‘Sporadic’ attacks from Iran’s increased presence is a risk to oil, says US think tank

Oil prices rose as much as 4% on Thursday following attacks on two tanker ships off the coast of Iran, which the Trump administration has blamed on Tehran. It occurred near the Strait of Hormuz which is one of the world’s most vital sea lanes for oil shipments. It can conduct sporadic, low-level attacks that do not necessarily provoke a major U.S. or Arab reaction, but create sudden risk premiums in petroleum prices. The UAE and Saudi Arabia have sought to find alternatives to bypass the strait.


Oil prices rose as much as 4% on Thursday following attacks on two tanker ships off the coast of Iran, which the Trump administration has blamed on Tehran. It occurred near the Strait of Hormuz which is one of the world’s most vital sea lanes for oil shipments. It can conduct sporadic, low-level attacks that do not necessarily provoke a major U.S. or Arab reaction, but create sudden risk premiums in petroleum prices. The UAE and Saudi Arabia have sought to find alternatives to bypass the strait.
‘Sporadic’ attacks from Iran’s increased presence is a risk to oil, says US think tank Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: weizhen tan
Keywords: news, cnbc, companies, cordesman, iran, strait, arabia, oil, risk, prices, attacks, sporadic, think, oman, saudi, irans, gulf, presence, increased, tank


'Sporadic' attacks from Iran's increased presence is a risk to oil, says US think tank

Fire and smoke billow from the Norwegian owned Front Altair tanker, which was said to have been attacked in the Gulf of Oman. ISNA | AFP | Getty Images

Analysts have played down fears of a huge spike in oil prices this year, citing the economic slowdown and trade war — but rising tensions in the Middle East could be a threat to the energy markets, according to a U.S.-based think tank. Oil prices rose as much as 4% on Thursday following attacks on two tanker ships off the coast of Iran, which the Trump administration has blamed on Tehran. The attacks in the Gulf of Oman, which involved Japanese and Norwegian vessels, renewed fears of conflict in the Middle East after a series of strikes on oil tankers last month. It occurred near the Strait of Hormuz which is one of the world’s most vital sea lanes for oil shipments. Such incidents “can lead to immediate price rises” in oil, said Anthony Cordesman of the Center for Strategic and International Studies in a note.

Iran also does not have to launch a major war. It can conduct sporadic, low-level attacks that do not necessarily provoke a major U.S. or Arab reaction, but create sudden risk premiums in petroleum prices. Anthony Cordesman Center for Strategic and International Studies

Iran’s growing presence

Tensions between the U.S. and Iran are already high after the Trump administration withdrew from an international nuclear pact with Tehran in May last year. The Islamic Republic has repeatedly threatened to block traffic in the Strait of Hormuz in retaliation for U.S. sanctions on Iran. Iran can use its naval, air or missile forces to attack ships anywhere in the Gulf, or use proxies to do so, said Cordesman. “Iran also does not have to launch a major war. It can conduct sporadic, low-level attacks that do not necessarily provoke a major U.S. or Arab reaction, but create sudden risk premiums in petroleum prices,” he wrote. Those attacks can be carried out by ships without Iranian flags, or operators not wearing Iranian uniforms, “that cannot be directly tied to actions by the Iranian government,” Cordesman said. Furthermore, he pointed to the growing Iranian naval presence in the Gulf of Oman and the Gulf of Aden near Yemen, ostensibly to prevent smuggling and deal with Somali pirates.

