Azerbaijan sees oil market stable, OPEC+ current output increase enough

Azerbaijan sees oil market stable, OPEC+ current output increase enough
Parviz Shahbazov. (File/Reuters)
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Updated 24 October 2021

Azerbaijan sees oil market stable, OPEC+ current output increase enough

Azerbaijan sees oil market stable, OPEC+ current output increase enough

Riyadh: Azerbaijan believes OPEC+ is helping to stabilize the world’s oil market with its cautious decision to increase production by 400,000 barrels per day from November. 

Speaking to Arab News, the country’s energy minister warned that it is gas prices that are more volatile thanks to shortages of the energy source in Europe. 

Parviz Shahbazov said the members of OPEC+ — which includes Azerbaijan — are all in agreement about the restrained oil production rise, despite calls from the US to ramp up output.

He said that the reason “nobody talks about oil issues” is because “there is a balance in the market and this balance has been provided by OPEC+”.

He added: “It can be a little bit higher or lower, it is not so important for producing countries as well as for consuming countries because the most important thing is the stability in the oil market.”

The minister said the issues related to the increasing price of gas might continue past winter. 

“Most probably we will still have this crisis in winter time, I don’t know how severe will it be but as winter is coming and the weather is getting colder — the winter is going to be quite severe in Europe — there can be shortages of gas because gas storages are not filled before the winter season,” said Shahbazov.


OPEC+ delays technical meetings to review market conditions

OPEC+ delays technical meetings to review market conditions
Updated 28 November 2021

OPEC+ delays technical meetings to review market conditions

OPEC+ delays technical meetings to review market conditions

RIYADH: The Organization of the Petroleum Exporting Countries and its allies, a grouping known as OPEC+, is moving two technical meetings to later this week after oil’s rout last Friday, Bloomberg reported on Sunday.

The move seeks to allow its committees more time to evaluate the impact of a new strain of the coronavirus.

A joint technical committee meeting will now be held on Wednesday, instead of the planned date Monday, according to delegates from some member countries. 

The joint ministerial monitoring committee, which comprises representatives of the broader group, will meet on Thursday instead of on Tuesday.

The OPEC and broader OPEC+ meetings will go ahead as planned on Wednesday and Thursday with ministers set to decide on whether to go ahead with planned output increases.

The delay will allow time for the group to analyze the market after a more than 10 percent drop in prices on Friday after the emergence of new coronavirus variant spooked traders. 

OPEC will also weigh the potential impact of a planned release of strategic petroleum reserves by the US and other oil consuming nations.


Saudi M3 money supply grows in October: SAMA

Saudi M3 money supply grows in October: SAMA
Updated 58 min 10 sec ago

Saudi M3 money supply grows in October: SAMA

Saudi M3 money supply grows in October: SAMA

RIYADH: The M3 monetary aggregate, known as “broad money,” posted an annual growth rate of 7.9 percent in October, having decelerated slightly from the September value of 8.4 percent, according to data published by the Saudi Central Bank.

On a monthly basis, the M3 indicator grew by SR10.6 billion ($2.8 billion) in October, or 0.5 percent from the previous month.

The monthly increase in M3 money supply was driven mainly by the SR15.1 billion increase in time and saving deposits, which grew 3.3 percent month-on-month, the fastest rate of growth since October 2020. Demand deposits fell by SR4.5 billion, or 0.2 percent, to SR1.324 trillion as of Oct. 31. 


Sajwani buys 15.6% of DAMAC shares through Dubai Financial Market

Sajwani buys 15.6% of DAMAC shares through Dubai Financial Market
Updated 28 November 2021

Sajwani buys 15.6% of DAMAC shares through Dubai Financial Market

Sajwani buys 15.6% of DAMAC shares through Dubai Financial Market

RIYADH: Maple Invest, owned by businessman Hussein Sajwani has bought a 15.6 percent stake in Damac Properties through the Dubai Financial Market.

It is part of a plan by which the Emirati businessman aims to acquire up to 100 percent shares of the company he established in 2002 and de-listing it  from the Dubai market, Asharq reported on Sunday.

