Saudi Arabia is dramatically changing its oil exports to China and the US

A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities in Shaybah, Saudi Arabia. Reza/Getty ImagesSaudi Arabia has seriously ramped up its oil exports to China in recent months. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. Meanwhile, Smith said, as Saudi Arabia “slams on the brakes to the most transparent market, it is sending more crude into the most opaque one, China.” China, the ‘savvy buyer’TankerTracke


A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities in Shaybah, Saudi Arabia. Reza/Getty ImagesSaudi Arabia has seriously ramped up its oil exports to China in recent months. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. Meanwhile, Smith said, as Saudi Arabia “slams on the brakes to the most transparent market, it is sending more crude into the most opaque one, China.” China, the ‘savvy buyer’TankerTracke
Saudi Arabia is dramatically changing its oil exports to China and the US Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: natasha turak
Keywords: news, cnbc, companies, oil, market, saudi, china, halff, data, arabia, changing, stocks, crude, dramatically, exports


Saudi Arabia is dramatically changing its oil exports to China and the US

A worker stands at a pipeline, watching a flare stack at the Saudi Aramco oil field complex facilities in Shaybah, Saudi Arabia. Reza/Getty Images

Saudi Arabia has seriously ramped up its oil exports to China in recent months. How dramatic is the change? Take a look at this graph, which uses data from oil tanker tracking firm TankerTrackers.com.

The Saudi Kingdom’s crude shipments to China have doubled in the span of a year. During the same period, its oil exports to the U.S. have dropped by nearly two-thirds. According to TankerTrackers.com, which tracks oil tankers and shipments based on satellite imagery and ships’ automatic identification systems, Saudi Arabia exported a whopping 1,802,788 barrels per day (bpd) to China in July, compared to 921,811 bpd in August of 2018. By contrast, exports to the U.S. in July were 262,053 bpd, nearly 62% down from 687,946 bpd in August of last year. U.S. sanctions on Iranian oil have helped the shift. Major Asian energy importers like China have been forced to shift business away from the Islamic Republic — OPEC’s third-largest producer — and start buying more Saudi barrels to make up for that shortfall. The U.S. is now more self-reliant than ever, thanks to its own shale oil revolution, which helped it become the world’s largest oil producer by the end of last year. But the numbers also signal a mix of short-term tactics and long-term strategy for the Saudis, industry experts told CNBC.

Saudis ‘slam on the brakes’ to the U.S.

“Saudi Arabia learned from the last OPEC production cut in 2017 that they got the biggest bang for their buck by cutting flows to the largest, most transparent and most timely market — the U.S.,” said Matt Smith, director of commodity research at commodities analytics firm ClipperData, referring to the coordinated production cut that OPEC and its allies orchestrated to put a floor under falling oil prices. “Choking back on flows to the U.S. was the best way to draw down inventories and turn around bearish sentiment, and they are employing the same tactic once again.” ClipperData’s figures, which differ from that of TankerTrackers due to different tracking methods, still show U.S. imports of Saudi crude in July down over 60% from last October. Meanwhile, Smith said, as Saudi Arabia “slams on the brakes to the most transparent market, it is sending more crude into the most opaque one, China.” This is where some industry analysts say Riyadh is employing short-term tactics: “impacting what remains the most visible and closely-watched market indicator, U.S. crude stocks,” Antoine Halff, co-founder of energy market analytics firm Kayrros, told CNBC.

The market has largely traded on weekly U.S. numbers, which — up until the growth of satellite imagery to provide greater transparency on global stocks — provided the best available picture of market conditions. In spite of the greater availability of global market inventory thanks to satellite data, “the goal of impacting the U.S. stock metric seems to remain very real for OPEC in general and the Kingdom in particular,” Halff said. “Rightly or wrongly, this is the benchmark that everybody watches.” China, oh the other hand, is not as forthcoming as OECD countries about its stocks, and it’s data isn’t as visible to the market. Halff notes that there is no established benchmark of Chinese stocks as there is for the U.S. “Producers are far less concerned about building Chinese stocks than they are about building U.S. or OECD stocks in terms of what that may signal to the market,” he said.

