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Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg

Soaring Mideast Heat May Roil Oil Market as Demand Surges - Bloomberg Soaring temperatures in one of the world’s top energy-producing regions could drive fuel prices higher as countries there burn more oil and natural gas to keep homes cool.Saudi Arabia, the United Arab Emirates and Kuwait are all experiencing weather that’s hotter than normal. That has coincided with a tightened crude market, with the Organization of Petroleum Exporting Countries and its allies continuing to hold back million...
Tags: Travel, London, Saudi Arabia, Iraq, Opec, Bloomberg, Middle East, United Arab Emirates, Kuwait, Gulf, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Oxford Institute for Energy Studies, Ahmed Mehdi, Bloomberg Soaring


#Saudi IPO Berain Water Picks Banks to Manage Offering - Bloomberg

Saudi IPO Berain Water Picks Banks to Manage Offering - Bloomberg One of Saudi Arabia’s biggest bottled-water companies is exploring going public, according to people familiar with the matter.Riyadh-based Berain Water has hired the investment banking arm of Samba Financial Group to manage a possible initial public offering of a 30% stake, the people said, asking not to be identified as the information is private. No decision has yet been made and the company may decide against an IPO, they sai...
Tags: Travel, Saudi Arabia, Ipo, Bloomberg, World Resources Institute, Riyadh, ACWA Power, Persian Gulf, Saudi Basic Industries Corp, Rupert Neil Bumfrey, Samba Financial Group, Saudi Telecom Co, Ras Al Khair, Samba Capital, Saudi IPO Berain Water Picks Banks, Bloomberg One of Saudi Arabia


Battle Looms in Key Oil Market as #Iran Aims to Seize Back Sales - Bloomberg

Battle Looms in Key Oil Market as Iran Aims to Seize Back Sales - Bloomberg The likely return of Iranian oil is setting up what promises to be an aggressive battle to supply a corner of the coveted Asian market.Iran is a major producer of condensates -- ultra-light oil that’s a by-product from natural gas fields -- and South Korea is Asia’s biggest operator of splitters designed to turn it into petrochemicals used to make plastics.SK Innovation Co., Hanwha Total Petrochemical Co. and Hyundai O...
Tags: Travel, Asia, South Korea, Europe, Australia, Africa, Qatar, Bloomberg, Iran, Persian Gulf, Rupert Neil Bumfrey, Hyundai Oilbank Co, SK Innovation Co Hanwha Total Petrochemical Co


Aramco Said to Plan Bond Sale to Help Fund $75 Billion Dividend - Bloomberg

Aramco Said to Plan Bond Sale to Help Fund $75 Billion Dividend - Bloomberg Saudi Aramco is preparing to return to global capital markets with a bond that would help fund a $75 billion dividend commitment, according to people with knowledge of the plan.The world’s biggest energy company has picked around 15 banks to manage a sale of Islamic debt, or sukuk, that could happen this month, according to people with knowledge of the matter. The state-controlled firm may seek to raise around $5 billi...
Tags: Travel, Aramco, Persian Gulf, Aramco Said, Rupert Neil Bumfrey, Qatar Petroleum, Bloomberg Saudi Aramco, Energy Development Oman


Oil Surges With Iran Saying Differences Remain on Sanctions Deal - Bloomberg

Oil Surges With Iran Saying Differences Remain on Sanctions Deal - Bloomberg PRICES: WTI for July delivery rose $2.47 to settle at $66.05 a barrelBrent for the same month gained $2.02 to $68.46 a barrel, to the highest since May 18 Oil climbed the most in a month after Iran said that gaps remain in negotiations aimed at reaching a deal to end U.S. sanctions on its crude.Futures rose 3.9% in New York on Monday with added support from a weaker dollar, which makes commodities priced in the...
Tags: Travel, Europe, New York, Iran, Islamic Republic, Goldman Sachs Group Inc, Persian Gulf, Peter McNally, Rupert Neil Bumfrey, Sanctions Deal Bloomberg


