Saudi’s Al-Falih says global oil market improving, stabilizing

Saudi Oil Minister Khalid Al-Falih praised the cooperation between Iraq and Saudi Arabia, which he said, contributed to “the improvement and stability we are seeing in the oil market.” (Reuters)
Updated 21 October 2017
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Saudi’s Al-Falih says global oil market improving, stabilizing

BAGHDAD: The global oil market is improving and stabilizing, Saudi Oil Minister Khalid Al-Falih said in Baghdad on Saturday.
In a speech at the opening of the Baghdad International Exhibition, Al-Falih praised the cooperation between Iraq and Saudi Arabia, which he said had helped to boost global oil prices.
Speaking later to reporters, he said Saudi Arabia and Iraq were in agreement on the need to “fully comply” with cutbacks in crude output agreed by OPEC, Russia and several other producers to push up prices.
“The market has improved a lot but has still some way to go,” he said.
Al-Falih is the first Saudi official to make a public speech in Baghdad for several decades.
The two countries began taking steps toward detente in 2015 after 25 years of troubled relations starting with the Iraqi invasion of Kuwait in 1990. Al-Falih visited Iraq earlier this year.
“The best example of the importance of cooperation between our two countries is the improvement and stability trend seen in the oil market,” said Al-Falih, to applause from the audience of Iraqi ministers, senior officials and businessmen.
Saudi Arabia and Iraq are the largest and second largest producers of the Organization of the Petroleum Exporting Countries (OPEC).
The Iraqi oil ministry said in a statement Falih and his Iraqi counterpart, Jabar Al-Luaibi, agreed to cooperate in implementing decisions by oil exporting countries to curb global supply in order to lift crude prices. OPEC, Russia and other producers have reduced production by about 1.8 million barrels per day (bpd) since the start of 2017, helping to boost oil prices. The cutbacks should continue until March 2018.


Egypt plans to issue international sovereign sukuk in 2019-2020

Updated 35 min 18 sec ago
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Egypt plans to issue international sovereign sukuk in 2019-2020

  • Egypt is aiming to issue about $20 billion in foreign denominated bonds by 2022

CAIRO: Egypt plans to issue its first international sovereign sukuk, or Islamic bonds, in the 2019-2020 financial year, Finance Minister Mohamed Maait told Reuters on Wednesday.
Maait did not say what the size of the planned offering would be. Egypt is aiming to issue about $20 billion in foreign denominated bonds by 2022.