Limited route options

In addition, there are “limited options” to bypass the Strait of Hormuz, which is the world’s most important choke point for oil shipments, Cordesman wrote. The U.S. Energy Information Administration estimated a record 18.5 million barrels per day of sea-borne oil passed through the waterway in 2016, and it accounted for a third of such sea-borne traded oil and other liquids in 2015. Most of the crude exported from Saudi Arabia, Iran, the United Arab Emirates (UAE), Kuwait and Iraq passes through the strait, which lies between the Persian Gulf and the Gulf of Oman. The UAE and Saudi Arabia have sought to find alternatives to bypass the strait. But existing alternatives are limited, said Cordesman. “The only options to this traffic by sea are a limited pipeline through Iraq to a port in Turkey that offers little real-world surplus capacity,” he said. There is another bigger pipeline through Saudi Arabia to a port at Yanbu on the Red Sea, but “even in a best case, this amounts to less than 20% of the petroleum that now flows daily out of the Gulf,” he wrote. Furthermore, such alternatives are also subjected to risk, Cordesman pointed out, citing that Saudi Arabia shut down the Yanbu pipeline after an attack by armed drones in May this year. Only Saudi Arabia and the UAE have pipelines that can ship crude outside the Persian Gulf and still have additional pipeline capacity to circumvent the Strait of Hormuz, he indicated. Even so, the total capacity from both countries was only 6.6 million barrels per day at the end of 2016. — Reuters contributed to this report.

WATCH: Two tankers on fire after attack in Gulf of Oman


Company: cnbc, Activity: cnbc, Date: 2019-06-14  Authors: weizhen tan
Keywords: news, cnbc, companies, cordesman, iran, strait, arabia, oil, risk, prices, attacks, sporadic, think, oman, saudi, irans, gulf, presence, increased, tank


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Trump administration approved nuclear energy transfers to Saudis after Khashoggi killing

The Trump administration approved the transfer of nuclear energy information to Saudi Arabia on two occasions after the slaying of Saudi dissident Jamal Khashoggi by agents of the kingdom, according to Senate Democrats. Sen. James Risch, R-Idaho, the committee’s chairman, sought information about seven so-called Part 810 authorizations granted to U.S. firms to share nuclear energy information with Saudi Arabia beginning on Dec. 13, 2017. The administration is trying to thwart efforts by China an


The Trump administration approved the transfer of nuclear energy information to Saudi Arabia on two occasions after the slaying of Saudi dissident Jamal Khashoggi by agents of the kingdom, according to Senate Democrats. Sen. James Risch, R-Idaho, the committee’s chairman, sought information about seven so-called Part 810 authorizations granted to U.S. firms to share nuclear energy information with Saudi Arabia beginning on Dec. 13, 2017. The administration is trying to thwart efforts by China an
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Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: tom dichristopher
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Trump administration approved nuclear energy transfers to Saudis after Khashoggi killing

The Trump administration approved the transfer of nuclear energy information to Saudi Arabia on two occasions after the slaying of Saudi dissident Jamal Khashoggi by agents of the kingdom, according to Senate Democrats.

The administration granted the first approval in question Oct. 18, 2018, 16 days after the killing of The Washington Post columnist and Virginia resident at the Saudi Consulate in Istanbul. The second authorization was granted Feb. 18, 2019, three months after the CIA reportedly concluded that Saudi Crown Prince Mohammed bin Salman ordered Khashoggi’s death.

“The alarming realization that the Trump Administration signed off on sharing our nuclear know-how with the Saudi regime after it brutally murdered an American resident adds to a disturbing pattern of behavior,” Sen. Tim Kaine, D-Va., said in a press release.

The information, first shared by Kaine in the press release, came from documents provided by the Department of Energy to the Senate Foreign Relations Committee. Sen. James Risch, R-Idaho, the committee’s chairman, sought information about seven so-called Part 810 authorizations granted to U.S. firms to share nuclear energy information with Saudi Arabia beginning on Dec. 13, 2017.

In particular, congressional Democrats and Republicans alike wanted to know whether the administration continued to grant Part 810 authorizations for information sharing with Saudi Arabia after Khashoggi’s slaying.

The Department of Energy, which approves Part 810 authorizations along with the State Department, did not immediately return a request for comment. A foreign relations aide for Risch could not immediately be reached to confirm the contents of the letter.

A spokesperson for Sen. Robert Menendez, a New Jersey Democrat and the ranking member of the Foreign Relations Committee, confirmed the dates disclosed by Kaine.

