Middle East

Abu Dhabi National Oil Company ( ADNOC) has actually obtained an 11.7% stake in NextDecade's Rio Grande liquefied natural gas export center in Texas and entered a supply arrangement, marking the UAE energy giant's very first large investment in the United States. ADNOC stated on Monday it had actually obtained the stake in stage 1 of the task, which includes the first 3 liquefaction trains, and consented to a 20-year supply agreement for the 4th train, which is subject to a final financial investment choice (FID). ADNOC has big aspirations in gas and LNG, which together with renewable resource and...

Saudi Arabia's petroleum exports rose for the 2nd straight month in March, reaching their greatest in 9 months, data from the Joint Organizations Data Initiative (JODI) revealed on Monday. WHY IT IS VERY IMPORTANT Saudi Arabia is the world's largest exporter of crude oil. Sources with knowledge of the matter have told that Saudi Arabia and its allies in the OPEC+ group might extend some voluntary output cuts if need fails to get. BY THE NUMBERS Unrefined exports from the world's biggest oil exporter increased 1.5% to 6.413 million barrels daily (bpd) in March, up from 6.317 million bpd in...

A helicopter carrying Iranian President Ebrahim Raisi and his foreign minister crashed on Sunday as it was crossing mountain terrain in heavy fog, an Iranian authorities told , and rescuers were struggling to reach the website of the incident. The official stated the lives of Raisi and Foreign Minister Hossein Amirabdollahian were at danger following the helicopter crash, which occurred en route back from a visit to the border with Azerbaijan in Iran's northwest. We are still enthusiastic however information coming from the crash site is very concerning, the authorities informed , speaking on condition of anonymity. State TV estimated...

The pace at which crude oil flowed into China's stockpiles increased in April as slower refinery processing exceeded a decrease in imports. An overall of 830,000 barrels per day (bpd) was contributed to China's industrial or strategic stockpiles in April, up from 790,000 bpd in March, according to computations based upon main data. Over the first four months of the year, China, the world's. greatest crude importer, added 700,000 bpd to storages, a. considerable volume that goes some way to weakening the market. view that oil consumption is robust amid a recovering economy. China does not reveal the volumes of...

Indonesia will ask Mubadala Energy to accelerate gas advancement in Indonesia's. South Andaman Block after the United Arab Emirates explorer made. a 2nd discovery there, Dwi Soetjipto, chairman of upstream. regulator SKK Migas, stated on Tuesday. The federal government hopes gas production could begin in 2028, Dwi. told reporters on the sidelines of the Indonesia Petroleum. Association conference. Indonesia's oil and gas production has declined sharply in. the previous several years due to a lack of investment. Jakarta is. eager to reverse the pattern, targeting output of one million. barrels of oil and 12 billion standard cubic feet daily of...

Abu Dhabi National Oil Company (ADNOC) has terminated talks to purchase a. managing stake in Braskem, the Brazilian. petrochemical producer stated on Monday, driving its shares down. nearly 15%. ADNOC provided a non-binding deal in November for the. Braskem stake held by corporation Novonor, with an indicated. rate of 37.29 reais per share for an equity worth of 10.5. billion reais ($ 2.1 billion). Nevertheless, ADNOC has actually now informed Novonor about its choice. not to go forward with the negotiations, Braskem said in a. securities filing. Braskem's Sao Paulo-traded shares dropped as much as 16.3%. on Monday to its...

Saudi Arabia and its allies in OPEC+ are most likely to keep oil production unchanged for a further three months when ministers examine output allotments on June 1. The tightening up of petroleum materials and deficiency of stocks widely prepared for at the start of the year has failed to materialise up until now. If OPEC+ (Organization of the Petroleum Exporting Countries and allies) authorities had hoped to increase production into a. tightening market characterised by rising oil prices they are. likely to be irritated. Crude stocks, futures costs and calendar spreads are all at. comparable levels to a year...

Berkshire Hathaway Inc: * BERKSHIRE HATHAWAY - PAID $2.6 BILLION IN THE FIRST QUARTER OF 2024 TO REPURCHASE COMMON STOCK * BERKSHIRE HATHAWAY - APPROXIMATE 75% OF AGGREGATE FAIR WORTH WAS CONCENTRATED IN AMERICAN EXPRESS, APPLE, BANK OF AMERICA, CHEVRON AND COCA -SODA POP AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE STATES IT OWNED $135.4. BILLION OF. APPLE SHARES AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE SAYS IT OWNED $39.2 BILLION. OF. BANK OF AMERICA SHARES AS OF MAR 31 * BERKSHIRE HATHAWAY - BERKSHIRE STATES IT OWNED $19.4 BILLION. OF. CHEVRON SHARES AS OF MAR...

