The Organization of Petroleum Exporting Countries will reduce crude exports this month as refiners in Asia prepare for seasonal maintenance, according to tanker-tracker Oil Movements.
Qatar stocks gained the most in almost six months as investors bet a diplomatic row between the country and its Gulf neighbors will fade.
Qatar’s benchmark index slipped the most in more than six months after three Persian Gulf nations withdrew ambassadors from the gas-rich country over its perceived meddling in regional affairs.
India, Asia’s second-biggest energy user, is in talks with Saudi Arabia and Kuwait for better terms on oil contracts as surging U.S. output frees up supplies.
Qatar will probably soften its support for the Muslim Brotherhood to ease tensions with Gulf allies, which drove its credit risk to the highest level in three months.
Saudi Arabia and two Arab allies recalled their envoys from Qatar, accusing the state that hosts Al-Jazeera television of undermining regional security in a dispute that drove Gulf stocks down.
Dubai’s stock index declined as investors locked in profits after a four-day rally, while judging that the political turmoil in Ukraine is unlikely to affect Middle East markets. Saudi shares fell.
The Organization of Petroleum Exporting Countries will boost crude exports to near their highest level since 2006 as refiners replenish stockpiles, Oil Movements said.
Mol Nyrt. is focusing on new acquisitions as Hungary’s largest refiner seeks to counter a decline in production that put pressure on its profitability.
The deadly coronavirus linked to the Middle East was detected in three-quarters of samples taken from camels across Saudi Arabia, showing it’s widespread in the country and suggesting a way to control transmission.