Brent crude oil closes below $80 ahead of OPEC+ meeting | Reuters
Oil prices fell on Monday, with the Brent benchmark dipping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.
Brent crude futures were down 60 cents, or 0.7%, at $79.98 a barrel, while U.S. West Texas Intermediate (WTI) crude futures lost 68 cents, or 0.9%, to $74.86. Both contracts lost $1 in early trading.
Prices tumbled midweek when OPEC+ - the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia - postponed to Nov. 30 a ministerial meeting to iron out differences on production targets for African producers.
Monday 27 November 2023
#SaudiArabia Seeks OPEC+ Oil Production Quota Cuts While Some Members Resist - Bloomberg
Saudi Arabia Seeks OPEC+ Oil Production Quota Cuts While Some Members Resist - Bloomberg
Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.
The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners, said the delegates, asking not to be identified because the information is private.
The Saudi proposal comes amid difficult talks for the producers’ group, which was forced to delay its policy meeting by four days to Nov. 30 as Angola and Nigeria resist reductions to their own quota limits for 2024, which were set out at the cartel’s last conference in June.
The producers were progressing toward a compromise on this matter before the weekend, but have yet to clinch an agreement, delegates said.
Saudi Arabia is asking others in the OPEC+ coalition to reduce their oil-output quotas in a bid to shore up global markets but some members are resisting, delegates said.
The OPEC+ leader has been making a largely unilateral supply cutback of 1 million barrels a day since July, and is now seeking further support from across the Organization of Petroleum Exporting Countries and its partners, said the delegates, asking not to be identified because the information is private.
The Saudi proposal comes amid difficult talks for the producers’ group, which was forced to delay its policy meeting by four days to Nov. 30 as Angola and Nigeria resist reductions to their own quota limits for 2024, which were set out at the cartel’s last conference in June.
The producers were progressing toward a compromise on this matter before the weekend, but have yet to clinch an agreement, delegates said.
Mideast Stocks: Most Gulf markets drop on falling oil prices
Most stock markets in the Gulf dropped on Monday following a decline in oil prices, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
Oil prices - a catalyst for the Gulf's financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.
The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red. Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.
"Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month", said Daniel Takieddine, CEO MENA at BDSwiss.
In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE's largest lender First Abu Dhabi Bank sliding 1%.
Saudi Arabia's benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.
Dubai's benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik. However, the Emirate's largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.
Oil prices - a catalyst for the Gulf's financial markets - had tumbled in the middle of the week after the Organization of the Petroleum Exporting Countries and their allies postponed a ministerial meeting to Nov. 30 to iron out differences on production targets for African producers. Brent fell 1.2% to $79.69 a barrel by 1230 GMT on Monday.
The Qatari index was down for the fourth consecutive session, ending 1.1% lower, the sharpest drop in a month with almost all stocks in the red. Industries Qatar slumped 3.4%, the steepest fall since August 8, and Qatar Islamic Bank lost 1.6%.
"Traders continued to react to declines in energy prices, in particular natural gas prices which fell after reaching a peak toward the end of last month", said Daniel Takieddine, CEO MENA at BDSwiss.
In Abu Dhabi, the benchmark index dropped 0.4%, ending two straight sessions of gains, with ADNOC Logistics falling 1.3% and UAE's largest lender First Abu Dhabi Bank sliding 1%.
Saudi Arabia's benchmark index fell 0.1%, dragged down by losses in materials, energy and utilities sectors with petrochemical giant Saudi Basic Industries Corporation sliding 1.6% and oil major Saudi Aramco shedding 0.5%.
Dubai's benchmark index extended its gains to a second session, inching up 0.1%, helped by a 0.9% rise in real estate developer Emaar Properties and a 1% gain in tolls operator Salik. However, the Emirate's largest lender Emirates NBD and Emirates Central Cooling Systems Corp declined 2.2% and 2.3% respectively.
Outside the Gulf, Egypt's blue-chip index was up 2.4% with Commercial International Bank surging 8.1% and EFG Holding rising 2.2%.
Brent falls below $80 ahead of OPEC+ meeting | Reuters
Brent falls below $80 ahead of OPEC+ meeting | Reuters
Oil prices fell on Monday, with the Brent benchmark dropping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.
Brent crude futures were down 91 cents, or 1.1%, at $79.67 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 89 cents, or 1.2%, to $74.65.
Both contracts lost $1 in early trading, having registered their first weekly gains in five last week on expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.
Oil prices fell on Monday, with the Brent benchmark dropping below $80 a barrel as investors awaited this week's OPEC+ meeting and expected curbs on supplies into 2024.
Brent crude futures were down 91 cents, or 1.1%, at $79.67 a barrel by 1217 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 89 cents, or 1.2%, to $74.65.
Both contracts lost $1 in early trading, having registered their first weekly gains in five last week on expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.
JPMorgan to expand payments, corporate banking services in #AbuDhabi | Reuters
JPMorgan to expand payments, corporate banking services in Abu Dhabi | Reuters
JPMorgan (JPM.N) said on Monday it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates (UAE), after getting a nod from regulators.
The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil.
The Financial Services Regulatory Authority has granted in-principle approval to JPMorgan to upgrade its license to category one, the bank said.
JPMorgan (JPM.N) said on Monday it is expanding its payments and corporate banking businesses in Abu Dhabi, the capital of the United Arab Emirates (UAE), after getting a nod from regulators.
