Dubai ruler becomes second-largest investor in developer Emaar | Reuters
Emaar Properties (EMAR.DU) said on Thursday it was buying out its joint venture partner in a Dubai real estate development, in a 7.5 billion dirham ($2 billion) deal that will see Dubai's ruler become the developer's second-largest shareholder.
Dubai's Emaar, the emirate's top developer, said in a statement it had reached a deal with Dubai Holding, Sheikh Mohammed bin Rashid Al Maktoum's investment vehicle, to buy its stake in their Dubai Creek Harbour joint venture.
The deal would be equally financed in cash and Emaar shares, making Dubai Holding its second-biggest shareholder, Emaar said.
The announcement was made after the stock market had closed. Emaar shares are up 16.5% so far this year to 5.7 dirhams, according to data provider Refinitiv.
It was not immediately clear how many shares Dubai Holding would own. Emaar's current biggest shareholder is the Investment Corporation of Dubai, the emirate's sovereign wealth fund, which owns 24.07% or about 1.97 million shares, according to Refinitiv.
Thursday, 11 August 2022
Oil rises as IEA hikes 2022 demand growth forecast | Reuters
Oil rises as IEA hikes 2022 demand growth forecast | Reuters
Oil prices rose more than $2 on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices lead some consumers to switch to oil.
Brent crude futures gained $2.39, or 2.5%, to $99.79 a barrel by 1348 GMT, while U.S. West Texas Intermediate crude futures rose $2.65, or 2.9%, to $94.58 .
"Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report. It raised its outlook for 2022 demand by 380,000 barrels per day (bpd).
By contrast, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its 2022 forecast for growth in world oil demand, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the pandemic.
OPEC expects 2022 oil demand to rise by 3.1 million bpd, down 260,000 bpd from the previous forecast. However, it still sees a higher overall global oil demand figure than the IEA for 2022.
Oil prices rose more than $2 on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring natural gas prices lead some consumers to switch to oil.
Brent crude futures gained $2.39, or 2.5%, to $99.79 a barrel by 1348 GMT, while U.S. West Texas Intermediate crude futures rose $2.65, or 2.9%, to $94.58 .
"Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report. It raised its outlook for 2022 demand by 380,000 barrels per day (bpd).
By contrast, the Organization of the Petroleum Exporting Countries (OPEC) on Thursday cut its 2022 forecast for growth in world oil demand, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the pandemic.
OPEC expects 2022 oil demand to rise by 3.1 million bpd, down 260,000 bpd from the previous forecast. However, it still sees a higher overall global oil demand figure than the IEA for 2022.
#UAE economic recovery to continue as financial system remains robust, Central Bank says
UAE economic recovery to continue as financial system remains robust, Central Bank says
Economic activity in the UAE, which recovered significantly from the coronavirus-induced slowdown in 2021, is expected to continue improving this year despite global headwinds, the UAE Central Bank said.
The regulator “projects a positive outlook for the UAE’s economy and financial system in 2022", Central Bank Governor Khaled Balama said in its latest Financial Stability Report.
“The global macro-financial outlook, however, will be negatively affected by supply chain disruptions, rising inflationary pressures and further escalating geopolitical tensions.”
The Central Bank expects the UAE economy to post its strongest annual expansion since 2011 this year after it grew by 8.2 per cent in the first three months of this year on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic.
The various fiscal support measures taken by the UAE government during the pandemic were instrumental in protecting the stability of the economy and the financial system, the regulator said.
Economic activity in the UAE, which recovered significantly from the coronavirus-induced slowdown in 2021, is expected to continue improving this year despite global headwinds, the UAE Central Bank said.
The regulator “projects a positive outlook for the UAE’s economy and financial system in 2022", Central Bank Governor Khaled Balama said in its latest Financial Stability Report.
“The global macro-financial outlook, however, will be negatively affected by supply chain disruptions, rising inflationary pressures and further escalating geopolitical tensions.”
