Canadian Prime Minister Stephen Harper said developing the world’s third-largest pool of oil reserves is as difficult as building China’s Great Wall. Chinese companies may find themselves outside looking in.
The Organization of Petroleum Exporting Countries will increase crude shipments through late December as refiners boost purchases to meet winter heating demand, according to tanker tracker Oil Movements.
Emirates NBD Asset Management Ltd., owned by the United Arab Emirates’ second-biggest bank, said it tied up with Jupiter Asset Management to advise on four global funds as assets under management surge.
Energy ministers from Iraq, Kuwait, Angola and Algeria expect OPEC to keep its crude production target unchanged tomorrow after Saudi Arabian Oil Minister Ali al-Naimi said the market is “in equilibrium.”
Damac Real Estate Development Ltd., a Dubai-based property developer, priced its London-listed global depositary receipts at $12.25 each, the bottom of its range, in an initial public offering that values the company at about $2.65 billion.
Even with OPEC forecast to keep its output quota unchanged at a meeting this week, falling oil demand and prospects for increased supply from some member states mean the group’s leader, Saudi Arabia, will have to cut production anyway.
West Texas Intermediate crude climbed as U.S. manufacturing unexpectedly advanced and Chinese growth surpassed projections, signaling greater fuel demand in the world’s biggest oil-consuming countries.