DP World sees no quick end to global shipping bottlenecks | Reuters
Dubai ports giant DP World sees no early end to disruptions in global supply chains that have set off delays at ports and logistics hubs around the world, its chairman said on Friday.
The disruptions, a result of pandemic lockdowns and an unexpectedly rapid recovery in demand, have also led to shipping container shortages and skyrocketing freight rates.
"I really don't think it's going to be resolved this year, DP World's Sultan Ahmed bin Sulayem told Reuters on the opening day of Expo in Dubai, itself delayed a year by the pandemic.
He said he could not predict when the disruptions would end but that he was hoping for a breakthrough sometime next year.
"I don't see it ending soon but... I think as soon as most people are vaccinated it will be over," bin Sulayem said.
Friday, 1 October 2021
Oil slips to $78 as sources say OPEC+ weighs further output hike | Reuters
Oil slips to $78 as sources say OPEC+ weighs further output hike | Reuters
Oil fell to around $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Four OPEC+ sources said on Thursday the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month. read more
Beyond October, "a faster ramp-up in OPEC+ production cannot be excluded," said Stephen Brennock of oil broker PVM. "The prospect of $80 oil does not sit well with the producer group."
Brent crude fell 41 cents, or 0.5%, to $77.90 at 1220 GMT, heading for a weekly decline after three weeks of gains. U.S. West Texas Intermediate (WTI) slipped 69 cents to $74.34, still set for a sixth week of rises.
Oil fell to around $78 a barrel on Friday on the prospect that OPEC+ producers might step up a planned increase in output to ease supply concerns, although crude remained in sight of a three-year high reached this week.
The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, meet on Monday. Four OPEC+ sources said on Thursday the group was looking at going beyond an existing deal to add 400,000 barrels per day to supply each month. read more
Beyond October, "a faster ramp-up in OPEC+ production cannot be excluded," said Stephen Brennock of oil broker PVM. "The prospect of $80 oil does not sit well with the producer group."
Brent crude fell 41 cents, or 0.5%, to $77.90 at 1220 GMT, heading for a weekly decline after three weeks of gains. U.S. West Texas Intermediate (WTI) slipped 69 cents to $74.34, still set for a sixth week of rises.
Expo 2020 is the marker for #Dubai’s return full global spotlight | Analysis – Gulf News
Expo 2020 is the marker for Dubai’s return full global spotlight | Analysis – Gulf News
The city is bristling again. As the gates of the World Expo open to welcome the world, Dubai stands on the cusp of reinventing itself once again for the future, increasingly asserting its importance in the world of commerce and life.
As asset prices rebound and the city roars back to life in all of its vigor, the stage is set for a transformation of industries as wide ranging as fintech to food production, while the superior infrastructure that has been set in place serves as a pillar for creativity to unleash its forces through the local, regional and the world economy.
During the worst period of Covid, Dubai (just like the world) reeked of loneliness, with people sitting immobile and lost in their own worlds. That memory seems to be a distant nightmare as one walks around the city, feeling its energy and optimism of its recent immigrants and residents.
Henry James spoke of the “multitudinous movement of the serried bristling city” back in 1904, but it applies more than anywhere else to Dubai. There is no doubt that challenges remain - from debt restructurings to job creation at the rate that the city has been historically used to - and certain pockets of the economy continue to require support from regulators and banks.
The city is bristling again. As the gates of the World Expo open to welcome the world, Dubai stands on the cusp of reinventing itself once again for the future, increasingly asserting its importance in the world of commerce and life.
As asset prices rebound and the city roars back to life in all of its vigor, the stage is set for a transformation of industries as wide ranging as fintech to food production, while the superior infrastructure that has been set in place serves as a pillar for creativity to unleash its forces through the local, regional and the world economy.
During the worst period of Covid, Dubai (just like the world) reeked of loneliness, with people sitting immobile and lost in their own worlds. That memory seems to be a distant nightmare as one walks around the city, feeling its energy and optimism of its recent immigrants and residents.
Henry James spoke of the “multitudinous movement of the serried bristling city” back in 1904, but it applies more than anywhere else to Dubai. There is no doubt that challenges remain - from debt restructurings to job creation at the rate that the city has been historically used to - and certain pockets of the economy continue to require support from regulators and banks.