China, the ‘savvy buyer’

TankerTrackers.com co-founder Samir Madani has described China as a sort of “black hole” for the world’s oil exports, having the ability to “easily absorb oil barrels from the market, especially when prices dip.” Looking at this, many analysts see a clear strategy from Beijing. “The Chinese are very savvy and astute buyers, exporters who supply them have very good reasons to do so,” Halff said. In the current low oil price climate, the world’s largest oil importer is happy to up its Saudi crude purchases as its appetite increases, particularly given its launch of two new refineries which will grow its refining capacity by 800,000 bpd.

Employees close a valve of a pipe at a PetroChina refinery in Lanzhou, Gansu province. Stringer | Reuters

In the months following President Donald Trump’s imposition of unilateral sanctions on Iran after withdrawing from the 2015 Iranian nuclear deal, data shows a dramatic run-up in Chinese crude imports and crude inventories. This is “thanks in part, once again, to the availability of Saudi barrels,” Halff added, “whether for precautionary reasons, out of price opportunism, or in preparation for new refining capacity coming online — or all of the above.”

Saudi Arabia’s long game in Asia


Company: cnbc, Activity: cnbc, Date: 2019-08-15  Authors: natasha turak
Keywords: news, cnbc, companies, oil, market, saudi, china, halff, data, arabia, changing, stocks, crude, dramatically, exports


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Saudi Aramco’s first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the


An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia. Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier. By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year. In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the
Saudi Aramco’s first-half net income falls 12% to $47 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


Saudi Aramco's first-half net income falls 12% to $47 billion

An Aramco oil tank is seen at the Production facility at Saudi Aramco’s Shaybah oilfield in the Empty Quarter, Saudi Arabia.

Saudi Aramco, the world’s top oil producer, reported first-half net income of $46.9 billion on Monday, down from $53.02 billion a year earlier.

By comparison, Apple Inc, the world’s most profitable listed company, made $31.5 billion in the first six months of its financial year.

Aramco said total revenues including other income related to sales were at $163.88 billion in the first half of this year, down from $167.68 billion a year earlier, on lower oil prices and reduced production.

In its earnings report, Aramco partly attributed the decline in net income to a 4% fall in the average realized price of crude oil compared to the same period in 2018, from $69 to $66 per barrel.

Aramco President and CEO Amin Nasser said the company had continued to deliver on its “downstream growth strategy” through acquisitions both domestically and in international markets.

“These acquisitions are expected to enhance dedicated crude placement, increase refining and chemicals capacity, capture value from integration and diversify our operations,” Nasser said.


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: reuters with cnbccom
Keywords: news, cnbc, companies, saudi, income, company, 47, worlds, billion, 12, nasser, net, aramcos, firsthalf, aramco, crude, falls, oil


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Saudi Aramco says it’s ready to go public

Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources. “We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market co


Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources. “We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market co
Saudi Aramco says it’s ready to go public Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: patti domm
Keywords: news, cnbc, companies, saudi, companys, million, company, prices, reliance, told, billion, oil, public, ready, aramco


Saudi Aramco says it's ready to go public

An employee walks past crude oil storage tanks at the Juaymah Tank Farm in Saudi Aramco’s Ras Tanura oil refinery and oil terminal in Ras Tanura, Saudi Arabia, on Monday, Oct. 1, 2018.

Saudi Aramco’s CFO, in the company’s first-ever conference call, on Monday told investors that the company is ready to go public, but that the timing will be up to its owner, the Kingdom of Saudi Arabia.

“Basically, the company is ready for the IPO. Now the timing of the IPO itself, this is a shareholder’s issue, and they will announce it depending on their perception of what would be the optimum market condition,” said Khalid al-Dabbagh, chief financial officer, reiterating the company’s previous stance.

Sources have said that the Saudi government, encouraged by the success of Aramco’s $12 billion debt offering, would like to move its plans for the IPO forward, and issue stock in 2020. The offering is expected to be the largest new issue ever, and represent just a small portion of the company’s equity. Saudi Crown Prince Mohammed bin Salman would like to see Aramco valued at $2 trillion, about $500 billion more than bankers are currently estimating, according to sources.