The Central Bank expects the UAE economy to post its strongest annual expansion since 2011 this year after it grew by 8.2 per cent in the first three months of this year on higher oil prices and measures to mitigate the impact of the Covid-19 pandemic.
The various fiscal support measures taken by the UAE government during the pandemic were instrumental in protecting the stability of the economy and the financial system, the regulator said.
OPEC, unlike IEA, sees lower 2022 oil demand growth | Reuters
OPEC, unlike IEA, sees lower 2022 oil demand growth | Reuters
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.
The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, which earlier on Thursday raised its demand outlook.
OPEC in a monthly report said it expects 2022 oil demand to rise by 3.1 million barrels per day (bpd), or 3.2%, down 260,000 bpd from the previous forecast.
OPEC left its 2023 growth projection unchanged at 2.7 million bpd.
Oil use has rebounded from the worst of the pandemic and is set to exceed 2019 levels this year even after prices hit record highs. However, high crude prices and Chinese coronavirus outbreaks have eaten into 2022 growth projections. read more
OPEC on Thursday cut its 2022 forecast for growth in world oil demand for a third time since April, citing the economic impact of Russia's invasion of Ukraine, high inflation and efforts to contain the coronavirus pandemic.
The view from the Organization of the Petroleum Exporting Countries contrasts with that of the International Energy Agency, which earlier on Thursday raised its demand outlook.
OPEC in a monthly report said it expects 2022 oil demand to rise by 3.1 million barrels per day (bpd), or 3.2%, down 260,000 bpd from the previous forecast.
OPEC left its 2023 growth projection unchanged at 2.7 million bpd.
Oil use has rebounded from the worst of the pandemic and is set to exceed 2019 levels this year even after prices hit record highs. However, high crude prices and Chinese coronavirus outbreaks have eaten into 2022 growth projections. read more
#Saudi Aramco: World’s Biggest Oil Exporter to Make Huge Bet on Carbon Storage - Bloomberg
Saudi Aramco: World’s Biggest Oil Exporter to Make Huge Bet on Carbon Storage - Bloomberg
Saudi Aramco plans to begin permanently storing carbon dioxide from 2026 in one of the largest facilities of its kind, as the state oil giant seeks to reach its goal of net-zero emissions by 2050.
The company is looking to capture carbon dioxide emitted by processes that convert natural gas into hydrogen, among other industrial activities, and permanently store the pollutant deep underground in a reservoir that previously produced oil and gas.
The first phase of the project near the industrial city of Jubail, on the east coast of Saudi Arabia, will be able to store between 5 million and 9 million tons of carbon dioxide per year, Aramco’s vice president of chemicals, Olivier Thorel, said in an interview. This is equivalent to the emissions from about 1 to 2 million gasoline-powered passenger vehicles driven over a year.
The project is part of Aramco’s larger vision to become a leader in producing hydrogen, a gas seen as key to the global energy transition since it produces zero emissions when burned. Yet, it will need massive carbon capture and carbon storage facilities to do this in a truly planet friendly way. The process of converting natural gas to hydrogen emits carbon dioxide, but these emissions can be trapped — resulting in what’s known as blue hydrogen. This hydrogen can be used to make blue ammonia — a compound that’s much easier to ship than hydrogen. The blue ammonia can later be converted back into hydrogen.
Aramco wants to show that “on a life-cycle ‘well to gate’ basis we have one of the lowest carbon-intensity ammonia available for export to the various markets — whether it’s for chemical, fertilizer or energy purposes,” said Thorel.
“I think it’s a way for us to properly get credit for the investment we’ve made to manage CO2 in a well-integrated way — but that’s not the end game,” he said. “The end game is to invest in a dedicated facility for carbon sequestration.”
Saudi Aramco plans to begin permanently storing carbon dioxide from 2026 in one of the largest facilities of its kind, as the state oil giant seeks to reach its goal of net-zero emissions by 2050.