According to Damac Properties’ disclosure to the Dubai market on Sunday, Maple executed approximately 944 million shares, representing 15.6 percent of the property firm's issued capital, at a price of 1.4 dirhams per share.

Maple made a conditional offer to buy the rest of the shares of the firm — which is not owned by Maple or its subsidiaries — on June 9. The offer included a price of 1.3 dirhams per share. Damac shareholders rejected the offer and called on its board of directors to appoint advisers to assess the fairness of the offer's value.

In late October, Maple announced that it intends to purchase 800 million shares of Damac Properties through the Dubai Financial Market, provided that the purchase process is outside the offer made by Maple to acquire all of Damac’s shares.

The data issued today is the implementation of a quantity higher than the target, bringing Sajwani’s direct and indirect share in the company to approximately 88 percent.


Crypto exchange Coinstore enters India despite restrictions on trade: Crypto wrap

Crypto exchange Coinstore enters India despite restrictions on trade: Crypto wrap
Updated 28 November 2021

Crypto exchange Coinstore enters India despite restrictions on trade: Crypto wrap

Crypto exchange Coinstore enters India despite restrictions on trade: Crypto wrap

RIYADH: Singapore-based virtual currency exchange Coinstore has begun operations in India at a time when the Indian government is preparing legislation to effectively bar most private cryptocurrencies.

Coinstore is the second global exchange to enter India in recent months, following in the footsteps of CrossTower which launched its local unit in September.

Coinstore has launched its web and app platform and plans branches in Bangalore, New Delhi and Mumbai which will act as its base in India for future expansion, its management said.

"With nearly a quarter of our total active users coming from India, it made sense for us to expand into the market," Charles Tan, head of marketing at Coinstore told Reuters.

Asked why Coinstore was launching India despite the pending clampdown on cryptocurrencies, Tan said: "There have been policy flip-flops but we hope things are going to be positive and we are optimistic that the Indian government will come out with a healthy framework for cryptocurrencies."

Tan said Coinstore plans to recruit about 100 employees in India and spend $20 million for marketing, hiring and development of crypto-related products and services for the Indian market.

The price of the world's biggest cryptocurrency, Bitcoin, has more than doubled since the start of this year, attracting hordes of Indian investors.

Industry estimates suggest there are 15 million to 20 million crypto investors in India, with total crypto holdings of around 400 billion rupees ($5.33 billion).

Coinstore also plans to expand into Japan, Korea, Indonesia and Vietnam, according to Tan.

Crypto payments

Newegg, one of the major technology-focused e-commerce platforms, has announced that SHIB is coming soon to its platform.

Newegg currently accepts cryptocurrency via Bitpay and the crypto payment service provider is expected to add shiba inu to its list of supported cryptocurrencies, which includes the rival meme cryptocurrency dogecoin.

Meanwhile, AMC theaters are also preparing to accept SHIB payments in the first quarter of next year, according to the CEO Adam Aron.

Daily trading

Bitcoin, the leading cryptocurrency in trading internationally, traded lower on Sunday, falling by 1.17  percent to $54,322. at 5:46 p.m. Riyadh time.

Ether, the second most traded cryptocurrency, traded at $4,077, down by 1.52 percent, according to data from CoinDesk.


Commercial banks’ lending to private sector up $6.42 bn in October

Commercial banks’ lending to private sector up $6.42 bn in October
Updated 44 min 59 sec ago

Commercial banks’ lending to private sector up $6.42 bn in October

Commercial banks’ lending to private sector up $6.42 bn in October

MOSCOW: Commercial banks’ October lending to the private sector grew by SR24.1 billion ($6.42 billion) from a month ago to SR2 trillion, data published by Saudi Arabia’s central bank on Sunday revealed.

This corresponded to a monthly growth rate of 1.2 percent from the previous month’s SR1.99 trillion in September. 

On the other hand, commercial banks’ lending to the government and quasi-government entities sector fell by a monthly SR13.1 billion to reach SR546.9 billion, reflecting a decline rate of 2.3 percent. 

Looking at the banks’ total assets, official data showed that they grew by SR42.1 billion compared to the previous month to hit SR3.19 trillion. The monthly growth rate stood at 1.3 percent.