Top LNG Exporter #Qatar Undercuts Rivals to Keep Dominating Market - Bloomberg

Top LNG Exporter Qatar Undercuts Rivals to Keep Dominating Market - Bloomberg The world’s top exporter of liquefied natural gas is ramping up production dramatically and undercutting competitors in a bid to squeeze them out of the market.Qatar is dropping prices and pushing ahead with a $29 billion project to boost its exports of the fuel by more than 50%, stymieing the prospects of new plants elsewhere. It’s also established a trading team to compete in the nascent spot market and pushing int...
Tags: Travel, Asia, Europe, Texas, Australia, China, Russia, Africa, Qatar, Iran, Beijing, Pakistan, Louisiana, Sinopec, Thomas, Citigroup Inc


Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg

Oil Slips Amid Prospects of Progress on Iran Nuclear Deal Talks - Bloomberg PRICES Brent for July settlement lost 75 cents to end the session at $68.71 a barrel West Texas Intermediate for June delivery fell 78 cents to settle at $65.49 a barrel Oil sunk as investors weighed developments in ongoing talks between world powers on a revival of the Iran nuclear deal, which would bring more supply to the market.Futures in London fell 1.1% on Tuesday after a Russian envoy in Vienna said si...
Tags: Travel, London, Iran, Bbc, Vienna, Persian Gulf, Rupert Neil Bumfrey, Mikhail Ulyanov, Ulyanov


Bahrain May Follow Gulf States by Selling Oil, Pipeline Assets - Bloomberg video

Bahrain May Follow Gulf States by Selling Oil, Pipeline Assets - Bloomberg Bahrain said it may follow other oil-rich states in the Persian Gulf by selling energy assets.“We’ve got a lot of infrastructure assets that can easily be” structured for private-equity funding, Oil Minister Mohammed bin Khalifa Al Khalifa said in an interview with Bloomberg Television.A pipeline connecting the island-nation to Saudi Arabia would be “ideal” for a private-equity deal, he said. Other infrastructure that c...
Tags: Travel, Saudi Arabia, Bloomberg, Abu Dhabi, Bahrain, Kuwait, Gulf, Saudi Aramco, Bloomberg Television, U S, Persian Gulf, ADNOC, Rupert Neil Bumfrey, Mohammed bin Khalifa Al Khalifa, United Arab Emirates Qatar Oman, Selling Oil Pipeline Assets Bloomberg Bahrain


#Qatar Adds U.S. Lobbying Muscle After Saudi Rift, Trump’s Snub - Bloomberg

Qatar Adds U.S. Lobbying Muscle After Saudi Rift, Trump’s Snub - BloombergQatar is ramping up its lobbying efforts in the U.S., eager to cultivate a closer relationship with the Biden administration and Congress in order to avoid a repeat of 2017, when it was caught off-guard by a Saudi-led boycott in the Persian Gulf.Since January, Qatar has hired seven prominent firms to do lobbying and consulting work in Washington at a combined rate of $186,000 per month, according to Foreign Agent Registrat...
Tags: Travel, Congress, Washington, Saudi Arabia, Senate, Qatar, Egypt, House, World Bank, Biden, Persian Gulf, United Arab Emirates Bahrain, Nelson Mullins Riley Scarborough, Rupert Neil Bumfrey, Ballard Partners


#AbuDhabi's Adnoc, OCI Pick Banks for Fertilizer Venture IPO - Bloomberg

Abu Dhabi's Adnoc, OCI Pick Banks for Fertilizer Venture IPO - BloombergAbu Dhabi National Oil Co. and chemical producer OCI NV have hired banks for a potential listing of their fertilizer joint venture, in what could be one of the largest offerings in the United Arab Emirates in recent years, people familiar with the matter said.Morgan Stanley, Citigroup Inc, HSBC Holdings Plc and First Abu Dhabi Bank PJSC have been appointed as advisers for Fertiglobe’s offering in Abu Dhabi, the people said, ...
Tags: Travel, Bloomberg, Middle East, United Arab Emirates, Abu Dhabi, Fab, North Africa, Persian Gulf, OCI, ADNOC, OCI NV, Nassef Sawiris, Rupert Neil Bumfrey, First Abu Dhabi Bank PJSC, Fertiglobe, Morgan Stanley Citigroup Inc HSBC Holdings Plc