The company is looking to capture carbon dioxide emitted by processes that convert natural gas into hydrogen, among other industrial activities, and permanently store the pollutant deep underground in a reservoir that previously produced oil and gas.
The first phase of the project near the industrial city of Jubail, on the east coast of Saudi Arabia, will be able to store between 5 million and 9 million tons of carbon dioxide per year, Aramco’s vice president of chemicals, Olivier Thorel, said in an interview. This is equivalent to the emissions from about 1 to 2 million gasoline-powered passenger vehicles driven over a year.
The project is part of Aramco’s larger vision to become a leader in producing hydrogen, a gas seen as key to the global energy transition since it produces zero emissions when burned. Yet, it will need massive carbon capture and carbon storage facilities to do this in a truly planet friendly way. The process of converting natural gas to hydrogen emits carbon dioxide, but these emissions can be trapped — resulting in what’s known as blue hydrogen. This hydrogen can be used to make blue ammonia — a compound that’s much easier to ship than hydrogen. The blue ammonia can later be converted back into hydrogen.
Aramco wants to show that “on a life-cycle ‘well to gate’ basis we have one of the lowest carbon-intensity ammonia available for export to the various markets — whether it’s for chemical, fertilizer or energy purposes,” said Thorel.
“I think it’s a way for us to properly get credit for the investment we’ve made to manage CO2 in a well-integrated way — but that’s not the end game,” he said. “The end game is to invest in a dedicated facility for carbon sequestration.”
Most Gulf bourses in black, #AbuDhabi at record high | Reuters
Most Gulf bourses in black, Abu Dhabi at record high | Reuters
Most stock markets in the Gulf ended higher on Thursday, cheered by strong corporate earnings and softer-than-expected U.S. inflation data which encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking. read more
Abu Dhabi's main share index (.FTFADGI) closed at a record high, gaining 1% to 10,198, boosted by a 3.3% leap in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
Saudi Arabia's benchmark index (.TASI) climbed 0.8%, with Arab National Bank (1080.SE) rising 0.9% and Saudi British Bank (1060.SE) finished 0.5% higher.
Elsewhere, Saudi Electricity Co (5110.SE) gained 0.6%, as the utility firm obtained a $3 billion international syndicated facility.
The Qatari index (.QSI) advanced 1.3%, as most of the stocks on the index were in positive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was up 1.7%.
The Qatari stock market recorded a positive performance thanks to solid company earnings and higher natural gas prices, said Fadi Reyad, market analyst at CAPEX.com MENA.
"The main index could thus extend its gains under these favourable conditions."
Crude oil prices, a key catalyst for the Gulf's financial markets, rose by more than 1% after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.
Dubai's main share index (.DFMGI) bucked the trend to finish 0.3% lower, hit by a 5.3% slide in Air Arabia (AIRA.DU).
The budget airline reported a higher second-quarter net profit, but saw a decrease sequentially in earnings.
However, the Dubai index's losses were limited by a 1.2% rise in Dubai Electricity and Water Authority (DEWAA.DU) following a rise in second-quarter earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.2%, ending three sessions of losses, with tobacco monopoly Eastern Company (EAST.CA) rising 2.3%.
Most stock markets in the Gulf ended higher on Thursday, cheered by strong corporate earnings and softer-than-expected U.S. inflation data which encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking. read more
Abu Dhabi's main share index (.FTFADGI) closed at a record high, gaining 1% to 10,198, boosted by a 3.3% leap in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB.AD).
Saudi Arabia's benchmark index (.TASI) climbed 0.8%, with Arab National Bank (1080.SE) rising 0.9% and Saudi British Bank (1060.SE) finished 0.5% higher.
Elsewhere, Saudi Electricity Co (5110.SE) gained 0.6%, as the utility firm obtained a $3 billion international syndicated facility.