The company faces tough markets, where oil prices are volatile and near the 2019 low. Brent crude futures were trading below $60 a barrel Monday, and are down 18% over the past year. At the same time, energy stocks have underperformed, with the S&P energy sector up just 1.7% year to date, the worst-performing sector and well behind the S&P 500’s 2019 gain of about 16%.

“We, in Saudi Aramco, have delivered strong and unmatched financial results, despite lower oil prices and volatile market conditions. This is really a testament to our resilience,” said al-Dabbagh, noting the talks are in the early stages.

Saudi Aramco earlier reported first half net profits of $46.9 billion, down from $53 billion last year due to the impact of lower oil prices. Free cash flow rose 6.7% to $38 billion, and it is that cash flow that some sources believe could help Aramco propel its valuation to $2 trillion.

Aramco announced a special dividend of $20 billion, noting it reflects its exceptionally strong 2018 performance.

The CFO told investors the company has sufficient free cash flow to give it enough room to purchase a stake in Reliance Industries, a deal announced by Reliance earlier Monday. The stake in India’s Reliance Industries, an oil and chemicals producer, allows Aramco to diversify ahead of its IPO.

“As you and everyone knows, India is a large country with large demand, and I think growing demand,” he said, adding the deal enhances the company’s global downstream strategy.

Earlier, Reliance Chairman Mukesh Ambani told his company’s annual meeting that Aramco is the biggest foreign investment in the company ever and among the largest foreign investments ever in India. Under the deal, Aramco would supply its Jamnagar refineries with 700,00 barrels a day of oil on a long-term basis, about half the refining complex’ s capacity.

Aramco said it is focusing more effort on gas development, and that it is an area of growth. It also expects its Marjan and Berri developments to contribute production capacity of 2.5 million cubic meters of gas and 550,000 barrels a day of oil. Marjan is an offshore field off the east coast of Saudi Arabia. and Berri, also in Saudi Arabia, is both onshore and offshore.

The company also said its East-West pipeline would soon be expanded to carry 7 million barrels a day of crude, from 5 million currently.

–Reuters contributed to this report


Company: cnbc, Activity: cnbc, Date: 2019-08-12  Authors: patti domm
Keywords: news, cnbc, companies, saudi, companys, million, company, prices, reliance, told, billion, oil, public, ready, aramco


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Saudi Aramco IPO could be back on front burner, as company plans first ever investor call

The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said. Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high dema


The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said. Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high dema
Saudi Aramco IPO could be back on front burner, as company plans first ever investor call Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: patti domm
Keywords: news, cnbc, companies, prince, investor, aramco, oil, offering, saudi, burner, market, ipo, plans, company, prices, source


Saudi Aramco IPO could be back on front burner, as company plans first ever investor call

The success of Saudi Aramco’s debt offering has given Saudi officials confidence that they can bring their IPO to market sometime in 2020, sources familiar with their thinking said.

Saudi Aramco’s board was meeting with bankers in Boston this week, and the IPO of the world’s biggest oil company was on the agenda. Recently, Saudi energy minister Khalid Al-Falih said Aramco would likely go public in 2020, 2021. One source suggested the company is trying to move the timeline forward, with an announcement in the fall and the offering of a small percentage of Aramco next year.

Aramco is expected to hold an investor call Monday, its first ever following its board meeting. It is expected bond investors will be on the call, and it is not clear which company officials will speak and what they will say about the stock offering, or whether they will take questions.

Saudi Arabia’s Crown Prince Mohammed bin Salman had planned the public offering of Aramco to be the cornerstone of his vision to transform the kingdom from an oil producer to a more diversified economy. But it was put off previously, and Aramco reached a $69.1 billion deal to purchase a majority stake in petrochemicals firm Sabic from the kingdom’s sovereign wealth fund, boosting the fund’s buying power and ability to diversify holdings.

MBS, as the crown prince is known, is seeking a $2 trillion valuation for Saudi Aramco, but there still seems to be a gap between what the prince would like to see and what bankers view as a reasonable market price, given the wild cards of oil prices, stock prices and the global economy. The bankers’ valuations average around $1.5 trillion, one source said.