#UAE Overtakes China in $17 Billion U.S. Treasuries Buying Spree - Bloomberg

UAE Overtakes China in $17 Billion U.S. Treasuries Buying Spree - BloombergThe United Arab Emirates bought more U.S. Treasuries than China in February, breaking with other top oil exporters in the Persian Gulf region that cut back on their exposure to one of the world’s safest assets.OPEC’s third-biggest producer raised its stockpile by almost 50% to $50.6 billion at the end of February, an increase of nearly $17 billion that made it the second-biggest buyer of the securities that month after th...
Tags: Travel, China, Opec, Abu Dhabi, Uae, Persian Gulf, U S Treasury Department, Treasuries, U S Treasuries, Rupert Neil Bumfrey, UAE Overtakes China, Billion U S Treasuries Buying Spree Bloomberg


#AbuDhabi's Adnoc Considers Drilling, Fertilizer IPOs - Bloomberg

Abu Dhabi's Adnoc Considers Drilling, Fertilizer IPOs - BloombergAbu Dhabi is accelerating plans to sell shares in some oil and gas businesses as the government seeks to deepen its financial markets and diversify its sources of funding.The state energy company, Abu Dhabi National Oil Co., is considering initial public offerings of its drilling business and a fertilizer joint venture called Fertiglobe, according to people with knowledge of the plans. The deals could raise more than $1 billion eac...
Tags: Travel, Bloomberg, Amsterdam, Abu Dhabi, Persian Gulf, ADNOC, OCI NV, Rupert Neil Bumfrey, Abu Dhabi National Oil Co, ADNOC Drilling, BloombergAbu Dhabi, Fertiglobe, Abu Dhabi OCI, IPO of Fertiglobe Adnoc


#Oman Is Said to Study Strategic Options for State Energy Firm OQ - Bloomberg

Oman Is Said to Study Strategic Options for State Energy Firm OQ - BloombergOman is studying options for state energy company OQ SAOC, including a potential initial public offering, as the Persian Gulf sultanate seeks to shore up its finances, people with knowledge of the matter said.The Omani government has been speaking with potential advisers as it considers alternatives for OQ, which could also include selling a stake in the business or one of its subsidiaries, according to the people. OQ co...
Tags: Travel, Opec, Middle East, Oman, Persian Gulf, JPMorgan Chase Co, Rupert Neil Bumfrey, Oman Oil Co, State Energy Firm OQ Bloomberg, state owned Oman Gas Co, Oxea Oman, Energy Development Oman Bloomberg News


#AbuDhabi Wants To Revolutionize How the Middle East Sells Oil - Bloomberg

Abu Dhabi Wants To Revolutionize How the Middle East Sells Oil - BloombergTucked between the Gulf of Oman and a craggy mountain range, the dusty port Fujairah isn’t an obvious base from which to try and revolutionize the Middle East’s oil markets.But on Monday, when Abu Dhabi begins selling futures contracts for its oil and then shipping the barrels from Fujairah, it will mark an aggressive shift by the emirate. It hopes to change the way nearly one-fifth of the world’s crude is priced.Persian G...
Tags: Travel, Singapore, Middle East, United Arab Emirates, Abu Dhabi, Gulf, Persian Gulf, Gulf of Oman, Rupert Neil Bumfrey, Vanda, Saudi Arabia Iraq, Vandana Hari, Middle East Sells Oil Bloomberg


