Oil prices rise on signals OPEC might cut output | Reuters
Oil prices ended higher on Friday, boosted by signals from Saudi Arabia that OPEC could cut output, but trading was volatile as investors digested and ultimately shrugged off warnings from the head of the U.S. Federal Reserve about economic pain ahead.
Brent crude futures rose $1.65 to settle at $100.99 a barrel. U.S. West Texas Intermediate (WTI) crude futures rose 54 cents to settle at $93.06 a barrel. Both contracts rose and fell by $1 throughout the session.
Overall, Brent gained 4.4% for the week, while WTI was set to rise 2.5%.
The United Arab Emirates became the latest OPEC+ member to state it is aligned with Saudi Arabia's thinking on crude markets, a source with knowledge of the matter told Reuters. read more
On Monday, Saudi Arabia flagged the possibility of production cuts to offset the return of Iranian barrels to oil markets should Tehran clinch a nuclear deal with the West. read more
Friday 26 August 2022
#SaudiArabia sends message to Biden on oil | Financial Times
Saudi Arabia sends message to Biden on oil | Financial Times
Saudi Arabia this week warned that it could lead Opec+ in cutting oil production, a message apparently aimed at skittish traders. But the kingdom also had another audience in mind: the Biden administration as it prepares to revive a nuclear deal with Iran.
Saudi energy minister Prince Abdulaziz bin Salman was careful not to mention the kingdom’s regional rival, focusing instead on “volatility” in a market where prices had slid by $25 a barrel since early June.
People familiar with the kingdom’s thinking say Riyadh’s sudden intervention, which has boosted oil prices back above $100 a barrel, was motivated in part by a desire to make clear to the US the consequences of allowing Iranian oil back into global markets.
President Joe Biden has pushed Saudi Arabia to raise oil production following Russia’s invasion of Ukraine, culminating in a trip to Jeddah in July that the kingdom hoped would help reset the relationship with Crown Prince Mohammed bin Salman following the murder of journalist Jamal Khashoggi four years ago.
UMNO's Silence Over Kuwaiti Hoard Signals Further Cover-Up | Sarawak Report @sarawak_report #Kuwait
UMNO's Silence Over Kuwaiti Hoard Signals Further Cover-Up | Sarawak Report
Important news emerging from Kuwait over the past few days has so far gone unremarked in KL.
This despite the fact that it concerns the disposal of nearly two billion dollars of stolen Malaysian money – money first reported to be hidden in the gulf state by Sarawak Report back in 2020.
After two years of investigations by the anti-money laundering authorities in that country, which sources say have been hugely frustrated by a lack of Malaysian official cooperation following the fall of the PH government, it has been announced that a court case will open on September 13th relating to the frozen cash.
Once again the misappropriated millions lead right back to the web of criminality around the former UMNO prime minister Najib Razak (now finally jailed this week) acting through his catspaw Jho Low.
In the dock will be three Kuwaiti nationals accused of entering into a scheme to help Najib steal the cash from Malaysian public funds, first in the guise of funding the planned East Coast Rail Link and then two oil pipe lines which were never built.
The defendants are the powerful son of the former Kuwaiti prime minister who was in office at the time, Sheikh Sabah Jaber Al-Mubarak Al-Hamad Al-Sabah, his lawyer Saud Abdelmohsan and an old college friend of Jho Low, Hamad al Wazzan, who is understood to have connected the Malaysian fraudster to powerful figures in Kuwait.
According to local media the three have been released on bail of 50,000 dinars (RM725,000) each after months of investigations.
Important news emerging from Kuwait over the past few days has so far gone unremarked in KL.
This despite the fact that it concerns the disposal of nearly two billion dollars of stolen Malaysian money – money first reported to be hidden in the gulf state by Sarawak Report back in 2020.
After two years of investigations by the anti-money laundering authorities in that country, which sources say have been hugely frustrated by a lack of Malaysian official cooperation following the fall of the PH government, it has been announced that a court case will open on September 13th relating to the frozen cash.
Once again the misappropriated millions lead right back to the web of criminality around the former UMNO prime minister Najib Razak (now finally jailed this week) acting through his catspaw Jho Low.
In the dock will be three Kuwaiti nationals accused of entering into a scheme to help Najib steal the cash from Malaysian public funds, first in the guise of funding the planned East Coast Rail Link and then two oil pipe lines which were never built.