“It’s going to be a lot harder job to get there, especially since going into 2020 doesn’t look fantastic for oil prices,” said one source. But the company may show strong cash flow to help make its case.

“It’s clear the 10 fold over-subscription for the debt gave a giant burst of confidence to doing an IPO,” said one source. “But there’s a big difference between a debt offering and reporting quarterly performance to shareholders around the world.”

Saudi Aramco issued $12 billion in bonds in April in an offering that saw sky-high demand of $100 billion.

A report that Saudi Arabia called other producers to discuss how to support oil prices helped kick up crude prices Thursday after its steep decline. Brent futures were trading at $57.47 per barrel, and it is down 11.7% month-to-date. One source dismissed that report as unlikely, based on the fact that OPEC is currently producing about 2 million barrels a day beneath its quota and cutting further would be futile.

Saudi Arabia earlier announced that demand for its oil was improved, with a 700,000 barrel per day increase in customer request for supply for September, over August.

“Obviously, it’s the latest round of verbal intervention by the Saudis to try to push back against the narrative that the demand growth outlook is cratering for the oil market,” said John Kilduff of Again Capital.


Company: cnbc, Activity: cnbc, Date: 2019-08-08  Authors: patti domm
Keywords: news, cnbc, companies, prince, investor, aramco, oil, offering, saudi, burner, market, ipo, plans, company, prices, source


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Saudi Arabia backs $550 million investment in health start-up Babylon, valuing it at $2 billion

British health technology start-up Babylon has raised $550 million in an investment round backed by Saudi Arabia’s sovereign wealth fund. Babylon said that $450 million of capital has already been committed, and includes an option for one investor to pump another $50 million at a later date. The start-up is known for its work with the U.K.’s National Health Service. The company built a platform for the NHS that lets patients book consultations with a doctor over video call using their smartphone


British health technology start-up Babylon has raised $550 million in an investment round backed by Saudi Arabia’s sovereign wealth fund. Babylon said that $450 million of capital has already been committed, and includes an option for one investor to pump another $50 million at a later date. The start-up is known for its work with the U.K.’s National Health Service. The company built a platform for the NHS that lets patients book consultations with a doctor over video call using their smartphone
Saudi Arabia backs $550 million investment in health start-up Babylon, valuing it at $2 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: ryan browne
Keywords: news, cnbc, companies, health, babylon, patients, round, saudi, billion, worth, arabia, million, company, investment, backs, wealth, startup, doctor, work, valuing


Saudi Arabia backs $550 million investment in health start-up Babylon, valuing it at $2 billion

British health technology start-up Babylon has raised $550 million in an investment round backed by Saudi Arabia’s sovereign wealth fund.

The London-based company said Friday that it was now worth $2 billion following the fundraising, which also saw German reinsurer Munich Re’s ERGO Fund and an undisclosed U.S. health insurer — which a Sky News report identified as Centene — invest.

Babylon said that $450 million of capital has already been committed, and includes an option for one investor to pump another $50 million at a later date. The remainder of the round will be closed shortly, the firm added.

The start-up is known for its work with the U.K.’s National Health Service. The company built a platform for the NHS that lets patients book consultations with a doctor over video call using their smartphone. It also has contracts with Samsung, Prudential and Bupa.

It attracted criticism from health professionals last year over a claim that its artificial intelligence software could diagnose medical conditions as accurately as a doctor. The firm’s chatbot, which patients interact with, scored a higher-than-average test score on a practice exam compiled for physicians.


Company: cnbc, Activity: cnbc, Date: 2019-08-02  Authors: ryan browne
Keywords: news, cnbc, companies, health, babylon, patients, round, saudi, billion, worth, arabia, million, company, investment, backs, wealth, startup, doctor, work, valuing


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Facebook shuts down an influence campaign it claims was tied to Saudis

Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government. One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia. The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent


Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government. One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia. The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent
Facebook shuts down an influence campaign it claims was tied to Saudis Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: lauren feiner
Keywords: news, cnbc, companies, tied, saudis, inauthentic, egypt, saudi, operation, facebook, claims, pages, accounts, following, shuts, influence, links, instagram, campaign


Facebook shuts down an influence campaign it claims was tied to Saudis

Facebook said Thursday it shut down an influence campaign that was created by people with links to the Saudi government.

