Oil up on tight supply, Brent crude nears $80 a barrel | Reuters
Oil prices gained on Monday for a fifth straight day, with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand in parts of the world.
Brent crude was up $1.44, or 1.8%, to settle at $79.53 a barrel, having posted three straight weeks of gains. U.S. crude futures rose $1.47, or 2%, to settle at $75.45 a barrel, its highest since July, after rising for a fifth straight week.
Goldman Sachs raised by $10 its year-end forecast for Brent crude to $90 per barrel. Global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Monday 27 September 2021
Oil up on tight supply, Brent crude nears $80 a barrel | Reuters
Oil up on tight supply, Brent crude nears $80 a barrel | Reuters
Oil prices gained for a fifth straight day on Monday, with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand in parts of the world.
Brent crude was up $1.38, or 1.8%, to $79.47 a barrel by 11:10 a.m. EDT (1510 GMT), having posted three straight weeks of gains. U.S. crude futures rose $1.35, or 1.8%, to $75.33 a barrel, its highest since July, after rising for a fifth straight week.
Goldman Sachs raised by $10 its year-end forecast for Brent crude to $90 per barrel. Global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Oil prices gained for a fifth straight day on Monday, with Brent at its highest since October 2018 and heading for $80, as investors fretted about tighter supplies because of rising demand in parts of the world.
Brent crude was up $1.38, or 1.8%, to $79.47 a barrel by 11:10 a.m. EDT (1510 GMT), having posted three straight weeks of gains. U.S. crude futures rose $1.35, or 1.8%, to $75.33 a barrel, its highest since July, after rising for a fifth straight week.
Goldman Sachs raised by $10 its year-end forecast for Brent crude to $90 per barrel. Global supplies have tightened due to the fast recovery of fuel demand from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
#Qatar Airways annual losses double on pandemic, impairments | Reuters update
Qatar Airways annual losses double on pandemic, impairments | Reuters
Qatar Airways Group on Monday reported a doubling of annual losses to 14.9 billion riyal ($4.1 billion), hit by the COVID-19 collapse in long-haul travel and aircraft impairment charges.
The state-owned group, which includes the airline and other aviation assets, said it booked a one-off impairment of 8.4 billion riyal on its fleet 10 Airbus A380s and 16 A330s jets.
Its operating loss shrank 7% to 1.1 billion riyal.
Chief Executive Akbar Al Baker has cautioned that the A380s, the world's biggest passenger jet, may never return to the airline's operational fleet due to the impact of the pandemic.
The financial result for the year to March 31 compares with a 7.3 billion riyal loss in the year prior, which was also hit by a airspace ban by Saudi Arabia and others that ended in January.
Qatar Airways Group on Monday reported a doubling of annual losses to 14.9 billion riyal ($4.1 billion), hit by the COVID-19 collapse in long-haul travel and aircraft impairment charges.
The state-owned group, which includes the airline and other aviation assets, said it booked a one-off impairment of 8.4 billion riyal on its fleet 10 Airbus A380s and 16 A330s jets.
Its operating loss shrank 7% to 1.1 billion riyal.
Chief Executive Akbar Al Baker has cautioned that the A380s, the world's biggest passenger jet, may never return to the airline's operational fleet due to the impact of the pandemic.
The financial result for the year to March 31 compares with a 7.3 billion riyal loss in the year prior, which was also hit by a airspace ban by Saudi Arabia and others that ended in January.
Burgan Bank hires Citi, StanChart for sale of dollar senior bonds | Reuters
Burgan Bank hires Citi, StanChart for sale of dollar senior bonds | Reuters
Kuwait’s Burgan Bank has hired Citi and Standard Chartered to lead a planned sale of senior U.S. dollar-denominated six-year bonds, a bank document showed on Monday.
Other banks on the deal are Bank ABC, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, JPMorgan, Mizuho Securities and NBK Capital.
The unsecured bonds will be of benchmark size, which typically means at least $500 million, and will be non-callable for five years, the document from one of the banks showed.
Earlier this month, Burgan Bank received preliminary approval from Kuwait’s central bank to issue up to $500 million in senior unsecured bonds and last week received approval from the Capital Markets Authority.
The bonds will be issued under Burgan’s Euro Medium Term Note Programme. They are expected to have a fixed coupon rate for five years then a floating rate for the final year to maturity, should the bank not “call” the bonds.
Closing the bond sale will allow Burgan “to reinforce its long-term liquidity and regulatory liquidity ratios,” it has said in an exchange filing.