The UAE is vying with Saudi Arabia to be the go-to destination for economic activity, with the region gradually moving away from its reliance on oil.
The Financial Services Regulatory Authority has granted in-principle approval to JPMorgan to upgrade its license to category one, the bank said.
UK approved millions paid to top #Saudi officials, London court told | Reuters
UK approved millions paid to top Saudi officials, London court told | Reuters
The British government facilitated millions of pounds of payments to senior Saudi Arabian officials over decades to win and maintain lucrative contracts, lawyers representing a former civil servant accused of corruption said on Monday.
Jeffrey Cook, the former managing director of an Airbus subsidiary GPT Special Project Management, is accused of paying nearly 9.7 million pounds ($12.2 million) to middlemen to win contracts with the Saudi Arabian National Guard.
Cook, formerly a civil servant with Britain's Ministry of Defence (MoD), is charged with one count of corruption between 2007 and 2012 alongside John Mason.
Both men deny the charges and Cook's lawyer Tom Allen told jurors at Southwark Crown Court that payments were made to middlemen from the late 1970s "with the oversight, with the approval (and) with the encouragement of our government".
Prosecutor Mark Heywood said last week that Cook and Mason were at the heart of "deep corruption" to funnel bribes to top Saudi officials, including Prince Miteb bin Abdullah, son of the late King Abdullah.
The British government facilitated millions of pounds of payments to senior Saudi Arabian officials over decades to win and maintain lucrative contracts, lawyers representing a former civil servant accused of corruption said on Monday.
Jeffrey Cook, the former managing director of an Airbus subsidiary GPT Special Project Management, is accused of paying nearly 9.7 million pounds ($12.2 million) to middlemen to win contracts with the Saudi Arabian National Guard.
Cook, formerly a civil servant with Britain's Ministry of Defence (MoD), is charged with one count of corruption between 2007 and 2012 alongside John Mason.
Both men deny the charges and Cook's lawyer Tom Allen told jurors at Southwark Crown Court that payments were made to middlemen from the late 1970s "with the oversight, with the approval (and) with the encouragement of our government".
Prosecutor Mark Heywood said last week that Cook and Mason were at the heart of "deep corruption" to funnel bribes to top Saudi officials, including Prince Miteb bin Abdullah, son of the late King Abdullah.
Brent slips toward $80/bbl ahead of OPEC+ meeting | Reuters
Brent slips toward $80/bbl ahead of OPEC+ meeting | Reuters
Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%.
Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.
Oil prices slipped on Monday, with Brent falling toward $80 a barrel, as investors waited for an OPEC+ meeting later this week for an agreement expected to curb supplies into 2024.
Brent crude futures fell 42 cents, or 0.5%, to $80.16 a barrel by 0901 GMT, while U.S. West Texas Intermediate crude futures were at $75.05 a barrel, down 49 cents, or 0.7%.
Both contracts rose slightly last week, their first weekly gain in five, underpinned by expectations that Saudi Arabia and Russia could roll over voluntary supply cuts into early 2024 and OPEC+ might discuss plans to reduce output further.
Major Gulf markets track oil prices lower | Reuters
Major Gulf markets track oil prices lower | Reuters
Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower.
Oil prices - a catalyst for the Gulf's financial markets - slipped, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.
Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies, including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences in production targets for African producers.
Saudi Arabia's benchmark index (.TASI) fell 0.2%, with oil behemoth Saudi Aramco (2222.SE) losing 0.3% and a 0.7% decrease in auto rental firm Lumi (4262.SE).
In Abu Dhabi, the index (.FTFADGI) eased 0.3%.
Dubai's main share index (.DFMGI) lost 0.2%, weighed down by a 1.4% fall in top lender Emirates NBD (ENBD.DU).
However, the United Arab Emirates is set to ramp up exports of flagship Murban crude early next year as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.
The Qatari benchmark (.QSI) retreated 1%, on course to extend losses for a third session, with petrochemical maker Industries Qatar (IQCD.QA).
Major stock markets in the Gulf fell in early trade on Monday, tracking oil prices lower.
Oil prices - a catalyst for the Gulf's financial markets - slipped, with Brent falling toward $80 a barrel, as investors awaited the OPEC+ meeting later this week for an agreement to curb supplies into 2024.
Prices tumbled in the middle of last week after the Organization of the Petroleum Exporting Countries and their allies, including Russia, known as OPEC+, postponed a ministerial meeting to Nov. 30 to iron out differences in production targets for African producers.
Saudi Arabia's benchmark index (.TASI) fell 0.2%, with oil behemoth Saudi Aramco (2222.SE) losing 0.3% and a 0.7% decrease in auto rental firm Lumi (4262.SE).
In Abu Dhabi, the index (.FTFADGI) eased 0.3%.
Dubai's main share index (.DFMGI) lost 0.2%, weighed down by a 1.4% fall in top lender Emirates NBD (ENBD.DU).
However, the United Arab Emirates is set to ramp up exports of flagship Murban crude early next year as a new OPEC+ mandate kicks in and barrels are diverted to the international market owing to refinery maintenance, according to traders and Reuters data.
The Qatari benchmark (.QSI) retreated 1%, on course to extend losses for a third session, with petrochemical maker Industries Qatar (IQCD.QA).