Key OPEC Member #UAE Is Poised for 2024 Output Boost on Quota Change - Bloomberg

Key OPEC Member Is Poised for 2024 Output Boost on Quota Change - Bloomberg

Oil is back in a bear market, but as things currently stand one of OPEC’s largest producers is set to increase output in January.

With a few days to go before the Organization of Petroleum Exporting Countries and its allies meet to discuss policy, traders are focused on whether Saudi Arabia will extend its voluntary production cut of 1 million barrels a day into the new year. While that decision remains uncertain, the kingdom’s Gulf neighbor already has an agreement in place allowing it to pump more crude.

The United Arab Emirates will increase its output target to 3.075 million barrels a day in January, or about 135,000 barrels a day more than it pumped last month. Abu Dhabi secured the concession at the group’s last meeting in June, when it argued that longstanding production limits failed to recognize capacity additions it has made in recent years.

Oil climbs over 2% as OPEC seen deepening cuts | Reuters

Oil climbs over 2% as OPEC seen deepening cuts | Reuters

Oil prices climbed more than 2% on Monday as further supply cuts in OPEC+ production are expected to be announced following a meeting of member countries early next week.

Brent crude futures settled up $1.71, or 2.1%, at $82.32 a barrel.

The front-month December West Texas Intermediate crude (WTI) expired at $77.60, up $1.71, or 2.3%. The more active January futures gained $2.39 to $77.83, up 1.8%.

Both benchmarks have plunged for four straight weeks, but started to rebound on Friday, settling 4% higher on profit-taking and after three OPEC+ sources told Reuters that the producer group, comprising the Organization of the Petroleum Exporting Countries and allies including Russia, is set to consider whether to make additional supply cuts when it meets on Nov. 26.

Most Gulf markets fall, #Dubai gains | Reuters

Most Gulf markets fall, Dubai gains | Reuters

Most stock markets in the Gulf dropped on Monday as investors remained cautious ahead of the release of minutes from the U.S. Federal Reserve's latest meeting.

The Fed is expected to issue minutes of its November meeting on Tuesday, which will be parsed for clues on the direction of U.S. interest rates.

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.

The Qatari index (.QSI) fell 0.6%, snapping three straight sessions of gains, weighed down by a 1.4% drop in Industries Qatar (IQCD.QA) and a 1.6% decline in Commercial Bank (COMB.QA).

The region's largest lender Qatar National Bank (QNBK.QA) slumped 1.1%.

Saudi Arabia's benchmark index (.TASI) retreated 0.2%, ending a four-day winning streak, with oil major Saudi Aramco (2222.SE) sliding 0.9% and Elm Company (7203.SE) down 1.6%.

In Abu Dhabi, the benchmark index (.FTFADGI) ended flat, with Abu Dhabi National Oil Company for Distribution (ADNOCDIST.AD) rising 1.9% and Abu Dhabi Commercial Bank (ADCB.AD) gaining 1.2%.

However, the conglomerate Alpha Dhabi (ALPHADHABI.AD) and Aldar Properties (ALDAR.AD) lost 1.6 and 0.4%, respectively.

Dubai's benchmark index (.DFMGI) was up for a third consecutive session, ending 0.2% higher, driven by a 0.7% rise in developer Emaar Properties (EMAR.DU) and a 1.1% gain in Dubai Islamic Bank(DISB.DU).

Outside the Gulf, Egypt's blue-chip index (.EGX30) snapped a three-session winning streak and closed 0.6% lower, with Talaat Mostafa Group Holding (TMGH.CA) dropping 3.3% and El Sewedy Electric Co(SWDY.CA) declining 2.9%.

Turkey IPO Pipeline Overflows, Ibrahim Omer Gonul Says - Bloomberg

Turkey IPO Pipeline Overflows, Ibrahim Omer Gonul Says - Bloomberg

The rush for initial public offerings in Turkey shows no signs of abating, with nearly 100 companies awaiting approval to list next year.

