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Thursday, 2 December 2021
Oil Rises as OPEC+ Leaves Door Open for Quick Change of Plans - Bloomberg
Oil Rises as OPEC+ Leaves Door Open for Quick Change of Plans - Bloomberg
OPEC+ Agrees to Proceed With January Oil-Production Hike - Bloomberg
OPEC+ Agrees to Proceed With January Oil-Production Hike - Bloomberg
OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of Covid-19 becomes clearer.
The group agreed to add 400,000 barrels a day of crude to global markets in January. However, it also left the door open to adjusting the plan at short notice if the market changes, an unusual step that underscores the uncertain outlook due to a resurgent pandemic and a U.S.-led release of emergency stockpiles.
“The OPEC+ communique announcing that the meeting remains ongoing is very important -- it signals they’re poised to pause or cut if conditions warrant,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official. “For now, the fog of uncertainty is too dense and they’ll wait for it to dissipate.”
Oil fell as much as 4.8% to $62.43 a barrel in New York on the OPEC+ agreement, but recovered most of those losses as traders realized a potential get-out clause was baked in to the deal.
OPEC and its allies will proceed with their next oil-production hike, but said they could revisit the decision at any moment as the risk to demand from the omicron variant of Covid-19 becomes clearer.
The group agreed to add 400,000 barrels a day of crude to global markets in January. However, it also left the door open to adjusting the plan at short notice if the market changes, an unusual step that underscores the uncertain outlook due to a resurgent pandemic and a U.S.-led release of emergency stockpiles.
“The OPEC+ communique announcing that the meeting remains ongoing is very important -- it signals they’re poised to pause or cut if conditions warrant,” said Bob McNally, president of consultant Rapidan Energy Group and a former White House official. “For now, the fog of uncertainty is too dense and they’ll wait for it to dissipate.”
Oil fell as much as 4.8% to $62.43 a barrel in New York on the OPEC+ agreement, but recovered most of those losses as traders realized a potential get-out clause was baked in to the deal.
#Saudi crown prince showcases $500 billion ‘smart city’ plan | Evening Standard
Saudi crown prince showcases $500 billion ‘smart city’ plan | Evening Standard
A global roadshow to promote investment opportunities in a planned $500 billion (£376 billion) megacity in Saudi Arabia called Neom has kicked off with a major conference in London.
The inaugural Discover Neom event was held at Spencer House in St James’s Place and attended by about 250 guests, including City grandee Baroness Morrissey, former culture minister Lord Vaizey, and TV adventurer Bear Grylls.
They heard from Neom executives and British business leaders about the potential opportunities for UK investors, contractors and other partners.
Neom is the flagship project in the ambitious Vision 2030 plan led by Saudi Crown Prince Mohammad bin Salman to transform the economy of the oil and gas rich kingdom.
A global roadshow to promote investment opportunities in a planned $500 billion (£376 billion) megacity in Saudi Arabia called Neom has kicked off with a major conference in London.
The inaugural Discover Neom event was held at Spencer House in St James’s Place and attended by about 250 guests, including City grandee Baroness Morrissey, former culture minister Lord Vaizey, and TV adventurer Bear Grylls.
They heard from Neom executives and British business leaders about the potential opportunities for UK investors, contractors and other partners.
Neom is the flagship project in the ambitious Vision 2030 plan led by Saudi Crown Prince Mohammad bin Salman to transform the economy of the oil and gas rich kingdom.
Oil buoys #Saudi, #Qatar stocks; OPEC+ decision in focus | Reuters
Oil buoys Saudi, Qatar stocks; OPEC+ decision in focus | Reuters
Saudi and Qatari indexes extended gains on Thursday, supported by higher oil prices as investors adjusted positions ahead of an OPEC+ decision on supplies, while markets in the United Arab Emirates were closed for a public holiday.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with Saudi National Bank (1180.SE) increasing 1.8% and Saudi Telecom (7010.SE) adding 2.3%. However, the index registered its third weekly loss.
This week's losses mainly include a 4.5% slump on Sunday, its biggest single-day fall in nearly two years, triggered by the panic over the Omicron coronavirus variant. read more
Saudi Arabia on Wednesday reported its first case of the variant. read more
In Qatar, the benchmark (.QSI) gained 0.4% as Gulf's largest lender Qatar National Bank (QNBK.QA) jumped 2.9 % and Industries Qatar (IQCD.QA) added 1.7%.