#Kuwait’s State Oil Company to Seek Up to $20 Billion of Funding - Bloomberg

Kuwait’s State Oil Company to Seek Up to $20 Billion of Funding - BloombergThe state oil company of Kuwait plans to borrow as much as $20 billion over the next five years to make up for an expected shortfall in funding, a person familiar with the matter said.Kuwait Petroleum Corp. will need the money to maintain the petrostate’s crude-production levels, said the person, who asked not to be named because the information is private.The borrowing plan underscores how badly Persian Gulf countries we...
Tags: Travel, Opec, Kuwait, Persian Gulf, State Oil Company, Rupert Neil Bumfrey, Kuwait Petroleum Corp


#UAE Oil Resale Exception: OPEC Has Been Holed Below the Waterline - Bloomberg

UAE Oil Resale Exception: OPEC Has Been Holed Below the Waterline - BloombergIt doesn’t seem much, but the most damaging leaks often don’t. The Organization of Petroleum Exporting Countries has suffered a small crack that could grow to into a rift big enough to sink it.No, I’m not talking about the bust-up between Saudi Arabia and arch-rival Iran, nor wrangling over Iraq’s repeated failure to abide by its output target under the current production deal. Rather, I’m referring to a decision by the...
Tags: Travel, Saudi Arabia, Iraq, Opec, Iran, United Arab Emirates, Uae, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Waterline Bloomberg, Philip K Verleger, Saudi Arabia Iraq Iran Kuwait


Oil Giving Up Big-Freeze Gains With Wells Slowly Restarting - Bloomberg

Oil Giving Up Big-Freeze Gains With Wells Slowly Restarting - Bloomberg Oil fell for a second day as production slowly restarted in Texas and the White House said it would be willing to meet with Iran, potentially paving the way for more crude exports from the Persian Gulf nation.Futures in New York dropped toward $59 a barrel, falling the most in three months at one point on Friday. Companies are using restored power from grids or generators to resume output that was halted by the frigid weathe...
Tags: Travel, New York, Texas, White House, Iran, Persian Gulf, Rupert Neil Bumfrey, Wells Slowly Restarting Bloomberg, Wells Slowly Restarting Bloomberg Oil


#UAE Considers Cap on Food Prices as Global Crop Costs Soar - Bloomberg

UAE Considers Cap on Food Prices as Global Crop Costs Soar - Bloomberg The United Arab Emirates is considering price controls on some foods, as soaring crop prices affect countries across the world.The Persian Gulf nation could place price caps on chicken and milk, said Mariam Almheiri, the country’s minister of state for food and water security.Global food prices climbed to the highest level in six years last month, according to a United Nations index. The surge has been driven by crop such as ...
Tags: Travel, Global, United Nations, United Arab Emirates, Uae, Persian Gulf, Rupert Neil Bumfrey, Mariam Almheiri, Almheiri


Biggest LNG Maker Aims For Another 20 Years On The Throne - Bloomberg video+

Biggest LNG Maker Aims For Another 20 Years On The Throne - Bloomberg Qatar aims to be the world’s biggest producer of liquefied natural gas for at least the next two decades, capitalizing on rising demand as the world transitions from oil and coal to cleaner energy.Qatar will spend billions of dollars expanding its LNG capacity more than 50% to 126 million tons a year. That’s a level other countries will struggle to match, Energy Minister Saad Al-Kaabi said in an interview with Bloomberg Telev...
Tags: Travel, Australia, Qatar, Bloomberg, Bloomberg Television, Persian Gulf, Rupert Neil Bumfrey, Saad al Kaabi, Al Kaabi, Throne Bloomberg Qatar


OPEC Core’s Crude Exports Slip Even as Output Curbs Are Eased - Bloomberg

OPEC Core’s Crude Exports Slip Even as Output Curbs Are Eased - Bloomberg Oil shipments from OPEC’s Persian Gulf producers slipped last month, even as output restrictions were eased and production volumes increased.Combined shipments of crude and condensate -- a light form of oil extracted from gas fields -- from Saudi Arabia, Iraq, the United Arab Emirates and Kuwait were almost 430,000 barrels a day lower in January than in December. The UAE was the only one of the group to boost shipments las...
Tags: Travel, Saudi Arabia, Opec, Bloomberg, United Arab Emirates, Kuwait, Uae, Persian Gulf, Rupert Neil Bumfrey, Saudi Arabia Iraq, Bloomberg Oil, OPEC Core


