OPEC+ Extends Oil Supply Cuts Until Mid-Year to Avert a Surplus - Bloomberg
OPEC+ extended its oil supply cutbacks to the middle of the year in a bid to avert a global surplus and shore up prices.
The curbs — which on paper total roughly 2 million barrels a day — will remain in place until the end of June, according to delegates who asked not to be identified because the information isn’t public. Group leader Saudi Arabia accounts for half of the pledged reduction.
Traders and analysts had widely expected the extension, seeing it as necessary to offset a seasonal lull in world fuel consumption and soaring production from several of OPEC+’s rivals, most notably US shale drillers. An uncertain economic outlook in China is adding to the need for caution.
Ample supplies have anchored international oil prices near $80 a barrel this year, even as conflict in the Middle East disrupts regional shipping. While that offers some relief for consumers after years of rampant inflation, prices may be a little low for many in the Organization of Petroleum Exporting Countries and its partners.
Riyadh needs a price above $90 a barrel as it spends billions on an economic transformation that spans futuristic cities and sports tournaments, according to Fitch Ratings. Its largest partner in the alliance, Russia, also seeks revenue to continue waging war on Ukraine.
In the first month of this year, the group’s implementation of the cutbacks didn’t live up to the pledged 2 million barrels a day.
Sunday, 3 March 2024
#Qatar LNG Expansions Ensure It Stays World's Top Exporting Company - Bloomberg
Qatar LNG Expansions Ensure It Stays World's Top Exporting Company - Bloomberg
With a two-phase mega-expansion already underway and an enormous new buildout now on the horizon, the small Gulf nation of Qatar is setting itself up to control about a quarter of all liquefied natural gas by the end of the decade — and with it, a growing share of the world’s influence and wealth.
Qatar’s energy minister Saad Al-Kaabi unveiled last Sunday plans to boost capacity another 13% on top of its previously announced projects, together lifting the nation’s output of LNG from 77 million metric tons per year today to 142 million tons by 2030. That puts the peninsula with fewer residents than the state of Mississippi on track to produce the equivalent of about 7.25 million barrels of oil per day. Most of that will be exported, essentially matching the oil shipments from the region’s reigning energy giant, Saudi Arabia.
And it might not stop there.
“We are going to keep appraising. If there is more that’s available to produce, we will be producing more,” Al-Kaabi said at the press conference broadcasting the news. The only thing that would stop Qatar from expanding further is if it no longer sees the demand for it, he said. “We believe there’s a huge market available there.”
With a two-phase mega-expansion already underway and an enormous new buildout now on the horizon, the small Gulf nation of Qatar is setting itself up to control about a quarter of all liquefied natural gas by the end of the decade — and with it, a growing share of the world’s influence and wealth.
Qatar’s energy minister Saad Al-Kaabi unveiled last Sunday plans to boost capacity another 13% on top of its previously announced projects, together lifting the nation’s output of LNG from 77 million metric tons per year today to 142 million tons by 2030. That puts the peninsula with fewer residents than the state of Mississippi on track to produce the equivalent of about 7.25 million barrels of oil per day. Most of that will be exported, essentially matching the oil shipments from the region’s reigning energy giant, Saudi Arabia.
And it might not stop there.
“We are going to keep appraising. If there is more that’s available to produce, we will be producing more,” Al-Kaabi said at the press conference broadcasting the news. The only thing that would stop Qatar from expanding further is if it no longer sees the demand for it, he said. “We believe there’s a huge market available there.”
#Dubai: Palm Jebel Ali gains interest from long-term investors
Dubai: Palm Jebel Ali gains interest from long-term investors
Palm Jebel Ali is increasingly gaining interest from long-term investors, standing out as the top-performing area in Dubai in terms of last year's fourth-quarter sales.
Industry executives say that investors are selling their units at premiums of up to 10 per cent to cash in on the gains following the three-year rally in the local property market. Following the success of Palm Jumeirah, Palm Jebel Ali is billed to be one of the next big destinations sought after by millionaires and billionaires in Dubai.
Master developer Nakheel Properties began launching villas on the upcoming Palm Jebel Ali in September last year, following the relaunch of the project by the Dubai government. Later, more villas were launched by the master developer, attracting very strong demand from local and foreign investors.