However, sharia-compliant lender Masraf Al Rayan (MARK.QA) dropped about 3% after rising as much as 3% in last session as it completed a merger with Al Khalij Commercial Bank
The Qatari index registered its third consecutive weekly loss.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.9%, dragged by a 1.1% slide in country's top lender Commercial International Bank (COMI.CA).
Saudi and Qatari indexes extended gains on Thursday, supported by higher oil prices as investors adjusted positions ahead of an OPEC+ decision on supplies, while markets in the United Arab Emirates were closed for a public holiday.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Saudi Arabia's benchmark index (.TASI) rose 0.3%, with Saudi National Bank (1180.SE) increasing 1.8% and Saudi Telecom (7010.SE) adding 2.3%. However, the index registered its third weekly loss.
This week's losses mainly include a 4.5% slump on Sunday, its biggest single-day fall in nearly two years, triggered by the panic over the Omicron coronavirus variant. read more
Saudi Arabia on Wednesday reported its first case of the variant. read more
In Qatar, the benchmark (.QSI) gained 0.4% as Gulf's largest lender Qatar National Bank (QNBK.QA) jumped 2.9 % and Industries Qatar (IQCD.QA) added 1.7%.
However, sharia-compliant lender Masraf Al Rayan (MARK.QA) dropped about 3% after rising as much as 3% in last session as it completed a merger with Al Khalij Commercial Bank
The Qatari index registered its third consecutive weekly loss.
Outside the Gulf, Egypt's blue-chip index (.EGX30) declined 0.9%, dragged by a 1.1% slide in country's top lender Commercial International Bank (COMI.CA).
Oil climbs as investors focus on looming OPEC+ decision | Reuters
Oil climbs as investors focus on looming OPEC+ decision | Reuters
Oil prices rose on Thursday as investors adjusted positions ahead of an OPEC+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron first shook investors.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are likely to decide on Thursday whether to release more oil into the market as previously planned or to restrain supply. read more
Oil prices rose on Thursday as investors adjusted positions ahead of an OPEC+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Brent crude futures rose 35 cents, or 0.5%, to $69.22 a barrel by 1215 GMT while U.S. West Texas Intermediate (WTI) crude futures gained 29 cents, or 0.4%, to $65.86.
Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron first shook investors.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, are likely to decide on Thursday whether to release more oil into the market as previously planned or to restrain supply. read more
Emirates boss sees airline's future in aviation hub model | Reuters
Emirates boss sees airline's future in aviation hub model | Reuters
Emirates President Tim Clark sees its aviation hub business model as central to the airline's future despite the damage the COVID-19 pandemic has wrought upon parts of the travel industry.
As one of the world's biggest long-haul carriers, Emirates has over the past 35 years transformed Dubai into a major gateway for international travellers and a tourism hub.
Global demand remains "hugely resilient" despite the pandemic and such crises can increase market segmentation as happened in the wake of the 2008 global financial crisis and the September 11 attacks on the United States in 2001, Clark said.
"That's probably not what people are saying out there. But I can tell you that is the fact for Emirates. It's so, each time we have a global trauma, it creates new segments for us," he said in an interview for the Reuters Next conference.
Emirates President Tim Clark sees its aviation hub business model as central to the airline's future despite the damage the COVID-19 pandemic has wrought upon parts of the travel industry.
As one of the world's biggest long-haul carriers, Emirates has over the past 35 years transformed Dubai into a major gateway for international travellers and a tourism hub.
Global demand remains "hugely resilient" despite the pandemic and such crises can increase market segmentation as happened in the wake of the 2008 global financial crisis and the September 11 attacks on the United States in 2001, Clark said.
"That's probably not what people are saying out there. But I can tell you that is the fact for Emirates. It's so, each time we have a global trauma, it creates new segments for us," he said in an interview for the Reuters Next conference.
Oil climbs as investors focus on looming OPEC+ decision | Reuters
Oil climbs as investors focus on looming OPEC+ decision | Reuters
Climbing oil prices on Thursday erased the previous day's losses, with investors adjusting positions ahead of an OPEC+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Brent crude futures rose $1.56, or 2.3%, to $70.43 a barrel by 1040 GMT, having eased 0.5% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained $1.52, or 2.3%, to $67.09 after a 0.9% drop on Wednesday.
Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron first shook investors.
Climbing oil prices on Thursday erased the previous day's losses, with investors adjusting positions ahead of an OPEC+ decision on supply policy, though gains were capped by fears that the Omicron coronavirus variant could hit fuel demand.
Brent crude futures rose $1.56, or 2.3%, to $70.43 a barrel by 1040 GMT, having eased 0.5% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained $1.52, or 2.3%, to $67.09 after a 0.9% drop on Wednesday.
Global oil prices have lost more than $10 a barrel since last Thursday, when news of Omicron first shook investors.
ADQ and Taqa sign energy deal with Kazakhstan's wealth fund
ADQ and Taqa sign energy deal with Kazakhstan's wealth fund
Abu Dhabi’s holding company ADQ and energy company Taqa signed a long-term agreement with Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, that will lead to investment of up to $6 billion in energy projects in the central Asian country.
The entities will create a holding company that will oversee and manage any acquired assets, the companies said in a statement released by Abu Dhabi Media Office on Wednesday evening.
ADQ, Taqa and Samruk-Kazyna will explore three greenfield power projects in Kazakhstan, including a two-gigawatt solar photovoltaic (PV) power plant, a 2 gigawatt wind power plant and a 1 gigawatt combine-cycle gas-fired power plant.
ADQ and Taqa would jointly hold a 51 per cent stake in each project with Samruk-Kazyna keeping the remaining interest. Meanwhile, Taqa would also be involved in the operations and maintenance of all three projects.
Abu Dhabi’s holding company ADQ and energy company Taqa signed a long-term agreement with Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, that will lead to investment of up to $6 billion in energy projects in the central Asian country.
The entities will create a holding company that will oversee and manage any acquired assets, the companies said in a statement released by Abu Dhabi Media Office on Wednesday evening.
ADQ, Taqa and Samruk-Kazyna will explore three greenfield power projects in Kazakhstan, including a two-gigawatt solar photovoltaic (PV) power plant, a 2 gigawatt wind power plant and a 1 gigawatt combine-cycle gas-fired power plant.
ADQ and Taqa would jointly hold a 51 per cent stake in each project with Samruk-Kazyna keeping the remaining interest. Meanwhile, Taqa would also be involved in the operations and maintenance of all three projects.
Apple Partner Foxconn in Talks to Help #SaudiArabia Build EVs - Bloomberg
Apple Partner Foxconn in Talks to Help Saudi Arabia Build EVs - Bloomberg
Saudi Arabia and Taiwan’s Foxconn Technology Group are in talks to form a joint venture to make electric vehicles, a move that could help accelerate plans by the oil-dependent kingdom to diversify its economy, according to people familiar with the matter.
Saudi Arabia’s Public Investment Fund, which manages about $450 billion of assets, will create a new entity named Velocity to be the majority stakeholder of the joint venture, said two of the people, who asked not to be named because the effort is not yet public. Foxconn will provide software, electronics and the electrical architecture for the new EVs and will be a minority stakeholder in the collaboration, according to one of people. The arrangement will help the country gain experience in manufacturing cars, another person said.
The joint venture is looking to assemble EVs on a chassis licensed from BMW AG, two people said. The parties aim to sign a deal by the end of this year, according to one of the people, although no final decisions have been made and the plans could still change.
Saudi Arabia has had ambitions for years to develop a domestic carmaking industry as part of its attempts to wean the economy off a reliance on oil sales. Those efforts have mostly failed. Now the kingdom is trying a different tactic, with the PIF leading investments into the industry. It took a majority stake in EV startup Lucid Motors Inc. in 2018 to encourage the firm to develop a manufacturing site inside the kingdom. Earlier this year, Saudi Arabia hired advisers including Boston Consulting Group to explore establishing its own domestic electric carmaker, Bloomberg News has reported.
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Foxconn Technology Group's Foxtron Model C concept electric sport utility vehicle. Photographer: I-Hwa Cheng/Bloomberg |
Saudi Arabia and Taiwan’s Foxconn Technology Group are in talks to form a joint venture to make electric vehicles, a move that could help accelerate plans by the oil-dependent kingdom to diversify its economy, according to people familiar with the matter.
