Oil

Russia’s improving economy leaves privatization out in the cold

Moscow - Muslimchronicle

Russia’s improving economy has removed the main impetus for privatizations planned for this year, allowing policymakers who always doubted the wisdom of selling state assets to re-gain the upper hand, according to interviews with multiple officials. Russia’s finance ministry initially planned to raise 138 billion roubles from privatization this year, mainly from selling a stake in the shipping company SovcomflotRead more

Early glance at the World Oil Outlook

Jeddah - Muslimchronicle

OPEC will release its annual World Oil Outlook on Nov. 7. Here is an early glance into the report from comments made by OPEC’s Secretary-General Mohammed Barkindo in Kuwait this week. The medium-term outlook for oil demand is set for a significant increase to 2022 with healthy average annual expansion. Oil demand is set to increase by 6.9 million barrelsRead more

Asian markets mostly gain, dollar struggles after inflation data

Hong Kong - Muslimchronicle

Asian markets extended gains on Monday after a positive lead from Wall Street while the dollar struggled following more weak US inflation figures. Equities around the world continue to rally on optimism about the global economy and the current corporate earnings season, with all three main New York indexes up following robust retail sales figures in the world’s largest economy.Read more

IMF advises KSA to ease austerity measures

Washington - Muslimchronicle

Saudi Finance Minister Mohammed Al-Jadaan revealed that the Kingdom may incrementally decrease its energy subsidies, and will take longer to achieve a balanced budget, since it is seeking to mitigate the impact of its drive to achieve public finance reform. In an interview on Thursday with Bloomberg in Washington, broadcast by Al Hayat TV channel, Al-Jadaan, on the sidelines ofRead more

Oil-rich S. Sudan faces fuel shortage as ‘people suffer’

Juba - Muslimchronicle

“In September there was no fuel anywhere,” Samson Kamuya says. The exhausted 45-year-old hangs his head. He’s been waiting four days at a gas station in South Sudan’s capital, Juba, to no avail. Wedged among hundreds of cars, trucks and desperate civilians carrying empty jerry cans, he says the fuel situation is unlike anything he’s seen in his eight yearsRead more

French lawmakers back oil, gas production ban by 2040

Paris - Muslimchronicle

France's lower house of parliament gave its overwhelming backing Tuesday to a ban on producing oil and gas on French territory by 2040. The ban is largely symbolic as France imports around 99 percent of its oil and gas, but Paris hopes the move will inspire bigger producers to follow suit. The national assembly passed the bill by 316 votesRead more

New Saudi ‘fund of funds’ aims to help SMEs

Riyadh - Muslimchronicle

Saudi Arabia’s Public Investment Fund on Monday announced a new investment arm to provide financing for small- and medium-sized enterprises, the state-owned PIF said in a statement. The SR4 billion ($1.1 billion) “fund of funds” will invest in venture capital and private equity targeting SMEs, the statement said. The fund is part of “Vision 2030,” a broad program of reformsRead more

Ghana gas depot blast kills at least 6

Accra - Muslimchronicle

At least six people were killed and 35 injured, mostly suffering burns, after an explosion at a natural gas depot in Ghana's capital, fire service spokesman Billy Anaglate said on Sunday. The explosion on Saturday evening at the state-owned GOIL liquefied natural gas station sent a giant fireball into the sky above the eastern part of Accra, causing frightened residentsRead more

Erdogan says Turkey, Iran and Iraq will decide on closing northern Iraq’s oil taps — media

Ankara - Muslimchronicle

Turkey, Iran and Iraq will jointly decide on closing the flow of oil from northern Iraq, Turkish President Tayyip Erdogan was quoted as saying on Thursday, a retaliatory move after the Kurdish region voted for independence. Erdogan, who was speaking to Turkish media including broadcasters NTV and CNN Turk on his return flight from a one-day trip to Iran, alsoRead more

New Kurdish flashpoint as Baghdad eyes Kirkuk’s oil

Baghdad - Muslimchronicle

The flashpoint in the independence stand-off between the Kurdistan Region and the Iraqi government shifted to Kirkuk on Tuesday, as Baghdad moved to take control of the area’s lucrative oil wells. The Kurdistan Regional Government exports 550,000 barrels of Iraqi oil per day through a pipeline linking Kirkuk to Ceyhan in Turkey, of which 400,000 barrels come from Kirkuk. IfRead more