The Qatari index (.QSI) advanced 1.3%, as most of the stocks on the index were in positive territory including the Gulf's biggest lender Qatar National Bank (QNBK.QA), which was up 1.7%.
The Qatari stock market recorded a positive performance thanks to solid company earnings and higher natural gas prices, said Fadi Reyad, market analyst at CAPEX.com MENA.
"The main index could thus extend its gains under these favourable conditions."
Crude oil prices, a key catalyst for the Gulf's financial markets, rose by more than 1% after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.
Dubai's main share index (.DFMGI) bucked the trend to finish 0.3% lower, hit by a 5.3% slide in Air Arabia (AIRA.DU).
The budget airline reported a higher second-quarter net profit, but saw a decrease sequentially in earnings.
However, the Dubai index's losses were limited by a 1.2% rise in Dubai Electricity and Water Authority (DEWAA.DU) following a rise in second-quarter earnings.
Outside the Gulf, Egypt's blue-chip index (.EGX30) firmed 0.2%, ending three sessions of losses, with tobacco monopoly Eastern Company (EAST.CA) rising 2.3%.
#UAE Makes First Major Turkish Acquisition Since Relations Eased - Bloomberg
UAE Makes First Major Turkish Acquisition Since Relations Eased - Bloomberg
A United Arab Emirates firm controlled by the country’s national security adviser has bought a 50% stake in a Turkish company with links to President Recep Tayyip Erdogan, marking the first major deal between the countries since a thawing of relations.
A unit of Abu Dhabi’s International Holding Co. acquired the stake in renewable energy firm Kalyon Enerji Yatirimlari AS for 1.8 billion dirhams ($490 million). IHC is the UAE’s most valuable listed company and is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon bin Zayed al Nahyan -- the UAE’s national security adviser and brother to the president -- as chairman.
The firm’s expansion in Turkey could pave the way for a flurry of deals between the two countries as wealth funds in the oil-rich capital of the UAE scout for targets for billions of dollars in investments. The deal also provides further evidence of a turnaround in ties between two countries that had been at loggerheads for much of the past decade over everything from Islamist movements to the conflicts in Syria and Libya.
An easing of relations could mark a revival of an investment pipeline that sputtered amid longstanding tensions stemming from Turkey’s support for the Muslim Brotherhood, an Islamist group banned in the UAE. Relations reached a nadir in 2016 when Turkish state media accused the UAE of supporting a coup attempt against Erdogan.
A United Arab Emirates firm controlled by the country’s national security adviser has bought a 50% stake in a Turkish company with links to President Recep Tayyip Erdogan, marking the first major deal between the countries since a thawing of relations.
A unit of Abu Dhabi’s International Holding Co. acquired the stake in renewable energy firm Kalyon Enerji Yatirimlari AS for 1.8 billion dirhams ($490 million). IHC is the UAE’s most valuable listed company and is controlled by the Royal Group, a conglomerate that lists Sheikh Tahnoon bin Zayed al Nahyan -- the UAE’s national security adviser and brother to the president -- as chairman.
The firm’s expansion in Turkey could pave the way for a flurry of deals between the two countries as wealth funds in the oil-rich capital of the UAE scout for targets for billions of dollars in investments. The deal also provides further evidence of a turnaround in ties between two countries that had been at loggerheads for much of the past decade over everything from Islamist movements to the conflicts in Syria and Libya.
An easing of relations could mark a revival of an investment pipeline that sputtered amid longstanding tensions stemming from Turkey’s support for the Muslim Brotherhood, an Islamist group banned in the UAE. Relations reached a nadir in 2016 when Turkish state media accused the UAE of supporting a coup attempt against Erdogan.
Lucid Says #SaudiArabia's PIF Was Supportive as Supply Crunch Hit - Bloomberg
Lucid Says Saudi Arabia's PIF Was Supportive as Supply Crunch Hit - Bloomberg
Top shareholder Saudi Arabia has been supportive of Lucid Group Inc. during a supply crunch that forced two production target cuts this year, an official at the carmaker said on Thursday.