Sales of senior bonds are relatively rare from the Gulf’s banks, but Burgan’s debt-raising plans follow the country’s biggest lender, National Bank of Kuwait, securing $1 billion this month via six-year senior bonds non-callable for five years.
Kuwait’s Burgan Bank has hired Citi and Standard Chartered to lead a planned sale of senior U.S. dollar-denominated six-year bonds, a bank document showed on Monday.
Other banks on the deal are Bank ABC, Emirates NBD Capital, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, JPMorgan, Mizuho Securities and NBK Capital.
The unsecured bonds will be of benchmark size, which typically means at least $500 million, and will be non-callable for five years, the document from one of the banks showed.
Earlier this month, Burgan Bank received preliminary approval from Kuwait’s central bank to issue up to $500 million in senior unsecured bonds and last week received approval from the Capital Markets Authority.
The bonds will be issued under Burgan’s Euro Medium Term Note Programme. They are expected to have a fixed coupon rate for five years then a floating rate for the final year to maturity, should the bank not “call” the bonds.
Closing the bond sale will allow Burgan “to reinforce its long-term liquidity and regulatory liquidity ratios,” it has said in an exchange filing.
Sales of senior bonds are relatively rare from the Gulf’s banks, but Burgan’s debt-raising plans follow the country’s biggest lender, National Bank of Kuwait, securing $1 billion this month via six-year senior bonds non-callable for five years.
Moody’s assigns debut rating to #AbuDhabi’s Masdar
Moody’s assigns debut rating to Abu Dhabi’s Masdar
Moody's Investors Service assigned an investment grade A2 rating with a stable outlook to renewable energy company Masdar, marking the first time the Abu Dhabi company is rated by the global agency.
An A2 rating is sixth-highest credit rating of Moody's and indicates low credit risk. Masdar is wholly owned by Mamoura Diversified Global Holding.
“Masdar’s rating benefits from a conservative financial strategy and risk management, which are key governance considerations, including the absence of debt at the holding company level. This is balanced by its reliance on cash flow from associated companies that it does not fully control or that have significant debt of their own,” Moody’s said on Monday
Moody’s expects Mamoura and the Abu Dhabi government to provide further support to Masdar, if required, to maintain Masdar's credit quality.
Moody's Investors Service assigned an investment grade A2 rating with a stable outlook to renewable energy company Masdar, marking the first time the Abu Dhabi company is rated by the global agency.
An A2 rating is sixth-highest credit rating of Moody's and indicates low credit risk. Masdar is wholly owned by Mamoura Diversified Global Holding.
“Masdar’s rating benefits from a conservative financial strategy and risk management, which are key governance considerations, including the absence of debt at the holding company level. This is balanced by its reliance on cash flow from associated companies that it does not fully control or that have significant debt of their own,” Moody’s said on Monday
Moody’s expects Mamoura and the Abu Dhabi government to provide further support to Masdar, if required, to maintain Masdar's credit quality.
MIDEAST STOCKS Most major Gulf bourses fall; #Saudi rises on petrochems | Reuters
MIDEAST STOCKS Most major Gulf bourses fall; Saudi rises on petrochems | Reuters
Most major stock markets in the Gulf ended lower on Monday, while petrochems shares bolstered the Saudi bourse on back of rising oil prices.
Oil prices rose on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. read more
GCC stock markets opened in different directions as the impact of the increase in oil prices and global economic worries were not the same across the board. Some markets that are more exposed to a global economic slowdown are still seeing price corrections as investors weigh in the possible aftermath, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index (.TASI) edged up 0.1% with fertilizers maker SABIC Agri-Nutrients (2020.SE) increasing 6.7% and its parent company, Saudi Basic Industries (2010.SE), advancing 2.2%.
The Abu Dhabi index (.ADI) fell 0.3%, pressured by banking shares, as market heavyweight First Abu Dhabi Bank (FAB.AD) and Abu Dhabi Commercial Bank (ADCB.AD) dropped 0.7% and 0.6% respectively.
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion. read more
The sale is the second IPO of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution (ADNOCDIST.AD), whose shares were up 0.7%.
Dubai's index (.DFMGI) eased 0.5%, extending losses for third day in a row, as stocks were weighed by a 1.8% fall in Dubai's largest lender, Emirates NBD Bank (ENBD.DU), and a 2.2% retreat in courier firm Aramex (ARMX.DU).
Qatari index, (.QSI), however, finished flat, ending three sessions of consecutive gains. The shariah-compliant lender Masraf Al Rayan (MARK.QA) dropped 0.3%, while Qatar Gas Transport Nakilat (QGTS.QA) was up 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.4%, as 27 of 30 stocks on the index were in negative territory including E-payments platform Fawry Banking and Payment Technology Services (FWRY.CA), which was down 4.8%.
