Iraq’s Kurdistan government to resume oil dispute talks 

Iraq’s Kurdistan government to resume oil dispute talks 
Flag of Kurdistan region in Iraq (Shutterstock)
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Updated 06 June 2022

Iraq’s Kurdistan government to resume oil dispute talks 

Iraq’s Kurdistan government to resume oil dispute talks 

RIYADH: A delegation from Iraq’s Kurdistan Regional Government is set to pay Baghdad a visit to discuss disputes regarding the management of the oil sector with the country’s federal government, MEED reported. 

This comes after the judicial council of Iraqi Kurdistan issued a ruling revealing that the region’s oil and gas law remains in effect.

The talks will mainly revolve around outstanding issues between Erbil and Baghdad, according to a statement released earlier by the KRG.

“The actions of the Kurdistan Regional Government in relation to oil and gas operations are in accordance with the Iraqi constitution of 2005," MEED reported, citing the judicial council of Iraqi Kurdistan.


Qatar plans to produce 500k bpd oil outside its borders by 2023: MEED

Qatar plans to produce 500k bpd oil outside its borders by 2023: MEED
Updated 15 sec ago

Qatar plans to produce 500k bpd oil outside its borders by 2023: MEED

Qatar plans to produce 500k bpd oil outside its borders by 2023: MEED

RIYADH: Qatar is planning to produce 500,000 barrels of oil outside its borders by 2030, MEED reported citing QatarEnergy’s CEO.

Moreover, the country is committed to maintaining its oil production at 650,000 barrels per day, the longest possible, Saad Sherida Al-Kaabi said.

Qatar, which joined the Organization of the Petroleum Exporting Countries nearly 60 years ago, ended its membership in a surprise announcement in December 2018.

Al-Kaabi indicated that he did not regret Qatar's decision to leave OPEC.

Qatar has no voice in the group of oil-producing countries due to its relative size, he explained.


Qatar’s non-oil private sector growth continues in September

Qatar’s non-oil private sector growth continues in September
Updated 9 min 53 sec ago

Qatar’s non-oil private sector growth continues in September

Qatar’s non-oil private sector growth continues in September

RIYADH: Qatar’s non-oil economy continued its growth in September, as the nation gears up to host the 2022 FIFA World Cup, according to the latest Purchasing Managers’ Index survey data from Qatar Financial Center, prepared by S&P Global.

Qatar’s PMI stood at 50.7 in September, down from 53.7 in August, which indicates a softer improvement in business conditions in the nation’s non-energy sector.

S&P considers any readings above 50 as growth while those below 50 are marked as contraction.

According to the report, the rate of expansion in total activity gained momentum with output rising markedly in September.

The new orders, however, fell for the first time in 27 months, while back-to-back contractions were seen in employment and inventories due to demand retreat.

“Qatar’s non-oil economy continued to grow in September, rounding off another solid quarterly performance. There were, however, divergences in the latest data with a sharp and substantial increase in output contrasting with a renewed fall in demand,” said Yousuf Mohamed Al-Jaida, CEO of QFC Authority.

He added: “Anecdotal evidence suggested clients were placing orders on hold in preparation for the World Cup while Qatari businesses were at the same time increasing output in anticipation of greater demand.”


Saudi economic growth projected at 8.3 percent in 2022: World Bank

Saudi economic growth projected at 8.3 percent in 2022: World Bank
Updated 06 October 2022

Saudi economic growth projected at 8.3 percent in 2022: World Bank

Saudi economic growth projected at 8.3 percent in 2022: World Bank

RIYADH: The economic growth of Saudi Arabia is expected to accelerate to 8.3 percent in 2022 according to a forecast by the World Bank. 

In its report, the World Bank noted that the economic growth of the Kingdom will be moderated to 3.7 and 2.3 percent in 2023 and 2024, respectively.

According to the report, the oil sector will be the key driver of this economic growth with the output estimated to grow by 15.5 percent in 2022, while the non-oil sector is also expected to continue its growth trajectory estimated at 4.3 percent this year. 