Saudi Arabia’s Public Investment Fund, which owns just over 60% of the luxury electric-vehicle group, understands the challenges around supply chain issues and costs, said Faisal Sultan, managing director of global operations at Lucid. The company is not seeing pressure from investors.
“The PIF have been very supportive,” he said on Bloomberg TV. “When the world re-emerges from the pandemic and the supply chain catches up, we will be ready.” The company is on target to deliver cars to customers in Riyadh in the second quarter of next year, he said.
Like other automakers, Lucid has been dealing with supply chain snags and resulting production hiccups. The firm halved its 2022 production target to 6,000 to 7,000 cars earlier this month -- the second time the Newark, California-based startup has reduced its output goal this year, from an original target of 20,000 cars.
Top shareholder Saudi Arabia has been supportive of Lucid Group Inc. during a supply crunch that forced two production target cuts this year, an official at the carmaker said on Thursday.
Saudi Arabia’s Public Investment Fund, which owns just over 60% of the luxury electric-vehicle group, understands the challenges around supply chain issues and costs, said Faisal Sultan, managing director of global operations at Lucid. The company is not seeing pressure from investors.
“The PIF have been very supportive,” he said on Bloomberg TV. “When the world re-emerges from the pandemic and the supply chain catches up, we will be ready.” The company is on target to deliver cars to customers in Riyadh in the second quarter of next year, he said.
Like other automakers, Lucid has been dealing with supply chain snags and resulting production hiccups. The firm halved its 2022 production target to 6,000 to 7,000 cars earlier this month -- the second time the Newark, California-based startup has reduced its output goal this year, from an original target of 20,000 cars.
Shuaa Capital “streamlining business” after $39.2mln Q2 loss - CEO
Shuaa Capital “streamlining business” after $39.2mln Q2 loss - CEO
Dubai-listed financial services company, Shuaa Capital, has posted a loss of AED 143.9 ($39.2 million) for the second quarter of the year, down from AED 39.4 million profit posted same time last year.
The company’s CEO, Fawad Tariq Khan, said it had embarked on a group-wide exercise to streamline business by addressing non-cash expenses and cost optimisation measures to position it for profitability.
Losses for H1 were heavy, reaching AED 192.5 million, against an AED 68.2 million profit YoY, according to financial results published to Dubai Financial Market (DFM) today.
Shuaa said non-cash expenses such as mark-to-market of Shuaa managed funds, accrued expenses, accelerated amortisation of intangible assets, contributed to results.
Its financial results showed operating income fell to AED 61.6 million in Q2 2022, down from AED 71.6 million in 2021, and AED 147.7 million in H1 2022 compared to AED 171.1 million in 2021.
The results also showed soaring operating expenses soaring year-on-year, reaching AED 214.3 million in H1 2022, up from AED 137.8 million in 2021.
Dubai-listed financial services company, Shuaa Capital, has posted a loss of AED 143.9 ($39.2 million) for the second quarter of the year, down from AED 39.4 million profit posted same time last year.
The company’s CEO, Fawad Tariq Khan, said it had embarked on a group-wide exercise to streamline business by addressing non-cash expenses and cost optimisation measures to position it for profitability.
Losses for H1 were heavy, reaching AED 192.5 million, against an AED 68.2 million profit YoY, according to financial results published to Dubai Financial Market (DFM) today.
Shuaa said non-cash expenses such as mark-to-market of Shuaa managed funds, accrued expenses, accelerated amortisation of intangible assets, contributed to results.
Its financial results showed operating income fell to AED 61.6 million in Q2 2022, down from AED 71.6 million in 2021, and AED 147.7 million in H1 2022 compared to AED 171.1 million in 2021.