Egypt's central bank, on Sunday, approved the granting of licences to allow merchants to accept contactless payments from their customers' mobile phones. read more
The Egyptian stock market has opened on the downside after a couple of increases as global economic slowdown worries return to the table and as international investors' risk aversion increases. International investors were net sellers today on the Egyptian bourse, said Wael Makarem, senior market strategist at Exness.
Most major stock markets in the Gulf ended lower on Monday, while petrochems shares bolstered the Saudi bourse on back of rising oil prices.
Oil prices rose on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions. read more
GCC stock markets opened in different directions as the impact of the increase in oil prices and global economic worries were not the same across the board. Some markets that are more exposed to a global economic slowdown are still seeing price corrections as investors weigh in the possible aftermath, said Wael Makarem, senior market strategist at Exness.
Saudi Arabia's benchmark index (.TASI) edged up 0.1% with fertilizers maker SABIC Agri-Nutrients (2020.SE) increasing 6.7% and its parent company, Saudi Basic Industries (2010.SE), advancing 2.2%.
The Abu Dhabi index (.ADI) fell 0.3%, pressured by banking shares, as market heavyweight First Abu Dhabi Bank (FAB.AD) and Abu Dhabi Commercial Bank (ADCB.AD) dropped 0.7% and 0.6% respectively.
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion. read more
The sale is the second IPO of a company owned by the Abu Dhabi oil major after the 2017 listing of ADNOC Distribution (ADNOCDIST.AD), whose shares were up 0.7%.
Dubai's index (.DFMGI) eased 0.5%, extending losses for third day in a row, as stocks were weighed by a 1.8% fall in Dubai's largest lender, Emirates NBD Bank (ENBD.DU), and a 2.2% retreat in courier firm Aramex (ARMX.DU).
Qatari index, (.QSI), however, finished flat, ending three sessions of consecutive gains. The shariah-compliant lender Masraf Al Rayan (MARK.QA) dropped 0.3%, while Qatar Gas Transport Nakilat (QGTS.QA) was up 0.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 1.4%, as 27 of 30 stocks on the index were in negative territory including E-payments platform Fawry Banking and Payment Technology Services (FWRY.CA), which was down 4.8%.
Egypt's central bank, on Sunday, approved the granting of licences to allow merchants to accept contactless payments from their customers' mobile phones. read more
The Egyptian stock market has opened on the downside after a couple of increases as global economic slowdown worries return to the table and as international investors' risk aversion increases. International investors were net sellers today on the Egyptian bourse, said Wael Makarem, senior market strategist at Exness.
#Qatar Airways annual losses double to $4.9 bln | Reuters
Qatar Airways annual losses double to $4.9 bln | Reuters
Qatar Airways annual losses doubled to 14.9 billion riyal ($4.9 billion) in the financial year to March 31 as the long-haul travel market was hit hard by the coronavirus pandemic.
The state-owned airline also confirmed in its annual results released on Monday that it had received an additional $1 billion from the Qatar government during the financial year, on top of $2 billion it had already received.
 |
| A Qatar Airways plane takes off at Hamad International Airport, as the country resumes international flights to Saudi Arabia, in Doha, Qatar January 11, 2021. REUTERS/Ibraheem Al Omari |
The state-owned airline also confirmed in its annual results released on Monday that it had received an additional $1 billion from the Qatar government during the financial year, on top of $2 billion it had already received.
Brent oil nears $80 a barrel on tight supply | Reuters
Brent oil nears $80 a barrel on tight supply | Reuters
Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Brent crude was up $1.63 or 2.1% at $79.72 a barrel by 1403 GMT, having posted three straight weeks of gains. U.S. Oil added $1.56, or 2.1%, to $75.54, near its highest since July, after rising for a fifth straight week last week.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Brent crude was up $1.63 or 2.1% at $79.72 a barrel by 1403 GMT, having posted three straight weeks of gains. U.S. Oil added $1.56, or 2.1%, to $75.54, near its highest since July, after rising for a fifth straight week last week.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Brent oil nears $80 a barrel amid supply constraints | Reuters
Brent oil nears $80 a barrel amid supply constraints | Reuters
Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Brent crude was up 92 cents or 1.2% at $79.01 a barrel by 1100 GMT, having posted three straight weeks of gains. U.S. Oil added 82 cents, or 1.1%, to $74.80, near its highest since July, after rising for a fifth straight week last week.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Oil prices rose for a fifth straight day on Monday with Brent at its highest since October 2018 and heading for $80 amid supply concerns as demand picks up in parts of the world with the easing of pandemic restrictions.
