Let market stabilise oil price, not low-cost producers, says Minister of Energy | The National:
"Producers of low-cost oil, such as many Opec members, should not play the role of swing producers and instead allow the market to stabilise itself, the UAE’s Minister of Energy said yesterday.
“Low oil producers should be at the base,” said Suhail Al Mazrouei. “It was a mistake in the past that they were a swing producer. The fact we have more competition in the market means we need to do something to correct that behaviour. That correction was the decision that the members of Opec took, which is we will be base producers because that is to the benefit of the customers and that’s to the benefit of the sustainability of the market.”
Opec, which pumps about 40 per cent of the world’s oil, made a historic decision in November last year to not cut its output to protect its market share rather than prop up prices."
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Wednesday 18 November 2015
Oil Trades Near Two-Month Low After U.S. Crude Supplies Increase - Bloomberg Business
Oil Trades Near Two-Month Low After U.S. Crude Supplies Increase - Bloomberg Business:
"Oil was little changed in New York after falling below $40 a barrel for the first time since August as producers’ output swelled global inventories to a record.
U.S. crude stockpiles climbed to 487.3 million barrels last week, the highest for this time of year since 1930, government data show. Oil inventories have expanded to almost 3 billion barrels because of growing output in OPEC and elsewhere, the International Energy Agency said in a report on Friday.
Crude has dropped by almost half in the past year as the Organization of Petroleum Exporting Countries pumped above its collective quota and Russian output rose to a post-Soviet high, outpacing demand growth. Iran is pushing to regain oil sales lost to sanctions after agreeing in July to accept limits on its nuclear work in return for market access."
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"Oil was little changed in New York after falling below $40 a barrel for the first time since August as producers’ output swelled global inventories to a record.
U.S. crude stockpiles climbed to 487.3 million barrels last week, the highest for this time of year since 1930, government data show. Oil inventories have expanded to almost 3 billion barrels because of growing output in OPEC and elsewhere, the International Energy Agency said in a report on Friday.
Crude has dropped by almost half in the past year as the Organization of Petroleum Exporting Countries pumped above its collective quota and Russian output rose to a post-Soviet high, outpacing demand growth. Iran is pushing to regain oil sales lost to sanctions after agreeing in July to accept limits on its nuclear work in return for market access."
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Dubai stocks back in red, snap two-day gaining streak | GulfNews.com
Dubai stocks back in red, snap two-day gaining streak | GulfNews.com:
"Dubai stocks again ended in the negative zone, snapping a two day gaining streak amid mixed performance by blue chips and other mid-caps. Saudi’s Tadawul index, however, bucked the weak regional trend on higher oil.
The Dubai Financial Market General Index closed 0.28 per cent lower at 3,180.77.
“The index may hit a level of 3,069 during this quarter. The index may fall below 3,000 levels in the first quarter of next year,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts."
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"Dubai stocks again ended in the negative zone, snapping a two day gaining streak amid mixed performance by blue chips and other mid-caps. Saudi’s Tadawul index, however, bucked the weak regional trend on higher oil.
The Dubai Financial Market General Index closed 0.28 per cent lower at 3,180.77.
“The index may hit a level of 3,069 during this quarter. The index may fall below 3,000 levels in the first quarter of next year,” said Osama Al Ashri, member of British organisation, Society of Technical Analysts."
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Dubai's Shaibani Says Property Slump Helps Competitive Position - Bloomberg Business
Dubai's Shaibani Says Property Slump Helps Competitive Position - Bloomberg Business:
"Falling property prices in Dubai will help keep the emirate competitive as a business hub for the Middle East and Africa region, according to Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai and a top government official.
The oversupply of properties will take some time to be digested by the market, said Al Shaibani, who is also director general of the Dubai Ruler’s Court. The outlook for real estate prices is more positive over the longer term as the emirate prepares to host the World Expo in 2020 and develops a new business cluster around the Al-Maktoum International airport, he said. The 140-square kilometer area around the airport, known as Dubai South, will feature residential, commercial and leisure areas.
“Real estate has its own mind, you cannot engineer it,” Al Shaibani said. “You try your best to manage supply and demand but so far nobody has managed to master this, no matter how much you plan. There is some oversupply that will take time to be absorbed. It’s important we give value for money as in the bigger picture we have to stay competitive.”"
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"Falling property prices in Dubai will help keep the emirate competitive as a business hub for the Middle East and Africa region, according to Mohammed Al Shaibani, chief executive officer of Investment Corp. of Dubai and a top government official.