Some people are considering it as a future residence, but for most, it's about potential capital appreciation given Dubai's growth. There’s a lot of hope for investors.
With areas such as Palm Jumeirah ageing, investors see newer communities as this, the next big thing in that direction.
In terms of geographical performance, Mayed Al Rashdi, research analyst at Emirates NBD Research, said Palm Jebel Ali stood out as the top-performing area in terms of sales value in Q4 2023, generating Dh14.2 billion. Dubai Marina followed in second place with Dh8.3 billion, while Business Bay came in third with Dh5.1 billion.
Palm Jebel Ali is increasingly gaining interest from long-term investors, standing out as the top-performing area in Dubai in terms of last year's fourth-quarter sales.
Industry executives say that investors are selling their units at premiums of up to 10 per cent to cash in on the gains following the three-year rally in the local property market. Following the success of Palm Jumeirah, Palm Jebel Ali is billed to be one of the next big destinations sought after by millionaires and billionaires in Dubai.
Master developer Nakheel Properties began launching villas on the upcoming Palm Jebel Ali in September last year, following the relaunch of the project by the Dubai government. Later, more villas were launched by the master developer, attracting very strong demand from local and foreign investors.
Some people are considering it as a future residence, but for most, it's about potential capital appreciation given Dubai's growth. There’s a lot of hope for investors.
With areas such as Palm Jumeirah ageing, investors see newer communities as this, the next big thing in that direction.
In terms of geographical performance, Mayed Al Rashdi, research analyst at Emirates NBD Research, said Palm Jebel Ali stood out as the top-performing area in terms of sales value in Q4 2023, generating Dh14.2 billion. Dubai Marina followed in second place with Dh8.3 billion, while Business Bay came in third with Dh5.1 billion.
#Saudi bourse falls ahead of OPEC+ meet; Egypt gains | Reuters
Saudi bourse falls ahead of OPEC+ meet; Egypt gains | Reuters
The Saudi Arabian stock market ended lower on Sunday ahead of an OPEC+ decision on supply agreements for the second quarter, while the Egyptian index gained, led by a jump in Talaat Mostafa Holding (TMGH.CA), opens new tab.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.
Among other losers, telecoms firm Zain Saudi (7030.SE), opens new tab slid 6.3%, despite reporting a rise in annual profit.
However, Avalon Pharma (4016.SE), opens new tab advanced 7.6%, rising for a fourth-consecutive session since its debut.
The Qatari benchmark (.QSI), opens new tab eased 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.3%, buoyed by a 8.8% rise in Talaat Mostafa Holding after its unit completed procedures to acquire 51% of Legacy Hospitality.
Egypt received $5 billion as a first tranche in the Ras al-Hikma property development deal signed with United Arab Emirates and will receive a second $5 billion tranche on Friday, Egyptian Prime Minister Mostafa Madbouly said on Thursday.
The Saudi Arabian stock market ended lower on Sunday ahead of an OPEC+ decision on supply agreements for the second quarter, while the Egyptian index gained, led by a jump in Talaat Mostafa Holding (TMGH.CA), opens new tab.
OPEC+ will consider extending voluntary oil output cuts into the second quarter, Reuters reported last week citing three OPEC+ sources, to provide additional support for the market, and could keep them in place until the end of the year, according to two of them.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.6%, hit by a 1.5% fall in Al Rajhi Bank and a 1.2% decline in the biggest lender, Saudi National Bank (1180.SE), opens new tab.
Among other losers, telecoms firm Zain Saudi (7030.SE), opens new tab slid 6.3%, despite reporting a rise in annual profit.
However, Avalon Pharma (4016.SE), opens new tab advanced 7.6%, rising for a fourth-consecutive session since its debut.
The Qatari benchmark (.QSI), opens new tab eased 0.1%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.3%, buoyed by a 8.8% rise in Talaat Mostafa Holding after its unit completed procedures to acquire 51% of Legacy Hospitality.
Egypt received $5 billion as a first tranche in the Ras al-Hikma property development deal signed with United Arab Emirates and will receive a second $5 billion tranche on Friday, Egyptian Prime Minister Mostafa Madbouly said on Thursday.