Brent crude was up 92 cents or 1.2% at $79.01 a barrel by 1100 GMT, having posted three straight weeks of gains. U.S. Oil added 82 cents, or 1.1%, to $74.80, near its highest since July, after rising for a fifth straight week last week.
Goldman Sachs raised by $10 its forecast for Brent crude at the end of this year to $90 per barrel, as faster fuel demand recovery from the outbreak of the Delta variant of the coronavirus and Hurricane Ida's hit to U.S. production led to tight global supplies. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said.
Profitability of GCC banks will continue to stabilise in H2 2021: S&P | ZAWYA MENA Edition
Profitability of GCC banks will continue to stabilise in H2 2021: S&P | ZAWYA MENA Edition
The profitability of banks across the Gulf Cooperation Council (GCC) has stabilised and will continue to do so for the rest of the year, according to a recent report from S&P Global Ratings.
The Gulf states are mitigating the economic impact of COVID-19, thanks to the high cost of risk and stable interest margin, as well as the government support and improving economic sentiment.
“Overall, GCC banks’ profitability stabilised in first-half 2021 due to still-high cost of risk and stable interest margins. In the absence of further shocks – pandemic or non-pandemic related – we expect this to continue in second-half 2021, aided by careful cost control,” S&P said in its report.
GCC banks’ capitalisation is also expected to remain supportive of their creditworthiness, the ratings agency said, although it raised concerns about the banking system in some states, including the UAE, which has high exposure to real estate and hard-hit sectors.
The profitability of banks across the Gulf Cooperation Council (GCC) has stabilised and will continue to do so for the rest of the year, according to a recent report from S&P Global Ratings.
The Gulf states are mitigating the economic impact of COVID-19, thanks to the high cost of risk and stable interest margin, as well as the government support and improving economic sentiment.
“Overall, GCC banks’ profitability stabilised in first-half 2021 due to still-high cost of risk and stable interest margins. In the absence of further shocks – pandemic or non-pandemic related – we expect this to continue in second-half 2021, aided by careful cost control,” S&P said in its report.
GCC banks’ capitalisation is also expected to remain supportive of their creditworthiness, the ratings agency said, although it raised concerns about the banking system in some states, including the UAE, which has high exposure to real estate and hard-hit sectors.
#SaudiArabia plans to issue green bonds soon to advance ESG plans | Reuters
Saudi Arabia plans to issue green bonds soon to advance ESG plans | Reuters
Saudi Arabia plans to issue green bonds soon, an official said on Monday, as the oil-producing kingdom seeks to embrace environmental, social and governance (ESG) concerns to expand its investor base and finance a transition to a greener economy.
Hani Al-Medaini, acting chief executive officer of the Finance Ministry's National Debt Management Center, said the government will also be looking at financing backed by export credit agencies, in addition to conventional and Islamic bonds.
He was speaking at an investment conference in Riyadh.
The Gulf has seen a surge of interest in ESG-related initiatives and deals amid growing awareness among global investors about ESG risks.
Saudi Arabia has recently hired banks to advise it on a sustainability financing framework, and sovereign fund Public Investment Fund said it planned to announce soon its first green debt deal. read more
Mohammed El-Kuwaiz, the chairman of Saudi Arabia's Capital Markets Authority, speaking at the same conference, said on Monday he expected an increase in green financing instruments in the kingdom, supported by growth in the domestic debt markets and higher participation of foreign investors.
Saudi Arabia plans to issue green bonds soon, an official said on Monday, as the oil-producing kingdom seeks to embrace environmental, social and governance (ESG) concerns to expand its investor base and finance a transition to a greener economy.
Hani Al-Medaini, acting chief executive officer of the Finance Ministry's National Debt Management Center, said the government will also be looking at financing backed by export credit agencies, in addition to conventional and Islamic bonds.
He was speaking at an investment conference in Riyadh.
The Gulf has seen a surge of interest in ESG-related initiatives and deals amid growing awareness among global investors about ESG risks.
Saudi Arabia has recently hired banks to advise it on a sustainability financing framework, and sovereign fund Public Investment Fund said it planned to announce soon its first green debt deal. read more
Mohammed El-Kuwaiz, the chairman of Saudi Arabia's Capital Markets Authority, speaking at the same conference, said on Monday he expected an increase in green financing instruments in the kingdom, supported by growth in the domestic debt markets and higher participation of foreign investors.