Facebook regularly reports updates on its efforts to remove what it calls coordinated inauthentic behavior from its services. This time, according to a blog post, Facebook found two unconnected operations that “created networks of accounts to mislead others about who they were and what they were doing.” One of the operations originated in the United Arab Emirates and Egypt, Facebook said, while the other was from Saudi Arabia.

The company said it removed more than 300 Facebook accounts and pages, five Facebook groups and 31 Instagram accounts linked to the Saudi-based operation. The Facebook pages had a combined following of about 1.4 million accounts, and the operation spent about $108,000 on Facebook and Instagram ads, the company said.

In an effort to clamp down on the spread of misinformation on its site following the 2016 U.S. presidential election, Facebook has taken steps to remove inauthentic content and increase transparency by providing regular updates to the public and installing a searchable ad library. The changes followed reporting that U.K.-based marketing firm Cambridge Analytica had used Facebook data to target U.S. voters.

Facebook said in the latest incident that, behind the accounts, it discovered links to people tied to the Saudi government who had tried to conceal their identities. The creators made pages that mimicked local news organizations and posted about topics like Crown Prince Mohammad bin Salman’s economic and social reform plan and Saudi Arabia’s successes in the conflict in Yemen. The pages also shared criticism of Saudi rivals Iran, Qatar and Turkey.

In the UAE and Egypt-based operation, Facebook said it found links to two marketing firms — New Waves in Egypt and Newave in the UAE. Facebook said it removed more than 300 accounts and pages as well as several Instagram accounts, Facebook groups and events that engaged in the coordinated inauthentic behavior. The pages had a combined following of more than 13.7 million accounts and the operation spent about $167,000 on Facebook ads.

Newaves and the Saudi Embassy in Washington did not immediately respond to requests for comment. A contact for a New Waves in Egypt could not be found.

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Company: cnbc, Activity: cnbc, Date: 2019-08-01  Authors: lauren feiner
Keywords: news, cnbc, companies, tied, saudis, inauthentic, egypt, saudi, operation, facebook, claims, pages, accounts, following, shuts, influence, links, instagram, campaign


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Khalid Sheikh Mohammed could help 9/11 families in Saudi Arabia lawsuit if death penalty dropped: Letter

In a file photo Khalid Sheikh Mohammed, the alleged Sept. 11 mastermind, is seen shortly after his capture during a raid in Pakistan Saturday March 1, 2003, in this photo obtained by the Associated Press. Khalid Sheikh Mohammed, the alleged mastermind of the Sept. 11 terror attacks, might help the families of victims of those attacks with testimony in their civil lawsuit against the government of Saudi Arabia if the U.S. government abandons a bid to execute him via military tribunal, a new court


In a file photo Khalid Sheikh Mohammed, the alleged Sept. 11 mastermind, is seen shortly after his capture during a raid in Pakistan Saturday March 1, 2003, in this photo obtained by the Associated Press. Khalid Sheikh Mohammed, the alleged mastermind of the Sept. 11 terror attacks, might help the families of victims of those attacks with testimony in their civil lawsuit against the government of Saudi Arabia if the U.S. government abandons a bid to execute him via military tribunal, a new court
Khalid Sheikh Mohammed could help 9/11 families in Saudi Arabia lawsuit if death penalty dropped: Letter Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-29  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, help, saudi, attacks, penalty, sheikh, 911, plaintiffs, letter, victims, sept, families, mohammed, khalid, lawsuit, dropped, lawyers


Khalid Sheikh Mohammed could help 9/11 families in Saudi Arabia lawsuit if death penalty dropped: Letter

In a file photo Khalid Sheikh Mohammed, the alleged Sept. 11 mastermind, is seen shortly after his capture during a raid in Pakistan Saturday March 1, 2003, in this photo obtained by the Associated Press.

Khalid Sheikh Mohammed, the alleged mastermind of the Sept. 11 terror attacks, might help the families of victims of those attacks with testimony in their civil lawsuit against the government of Saudi Arabia if the U.S. government abandons a bid to execute him via military tribunal, a new court filing revealed.