Worldwide scores agency Fitch modified Egypt's outlook to positive from stable on Friday. The company affirmed Eygpt's ranking at 'B-', mentioning reduced external financing threats and more powerful foreign direct financial investment. In March, the International Monetary Fund authorized a broadened financial support of $8 billion for the North African nation. The IMF's loan programme with Egypt ought to assist the nation gradually decrease its financial obligation concern, an IMF authorities stated last month. In February, the nation likewise protected a $35 billion genuine estate investment from the United Arab Emirates to establish its Mediterranean coast stretch. Foreign financiers have...

An attack by gunmen on a. humanitarian convoy of the International Committee of the Red. Cross in Sudan's South Darfur eliminated 2 motorists and hurt. 3 other staff on Thursday, the ICRC said in a declaration. The group was on its method back from Layba to assess the. humanitarian scenario of communities affected by armed violence. in the area when the event happened, the ICRC stated. More than a year of war between Sudan's army and the. paramilitary Fast Assistance Forces (RSF) has actually driven at least 8.5. million individuals from their homes. Battling tore through the. capital and has...

U.S. regulators offered the goahead on Thursday to Exxon Mobil's $60 billion purchase of Leader Natural Resources, but barred Pioneer's former CEO from Exxon's board on allegations he attempted to conspire with OPEC to raise oil rates. Former Pioneer CEO Scott Sheffield collaborated efforts with U.S. shale oil manufacturers to constrain their output and raise energy rates, the Federal Trade Commission said. Commonly thought about the dean of U.S. shale since of his long period and blunt talk about market output and spending, Sheffield used his influence to line up oil production across the Permian Basin in West Texas and...

Oil prices settled on Thursday near their least expensive level in sevenweeks, directly mixed and under pressure from weaker international need, increasing stocks and fading hopes for a fast cut in U.S. rate of interest. U.S. West Texas Intermediate crude futures fell 5 cents to settle at $78.95 a barrel, the most affordable since March 12. Global benchmark Brent crude futures likewise struck the lowest given that early March, then bounced off session lows to settle 23 cents, or 0.3%, higher at $83.67 a barrel. Both standards closed listed below their 200-day moving average, which is the key technical sign...

Oil costs rose in early Asian trading on Monday, adding to recently's gains as rescuers looked for Iran's president after a helicopter crash in the oilproducing nation and after the U.S. bought crude to assist refill the nationwide stockpile. Brent rose 26 cents, or 0.3% to $84.24 a barrel by 0049 GMT. U.S. West Texas Intermediate crude (WTI) got 15 cents, or 0.2% to $80.21 a barrel. Brent had ended the previous week up about 1%, its first weekly gain in 3 weeks, while WTI rose 2% on improved economic indications from the U.S. and China, the world's largest oil...

The Baltic Exchange's main sea freight index taped its worst week in 7, weighed down by weaker need across vessel segments. However, an uptick in capesize vessel rates assisted snap a sixsession losing streak on Friday. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, edged up 27 points, or 1.49%, to 1,844 points. * On a weekly basis, the index has actually fallen 13.4%. * The capesize index gained 117 points, or 4.57%, to 2,675, however signed up a weekly decrease of 18%. * Typical everyday earnings for capesize vessels, which typically carries...

Asian area melted gas (LNG) prices increased this week to its greatest levels given that January, as heat throughout the region spurred more demand for the superchilled fuel, and as it tracked gains in European gas costs on the back of maintenance outages and lower wind output. The average LNG cost for July delivery into north-east Asia rose to $10.90 per million British thermal systems ( mmBtu), up from $10.50/ mmBtu in the previous week and its strongest levels considering that Jan. 5, market sources estimated. Asian provided rates have actually edged higher in the previous few days ... as...

The Baltic Exchange's primary sea freight index, which tracks rates for ships carrying dry bulk commodities, slipped to its least expensive level in nearly 2 weeks on Thursday, weighed down by weaker rates throughout all segments. * The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 72 points, or 3.81%, to 1,817. * The capesize index slipped 141 points, or 5.22%,. to 2,558. * Average day-to-day earnings for capesize vessels,. which usually transfer 150,000-ton freights of iron ore and. coal, among others, decreased $1,165 to $21,218. * Iron ore futures rates rebounded on Thursday...

