OPEC announced this evening that its 14 member states would contain output at 32.5-33.0m barrels a day (b/d) and set production limits for OPEC producers. The production limit appears to represent a concession by Saudi Arabia which had previously said…
Author: Edmund O'Sullivan
I am a writer, author, economist and business person. I've reported on and done business in the Middle East since 1979 and travelled throughout the region. I specialist in reporting and writing, economic and media industry consultancy, business development and conference moderation.
9/11 suit delays Saudi bond
Saudi Arabia’s first international bond may be delayed by a U.S. vote on legislation that would allow the families of 9/11 victims to sue the Arab country, Bloomberg reported today. A Senate vote to override President Barack Obama’s veto of the…
BP and Shell close to Iran breakthrough
BP and Royal Dutch Shell are close to finalising preliminary agreements to evaluate exploration and production opportunities in Iran, the International Oil Daily has reported. The imminent deals represent a major breakthrough for international oil companies in Iran and delivers…
Sama relieves Saudi liquidity squeeze
The Saudi Arabian Monetary Agency (Sama) has announced it is placing about SR20bn ($5.3bn) of time deposits with the local banking system “on behalf of government entities” to relieve upward pressure on domestic interest rates which have almost doubled since…
Dubai real estate to continue to decline
Dubai’s residential and hospitality markets have rebalanced towards a “new normal” in the first six months of 2016, according the Deloitte Real Estate Predictions 2016 – H1 Review published today. The report predicts that residential sale prices will decline further…
Nakheel to complete new twin towers
Nakheel chairman Ali Rashid Lootah announced today that work on Ibn Battuta Residences, comprising two towers of 531 apartments located next to Ibn Battuta Mall, are due for completion at the end of 2019. Nakheel is planning to expand its…
Saudi stock market on track for MSCI status
Saudi Arabia is on course to join MSCI Inc.’s emerging-markets index in 2018, chairman of the kingdom’s Capital Market Authority (CMA) Mohammed al-Jadaan told Bloomberg Markets Middle East television show. The CMA this week made changes including lowering the amount qualified…
Saudi Arabia rejects production freeze, again
Oil prices gave up some of the gains recorded in early trading on Monday following a statement by Saudi Arabian Energy Minister Khalid al-Falih on Monday in which he once again rejected action to contain output. “There is no need now…
Qatar affirmed at AA
Standard & Poor’s (S&P) said on 2 September that it is affirming its rating of Qatar at AA/A-1+. “The stable outlook reflects our view that Qatar’s economy will remain resilient, although we anticipate continued institutional weaknesses and an only moderate increase…
Tasnee gets Cristal refinancing
Saudi Arabia’s National Industrialisation Company (NIC-Tasnee) has agreed terms for the refinancing of about $1.6 billion of loans to its Cristal titanium dioxide unit in Yanbu, Bloomberg reported today. They include a maturity of three-five years and interest at 2.75…