Lawyers for the victims’ families, in a letter to the judge overseeing the case, said they had learned from Mohammed’s lawyers that he is not willing to be deposed in that civil case “at the present time.”

KSM’s attorneys “stated that the ‘primary driver’ of this decision is the ‘capital nature of the prosecution” against the former top lieutenant to the late al-Qaeda leader Osama bin Laden, according to the letter from the plaintiffs’ lawyers, whose clients allege that the Saudi government supported and funded the 9/11 attacks.

“In the absence of a potential death sentence much broader cooperation would be possible,” KSM’s attorneys told the plaintiffs’ lawyers, according to their letter filed Friday with Judge Sarah Netburn in U.S. District Court in Manhattan.

The letter was first reported by The Wall Street Journal on Monday, the same day President Donald Trump signed into law a bill to replenish billions of dollars in funds for the victims of the 9/11 attacks.

The 55-year-old KSM has been held for nearly 13 years at the U.S. military base at Guantanamo, Cuba, where he and four other accused terrorists are charged with war crimes related to the 9/11 attacks using three hijacked airplanes on the World Trade Center in New York City and the Pentagon, along with the fourth hijacking of a commercial airliner that crashed near Shanksville, Pennsylvania, after first being flown toward Washington, D.C. Fifteen of the 19 hijackers were Saudi nationals.

Nearly 3,000 people perished in those attacks.


Company: cnbc, Activity: cnbc, Date: 2019-07-29  Authors: dan mangan kevin breuninger, dan mangan, kevin breuninger
Keywords: news, cnbc, companies, help, saudi, attacks, penalty, sheikh, 911, plaintiffs, letter, victims, sept, families, mohammed, khalid, lawsuit, dropped, lawyers


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Senate fails to override Trump veto of bill stopping Saudi weapons sales

The U.S. Senate on Monday failed to override President Donald Trump’s veto of legislation passed by Congress that would have blocked the sale of certain weapons to Saudi Arabia. By a vote of 45-40, the Senate fell short of the two-thirds votes needed to overturn a presidential veto. Five of the chamber’s 53 Republicans voted to override the Republican president. The Senate was also set to vote on Monday on two more veto overrides of legislation blocking weapons sales to Saudi Arabia, the United


The U.S. Senate on Monday failed to override President Donald Trump’s veto of legislation passed by Congress that would have blocked the sale of certain weapons to Saudi Arabia. By a vote of 45-40, the Senate fell short of the two-thirds votes needed to overturn a presidential veto. Five of the chamber’s 53 Republicans voted to override the Republican president. The Senate was also set to vote on Monday on two more veto overrides of legislation blocking weapons sales to Saudi Arabia, the United
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Company: cnbc, Activity: cnbc, Date: 2019-07-29
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Senate fails to override Trump veto of bill stopping Saudi weapons sales

President Donald Trump pumps his fist during a signing ceremony for the “Permanent Authorization of the September 11th Victim Compensation Fund Act” in the Rose Garden of the White House, July 29, 2019.

The U.S. Senate on Monday failed to override President Donald Trump’s veto of legislation passed by Congress that would have blocked the sale of certain weapons to Saudi Arabia.

By a vote of 45-40, the Senate fell short of the two-thirds votes needed to overturn a presidential veto. Five of the chamber’s 53 Republicans voted to override the Republican president. Fifteen senators did not vote.

The Senate was also set to vote on Monday on two more veto overrides of legislation blocking weapons sales to Saudi Arabia, the United Arab Emirates and other countries.

In May, the Trump administration announced that it would go ahead with more than $8 billion in military sales, sidestepping a congressional review process.