The results also showed soaring operating expenses soaring year-on-year, reaching AED 214.3 million in H1 2022, up from AED 137.8 million in 2021.
Most Gulf bourses rise, #AbuDhabi at record | Reuters
Most Gulf bourses rise, Abu Dhabi at record | Reuters
Major stock markets in the Gulf rose in early trade on Thursday after softer-than-expected U.S. inflation data encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking. read more
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.4% to the highest in six weeks.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi Arabian Mining Co (1211.SE) jumped 5%.
The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.10 billion riyals a year ago.
Elsewhere, oil giant Saudi Aramco (2222.SE), which is scheduled to report its second-quarter earnings, was up 0.6%.
The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia's state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt's planning ministry said on Wednesday. read more
In Abu Dhabi, the index (.FTFADGI) edged 0.1% higher, a day after posting a record close, with the United Arab Emirates biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) added 0.7%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 0.5%.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 3.5% fall in Air Arabia (AIRA.DU).
The budget airline reported a higher second-quarter net profit, but saw a decrease sequentially in earnings.
Major stock markets in the Gulf rose in early trade on Thursday after softer-than-expected U.S. inflation data encouraged bets of less aggressive rate hikes from the Federal Reserve.
U.S. consumer prices were unchanged in July compared with June, when they rose a monthly 1.3%. The July result was lower than expectations due to a sharp drop in the cost of petrol, causing markets to reposition on hopes that inflation was peaking. read more
MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) surged 1.4% to the highest in six weeks.
Saudi Arabia's benchmark index (.TASI) gained 0.8%, with Al Rajhi Bank (1120.SE) advancing 2.2%, while Saudi Arabian Mining Co (1211.SE) jumped 5%.
The miner reported quarterly net profit of 4.03 billion riyals ($1.07 billion), up from 1.10 billion riyals a year ago.
Elsewhere, oil giant Saudi Aramco (2222.SE), which is scheduled to report its second-quarter earnings, was up 0.6%.
The Saudi Egyptian Investment Co (SEIC), owned by Saudi Arabia's state-owned Public Investment Fund (PIF), has bought minority stakes in four Egyptian companies for $1.3 billion, Egypt's planning ministry said on Wednesday. read more
In Abu Dhabi, the index (.FTFADGI) edged 0.1% higher, a day after posting a record close, with the United Arab Emirates biggest lender First Abu Dhabi Bank (FAB.AD).
The Qatari index (.QSI) added 0.7%, with Qatar National Bank (QNBK.QA), the Gulf's biggest lender, rising 0.5%.
Dubai's main share index (.DFMGI) eased 0.1%, hit by a 3.5% fall in Air Arabia (AIRA.DU).
The budget airline reported a higher second-quarter net profit, but saw a decrease sequentially in earnings.
Oil steadies as IEA hikes 2022 demand growth forecast | Reuters
Oil steadies as IEA hikes 2022 demand growth forecast | Reuters
Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.
Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84.
"Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report, in which it raised its outlook for 2022 demand by 380,000 barrels per day (bpd). read more
A rise in U.S. oil inventories last week and the resumption of crude flows on a pipeline supplying Central Europe capped further price gains, however.
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. read more
Oil prices steadied on Thursday after the International Energy Agency raised its oil demand growth forecast for this year as soaring gas prices drive some consumers to switch to oil.
Brent crude futures slipped 7 cents, or 0.1%, to $97.33 a barrel by 0829 GMT, while U.S. West Texas Intermediate crude futures eased 9 cents, or 0.1%, to $91.84.
"Natural gas and electricity prices have soared to new records, incentivising gas-to-oil switching in some countries," the Paris-based agency said in its monthly oil report, in which it raised its outlook for 2022 demand by 380,000 barrels per day (bpd). read more
A rise in U.S. oil inventories last week and the resumption of crude flows on a pipeline supplying Central Europe capped further price gains, however.
U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. read more