The oversupply of properties will take some time to be digested by the market, said Al Shaibani, who is also director general of the Dubai Ruler’s Court. The outlook for real estate prices is more positive over the longer term as the emirate prepares to host the World Expo in 2020 and develops a new business cluster around the Al-Maktoum International airport, he said. The 140-square kilometer area around the airport, known as Dubai South, will feature residential, commercial and leisure areas.
“Real estate has its own mind, you cannot engineer it,” Al Shaibani said. “You try your best to manage supply and demand but so far nobody has managed to master this, no matter how much you plan. There is some oversupply that will take time to be absorbed. It’s important we give value for money as in the bigger picture we have to stay competitive.”"
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MIDEAST STOCKS-Foreign bargain hunters lift Egypt from 2-yr low, Saudi rises | Reuters
MIDEAST STOCKS-Foreign bargain hunters lift Egypt from 2-yr low, Saudi rises | Reuters:
"Egyptian shares rose from a two-year low on Wednesday as foreign bargain hunters stepped in, while a rise in oil prices helped the Saudi market edge higher, bucking the Gulf region trend.
Buying at dips across the board helped lift Cairo's index by 0.1 percent.
Local investors were panic-selling since Russia said on Tuesday that an act of terrorism brought down its airliner."
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"Egyptian shares rose from a two-year low on Wednesday as foreign bargain hunters stepped in, while a rise in oil prices helped the Saudi market edge higher, bucking the Gulf region trend.
Buying at dips across the board helped lift Cairo's index by 0.1 percent.
Local investors were panic-selling since Russia said on Tuesday that an act of terrorism brought down its airliner."
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The Next Big Trader Bet Is Who Will Run Turkey's Economy - Bloomberg Business
The Next Big Trader Bet Is Who Will Run Turkey's Economy - Bloomberg Business:
"Turkey’s political drama didn’t end with the election this month -- there’s still the burning question of who will direct economic policy in the new cabinet.
Most traders are rooting for the inclusion of acting Finance Minister Mehmet Simsek and former Deputy Prime Minister Ali Babacan. They steered the economy during the AK Party’s 13 years in office, helping to boost growth and tame inflation from a high of 104 percent in the 1990s.
“Those two names are important not only because they’re orthodox but they’re also seen as sufficiently senior to keep policy on track,” Paul McNamara, a fund manager at GAM UK Ltd. in London, said by e-mail on Wednesday. “Anyone who is seen as an Erdogan mouthpiece will be a major issue” as it increases the risk of political pressure on the central bank to keep interest rates low, he said."
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"Turkey’s political drama didn’t end with the election this month -- there’s still the burning question of who will direct economic policy in the new cabinet.
Most traders are rooting for the inclusion of acting Finance Minister Mehmet Simsek and former Deputy Prime Minister Ali Babacan. They steered the economy during the AK Party’s 13 years in office, helping to boost growth and tame inflation from a high of 104 percent in the 1990s.
“Those two names are important not only because they’re orthodox but they’re also seen as sufficiently senior to keep policy on track,” Paul McNamara, a fund manager at GAM UK Ltd. in London, said by e-mail on Wednesday. “Anyone who is seen as an Erdogan mouthpiece will be a major issue” as it increases the risk of political pressure on the central bank to keep interest rates low, he said."
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UPDATE 1-MIDEAST STOCKS-Egypt extends losses, Saudi bucks trend as oil rises | Reuters
UPDATE 1-MIDEAST STOCKS-Egypt extends losses, Saudi bucks trend as oil rises | Reuters:
"Egyptian shares extended recent losses on Wednesday as security concerns increased, while a rise in oil prices helped the Saudi market edge higher, bucking the Gulf region trend.
Cairo's index fell 1.3 percent to hit a new 23-month intraday low after Russia said on Tuesday that an act of terrorism brought down its airliner.
Two employees of Egypt's Sharm al-Sheikh airport have been detained for questioning over the crash that killed all 224 people aboard, but Cairo later said its investigation yielded no evidence of foul play."
'via Blog this'
"Egyptian shares extended recent losses on Wednesday as security concerns increased, while a rise in oil prices helped the Saudi market edge higher, bucking the Gulf region trend.
Cairo's index fell 1.3 percent to hit a new 23-month intraday low after Russia said on Tuesday that an act of terrorism brought down its airliner.
Two employees of Egypt's Sharm al-Sheikh airport have been detained for questioning over the crash that killed all 224 people aboard, but Cairo later said its investigation yielded no evidence of foul play."
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