“This adds to my existing worries about the Administration’s willingness to give Saudi Arabia a free pass, especially after its brutal murder of Jamal Khashogghi,” Menendez said in an email to CNBC. “The fact that we now know two of these transactions took place after the murder makes clear that the Administration is willing to support the Saudis with impunity.”

The issue of U.S.-Saudi nuclear energy cooperation has become a flash point in the broader conflict between the White House and Capitol Hill over U.S. relations with Saudi Arabia. Members of Congress have questioned whether the kingdom should be trusted with U.S. nuclear energy technology in light of the CIA conclusion that Crown Prince Mohammed played a part in Khashoggi’s murder, an assessment the Saudis deny.

Saudi Arabia is reviewing bids by firms from several countries to build nuclear reactors in the kingdom. The Trump administration wants American companies to win the work, and the authorizations give U.S. firms the ability to share information as they make their pitches to the Saudis. The administration is trying to thwart efforts by China and Russia to export nuclear reactors to Saudi Arabia and other nations.

Yet the Trump administration’s support for Saudi Arabia goes beyond nuclear energy export policy. Riyadh has emerged as one of the Trump administration’s top allies, particularly as Washington aims to crack down on Iran, Saudi Arabia’s chief Middle East rival.

President Donald Trump’s declaration that the U.S. stands in solidarity with Saudi Arabia following Khashoggi’s killing drew criticism from both sides of the aisle.

Kaine is part of a group of bipartisan senators who introduced legislation in April that would give Congress greater oversight of the executive branch’s power to allow companies to engage in nuclear energy cooperation with foreign countries.

Kaine on Tuesday called out the Trump administration for “citing a bogus emergency to bypass a Congressional block on arms sales to the Saudis, continuing support for the disastrous war in Yemen over Congressional objections, turning a blind eye to the regime’s detention of women’s rights activists, and refusing to comply with the Global Magnitsky Act to reach a determination about the Saudi government’s responsibility for the murder of Jamal Khashoggi.”

The White House did not respond to a request for comment.


Company: cnbc, Activity: cnbc, Date: 2019-06-04  Authors: tom dichristopher
Keywords: news, cnbc, companies, energy, approved, nuclear, transfers, khashoggi, murder, relations, administration, saudi, arabia, killing, information, trump, saudis


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Saudi Arabia’s largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion


DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning. Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh. Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion
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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


Saudi Arabia's largest IPO since 2014 begins trading, with shares edging above their offer price

DUBAI — Saudi Arabia’s largest initial public offering (IPO) in five years has edged above expectations as it debuted on the Tadawul, the country’s stock exchange, Wednesday morning.

Shares of Saudi shopping mall operator Arabian Centres were trading at 26.1 riyals ($6.96) just after 10 a.m. in Riyadh.

The price is just a hair above the retail giant’s initial pricing at 26 riyals per share, at the bottom of its indicative range, compared with a price range of 26 to 33 riyals per share for 95 million shares being sold.

The company had been aiming to raise 2.8 billion riyals ($747) million.

Arabian Centres Company — which operates, develops and owns 19 malls across 10 cities in Saudi Arabia — is owned by Fawaz Alhokair Group, whose majority shareholder is Saudi billionaire Fawaz Alhokair.

The 17-year-old shopping mall operator had a revenue of $576 million in 2018, up from $511 million in 2016. Its future plans include the opening of four more malls and one extension in the coming 12 months, according to the company.

Omar Al Mohammedy, CEO of Fawaz Alhokair Group, spoke to CNBC about the IPO the week prior and emphasized the importance of Saudi Arabia’s social and economic liberalization plans to the expansion of his business.

“Vision 2030 presents a tremendous opportunity for us,” he told CNBC’s Dan Murphy in Abu Dhabi, referencing the economic diversification plan spearheaded by Crown Prince Mohammed bin Salman to reduce Saudi Arabia’s reliance on oil revenue.

“One of the vision policy objectives is to improve the quality of life for Saudi citizens and Saudi residents. This includes many entertainment initiatives. One example that directly helps our business is cinemas.”