#SaudiArabia sukuk to join widely followed FTSE bond index | Reuters
Saudi Arabia sukuk to join widely followed FTSE bond index | Reuters
FTSE Russell said on Thursday that Saudi Arabia's sukuk will be added to its widely followed local currency Emerging Markets Government Bond Index (EMGBI), effective next April.
"Index inclusion of Saudi Arabian sukuk is scheduled to start in April 2022 and is projected to comprise 2.75% of the index on a market value weighted basis," FTSE Russell said in a press release.
The sukuk, sharia-compliant Islamic bonds, have a par amount currently outstanding of 306.1 billion riyal ($81.6 billion).
India will remain on a watchlist for an upgrade to their market accessibility score and possible bond index inclusion.
FTSE Russell said on Thursday that Saudi Arabia's sukuk will be added to its widely followed local currency Emerging Markets Government Bond Index (EMGBI), effective next April.
"Index inclusion of Saudi Arabian sukuk is scheduled to start in April 2022 and is projected to comprise 2.75% of the index on a market value weighted basis," FTSE Russell said in a press release.
The sukuk, sharia-compliant Islamic bonds, have a par amount currently outstanding of 306.1 billion riyal ($81.6 billion).
India will remain on a watchlist for an upgrade to their market accessibility score and possible bond index inclusion.
OPEC+ considers options for releasing more oil to the market -sources | Reuters
OPEC+ considers options for releasing more oil to the market -sources | Reuters
OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil pricesare near a three-year high and consumers are pressing for more supply.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on Monday to review output policy.In July, the group agreed to boost output by 400,000 bpd a month to phase out 5.8 million bpd in cuts.
Four OPEC+ sources said producers were considering adding more than that deal envisaged, but none gave details on how muchmore, or when supply would increase. Another OPEC+ source suggested an increase of 800,000 bpd for one month was possible, with zero the next month.
The nearest month any increase could occur is November since OPEC+'s last meeting decided the October volumes. read more
OPEC+ is considering going beyond its existing deal to boost production by 400,000 barrels per day (bpd) when it meets next week, sources said, at a time when oil pricesare near a three-year high and consumers are pressing for more supply.
The Organization of the Petroleum Exporting Countries and allies led by Russia, known as OPEC+, meets on Monday to review output policy.In July, the group agreed to boost output by 400,000 bpd a month to phase out 5.8 million bpd in cuts.
Four OPEC+ sources said producers were considering adding more than that deal envisaged, but none gave details on how muchmore, or when supply would increase. Another OPEC+ source suggested an increase of 800,000 bpd for one month was possible, with zero the next month.
The nearest month any increase could occur is November since OPEC+'s last meeting decided the October volumes. read more
Oil slips as OPEC+ considers boosting output in tight market | Reuters
Oil slips as OPEC+ considers boosting output in tight market | Reuters
Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil.
Brent crude futures fell 12 cents, or 0.2%, to $78.19 a barrel at 0638 GMT, but were still heading for a small rise on the week, marking a fourth straight week of gains.
U.S. West Texas Intermediate (WTI) crude futures slipped 15 cents to $74.88 a barrel, though the contract remained on track to post a sixth consecutive week of rises.
All eyes are now on a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, on Monday, where producers will discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day (bpd) in November and December.
Oil prices dropped on Friday on the prospect that the OPEC+ supplier alliance might step up a planned increase in output to ease supply concerns, with soaring gas prices spurring power producers to switch from gas to oil.
Brent crude futures fell 12 cents, or 0.2%, to $78.19 a barrel at 0638 GMT, but were still heading for a small rise on the week, marking a fourth straight week of gains.
U.S. West Texas Intermediate (WTI) crude futures slipped 15 cents to $74.88 a barrel, though the contract remained on track to post a sixth consecutive week of rises.
All eyes are now on a meeting of the Organization of the Petroleum Exporting Countries (OPEC) and allies led by Russia, together known as OPEC+, on Monday, where producers will discuss whether to go beyond their existing deal to boost production by 400,000 barrels per day (bpd) in November and December.