Mohamed Ali Al Shorafa, Chairman of ADDED, said, "This announcement of the list of economic activities available for foreign ownership reflects the keenness of the Abu Dhabi Government to attract further foreign direct investments and to promote an open and resilient competitive business environment. The decision is one of many decisions and initiatives to provide incentives for the private sector in Abu Dhabi and to enhance the status of Abu Dhabi on the global investment map." Al Shorafa underlined the Department’s keenness to continue improving the business environment through enhancing ease of doing business in the emirate and removing all impediments facing investment projects, by reducing the burden on business facilities.

The Department also provides incentives and implements initiatives that increase the success rates of these enterprises, and maintain their continuity in support of their sustainable growth and expansion.

The Department's decision regarding activities available for foreign ownership stated that the list of activities available for foreign ownership is updated by decisions of the Council of Ministers defining the activities with a strategic impact. These activities are applied to companies licensed following the federal and local laws regulating business licensing controls according to the type of activity.

The decision indicated that existing companies have the right to adjust their status, provided they comply with the regulations on activities or other applicable restrictions, in accordance with ADDED-adopted procedures. People interested may refer to the decision and the list of activities available on the Abu Dhabi Business Centre website www.adbc.gov.ae

Oil edges up but set for weekly fall on Iran nuclear talks | Reuters

Oil edges up but set for weekly fall on Iran nuclear talks | Reuters

Oil prices nudged up on Friday, recovering from three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal.

Brent crude futures for July rose 8 cents, or 0.1%, to $65.19 a barrel by 0646 GMT, while U.S. West Texas Intermediate for July was at $62.16 a barrel, up 22 cents, or 0.4%.

For the week, however, both contracts are down nearly 5% and on track to post their biggest weekly loss since March after Iran’s president said the United States was ready to lift sanctions on his country’s oil, banking and shipping sectors.

Iran and world powers have been in talks since April on reviving the deal and the European Union official leading the discussions said on Wednesday he was confident a deal would be reached.