Saudi Arabia legalized movie theaters in late 2017 for the first time in more than 35 years as part of a drive to open up notoriously conservative social norms in the Islamic monarchy.

“We’re launching 15 cinemas across our existing 19 assets and we’ll have more cinemas in our growth assets,” the CEO continued. “Many of these policy objectives allow us to add concepts that in the past we could not add, whether it’s across entertainment, or fine dining, so we’re excited that there is significant room for us to give a hungry Saudi consumer the product that they demand.”

—Reuters contributed to this story


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak
Keywords: news, cnbc, companies, offer, saudi, shopping, largest, shares, riyals, range, trading, arabias, fawaz, ipo, million, begins, edging, share, social, price


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Saudi oil giant Aramco strikes deal to buy US natural gas from Sempra Energy

Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market. Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The supplies would come from th


Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market. Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The supplies would come from th
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Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher, sens mike crapo, r-idaho, sheldon whitehouse, d-rhode island
Keywords: news, cnbc, companies, deal, port, saudi, lng, sempra, buy, signed, aramco, oil, gas, agreement, tons, energy, strikes, natural, million, giant


Saudi oil giant Aramco strikes deal to buy US natural gas from Sempra Energy

Saudi Aramco has signed an agreement to buy U.S. liquefied natural gas from San Diego-based utility Sempra Energy, advancing the state-owned oil giant’s goal of becoming a player in the growing international gas market.

Subsidiaries of the two companies, Sempra LNG and Aramco Services Company, announced on Wednesday that they’ve signed a heads of agreement, which sets up a deal that would see Sempra sell Aramco 5 million tons per year of LNG for the next 20 years. The agreement is subject to negotiation and finalization.

“If converted to a sales and purchase agreement (SPA), this will be one of the largest LNG deals ever signed and the largest deal signed since 2013,” said Giles Farrer, research director at energy and minerals consultancy Wood Mackenzie.

The supplies would come from the first phase of Sempra’s Port Arthur LNG facility in Texas, which is currently under development. The agreement will see Aramco make a 25% equity investment in the facility.

The agreement is a major boost for Sempra, one of several companies trying to develop U.S. facilities to export LNG, or natural gas chilled to liquid form for transport. LNG developers need to line up customers in order to finance the multi-billion dollar export terminals, so the agreement with Aramco makes it more likely that Sempra will green light the Port Arthur facility.

Sempra previously struck a 20-year deal to sell 2 million tons per year from Port Arthur to the Polish Oil and Gas Company. Once the Aramco deal is finalized, Sempra will have locked in buyers for 7 million tons of Port Arthur’s 11 million tons per year of capacity.


Company: cnbc, Activity: cnbc, Date: 2019-05-22  Authors: natasha turak tom dichristopher, natasha turak, tom dichristopher, sens mike crapo, r-idaho, sheldon whitehouse, d-rhode island
Keywords: news, cnbc, companies, deal, port, saudi, lng, sempra, buy, signed, aramco, oil, gas, agreement, tons, energy, strikes, natural, million, giant


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Risks are rising for an oil price spike as tensions between the U.S. and Iran increase

If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran. “I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. Saudi Arabia and OPEC, have been attempting to keep the oil


If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran. “I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. Saudi Arabia and OPEC, have been attempting to keep the oil
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Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, higher, market, iran, risks, saudi, oil, trump, trade, war, increase, week, tensions, rising, barrels, spike, price


Risks are rising for an oil price spike as tensions between the U.S. and Iran increase

If not for the trade war, both oil and gasoline prices could be much higher than they are now on rising tensions between the U.S. and Iran.

Analysts say oil could be more than 10% higher, but if there is a resolution of trade issues, and the situation in the Middle East intensifies, there are risks of price spikes that take oil to as high as $100 a barrel this summer.

