IMF Chief Urges Gulf States to Raise Taxes
The head of the International Monetary Fund on Monday urged energy exporters of the Middle East to raise more taxes as governments across the region grapple with a dramatic drop Continue Reading
Moody’s: Gulf banks pressured by oil
Banks for members of the Gulf Cooperation Council, which includes Saudi Arabia, face pressure from low oil prices despite government support, Moody’s said. Crude oil prices continue to hold near Continue Reading
Abu Dhabi’s Biggest Bank Says U.S. Oil Prices May Drop to $20
Oil prices may drop to near $20 a barrel this year as the global glut of crude persists into 2017, Abu Dhabi’s largest lender said. U.S. benchmark West Texas Intermediate Continue Reading
Gloom descends on Gulf as oil price slump hits economy
A caustic slogan is doing the rounds on social networks in the Gulf states this festive season: “All I want for Christmas is for oil prices to go up.” Gloom Continue Reading
When Abu Dhabi Resembles Frontier Market You Know Oil Hurts
You would have to go back to the 2008 financial crisis to find the last time markets in the Gulf took a hit like this. Oil’s plunge to almost $40 Continue Reading
Israel soon to open Abu Dhabi office for renewable energy
Israel’s Foreign Ministry says the country will soon open an office at a renewable energy agency in Abu Dhabi, the United Arab Emirates’ capital – even though the two nations Continue Reading
Strong Dubai crude oil trades skew Asia price benchmark
Oil tanks are seen at a Sinopec plant in Hefei, Anhui province, May 31, 2009. Record trading of Dubai crude by two Chinese state companies this month on a decades-old oil pricing system has pushed the benchmark higher, even as other grades are being pressed lower by a global glut. The strong Dubai trade has forced Middle East producers to raise official selling prices (OSPs), driving Asian buyers to seek cheaper oil elsewhere or cut refinery runs due to low margins. Chinaoil and Unipec, trading units of PetroChina and Sinopec, respectively, traded record volumes of crude in early August on pricing agency Platts’ market assessment process. This pushed up prompt physical Dubai prices against future months, creating a backwardated market structure usually associated with supply shortages. In contrast, a global oil glut has kept Brent and West Texas Intermediate (WTI) crude futures in contango this year, and most analysts […]
Abu Dhabi Wealth Fund Changing Tack Amid Lower Oil Prices
DUBAI—The Abu Dhabi Investment Authority, a sovereign-wealth fund with assets estimated at more than $700 billion, is relying less on external money managers and handling more of its investments in-house as its owner grapples with lower oil prices. Funded by excess revenue from the government of Abu Dhabi, a major Persian Gulf oil producer, ADIA was managing 35% of its money in-house in 2014, compared with 25% in the previous year, according to an annual review released Tuesday. Investors watch ADIA’s allocations and money-management strategies carefully because of the effect a shift by a fund its size could potentially have on asset prices. The change reflected growth in internal expertise in recent years, the fund’s managing director, Sheikh Hamed Bin Zayed Al Nahyan, said in a letter accompanying the report. “While this work is now nearing its conclusion, we will continue to recruit selectively in 2015,” Sheikh Hamed said. […]
Abu Dhabi to invest over $25 billion in offshore oilfields -ADNOC official
ABU DHABI (Reuters) – Abu Dhabi plans to invest over $25 billion in the next five years on boosting its oil production capacity from offshore fields, a senior official of Abu Dhabi National Oil Co said on Tuesday. The plan is part of the United Arab Emirates’ strategy of increasing its crude oil output potential to 3.5 million barrels per day by 2017-18. "We want to build capacity from production and from number of wells and infrastructure. Our current plan as ADNOC (is to reach) 3.5 million bpd and to sustain it," Qasem al-Kayoumi, manager of ADNOC’s offshore division of the exploration and production directorate, told reporters. He also said the investment plan for offshore drilling activities was $2.5 billion per year. (Reporting by Rania El Gamal; Writing by Andrew Torchia )
Bahrain joins Emirates in sending fighter planes to Jordan
MANAMA, Bahrain (AP) — The Gulf island nation of Bahrain says it has deployed fighter planes to Jordan, a day after it announced plans to send troops to the kingdom. Bahrain’s brief statement early Monday said the planes would "participate in the international efforts aiming to eliminate terrorism." It did not provide details, and military officials could not immediately be reached for comment. Bahrain is home to the U.S. Navy’s 5th Fleet and like Jordan is part of the U.S.-led coalition carrying out airstrikes against the Islamic State militant group. Gulf neighbor the United Arab Emirates previously deployed a squadron of F-16 fighters to Jordan. Bahraini King Hamad bin Isa Al Khalifa visited Jordan last week, and his government on Sunday announced it was sending an unspecified number of troops to help support Jordan.