OPEC’s Planned Output Increase Tempered by Troubled Producers - Bloomberg

OPEC’s Planned Output Increase Tempered by Troubled Producers - Bloomberg OPEC boosted crude production as planned last month, but the increase was tempered by disruptions at long-troubled member nations.The Organization of Petroleum Exporting Countries raised output by 190,000 barrels a day in January, according to a Bloomberg survey. That fits with an agreement between the group and its allies to revive some of the supplies halted during the pandemic.Yet the monthly change is barely two-thirds...
Tags: Travel, Nigeria, Opec, Bloomberg, Libya, Persian Gulf, Organization of Petroleum Exporting Countries, Rupert Neil Bumfrey, Petro Logistics SA, Bloomberg OPEC


#Oman Picks State Street Saudi Chairwoman to Head Oil Company - Bloomberg

Oman Picks State Street Saudi Chairwoman to Head Oil Company - Bloomberg Oman’s government named Haifa Al Khaifi as head of a new company that controls the country’s biggest oil block, a rare appointment for a woman in a male-dominated sector in the Middle East.Al Khaifi will be chief executive officer of Energy Development Oman, which ultimately owns the sultanate’s 60% stake in Block 6, a huge field capable of producing around 650,000 barrels of crude each day.She joins from Petroleum Developm...
Tags: Travel, Boston, Bloomberg, Oman, Persian Gulf, JPMorgan Chase Co, State Street Corp, Rupert Neil Bumfrey, Energy Development Oman, Petroleum Development Oman LLC, Head Oil Company Bloomberg, Head Oil Company Bloomberg Oman, Haifa Al Khaifi, Middle East Al Khaifi, Al Khaifi


#Dubai’s Open-City Policy Saw Hotel Bookings Surge in December - Bloomberg

Dubai’s Open-City Policy Saw Hotel Bookings Surge in December - Bloomberg Occupancy at Dubai’s hotels surged in December and neared pre-pandemic levels as travelers flocked to the emirate to escape coronavirus lockdowns at home.Hotels were 71% full last month -- the highest figure since February -- research firm STR said, citing preliminary data. Dubai’s hotel occupancy, for years one of the highest in the world, slumped to 23% in part of 2020 from about 80%.Dubai attracts about 16 million t...
Tags: Travel, Dubai, Persian Gulf, STR, Rupert Neil Bumfrey


OPEC Core’s Exports Edged Higher Before Talks on Output Targets - Bloomberg

OPEC Core’s Exports Edged Higher Before Talks on Output Targets - Bloomberg OPEC’s Persian Gulf exporters shipped more oil last month than at any time since May, when their current round of output restraint came into effect. The move came before a slight easing of output curbs in January and talks to decide whether to change production targets in February.Combined shipments of crude and condensate -- a light form of oil extracted from gas fields -- from Saudi Arabia, Iraq, the United Arab Emirat...
Tags: Travel, Saudi Arabia, Iraq, Opec, Bloomberg, United Arab Emirates, Kuwait, Uae, Persian Gulf, Saudi Arabia Kuwait, Rupert Neil Bumfrey, Saudi Arabia Iraq, Bloomberg OPEC, OPEC Core


#Oman Plans 2021 Borrowing as Oil Price, Virus Batter Economy - Bloomberg

Oman Plans 2021 Borrowing as Oil Price, Virus Batter Economy - Bloomberg Oman’s government will finance most of its budget shortfall in 2021 by borrowing to plug a fiscal gap battered by a decline in oil prices and the coronavirus pandemic.The Persian Gulf state is looking into borrowing that will cover 73%, or 1.6 billion rials ($4.2 billion), of the country’s 2.2 billion-rial shortfall, with the remaining 600 million rials to be drawn from its reserves, according to a post on Twitter by the st...
Tags: Travel, Bloomberg, Oman, Persian Gulf, Rupert Neil Bumfrey, Oman News Agency