“If you do get a trade war resolution, a better economy coupled with Iran sanctions, that’s a recipe for higher oil,” said Francisco Blanch, head of global commodities and derivatives at Bank of America Merrill Lynch. Blanch said under that scenario, one incident could trigger a spike in Brent, the international benchmark, to $100 a barrel.

“I think the real risk is Iran misreads [President Donald] Trump and Trump misreads Iran. I do think the real risks are increasing for sure,” said Blanch. His forecast is for Brent to reach $82 per barrel during the summer.

West Texas Intermediate futures are flat this week at just around $62 per barrel and down 2.2% for the month so far, even though the U.S. has sent an aircraft carrier and bombers to the Gulf due to unspecified threats, which U.S. officials say are the work of Iran.

The U.S. Wednesday ordered all non-emergency diplomatic staff to leave Iraq, after two separate attacks in the region and as the U.S. responds to other nonspecific threats. This week, two Saudi tankers were among four ships attacked off the coast of the United Arab Emirates, and Houthi rebels, who have ties to Iran, claimed responsibility for a separate drone attack on a key Saudi Arabian pipeline.

While it’s not clear Iran was involved, analysts expect more such incidents.

“Senior Iranian officials have made veiled and not-so-veiled threats to obstruct the ability of its regional rivals to export oil and exponentially raise the economic costs of remaining on the current policy course. They have also warned of ‘planned accidents’ which could lead to direct confrontation,” notes Helima Croft, global head of commodities strategy at RBC.

The Houthi, operating from Yemen, have previously attempted attacks on Saudi oil infrastructure. Saudi Arabia and Iran are engaged in a proxy war in Yemen. Iran also provides funding for Hezbollah, a Lebanon based group designated as terrorists by the U.S.

The Saudi Aramco oil pipeline was temporarily closed after the drone incident. It is a 1,200 mile oil artery the Saudis built to bypass the Straits of Hormuz during the Iran-Iraq war.

Croft said the presence of the U.S. Fifth Fleet in Bahrain would likely discourage Iran from trying to close the Straits of Hormuz, though it could could use its proxies and stage one-off attacks on ships.

“It is important to note that these are not the only flash points in the region, and while an off-ramp may yet emerge, the hawks appear in ascendancy, which leaves oil’s risk premium set to take center stage,” she noted.

Croft said while the Trump administration has not blamed Iran in the attacks this week, they are “under a very heavy cloud of suspicion and there is growing concern that the region’s long simmering cold war may be poised to become a hot one.”

John Kilduff of Again Capital, said that scenario is one side of the tug of war on oil prices.

“The battle in the oil market is the geopolitical premium versus the slowing global economy, which is the fallout from the trade war,” said John Kilduff of Again Capital “WTI would be pressing $70, and Brent would probably push on $80 to $85.” Brent futures were just under $72 per barrel.

But those prices have not moved much higher in last few weeks, even as it became clear the U.S. would play hardball with Iran and pressure its oil sales to zero. It’s been a year since the U.S. dropped out of the agreement between Iran and six nations, which prohibited Iran from working on its nuclear program in exchange for a lifting of sanctions. The U.S. is the only nation to break from the agreement.

Iran has threatened to restart elements of its nuclear program, unless the European signatories of the accord help allow it to make oil sales.

“Historically, with this kind of tension in the Gulf, there would definitely be a security premium in the price. We haven’t seen it this time—so far,” said Daniel Yergin, vice chairman of IHS Markit. “The two big reasons are the trade war, and its potential effect on economic activity and the huge growth in U.S. supply.”

Yergin said U.S. Secretary of State Mike Pompeo has made it clear when speaking to oil industry leaders that the boom in U.S. oil production has helped give the U.S. flexibility.

“This is a case study of how the growth in shale, and the change in the U.S. position affects perceptions about security,” said Yergin. In the past year, the U.S. has surged past Russia to be the world’s largest oil producer. Last week, U.S. oil production was at 12.1 million barrels a day, while exports surged to 3.3 million barrels a day.