The expected surge will follow a bumper year, with about 50 companies expected to debut on Borsa Istanbul by end-2023, Ibrahim Omer Gonul, head of Turkey’s Capital Markets Board, said in an interview with Bloomberg.

However, Gonul warned it was important to manage the pace of IPO approvals to ensure the market can absorb the new shares. He does not anticipate 100 IPOs will materialize next year, and instead sees about 50 listings being approved annually in the foreseeable future.

“Completing IPOs too fast may not necessarily be a good idea. It’s important to look at the state of the market, the conjuncture, whether there will be enough demand to complete the listings,” he said.

Turkey’s IPO boom has made it one of the largest listing venues in Europe, the Middle East and Africa this year, with 49 companies completing the listing process so far this year to raise a total of about 66 billion liras, or $2.9 billion, based on the average exchange rate this year. That surpasses all previous years, in US dollar terms as well as in local currency, in records going back to 2010 on the Turkish Capital Markets Board’s website.

#Dubai’s Shuaa to Appoint Ex-Credit Suisse Banker Wafik Ben Mansour as Acting CEO - Bloomberg

Dubai’s Shuaa to Appoint Ex-Credit Suisse Banker Wafik Ben Mansour as Acting CEO - Bloomberg

Shuaa Capital PSC said former Credit Suisse banker Wafik Ben Mansour will become acting chief executive officer of the Dubai-based investment bank after Fawad Tariq Khan resigned.

Khan is leaving the firm due to personal reasons, according to two separate statements, which confirmed an earlier Bloomberg report. Shuaa’s board of directors will take a resolution on Monday regarding Ben Mansour’s appointment.

“Mr. Khan will serve his notice period of three months with Shuaa providing support and ensuring smooth continuity of business activities,” Shuaa said.

The management change is taking place as the investment bank prepares for a rights issue. The company’s shares have also been suspended in recent days before it publishes third-quarter results.

Ben Mansour joined Shuaa as head of its investment banking division six months ago from Credit Suisse where he worked for nearly 15 years.

Before the 2008 financial crisis, Shuaa was one of a handful of homegrown investment banks that were involved in the region’s bigger capital market transactions. In recent years, the firm has undergone a series of ownership and management changes.

The company earlier this year hired a number of former Credit Suisse bankers to rebuild its investment banking franchise.

Major Gulf markets ease, #Saudi to snap 4-day winning streak | Reuters

Major Gulf markets ease, Saudi to snap 4-day winning streak | Reuters

Major stock markets in the Gulf fell in early trade on Monday as the markets have already priced in global monetary policy easing for next year.

Markets have all but priced out the risk of a further hike in U.S. policy interest rates in December or next year, and imply a 30% chance of an easing starting in March. FEDWATCH

Monetary policy in the six-member Gulf Cooperation Council (GCC) is usually guided by the decisions of the U.S. Federal Reserve, as most regional currencies are pegged to the dollar.

Saudi Arabia's benchmark index (.TASI) dropped 0.3%, on course to snap four sessions of gains, with ACWA Power (2082.SE) losing 0.7% and Saudi Electricity Co (5110.SE) retreating 0.5%.

Oil giant Saudi Aramco (2222.SE) has discovered two new natural gas fields in the Empty Quarter region, the state news agency quoted Saudi energy minister Prince Abdulaziz bin Salman as saying on Sunday.

However, Aramco was down 0.6%.

Dubai's main share index (.TASI) was flat.

In Abu Dhabi, the index (.FTFADGI) eased 0.1%, hit by a 0.4% drop in the country's biggest lender First Abu Dhabi Bank (FAB.AD).

There were media reports Israel, the U.S. and Hamas had reached a tentative agreement to free dozens of hostages in Gaza in exchange for a five-day pause in fighting, but no confirmation as yet.

The Qatari benchmark (.QSI) declined 0.4%, weighed down by a 1.1% fall in the Gulf's biggest lender Qatar National Bank (QNBK.QA).