The defendants are the powerful son of the former Kuwaiti prime minister who was in office at the time, Sheikh Sabah Jaber Al-Mubarak Al-Hamad Al-Sabah, his lawyer Saud Abdelmohsan and an old college friend of Jho Low, Hamad al Wazzan, who is understood to have connected the Malaysian fraudster to powerful figures in Kuwait.
According to local media the three have been released on bail of 50,000 dinars (RM725,000) each after months of investigations.
#Dubai’s Most Expensive House Buyer Revealed: Indian Tycoon Mukesh Ambani - Bloomberg
Dubai’s Most Expensive House Buyer Revealed: Indian Tycoon Mukesh Ambani - Bloomberg
Mukesh Ambani’s Reliance Industries Ltd. is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal, two people familiar with the deal said.
The property on Palm Jumeirah was purchased earlier this year for Ambani’s youngest son, Anant, one of the people said, asking not to be named as the transaction is private. The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
Dubai is emerging as a favorite market for the ultra-rich, whom the government has actively courted by offering long-term “golden visas” and relaxing curbs on home ownership for foreigners. British footballer David Beckham with his wife Victoria and Bollywood mega star Shahrukh Khan will be some of Ambani’s new neighbors.
Anant is one of three heirs to Ambani’s $93.3 billion fortune, according to the Bloomberg Billionaires Index. The world’s 11th richest person, now 65-years-old, is slowly handing the reins to his children after a diversification push that expanded his empire into green energy, tech and e-commerce.
Mukesh Ambani’s Reliance Industries Ltd. is the mystery buyer of an $80 million beach-side villa in Dubai, the city’s biggest ever residential property deal, two people familiar with the deal said.
The property on Palm Jumeirah was purchased earlier this year for Ambani’s youngest son, Anant, one of the people said, asking not to be named as the transaction is private. The beach-side mansion sits in the northern part of the palm-shaped artificial archipelago and has 10 bedrooms, a private spa, and indoor and outdoor pools, local media reported without saying who the buyer is.
Dubai is emerging as a favorite market for the ultra-rich, whom the government has actively courted by offering long-term “golden visas” and relaxing curbs on home ownership for foreigners. British footballer David Beckham with his wife Victoria and Bollywood mega star Shahrukh Khan will be some of Ambani’s new neighbors.
Anant is one of three heirs to Ambani’s $93.3 billion fortune, according to the Bloomberg Billionaires Index. The world’s 11th richest person, now 65-years-old, is slowly handing the reins to his children after a diversification push that expanded his empire into green energy, tech and e-commerce.
Al Habtoor Group's revenue surges 19% for H1
Al Habtoor Group's revenue surges 19% for H1
Al Habtoor Group (AHG), a UAE-based diversified business conglomerate, has announced a robust performance for the first half of 2022 for the group, registering a 19% growth in company revenue compared to last year in addition to 36% jump in ebitda.
Announcing the results, AHG Founding Chairman Khalaf Ahmad Al Habtoor said: "We had a good year in 2021 where we saw a very promising recovery post-Covid, and I predicted last November an even better 2022. I am delighted to announce that this year did not disappoint."
"The revenues in our business's various divisions surpassed the previous year's recovery and pre-Covid times. Numbers don’t lie. AHG’s revenue in H1 of this 2022 vs 2019 grew by 19 per cent in revenues and 95 per cent in ebitda.
“This shows that we have the right strategy and positioning as a group and a country overall. With the ongoing turbulent market environment and geopolitical uncertainties, the United Arab Emirates is showing exceptional resilience due to the vision and policies set by its leadership and complemented by the local businesses,” he added.
Al Habtoor Group (AHG), a UAE-based diversified business conglomerate, has announced a robust performance for the first half of 2022 for the group, registering a 19% growth in company revenue compared to last year in addition to 36% jump in ebitda.
Announcing the results, AHG Founding Chairman Khalaf Ahmad Al Habtoor said: "We had a good year in 2021 where we saw a very promising recovery post-Covid, and I predicted last November an even better 2022. I am delighted to announce that this year did not disappoint."
"The revenues in our business's various divisions surpassed the previous year's recovery and pre-Covid times. Numbers don’t lie. AHG’s revenue in H1 of this 2022 vs 2019 grew by 19 per cent in revenues and 95 per cent in ebitda.