“You have this firewall of U.S. output,” said Kilduff. “The Saudis can really turn the spigot on at will. There’s a lot of cushion as we go into this situation with Iran.” Saudi Arabia and OPEC, have been attempting to keep the oil market in balance under an agreement with Russia and other non-OPEC producers. The joint monitoring committee for that group meets this week.

“There was chatter in the market that this weekend, they could agree to raise the production cap to respond to the loss of Iranian crude,” he said. Analyst said Iran exports have already fallen below 1 million barrels a day and it could drop more, to as little as 200,000 barrels a day.

Analysts say the potential for more incidents in the Gulf is increasing, as Iran gets more desperate and its economy gets weaker under U.S. sanctions.

President Donald Trump this week denied reports that the U.S. was considering sending as many 120,000 troops to the Middle East to deal with Iran. But he added if troops were necessary, he’d send “a hell of a lot more.” Trump’s advisers, however, are seen as more hawkish than the president, and it was his national security adviser John Bolton, former U.N. Ambassador, who advised President George W. Bush in the war against Iraq.

“It’s a flammable situation and with lots of room for miscues and miscalculations,” said Yergin.

Blanch said Iran has several options, including dropping out of the nuclear agreement, but the most likely is that Iran will take indirect actions through proxies.

“There’s no sense they’re going to come back to the negotiating table,” said Blanch. “Iran could see being more proactive against U.S. aggression, for the home audience. At the end of the day, the loss of market share for Iran is a gain for the rest of the region. Other than letting others pocket money for the barrels you no longer can sell, you could target those barrels and maybe in the process push the price up and put some pressure on the Trump administration which doesn’t want to see higher gasoline prices. It’s a fine line to walk.”

Kilduff said the market is more on edge, even if prices aren’t rising.

“Because of the maximum pressure campaign the U.S. is putting on Iran, there’s little doubt the Iranians will try to act out through proxies in the areas. We’re tripping into conflict. That’s the sense in the market,” said Kilduff.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: patti domm
Keywords: news, cnbc, companies, higher, market, iran, risks, saudi, oil, trump, trade, war, increase, week, tensions, rising, barrels, spike, price


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Oil prices jump as Saudi energy minister reports drone ‘terrorism’ against pipeline infrastructure

Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019. DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia. The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping


Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019. DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia. The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping
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Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: natasha turak
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Oil prices jump as Saudi energy minister reports drone 'terrorism' against pipeline infrastructure

Saudi Arabia’s Energy Minister Khalid al-Falih attends a press conference at the end of the 13th meeting of the Joint Ministerial Monitoring Committee (JMMC) of OPEC and non- OPEC countries in Baku on March 18, 2019.

DUBAI — Oil prices rose sharply Tuesday morning on reports of a drone attack at oil pumping stations in Saudi Arabia.

The incident is an “act of terrorism,” Saudi Energy Minister Khalid al-Falih said according to the Saudi state news agency SPA, describing attacks on two oil pumping stations near Riyadh for the country’s East-West pipeline carried out with bomb-laden drones.

Brent crude futures were up 1.6% at $71.38 a barrel, up $1.15. U.S. West Texas Intermediate (WTI) crude futures were at $61.95 per barrel at 11:26 a.m. New York time, up 1.4% for the session.

The fire has since been contained, according to the SPA. Al-Falih asserted that oil production was not interrupted. State oil company Saudi Aramco said that its oil and gas supplies to Europe have not been affected, and that no one was injured.

“This act of terrorism and sabotage in addition to recent acts in the Arabian Gulf do not only target the Kingdom but also the security of world oil supplies and the global economy,” the SPA described al-Falih as saying.

No one has yet been directly accused of carrying out the attack, but a Yemeni Houthi-run TV channel announced on Tuesday morning it had launched drone attacks on several Saudi installations.


