Oil steadies, paring gains as rising COVID cases spur demand worries | Reuters
Crude prices ended little changed on Friday after erasing earlier big gains on growing worries that rising coronavirus cases and a new variant could reduce global oil demand.
Earlier in the day, oil prices climbed more than $2 a barrel after producer group OPEC+ said it could review its policy to hike output at short notice if a rising number of pandemic lockdowns chokes off demand.
Brent futures rose 21 cents, or 0.3%, to settle at $69.88 a barrel, while U.S. West Texas Intermediate (WTI) crude ended 24 cents, or 0.4%, lower at $66.26.
Both benchmarks declined for a sixth week in a row for the first time since November 2018, and both remained in technically oversold territory for a sixth straight day for the first time since September 2020.
Friday, 3 December 2021
Oil Rallies After OPEC+ Takes Flexible Stance on Supply - Bloomberg
Oil Prices for Dec. 03, 2021: Brent Crude, WTI - Bloomberg
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#Qatar completes first merger of two publicly listed banking giants; Masraf Al Rayan has QR182b in assets | Banking – Gulf News
Qatar completes first merger of two publicly listed banking giants; Masraf Al Rayan has QR182b in assets | Banking – Gulf News
Qatar’s banking sector has completed the first merger of two of its publicly listed entities. With the legal process done, Masraf Al Rayan is focussing on operational integration with Al Khalij Commercial Bank. The new entity will continue to bear the 'Masraf Al Rayan' name and with the headquarters in Lusail City.
The integration of products and services is expected to be done during 2022. A new board of directors and leadership team is in place and will oversee the process. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.
With over 182 billion Qatari riyals in assets, Masraf Al Rayan will be one of the largest Sharia-compliant banks in the region. The bank is in “prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base,” it said in a statement.
Qatar’s banking sector has completed the first merger of two of its publicly listed entities. With the legal process done, Masraf Al Rayan is focussing on operational integration with Al Khalij Commercial Bank. The new entity will continue to bear the 'Masraf Al Rayan' name and with the headquarters in Lusail City.
The integration of products and services is expected to be done during 2022. A new board of directors and leadership team is in place and will oversee the process. Customers, counterparts, and stakeholders will be advised in a phased manner on how the merger may impact them.
With over 182 billion Qatari riyals in assets, Masraf Al Rayan will be one of the largest Sharia-compliant banks in the region. The bank is in “prime position to accelerate Qatar’s journey towards Vision 2030 by leveraging its increased scale, compelling product offering and excellent talent base,” it said in a statement.
UK- #Saudi M&A deals on the rise as ties strengthen
UK-Saudi M&A deals on the rise as ties strengthen
Merger and acquisition activity between Saudi Arabia and Britain has soared since August when travel restrictions eased, as a new direct investment programme between the two countries offers a further boost to Saudi-UK relations.
Fikry Younis, the Riyadh-based partner of Lumina Capital Advisers, said activity in the Saudi-UK corridor has risen 50 per cent since the summer on the back of eased travel regulations, Brexit and Saudi Arabia’s implementation of Vision 2030.
“Scaling in Saudi Arabia is the main theme that we're seeing right now — whether it's Saudi investors looking to bring in UK expertise and capabilities or UK investors looking to find new or larger markets for their products,” said Mr Younis.
“When we're talking about acquisitions [it’s due to] the prevalence of expertise and knowledge in the UK and the need for that expertise and knowledge in Saudi Arabia,” he said.
Merger and acquisition activity between Saudi Arabia and Britain has soared since August when travel restrictions eased, as a new direct investment programme between the two countries offers a further boost to Saudi-UK relations.
Fikry Younis, the Riyadh-based partner of Lumina Capital Advisers, said activity in the Saudi-UK corridor has risen 50 per cent since the summer on the back of eased travel regulations, Brexit and Saudi Arabia’s implementation of Vision 2030.
“Scaling in Saudi Arabia is the main theme that we're seeing right now — whether it's Saudi investors looking to bring in UK expertise and capabilities or UK investors looking to find new or larger markets for their products,” said Mr Younis.
“When we're talking about acquisitions [it’s due to] the prevalence of expertise and knowledge in the UK and the need for that expertise and knowledge in Saudi Arabia,” he said.
U.S.- #Saudi Diplomacy Paved Way for OPEC+’s Surprise Output Hike - Bloomberg
U.S.-Saudi Diplomacy Paved Way for OPEC+’s Surprise Output Hike - Bloomberg
The U.S. and Saudi Arabia have reached a detente after weeks of hostility about high oil prices, with the OPEC+ cartel announcing a production hike even as the new Covid variant threatens demand.
The group led by Saudi Arabia and Russia surprised markets by agreeing to add 400,000 barrels a day of oil from January, even as the virus undermines prices for oil-producing nations. It left the door open to changing its mind, however, saying ministers could gather again at any moment to review the decision if conditions change.
After weeks of diplomatic tension between Saudi Arabia and the U.S. -- with President Joe Biden calling for more oil to ease pump prices and OPEC pushing back -- a truce has emerged. U.S. officials have been in the Gulf this week, and the result of their talks has been a game-changer that goes beyond oil policy, according to a person familiar with the meetings. Neither side said what concessions each had extracted.
The U.S. delegation included Amos Hochstein, the top U.S. energy diplomat, and Daleep Singh, deputy national security adviser for international economics. Earlier this week, Hochstein said the two countries had discussed how to “partner to invest in the energy transition and collaborate to build a 21st century clean energy architecture.”
The U.S. and Saudi Arabia have reached a detente after weeks of hostility about high oil prices, with the OPEC+ cartel announcing a production hike even as the new Covid variant threatens demand.
The group led by Saudi Arabia and Russia surprised markets by agreeing to add 400,000 barrels a day of oil from January, even as the virus undermines prices for oil-producing nations. It left the door open to changing its mind, however, saying ministers could gather again at any moment to review the decision if conditions change.
After weeks of diplomatic tension between Saudi Arabia and the U.S. -- with President Joe Biden calling for more oil to ease pump prices and OPEC pushing back -- a truce has emerged. U.S. officials have been in the Gulf this week, and the result of their talks has been a game-changer that goes beyond oil policy, according to a person familiar with the meetings. Neither side said what concessions each had extracted.
The U.S. delegation included Amos Hochstein, the top U.S. energy diplomat, and Daleep Singh, deputy national security adviser for international economics. Earlier this week, Hochstein said the two countries had discussed how to “partner to invest in the energy transition and collaborate to build a 21st century clean energy architecture.”
Oil Extends Gains After OPEC+ Takes Flexible Stance on Supply - Bloomberg
Oil Prices for Dec. 03, 2021: Brent Crude, WTI - Bloomberg
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