At Banque Havilland, #AbuDhabi’s Crown Prince Was Known as ‘The Boss’ - Bloomberg #Qatar #UAE

At Banque Havilland, Abu Dhabi’s Crown Prince Was Known as ‘The Boss’ - Bloomberg Abu Dhabi Crown Prince Mohammed bin ZayedPhotographer: Michele Tantussi/Getty Images Financier David Rowland, who used Britain’s Prince Andrew as an unofficial door opener, has another close relationship with a member of royalty. This one lives in the Middle East, and executives at Rowland’s Banque Havilland referred to him as “the Boss.”A trove of emails, documents and legal filings reviewed by Bl...
Tags: Travel, London, Qatar, Britain, Middle East, United Arab Emirates, Zimbabwe, Luxembourg, Abu Dhabi, Bahrain, Human Rights Watch, Uae, Andrew, Bloomberg News, Persian Gulf, Mohammed bin Zayed


Qatari Shares Set for More Gains Amid Talks to End Gulf Rift - Bloomberg

Qatari stocks are likely to see further gains after the gas-rich nation said it had made progress towards ending a rift that has disrupted commercial ties and complicated business in the Persian Gulf for more than three years.The country’s benchmark QE Index rose 1.5% on Sunday to close at its highest level since January after Saudi Arabia and Qatar moved closer to a preliminary rapprochement. Riyadh had severed diplomatic and trade ties with Doha in June 2017.“With the rift looking to be ending...
Tags: Travel, Saudi Arabia, Qatar, Doha, Riyadh, Persian Gulf, Rupert Neil Bumfrey, Qatar Stock Exchange, QE Index, Talal Samhouri, Tadawul Index, End Gulf Rift Bloomberg, Aventicum Capital Management Qatar LLC


Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg

Axa Sells Gulf Operations to Kuwaiti Group in $269 Million Deal - Bloomberg Axa SA sold its Persian Gulf business for $269 million to a Kuwait-based group, as the French insurance giant shifts its focus and exits some overseas investments to shore up its finances amid the coronavirus pandemic.The Paris-based insurer said on Monday it sold its stakes in Axa Gulf, Axa Cooperative Insurance Company and Axa Green Crescent Insurance Company to Gulf Insurance Group, a Kuwaiti insurance group in which ...
Tags: Travel, Bloomberg, Canada, Paris, Kuwait, Axa, Persian Gulf, Rupert Neil Bumfrey, Fairfax Financial Holdings Ltd, Thomas Buberl, XL Group Ltd, Axa Sells Gulf Operations to Kuwaiti Group, Bloomberg Axa SA, Axa Gulf Axa Cooperative Insurance Company, Buberl


Could the #UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg

Could the UAE Prompt OPEC's House of Cards to Collapse? - Bloomberg All is not well in the house of OPEC.As the cartel’s oil ministers prepare to meet in just over a week to decide on the next step in their record-breaking output deal, officials in the United Arab Emirates, normally a loyal Saudi ally, are privately questioning the benefits of participating, and may even be considering whether to leave the Organization of Petroleum Exporting Counties.The deliberations, leaked to the press on W...
Tags: Travel, Opec, Bloomberg, United Arab Emirates, Uae, Persian Gulf, Rupert Neil Bumfrey, Organization of Petroleum


Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg

Why ‘Kafala’ Labor Rules Are an Issue in Persian Gulf: QuickTake - Bloomberg For decades, Gulf Arab states have attracted scrutiny for migrant sponsorship rules widely criticized as abusive to the foreigners who make up large parts of their labor forces. Governments have taken gradual steps to reduce the scope for exploitation under the so-called kafala system and, in August, Qatar became the first to guarantee foreigners a minimum wage regardless of nationality. Now, Saudi Arabia is planning sw...
Tags: Travel, Saudi Arabia, Qatar, United Arab Emirates, Jordan, Lebanon, Persian Gulf, Rupert Neil Bumfrey, Kafala, QuickTake Bloomberg



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