Company: cnbc, Activity: cnbc, Date: 2019-07-29
Keywords: news, cnbc, companies, stopping, saudi, bill, veto, override, legislation, fails, senate, sales, trump, vote, president, weapons


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Iran tanker seizure shows oil price has become a ‘broken barometer’ for Mideast tension

The U.K. stopped an Iranian tanker several weeks ago that it says was violating European law and allegedly carrying crude to Syria. A Gibraltar court Friday allowed the detention of the Iranian tanker to continue, even though Iran says the ship was not heading to Syria. Last Tuesday, oil prices had moved down dramatically on comments from Secretary of State Mike Pompeo that Iran was willing to talk about its missile program. Minutes later, the Iranians said ‘no we’re not’ and oil prices still di


The U.K. stopped an Iranian tanker several weeks ago that it says was violating European law and allegedly carrying crude to Syria. A Gibraltar court Friday allowed the detention of the Iranian tanker to continue, even though Iran says the ship was not heading to Syria. Last Tuesday, oil prices had moved down dramatically on comments from Secretary of State Mike Pompeo that Iran was willing to talk about its missile program. Minutes later, the Iranians said ‘no we’re not’ and oil prices still di
Iran tanker seizure shows oil price has become a ‘broken barometer’ for Mideast tension Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-21  Authors: patti domm
Keywords: news, cnbc, companies, higher, war, iran, broken, prices, barometer, seizure, iranian, price, saudi, trump, tension, mideast, shows, week, tanker, oil


Iran tanker seizure shows oil price has become a 'broken barometer' for Mideast tension

A picture taken on July 21, 2019, shows Iranian Revolutionary Guards patrolling around the British-flagged tanker Stena Impero as it’s anchored off the Iranian port city of Bandar Abbas.

Last week shows that oil prices are not the indicator for Middle East tensions they once were, and worries about global demand and growing U.S. production has changed that dynamic.

One of the energy industry’s greatest concerns has been that a Mideast conflict could disrupt oil traffic in the key Strait of Hormuz, a narrow waterway through which about a fifth of the world’s oil moves.

Yet, after Iran seized a British oil tanker Stena Impero there on Friday, for alleged marine violations, and temporarily stopped a second one, oil prices moved slightly higher, not with the velocity that might have been seen during other periods of tension.

“What I find amazing is oil has become a broken barometer for Mideast conflict. A few years ago, you could almost gauge how serious a security crisis was because of the oil price,” said Helima Croft, head of global commodities strategy at RBC.

The tanker incident comes as tensions between Iran and the West have been rising. The U.K. stopped an Iranian tanker several weeks ago that it says was violating European law and allegedly carrying crude to Syria. A Gibraltar court Friday allowed the detention of the Iranian tanker to continue, even though Iran says the ship was not heading to Syria.

Last Tuesday, oil prices had moved down dramatically on comments from Secretary of State Mike Pompeo that Iran was willing to talk about its missile program. Iran refuted that statement, and oil did not recover the losses.

“We sold off 4.5% when Pompeo suggested that the Iranians were willing to talk about the ballistic missile program. Minutes later, the Iranians said ‘no we’re not’ and oil prices still didn’t recover. Since Tuesday, it’s been nothing but escalation and oil has kind of shrugged it off,” said Croft.

Also last week, the U.S. destroyed a drone it said belonged to Iran, but Iran denied that claim. Iran did say it had seized another smaller ship it said was engaged in smuggling.

“It doesn’t mean the security situation is not terribly fraught. It does not mean that we could end up with an unintended escalation through miscalculation. It just means oil is not a leading indicator of how this crisis is going,” Croft said, adding traders are more attuned now to the trade war than a potential shooting war.

Croft said a big reason why oil traders are not driving oil prices higher is because of the huge increase in U.S. production. The U.S.has now surpassed Russia and Saudi Arabia to become the biggest oil producer. She said oil trading has also changed and the market is more computer-driven with fewer big commodities players trading it.

“The surge in U.S. production to over 12 million barrels a day has created a U.S. fire wall against these risks, or perceived risks to supply,” said John Kilduff, partner with Again Capital. “They can take all the tankers they want. We still haven’t lost any oil yet. There’s a ton of spare capacity, especially in Saudi Arabia.I think that’s what’s holding prices back.”

Kilduff said, however, he does expect oil to rise if these types of incidents continue to happen.The tanker incident follows numerous attacks by Iranian proxies on oil facilities and key infrastructure, such as an airport in Saudi Arabia.

Earlier this month, Iran admitted to shooting down a U.S. drone and the White House prepared to respond militarily. Trump called off the retaliatory response at the last minute.