Company: cnbc, Activity: cnbc, Date: 2019-05-14  Authors: natasha turak
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Iran oil tanker breaks down in Red Sea off Saudi coast

An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking. The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea. Saudi auth


An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking. The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea. Saudi auth
Iran oil tanker breaks down in Red Sea off Saudi coast Cached Page below :
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Iran oil tanker breaks down in Red Sea off Saudi coast

An Iranian oil tanker carrying over 1 million barrels of fuel oil suffered a malfunction in the Red Sea off the coast of Saudi Arabia, authorities said Thursday, raising concerns that the vessel could be leaking.

The incident involving the Happiness I came as U.S. oil exemptions for Iranian crude oil purchases expired, part of President Donald Trump’s maximalist approach against Tehran.

Saudi Arabia’s state-run television channels and news agency said authorities received a distress call from the Happiness I over an “engine failure and the loss of control.”

The vessel had a crew of 26, including 24 Iranians and two Bangladeshis, Saudi state media said. They described the ship’s position as some 70 kilometers (44 miles) south of Jiddah in the Red Sea.

Saudi authorities said various government agencies were involved in the operation, including those who handle environmental protection. It did not elaborate on whether oil had spilled from the tanker.

Iran’s state-run IRNA news agency quoted the state-run National Iranian Tanker Co. as saying the tanker would be transferred to Jiddah’s port. It said the vessel, on the way to the Suez Canal, broke down over water leaking into its engine room.


Company: cnbc, Activity: cnbc, Date: 2019-05-02
Keywords: news, cnbc, companies, authorities, oil, breaks, happiness, saudi, red, iran, tanker, coast, staterun, sea, vessel, including, iranian


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Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i


Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles. In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” I don’t mind growing the 6% if I’m entering now i
Massive Saudi wealth fund zeros in on China, plans to open new Asia office Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


Massive Saudi wealth fund zeros in on China, plans to open new Asia office

Saudi Arabia’s massive sovereign wealth fund has its eye on China as it expands international investments, though its “No. 1 target” remains the U.S., its managing director told CNBC on Tuesday.

The Saudi Public Investment Fund is one of the Middle East’s largest, with some $300 billion in assets under management and an aim to increase that to $2 trillion by 2030 as it aggressively invests in both domestic and international markets.

“We’re opening up in New York and London, San Francisco. Now I’m thinking seriously even to accelerate the Asia office because we see a lot of potential over there,” Yasir Othman Al-Rumayyan told CNBC’s Hadley Gamble during the Milken Institute Global Conference in Los Angeles.

In fact, a PIF spokesman told CNBC the fund is planning to open a new office in Asia “to focus on China.” That follows Al-Rumayyan, who has served as the fund’s director since 2015, recently visiting Beijing for a forum on China’s Belt and Road Initiative, which culminated in billions of dollars worth of deals to expand the flagship Chinese project that seeks to invest across Asia, Africa and parts of Europe.

“This is the first time for me to go out and meet asset managers, companies, Chinese entrepreneurs, and they are really very impressive,” Al-Rumayyan said, speaking on the topic of China. “The GDP growth now is, I think, at 6.25% which is larger than most of the other countries around the world. But the concern is it came down from 11-plus percent. I don’t mind growing the 6% if I’m entering now in China. The Softbank Vision Fund also deployed big amounts of money in China and some of the Chinese companies. So we are OK in the longer term.”


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: natasha turak
Keywords: news, cnbc, companies, wealth, told, massive, zeros, fund, office, im, alrumayyan, saudi, asia, plans, international, open, china, chinese


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Saudi Arabia’s sovereign wealth fund aims to tap debt markets twice this year after ‘amazing’ market response

Saudi Arabia’s sovereign wealth fund is planning to tap the debt market twice this year, after an overwhelmingly positive response from international investors. The Public Investment Fund (PIF) is seeking to raise debt over the coming months as part of a sustained effort to boost its firepower and help support the oil-rich kingdom’s ambitious economic transformation plans. “We asked for $8 billion syndicate loan and we got an amazing response from the markets. This year, we will do at least two