The Baltic Exchange's primary sea freight index, which tracks rates for ships carrying dry bulk commodities, succumbed to the fifth successive session on Wednesday dragged by weaker rates throughout all sectors. * The total index, which factors in rates for capesize, panamax and supramax shipping vessels, fell 104 points, or 5.22%, to 1,889, its highest single-day loss because April 23. * The capesize index slipped 232 points, or 7.92%,. to 2,699, its most affordable level in nearly 2 weeks. * Average daily earnings for capesize vessels,. which normally carry 150,000-ton cargoes of iron ore and. coal, to name a few,...

Turkey stated on Friday it will not resume trade with Israel, worth $7 billion a year, until an irreversible ceasefire and humanitarian help are protected in Gaza, becoming the first of Israel's essential business partners to take such an action. Israel's uncompromising attitude and the getting worse circumstance in Gaza's Rafah region, a refuge for displaced people that Israel has threatened to storm - triggered Ankara to halt all exports and imports, Trade Minister Omer Bolat said. Israeli Foreign Minister Israel Katz criticised Turkish President Tayyip Erdogan's move, enacted late on Thursday, saying it breaks worldwide trade contracts and was...

Top U.S. oil and gas manufacturer Exxon Mobil has won the approval of the Federal Trade Commission ( FTC) to close its deal for Pioneer Natural Resources on the condition that former Leader CEO Scott Sheffield is kept off its board. The U.S. oil and gas industry went on a $250 billion buying spree in 2023 and the debt consolidation wave has actually continued into 2024. The mergers and acquisitions have drawn increased antitrust analysis, with the FTC examining multi-billion dollar offers, consisting of those involving Chevron, Diamondback Energy, Occidental Petroleum and Chesapeake Energy. Here are the significant handle the...

The Baltic Exchange's dry bulk sea freight index edged up on Wednesday, buoyed by an uptick in capesize and panamax vessel rates. * The general index, which factors in rates for capesize, panamax and supramax shipping vessels, ticked as much as 1,683. * The capesize index acquired 16 points, or 0.8% to 2,116. The index was still hovering around a 3-month low. * Average everyday profits for capesize vessels, which usually carries 150,000-ton freights of iron ore and coal, among others, increased $138 to $17,553. * Freight injections have actually been low, and the outlook for future demand remains unpredictable,...

Egypt has actually dedicated to addressing its recourse to central bank overdraft facilities and offbudget public sector activity, practices that have added to pressure on the currency and the currency exchange rate, the IMF stated in a personnel report released on Friday. The report, launched 4 weeks after the International Monetary Fund's board authorized an $8 billion financial support program, said Egypt had likewise dedicated to dealing with vulnerabilities such as reserve bank lending to public agencies. Egypt had actually currently taken actions to tighten up financial policy, to shift to a flexible currency exchange rate program and a liberalised...

Spain's secondlargest oil business Cepsa progressed with its tactical shift towards low carbon businesses by selling its upstream assets in Colombia while narrowing its firstquarter loss thanks to a strong refining business. The purchaser is Cedco, an affiliate of Colombian oil producer SierraCol, a Cepsa representative said on Friday in an emailed statement, declining to more talk about the offer. The divestment remains in line with the company's strategic shift. Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to 8 billion euros ($ 8.58 billion) in its shift towards green hydrogen and biofuels. In...

The Baltic Exchange's primary sea freight index declined on Friday, marking a weekly drop on the back of weaker demand in the bigger vessel segments. * The total index, which consider rates for capesize, panamax and supramax shipping vessels, fell by 22 points, or 1.3%, to 1,721 points, its most affordable level in over 2 weeks. * The index was down above 10% for the week. * The capesize index shed 58 points, or 2.6%, to 2,172, marking its lowest level since April 10, decreasing for the 6th straight session. The index signed up a weekly decline of over 23%....

The Baltic Exchange's dry bulk sea freight index, tracking rates for ships bring dry bulk commodities, declined for a 3rd successive session on Wednesday, weighed down by weaker rates for the capesize vessel sector. * The total index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 30 points, or 1.7%, to 1,774 points, its most affordable level since April 15. * The capesize index shed 113 points, or 4.6%, to 2,345. The index was down for a fourth straight session. * Average everyday earnings for capesize vessels, which typically transfers 150,000-ton freights such as iron...