“One of these incidents is going to be the straw that breaks the camel’s back,” Kilduff said. He noted that the U.S. is once more using a key Saudi airbase and has positioned patriot missile defense systems there.

Oil prices were volatile last week with international bench mark Brent crude futures down 6.4% in its worst weekly performance since December, 2018. West Texas Intermediate futures were down 7.6%, in the worst weekly performance since May. WTI started the day lower Friday, but settled up 0.6% to $55.63 per barrel, after news of the tanker seizure.

Kilduff said oil could head higher after its steep drop, as central banks gear up to provide stimulus to the global economy. The European Central Bank meets Thursday and it is expected to cut rates at that meeting or the next, in September. The Federal Reserve meets on July 30 and 31, and it is widely expected to cut interest rates.

On Monday, Iranian Foreign Minister Mohammad Javad Zarif told NBC News that Iran does not want a war, and that the door to negotiations would be wide open if Trump lifts his sanctions. The Trump administration put sanctions on Iranian oil and other parts of its economy, after the U.S. pulled out of the Joint Comprehensive Plan of Action, or the nuclear agreement made between Iran, the U.S. and five other countries.

The other parties, which include Britain, have been trying to keep Iran in the nuclear agreement. But Iran has moved to enrich more uranium at higher levels, and has said it would continue to take actions that could violate the agreement.

Kilduff said in past major conflicts, oil spiked quickly but briefly and when oil reached its all time, it was not due to a conflict.

“We got to $147 [in 2008] not because of a war but because supply was tight and the economy was in its last phase of booming,” said Kilduff.


Company: cnbc, Activity: cnbc, Date: 2019-07-21  Authors: patti domm
Keywords: news, cnbc, companies, higher, war, iran, broken, prices, barometer, seizure, iranian, price, saudi, trump, tension, mideast, shows, week, tanker, oil


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OPEC set to extend oil production curbs after Iran endorses pact

OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy. Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months. “It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria. OPEC is set to


OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy. Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months. “It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria. OPEC is set to
OPEC set to extend oil production curbs after Iran endorses pact Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, eustance huang
Keywords: news, cnbc, companies, zanganeh, cuts, pact, iran, extend, endorses, opec, set, oil, supply, production, curbs, meeting, told, prices, vienna, producer, saudi


OPEC set to extend oil production curbs after Iran endorses pact

Khalid Al-Falih, Saudi Arabia’s energy and industry minister, arrives for the 15th Joint Ministerial Monitoring Committee (JMMC) meeting in Vienna, Austria, on Monday, July 1, 2019.

OPEC and its allies looked set to extend oil supply cuts until at least the end of the year, after several members of the Middle East-dominated producer group endorsed a policy designed to support oil prices amid a weakening global economy.

Iranian Oil Minister Bijan Zanganeh told reporters on Monday he had “no problem” with supporting oil supply cuts by six to nine months.

Tehran, which had been OPEC’s third-largest producer prior to the re-imposition of U.S. sanctions, has previously objected to policies put forward by arch-rival Saudi Arabia.

“It is going to be an easy meeting as my stance is very clear,” Zanganeh told reporters in Vienna, Austria.

OPEC is set to debate an extension of oil production cuts during its meeting on Monday, before getting the deal endorsed by non-members, such as Russia, on Tuesday.

The producer group and its allies have been reducing oil output since 2017 to prevent prices from sliding amid soaring production from the U.S. — which has become the world’s top producer this year ahead of Russia and Saudi Arabia.

The U.S. is not a member of OPEC, nor is it participating in the supply pact. Washington has demanded Riyadh pump more oil to compensate for lower exports from Iran after slapping fresh sanctions on Tehran over its nuclear program.

Oil prices rose sharply during early afternoon deals, with international benchmark Brent crude trading at $66.42 per barrel, up around 2.6%. Meanwhile, U.S. crude futures stood at $60.02 per barrel, more than 2.55 higher.


Company: cnbc, Activity: cnbc, Date: 2019-07-01  Authors: sam meredith, eustance huang
Keywords: news, cnbc, companies, zanganeh, cuts, pact, iran, extend, endorses, opec, set, oil, supply, production, curbs, meeting, told, prices, vienna, producer, saudi


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