“This shows that we have the right strategy and positioning as a group and a country overall. With the ongoing turbulent market environment and geopolitical uncertainties, the United Arab Emirates is showing exceptional resilience due to the vision and policies set by its leadership and complemented by the local businesses,” he added.
Oil prices fall after US Fed chair warns of economic pain ahead | Reuters
Oil prices fall after US Fed chair warns of economic pain ahead | Reuters
Oil prices fell on Friday, after the head of the U.S. Federal Reserve warned there is no quick cure for inflation, while talk of a hefty European Central Bank rate hike also stoked demand worries.
The U.S. economy will need tight monetary policy "for some time" before inflation is under control, a fact that means slower growth, a weaker job market and "some pain" for households and businesses, U.S. Federal Reserve Chair Jerome Powell said. read more
Oil futures, along with Wall Street's main stock indexes, fell after the remarks.
"The market is taking (Powell) at his word," said Phil Flynn, an analyst at Price Futures group in Chicago. "The stock market has given up its gains and I think oil was very concerned about it."
Brent crude futures declined51 cents to $98.83 a barrel by 11:01 a.m. EDT (1501 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 86 cents to $91.66 a barrel.
Oil prices fell on Friday, after the head of the U.S. Federal Reserve warned there is no quick cure for inflation, while talk of a hefty European Central Bank rate hike also stoked demand worries.
The U.S. economy will need tight monetary policy "for some time" before inflation is under control, a fact that means slower growth, a weaker job market and "some pain" for households and businesses, U.S. Federal Reserve Chair Jerome Powell said. read more
Oil futures, along with Wall Street's main stock indexes, fell after the remarks.
"The market is taking (Powell) at his word," said Phil Flynn, an analyst at Price Futures group in Chicago. "The stock market has given up its gains and I think oil was very concerned about it."
Brent crude futures declined51 cents to $98.83 a barrel by 11:01 a.m. EDT (1501 GMT). U.S. West Texas Intermediate (WTI) crude futures fell 86 cents to $91.66 a barrel.
#AbuDhabi bourse tracks oil prices higher; #Dubai flat | Reuters
Abu Dhabi bourse tracks oil prices higher; Dubai flat | Reuters
Abu Dhabi's stock market ended higher on Friday amid rising oil prices, although the Dubai index snapped two sessions of gains to finish flat.
In Abu Dhabi, equities (.FTFADGI) gained 0.6%, led by a 1.4% rise in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
Crude prices, a key catalyst for the Gulf's financial markets, rose as much as $1 as fresh U.S. data lowered recession fears, although an upcoming speech from the U.S. Federal Reserve chairman capped further gains.
The United Arab Emirates is aligned with Saudi Arabia's thinking on crude oil markets, Reuters reported on Friday, citing a source with knowledge of the matter. read more
On Monday OPEC's de facto leader Saudi Arabia flagged the possibility of introducing production cuts to balance the oil market. read more
The Abu Dhabi bourse saw a positive performance with oil prices changing course, said Fadi Reyad, Market Analyst at CAPEX.com.
Dubai's main share index (.DFMGI) posted its third weekly gain of 1.3%, although it closed flat, as gains in financials were offset by declines in property shares.
Emirates NBD Bank (ENBD.DU) gained 1.5%, while Emaar Properties (EMAR.DU) retreated 1.8%.
The blue-chip developer on Wednesday jumped 4%, on its plans to increase the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
Abu Dhabi's stock market ended higher on Friday amid rising oil prices, although the Dubai index snapped two sessions of gains to finish flat.
In Abu Dhabi, equities (.FTFADGI) gained 0.6%, led by a 1.4% rise in the country's biggest lender First Abu Dhabi Bank (FAB.AD).
Crude prices, a key catalyst for the Gulf's financial markets, rose as much as $1 as fresh U.S. data lowered recession fears, although an upcoming speech from the U.S. Federal Reserve chairman capped further gains.
The United Arab Emirates is aligned with Saudi Arabia's thinking on crude oil markets, Reuters reported on Friday, citing a source with knowledge of the matter. read more
On Monday OPEC's de facto leader Saudi Arabia flagged the possibility of introducing production cuts to balance the oil market. read more
The Abu Dhabi bourse saw a positive performance with oil prices changing course, said Fadi Reyad, Market Analyst at CAPEX.com.
