Commodity group Louis Dreyfus completes stake sale to ADQ | Reuters
Louis Dreyfus Company (LDC) said on Friday it had completed the sale of a 45% indirect stake to Abu Dhabi holding firm ADQ, marking the arrival of the first non-family shareholder in the agricultural commodity group's 170-year history.
The overall value of the deal was not disclosed but LDC said in a statement that a portion of the proceeds had been invested in the full repayment of a $1.051 billion loan that LDC had granted to its parent company.
The stake sale to ADQ was initially announced last November.
That ended a long hunt for an investor by controlling shareholder and chairwoman Margarita Louis-Dreyfus, who had built up debt buying out other family members during a period of lean profits for the commodity merchant.
Friday 10 September 2021
Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces. read more
"The market is back to focusing on the tighter supply situation globally, and that is giving it a boost," said Phil Flynn, senior analyst at Price Futures group in Chicago. While China is releasing oil from its strategic petroleum reserve, the amount is more than offset by reduced production in the Gulf of Mexico, Flynn added.
Brent crude rose to settle at $1.47, or 2.3%, to $72.92. The session high was $73.15 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.58, or 2.3%, to $69.72.
Both grades posted a small gain on the week. Brent has rallied 41% this year on supply cuts by the Organization of the Petroleum Exporting Countries and some demand recovery from the pandemic.
Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces. read more
"The market is back to focusing on the tighter supply situation globally, and that is giving it a boost," said Phil Flynn, senior analyst at Price Futures group in Chicago. While China is releasing oil from its strategic petroleum reserve, the amount is more than offset by reduced production in the Gulf of Mexico, Flynn added.
Brent crude rose to settle at $1.47, or 2.3%, to $72.92. The session high was $73.15 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.58, or 2.3%, to $69.72.
Both grades posted a small gain on the week. Brent has rallied 41% this year on supply cuts by the Organization of the Petroleum Exporting Countries and some demand recovery from the pandemic.
No Vaccines or Testing Required for Millions Visiting #Dubai Expo - Bloomberg
No Vaccines or Testing Required for Millions Visiting Dubai Expo - Bloomberg
Visitors to Dubai’s World Expo won’t be required to provide Covid vaccination certificates or get tested to enter one of the world’s biggest in-person events since the pandemic began.
The exhibition, expected to attract 25 million visits over six months, will though mostly require people to keep their masks on and respect social distancing rules, an Expo spokesperson told Bloomberg News.
“While vaccination is encouraged, visitors to Expo are not currently required to provide proof of immunization or a negative PCR test,” the spokesperson said. “However, we will continue to monitor and adjust these measures as necessary as the situation evolves.”
Dubai, the business hub of the United Arab Emirates, is keen to show it’s up and running, after the pandemic hit hard an economy built on international commerce and finance. The UAE is open to all visitors as long as they provide a negative virus result, with some allowed to have a test at Dubai airport after they land. They are expected to self-isolate until they get their results.
Visitors to Dubai’s World Expo won’t be required to provide Covid vaccination certificates or get tested to enter one of the world’s biggest in-person events since the pandemic began.
The exhibition, expected to attract 25 million visits over six months, will though mostly require people to keep their masks on and respect social distancing rules, an Expo spokesperson told Bloomberg News.
“While vaccination is encouraged, visitors to Expo are not currently required to provide proof of immunization or a negative PCR test,” the spokesperson said. “However, we will continue to monitor and adjust these measures as necessary as the situation evolves.”
Dubai, the business hub of the United Arab Emirates, is keen to show it’s up and running, after the pandemic hit hard an economy built on international commerce and finance. The UAE is open to all visitors as long as they provide a negative virus result, with some allowed to have a test at Dubai airport after they land. They are expected to self-isolate until they get their results.
OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters
OPEC set to revise down 'optimistic' oil demand outlook -sources | Reuters
OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.
On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously.
The new figure was seen as optimistic by some in the group, likely prompting revisions, the two OPEC+ sources said. OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday.
"OPEC may review the figures again for the upcoming monthly report," one of the sources said, declining to be named.
OPEC wil likely revise down its 2022 oil demand growth forecast on Monday, two OPEC+ sources said, as the spread of the Delta coronavirus variant puts the speed of a recovery in fuel use in doubt.