ADNOC completes bookbuilding for drilling unit IPO raising over $1.1 bln | Reuters
ADNOC completes bookbuilding for drilling unit IPO raising over $1.1 bln | Reuters
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.
The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.
"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.
A tranche for United Arab Emirates retail investors was set at 10% and a tranche for local, regional, and international institutional investors at 86%, with the remaining 4% to be allocated to ADNOC employees and UAE retirees.
State oil giant Abu Dhabi National Oil Co (ADNOC) has completed bookbuilding for the initial public offering (IPO) of ADNOC Drilling, raising more than $1.1 billion, it said on Monday.
The offering was oversubscribed, with total gross demand amounting to more than $34 billion, it said in a statement.
"Upon settlement, ADNOC Drilling's IPO will be the largest ever ADX (Abu Dhabi Securities Exchange) listing, further bolstering the UAE and Abu Dhabi's equity capital markets," it said.
A tranche for United Arab Emirates retail investors was set at 10% and a tranche for local, regional, and international institutional investors at 86%, with the remaining 4% to be allocated to ADNOC employees and UAE retirees.
#Saudi PIF buys 25% stake in Emaar The Economic City | Reuters
Saudi PIF buys 25% stake in Emaar The Economic City | Reuters
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has completed the acquisition of a 25% stake in Emaar The Economic City (EEC) (4220.SE), it said on Monday.
EEC, linked to Dubai property developer Emaar and working on Saudi Arabia's King Abdullah Economic City, issued new shares to PIF through a 2.833 billion riyals ($755 million) debt conversion. read more
"PIF’s strategic investment will provide an opportunity to leverage synergies between EEC and PIF's ecosystem in the real estate, manufacturing, logistics and tourism sectors," the fund said in a statement.
PIF is at the core of Crown Prince Mohammed bin Salman's Vision 2030, a plan to end the kingdom's reliance on oil and transform it into a global investment power.
The Public Investment Fund (PIF), Saudi Arabia's sovereign wealth fund, has completed the acquisition of a 25% stake in Emaar The Economic City (EEC) (4220.SE), it said on Monday.
EEC, linked to Dubai property developer Emaar and working on Saudi Arabia's King Abdullah Economic City, issued new shares to PIF through a 2.833 billion riyals ($755 million) debt conversion. read more
"PIF’s strategic investment will provide an opportunity to leverage synergies between EEC and PIF's ecosystem in the real estate, manufacturing, logistics and tourism sectors," the fund said in a statement.
PIF is at the core of Crown Prince Mohammed bin Salman's Vision 2030, a plan to end the kingdom's reliance on oil and transform it into a global investment power.
Goldman expects oil prices to hit $90 by year-end as supply tightens | Reuters
Goldman expects oil prices to hit $90 by year-end as supply tightens | Reuters
Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit to production led to tight global supplies.
Brent futures hit a near three-year high last week as global output disruptions have forced energy companies to pull large amounts of crude out of inventories.
Oil prices were trading at $79.19 a barrel, as of 0619 GMT on Monday, while U.S. West Texas Intermediate (WTI) crude were at $75.08 a barrel. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said in a note dated Sept. 26.
Goldman Sachs raised its forecast for year-end Brent crude oil prices to $90 per barrel from $80, as a faster fuel demand recovery from Delta variant and Hurricane Ida's hit to production led to tight global supplies.
Brent futures hit a near three-year high last week as global output disruptions have forced energy companies to pull large amounts of crude out of inventories.
Oil prices were trading at $79.19 a barrel, as of 0619 GMT on Monday, while U.S. West Texas Intermediate (WTI) crude were at $75.08 a barrel. read more
"While we have long held a bullish oil view, the current global supply-demand deficit is larger than we expected, with the recovery in global demand from the Delta impact even faster than our above-consensus forecast and with global supply remaining short of our below consensus forecasts," Goldman said in a note dated Sept. 26.
Oil gains for fifth day amid supply constraints | Reuters
Oil gains for fifth day amid supply constraints | Reuters
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.
Brent crude was up 92cents or 1.2% at $79.01 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added 83 cents, or 1.1% to $74.81, nearits highest since July, after rising for a fifth straight week last week.
"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.
Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.
Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions.
Brent crude was up 92cents or 1.2% at $79.01 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added 83 cents, or 1.1% to $74.81, nearits highest since July, after rising for a fifth straight week last week.
"Supply tightness continues to draw on inventories across all regions," ANZ Research said in a note.
Rising gas prices as also helping drive oil higher as the liquid becomes relatively cheaper for power generation, ANZ analysts said in the note.
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