“The Saudi Arabian economy is on an accelerated growth path in 2022; driven by higher oil and non-oil activities as the oil sector strengthens and pandemic pressures fade,” wrote the World Bank in the report. 

The report further noted that headline inflation is expected to stay subdued during 2022 and hover around 2.5 percent as a result of a stronger US dollar, subsidies and price controls, and stable rents. 

The report added that inflation is expected to average 2.3 percent in the medium term. 

The World Bank projected that the budget balance will register a surplus of 6.8 percent of gross domestic product in 2022, the first surplus in nine years, driven by higher oil receipts. 

On Oct.4, S&P Global revealed that Saudi Arabia continues to maintain ongoing expansion in its non-oil economy as output and new orders recorded gains, leaving the Kingdom’s Purchasing Managers’ Index at 56.6 in September. 

Earlier in October, Al-Rajhi Capital projected that Saudi Arabia’s real gross domestic product would increase by nearly 8 percent year-on-year in 2022 and 3.1 percent year-on-year in 2023. 

Inflation is expected to be 2.6 percent and 2.1 percent in 2022 and 2023 respectively, Al-Rajhi said. 

In September, a report published in Economist Intelligence said that Saudi Arabia is expected to become the fastest growing economy in 2022, outpacing Asian giants like China, India, and other struggling economies in Western Europe and North America. 

The Economist Intelligence report also projected that the GDP of the Kingdom is expected to reach 7.5 percent this year, the kingdom’s fastest rate of growth since 2011. 

 


Oil Updates — Crude up; Kuwait says OPEC+ works to serve global economy

Oil Updates — Crude up; Kuwait says OPEC+ works to serve global economy
Updated 06 October 2022

Oil Updates — Crude up; Kuwait says OPEC+ works to serve global economy

Oil Updates — Crude up; Kuwait says OPEC+ works to serve global economy

RIYADH: Oil prices rose for a fourth session on Thursday, with Brent at a three-week high, after the Organization of the Petroleum Exporting Countries and its allies, including Russia, known as OPEC+, agreed to cut output by about 2 million barrels per day, the largest reduction since 2020.

Brent crude futures for December settlement rose 12 cents, or 0.13 percent, to $93.49 per barrel by 08.30 a.m Saudi time, after settling 1.7 percent higher in the previous session.

US West Texas Intermediate crude futures for November delivery gained 11 cents, or 0.13 percent, to $87.87 per barrel. 

OPEC+ works to serve the global economy not threaten it: Kuwait

Kuwait’s acting oil minister Mohammed Al-Fares said on Wednesday that the OPEC+ decision to cut production by 2 million barrels per day will have positive ramifications on the oil markets, the state news agency reported.

“The decision places a big responsibility on us to follow up on market developments in case supply or output increases,” Al-Fares told the agency in an interview.

He asserted OPEC+ works to serve the global economy, not threaten it.

Russia may cut oil output if price caps introduced

Russian Deputy Prime Minister Alexander Novak said on Wednesday that Russia may cut oil production in order to offset the negative effects of price caps imposed by the West.

Novak was also cited by the TASS news agency as saying that Russia will produce 530 million tons of oil, equivalent to 10.6 million bpd in 2022 and 490 million tons in 2023.

He said Russia was ready to supply gas to Europe via one line of the Nord Stream 2 pipeline if necessary.

(With input from Reuters)


Shares of Tihama jump 10% after CMA approves 700% capital hike

Shares of Tihama jump 10% after CMA approves 700% capital hike
Updated 37 min 52 sec ago

Shares of Tihama jump 10% after CMA approves 700% capital hike

Shares of Tihama jump 10% after CMA approves 700% capital hike

RIYADH: Tihama Advertising and Public Relations Co.’s shares soar in early trading, after receiving the Capital Market Authority’s clearance to increase its capital by 700 percent.

Tihama’s shares jumped 9.81 percent, leading the market’s gainers at SR105.20 ($28), as of 10:15 a.m. Saudi time.

The marketing firm’s capital will be increased from SR50 million to SR400 million, according to a bourse filing.

Tihama is issuing rights worth SR350 million for the capital increase.

The final clearance is subject to the approval of the shareholders and the completion of the necessary procedures.