On Sept. 1, separate sources said the Organization of the Petroleum Exporting Countries and allies, known as OPEC+, increased its 2022 oil demand forecast to 4.2 million barrels per day (bpd) from 3.28 million bpd previously.
The new figure was seen as optimistic by some in the group, likely prompting revisions, the two OPEC+ sources said. OPEC is scheduled to make its latest supply and demand forecasts public in a report on Monday.
"OPEC may review the figures again for the upcoming monthly report," one of the sources said, declining to be named.
Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rallies to $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces. read more
"The market is back to focusing on the tighter supply situation globally, and that is giving it a boost," said Phil Flynn, senior analyst at Price Futures group in Chicago. While China is releasing oil from its strategic petroleum reserve, the amount is more than offset by reduced production in the Gulf of Mexico, Flynn added.
Brent crude rose $1.36, or 1.9%, to $72.81 by 1:02 p.m. ET (1702 GMT). The session high was $73.15 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.43, or 2.1%, to $69.56.
Oil rose to briefly top $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. That is roughly equal to what OPEC member Nigeria produces. read more
"The market is back to focusing on the tighter supply situation globally, and that is giving it a boost," said Phil Flynn, senior analyst at Price Futures group in Chicago. While China is releasing oil from its strategic petroleum reserve, the amount is more than offset by reduced production in the Gulf of Mexico, Flynn added.
Brent crude rose $1.36, or 1.9%, to $72.81 by 1:02 p.m. ET (1702 GMT). The session high was $73.15 a barrel. U.S. West Texas Intermediate (WTI) crude rose $1.43, or 2.1%, to $69.56.
Algosaibi bankruptcy deal highlights effective #Saudi reforms — Capital Economics
Algosaibi bankruptcy deal highlights effective Saudi reforms — Capital Economics
The recent deal involving one of Saudi Arabia’s largest conglomerates, Ahmad Hamad Algosaibi and Brothers, is a sign that government reforms are working, according to Capital Economics.
The group this week reached an agreement with 95 percent of its creditors to restructure $7.5 billion of its debts, after more than a decade in Saudi courts.
“Previously, debt restructurings were extremely difficult to achieve and there were no clear instructions of how insolvency should be treated,” James Swanston, a Middle East and North Africa economist at Capital Economics, wrote in a research note.
The bankruptcy law, and other more recent judicial reforms, were instrumental in settling the case, as many other firms have restructured debts since it was introduced in 2018, he said.
The recent deal involving one of Saudi Arabia’s largest conglomerates, Ahmad Hamad Algosaibi and Brothers, is a sign that government reforms are working, according to Capital Economics.
The group this week reached an agreement with 95 percent of its creditors to restructure $7.5 billion of its debts, after more than a decade in Saudi courts.
“Previously, debt restructurings were extremely difficult to achieve and there were no clear instructions of how insolvency should be treated,” James Swanston, a Middle East and North Africa economist at Capital Economics, wrote in a research note.
The bankruptcy law, and other more recent judicial reforms, were instrumental in settling the case, as many other firms have restructured debts since it was introduced in 2018, he said.
Oil rallies towards $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rallies towards $73 on tight U.S. supplies, Biden-Xi call | Reuters
Oil rose towards $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three-quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. read more
Figures this week showed U.S. crude inventories fell to the lowest since September 2019.
"With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks," said Stephen Brennock of oil broker PVM.
Brent crude rose $1.20, or 1.7%, to $72.65 by 0825 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.19, up $1.05 or 1.5%.
Oil rose towards $73 a barrel on Friday, supported by growing signs of supply tightness in the United States as a result of Hurricane Ida and as U.S.-China trade hopes gave riskier assets a boost.
About three-quarters of the U.S. Gulf's offshore oil production, or about 1.4 million barrels per day, has remained halted since late August. read more
Figures this week showed U.S. crude inventories fell to the lowest since September 2019.
"With the restart in offshore crude production lagging, the odds are that the Ida effect will still be felt in the coming weeks," said Stephen Brennock of oil broker PVM.
Brent crude rose $1.20, or 1.7%, to $72.65 by 0825 GMT. U.S. West Texas Intermediate (WTI) crude was at $69.19, up $1.05 or 1.5%.