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OIL AND GAS

Investor group pipes up in row over UK listing of Saudi Arabia's £1.5 trillion oil giant
October 15, 2017

An influential investor group has waded into a major City row, insisting share flotation rules should not be watered down to encourage Saudi Arabia’s £1.5 trillion state-owned oil firm, Saudi Aramco, to list in London. The Local Authority Pension Fund Forum has demanded that the UK’s relations with Saudi Arabia should not be ‘allowed to dilute investor protection’. In its submission to a Financial Conduct Authority consultation on proposed rule changes, the body, representing £200 billion of pension funds, said City rules ‘should not be modified’ to accommodate firms controlled by sovereign states. FCA boss Andrew Bailey faces a grilling from Treasury Select Committee MPs this month on the proposed changes. In a letter to MPs, Bailey admitted the FCA had......

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Saudi energy minister reveals Kingdom’s ambitious electricity plans
October 14, 2017

Minister of Energy, Industry and Mineral Resources Khalid Al-Falih says that Saudi Arabia plans to supply electricity to Ethiopia through its privatization programs.
During his inauguration of the Saudi Electricity Forum at the Faisaliah Hotel in Riyadh on Tuesday, Al-Falih explained that the Kingdom plans to supply electricity to Ethiopia through its grid in Egypt some time in the next three years. He added that, through its planned grid in Turkey, the Kingdom"...

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Saudi Arabia Looks To Shelve Aramco IPO
October 14, 2017

Oil giant Saudi Aramco is thinking about reneging on its much talked about plans to publicly list a 5% stake in the company, Financial Times sources said on Friday. Last month, the Saudi government came up with contingency plans for a possible delay, according to Bloomberg sources, which didn’t go into detail about what the drivers behind the delay could be. A day after media reported that the IPO could be delayed, Aramco sent an email to media dispelling the notion that the IPO could be delayed, saying instead that the IPO was indeed on track. “The IPO process is well underway and Saudi Aramco remains focused on ensuring that all IPO related work is completed to the very highest standards on time,” the September 15 statement read. Aramco had not yet decided on a location for its secondary......

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The 2017 World Branding Awards sees 245 Winners from 32 Countries Awarded at Kensington Palace
October 13, 2017

(AETOS Wire)-- The fourth edition of the prestigious World Branding Awards saw 245 brands from 32 countries named “Brand of the Year” in a glittering ceremony held in the main entrance and Orangery at Kensington Palace today.

Global tier winners included Apple, Beijing Tong Ren Tang, BMW, Cartier, Club Med, Coca-Cola, Facebook, Google,"...

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Dollar value drop? China will 'compel' Saudi Arabia to trade oil in yuan
October 12, 2017

China will 'compel' Saudi Arabia to trade oil in yuan and, when this happens, the rest of the oil market will follow suit and abandon the U.S. dollar as the world's reserve currency, a leading economist told CNBC on Monday.

Carl Weinberg, chief economist and managing director at High Frequency Economics, said Beijing stands to become the most dominant global player in oil demand"...

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Brent Rises to $56pb on Saudi Arabia's Export Cut
October 11, 2017

O il rose to around $56 a barrel on Tuesday, supported by Saudi Arabia's planned export cuts in November and comments from OPEC and trading companies that the market is rebalancing after years of oversupply.

Saudi Arabia said it will cut November allocations by 560,000 barrels per day, “the deepest customer allocation cuts in its history”, the kingdom said, in line with"...

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Iraq and Iran Accelerate Oil Exports in Battle With Saudi Arabia
October 10, 2017

Iraq and Iran boosted crude exports in September, taking advantage of a slower pace of shipments from rival Saudi Arabia to win buyers in key markets like China and the U.S.

Iraq shipped 3.98 million barrels of crude a day, the highest since December, while Iran’s exports rose to 2.28 million barrels a day, the most since February, according to ship-tracking data compiled by Bloomberg."...

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Oil up on expectation of Saudi production restraint, lower U.S. rig count
October 9, 2017

Oil prices edged up on Monday, halting a 2 percent slide from Friday, on expectations that Saudi Arabia would continue to restrain its output in order to support prices, and as the amount of rigs drilling for new oil in the United States dipped.

Oil ports, producers and refiners in Louisiana, Mississippi and Alabama, which shut facilities ahead of Hurricane Nate, were planning to reopen"...

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Saudi Arabia hopes for consensus on future of global oil deal before next Opec meet
October 8, 2017

Saudi Arabia hopes to reach a consensus with Russia and other major oil producers on the future of a global deal to cut oil output before an Opec meeting in November, Energy Minister Khalid Al Falih said on Friday.

Falih was speaking in Moscow two days after Russian President Vladimir Putin said it was possible that the supply reduction deal, which is due to expire in March, could run to the end of next year, although Russia has not made any commitment....

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Russia, Saudi Arabia Share Similar Positions on Oil Output Cut Deal - Novak
October 7, 2017

The Russian energy minister told the Rossiya 24 television channel that Russia's and Saudi Arabia's positions on the oil output cut deal were similar, adding that the deal's future should be discussed closer to its completion.

MOSCOW (Sputnik) – The energy ministers of OPEC and non-OPEC countries agree that the decision on the future of the oil output cut deal should be"...

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