Saudi Arabia’s Public Investment Fund, which manages about $450 billion of assets, will create a new entity named Velocity to be the majority stakeholder of the joint venture, said two of the people, who asked not to be named because the effort is not yet public. Foxconn will provide software, electronics and the electrical architecture for the new EVs and will be a minority stakeholder in the collaboration, according to one of people. The arrangement will help the country gain experience in manufacturing cars, another person said.
The joint venture is looking to assemble EVs on a chassis licensed from BMW AG, two people said. The parties aim to sign a deal by the end of this year, according to one of the people, although no final decisions have been made and the plans could still change.
Saudi Arabia has had ambitions for years to develop a domestic carmaking industry as part of its attempts to wean the economy off a reliance on oil sales. Those efforts have mostly failed. Now the kingdom is trying a different tactic, with the PIF leading investments into the industry. It took a majority stake in EV startup Lucid Motors Inc. in 2018 to encourage the firm to develop a manufacturing site inside the kingdom. Earlier this year, Saudi Arabia hired advisers including Boston Consulting Group to explore establishing its own domestic electric carmaker, Bloomberg News has reported.
#Saudi shares little changed in early trade, banks support Qatari index | Reuters
Saudi shares little changed in early trade, banks support Qatari index | Reuters
Saudi Arabian shares were little changed in morning trade on Thursday as investors kept to the sidelines after the state news agency said the kingdom had reported its first case of the Omicron COVID-19 variant.
Qatari stocks, meanwhile, were supported by gains in the banking sector.
Saudi Arabia's benchmark index (.TASI) edged down 0.1% and was on track for its biggest weekly decline in three.
Al Rajhi Bank (1120.SE) and Sulaiman Al-Habib Medical Services Group (4013.SE)declined 0.3% and 0.7%, respectively.
Losses were offset by an about 2% rise in Saudi Arabian Mining (1211.SE).
This week's losses mainly include a 4.5% drop on Sunday triggered by the panic over the Omicron variant that was first detected in South Africa. read more
In Qatar, the index (.QSI) was up 0.1% as Qatar Islamic Bank (.QISB.QA) rose 0.8% and the Gulf's largest lender, Qatar National Bank (QNBK.QA), gained 0.6%.
Markets in the United Arab Emirates were closed for a public holiday.
Saudi Arabian shares were little changed in morning trade on Thursday as investors kept to the sidelines after the state news agency said the kingdom had reported its first case of the Omicron COVID-19 variant.
Qatari stocks, meanwhile, were supported by gains in the banking sector.
Saudi Arabia's benchmark index (.TASI) edged down 0.1% and was on track for its biggest weekly decline in three.
Al Rajhi Bank (1120.SE) and Sulaiman Al-Habib Medical Services Group (4013.SE)declined 0.3% and 0.7%, respectively.
Losses were offset by an about 2% rise in Saudi Arabian Mining (1211.SE).
This week's losses mainly include a 4.5% drop on Sunday triggered by the panic over the Omicron variant that was first detected in South Africa. read more
In Qatar, the index (.QSI) was up 0.1% as Qatar Islamic Bank (.QISB.QA) rose 0.8% and the Gulf's largest lender, Qatar National Bank (QNBK.QA), gained 0.6%.
Markets in the United Arab Emirates were closed for a public holiday.
Oil rises as investors focus on OPEC+ decision amid growing Omicron fears | Reuters
Oil rises as investors focus on OPEC+ decision amid growing Omicron fears | Reuters
Oil prices rose on Thursday, more than recouping the previous day's losses, as investors adjusted positions ahead of an OPEC+ decision over supply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand.
Brent crude futures rose $1.24, or 1.8%, to $70.11 by 0748 GMT, having eased 0.5% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained $1.13, or 1.7%, to $66.70 a barrel, after a 0.9% drop on Wednesday.
"Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week," said Tsuyoshi Ueno, senior economist at NLI Research Institute.
Oil prices rose on Thursday, more than recouping the previous day's losses, as investors adjusted positions ahead of an OPEC+ decision over supply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand.
Brent crude futures rose $1.24, or 1.8%, to $70.11 by 0748 GMT, having eased 0.5% in the previous session.
U.S. West Texas Intermediate (WTI) crude futures gained $1.13, or 1.7%, to $66.70 a barrel, after a 0.9% drop on Wednesday.
"Investors unwound their positions ahead of the OPEC+ decision as oil prices have declined so fast and so much over the past week," said Tsuyoshi Ueno, senior economist at NLI Research Institute.