Dubai's main share index (.DFMGI) posted its third weekly gain of 1.3%, although it closed flat, as gains in financials were offset by declines in property shares.
Emirates NBD Bank (ENBD.DU) gained 1.5%, while Emaar Properties (EMAR.DU) retreated 1.8%.
The blue-chip developer on Wednesday jumped 4%, on its plans to increase the foreign ownership limit.
Shareholders are to also vote on Sept. 21 on the acquisition of certain assets of Dubai Holding for a mandatory convertible bond of 3.75 billion dirhams ($1.02 billion).
Brent anchored above $100 a barrel, heading for weekly gain | Reuters
Brent anchored above $100 a barrel, heading for weekly gain | Reuters
Oil prices rose as much as $1 on Friday on signs of improving fuel demand, though an upcoming speech from the U.S. Federal Reserve chairman capped further gains.
Brent crude futures climbed $1.53, or 1.54%, to $100.87 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.20 cents, or 1.3%, to $93.72.
Both contracts slumped by about $2 on Thursday but are on track for a weekly gain of around 4% for Brent and 3% for WTI.
Better than expected figures concerning the U.S. economy helped to dispel recession fears.
The U.S. economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation. read more
Oil prices rose as much as $1 on Friday on signs of improving fuel demand, though an upcoming speech from the U.S. Federal Reserve chairman capped further gains.
Brent crude futures climbed $1.53, or 1.54%, to $100.87 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI) crude futures rose $1.20 cents, or 1.3%, to $93.72.
Both contracts slumped by about $2 on Thursday but are on track for a weekly gain of around 4% for Brent and 3% for WTI.
Better than expected figures concerning the U.S. economy helped to dispel recession fears.
The U.S. economy contracted at a more moderate pace than initially thought in the second quarter as consumer spending blunted some of the drag from a sharp slowdown in inventory accumulation. read more
#UAE supports #Saudi comments on possible oil output cuts, source says | Reuters
UAE supports Saudi comments on possible oil output cuts, source says | Reuters
The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets and supportive of its recent comments, a source with knowledge of the matter told Reuters on Friday.
OPEC’s de facto leader Saudi Arabia on Monday flagged the possibility of introducing production cuts to balance an oil market it described as schizophrenic. read more
The United Arab Emirates is aligned with Saudi Arabia’s thinking on crude oil markets and supportive of its recent comments, a source with knowledge of the matter told Reuters on Friday.
OPEC’s de facto leader Saudi Arabia on Monday flagged the possibility of introducing production cuts to balance an oil market it described as schizophrenic. read more
Oil prices rise on signs of improving demand, gain 3% on week | Reuters
Oil prices rise on signs of improving demand, gain 3% on week | Reuters
Oil prices rose as much as $1 on Friday on signs of improving fuel demand, although further gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.
Brent crude futures climbed 99cents, or 1%, to $100.33 a barrel by 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 98 cents, or 1.1%, to $93.50. Both contracts jumped in early trade by as much as $1 after slumping about $2 on Thursday.
Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, worries about oil demand destruction eased this week, putting the benchmark oil contracts on track for gains of around 3% for the week.
ANZ Research analysts said comments from some U.S. central bank officials ahead of Chair Jerome Powell's speech on Friday had cast a cloud over the economic backdrop.
Oil prices rose as much as $1 on Friday on signs of improving fuel demand, although further gains were capped as the market awaited clues from the U.S. Federal Reserve chairman on the outlook for rate hikes in a speech later in the day.
Brent crude futures climbed 99cents, or 1%, to $100.33 a barrel by 0620 GMT, while U.S. West Texas Intermediate (WTI) crude futures rose 98 cents, or 1.1%, to $93.50. Both contracts jumped in early trade by as much as $1 after slumping about $2 on Thursday.
Despite uncertainty over the pace of rate hikes in the United States to tackle soaring inflation, worries about oil demand destruction eased this week, putting the benchmark oil contracts on track for gains of around 3% for the week.
ANZ Research analysts said comments from some U.S. central bank officials ahead of Chair Jerome Powell's speech on Friday had cast a cloud over the economic backdrop.