Saudi Arabia’s sovereign wealth fund is planning to tap the debt market twice this year, after an overwhelmingly positive response from international investors. The Public Investment Fund (PIF) is seeking to raise debt over the coming months as part of a sustained effort to boost its firepower and help support the oil-rich kingdom’s ambitious economic transformation plans. “We asked for $8 billion syndicate loan and we got an amazing response from the markets. This year, we will do at least two
Saudi Arabia’s sovereign wealth fund aims to tap debt markets twice this year after ‘amazing’ market response Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: sam meredith
Keywords: news, cnbc, companies, wealth, going, debt, pif, raise, response, market, markets, fund, saudi, billion, sovereign, twice, tap, think, months


Saudi Arabia's sovereign wealth fund aims to tap debt markets twice this year after 'amazing' market response

An employee looks out from the 32nd floor viewing platform of the Al Faisaliah Tower, as skyscrapers and commercial buildings stand beyond, in Riyadh, Saudi Arabia, on Thursday, Dec. 1, 2016.

Saudi Arabia’s sovereign wealth fund is planning to tap the debt market twice this year, after an overwhelmingly positive response from international investors.

The Public Investment Fund (PIF) is seeking to raise debt over the coming months as part of a sustained effort to boost its firepower and help support the oil-rich kingdom’s ambitious economic transformation plans.

“We asked for $8 billion syndicate loan and we got an amazing response from the markets. We got like $24 (billion)… That was sometime last year. This year, we will do at least two debt raises,” Yasir Bin Othman Al-Rumayyan, managing director of Saudi Arabia’s PIF, told CNBC’s Hadley Gamble at the Milken Institute Global Conference in Los Angeles on Tuesday.

When asked how much he was expecting the fund to raise over the coming months, Al-Rumayyan said: “I think it’s going to be in the neighborhood of like 14 billion Saudi riyal and for the U.S. dollar I think it’s going to be north of $8 or $10 billion.”

“And still, I mean, this doesn’t represent even 5% of our AUM (assets under management). Our target is to go between 15% to 20%. So, we’ll continue on raising debt,” he added.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: sam meredith
Keywords: news, cnbc, companies, wealth, going, debt, pif, raise, response, market, markets, fund, saudi, billion, sovereign, twice, tap, think, months


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Uber is ‘totally different’ to Lyft, major investor Saudi Arabia says ahead of IPO

Uber can’t be compared to Lyft because its business is spread across the world and it has more services to offer, according to Saudi Arabia’s sovereign wealth fund. The Saudi Public Investment Fund (PIF) is one of the largest shareholders in the ride-hailing giant, with a roughly 4% stake according to a regulatory filing. That holding is estimated to be worth around $3.4 billion when Uber goes public this month. “Uber is totally different than Lyft,” Yasir Othman Al-Rumayyan, managing director o


Uber can’t be compared to Lyft because its business is spread across the world and it has more services to offer, according to Saudi Arabia’s sovereign wealth fund. The Saudi Public Investment Fund (PIF) is one of the largest shareholders in the ride-hailing giant, with a roughly 4% stake according to a regulatory filing. That holding is estimated to be worth around $3.4 billion when Uber goes public this month. “Uber is totally different than Lyft,” Yasir Othman Al-Rumayyan, managing director o
Uber is ‘totally different’ to Lyft, major investor Saudi Arabia says ahead of IPO Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: ryan browne
Keywords: news, cnbc, companies, sharing, ipo, public, pif, yasir, company, lyft, ahead, different, investor, ride, saudi, according, totally, arabia, uber, major


Uber is 'totally different' to Lyft, major investor Saudi Arabia says ahead of IPO

Uber can’t be compared to Lyft because its business is spread across the world and it has more services to offer, according to Saudi Arabia’s sovereign wealth fund.

The Saudi Public Investment Fund (PIF) is one of the largest shareholders in the ride-hailing giant, with a roughly 4% stake according to a regulatory filing. That holding is estimated to be worth around $3.4 billion when Uber goes public this month.

“Uber is totally different than Lyft,” Yasir Othman Al-Rumayyan, managing director of the PIF, told CNBC’s Hadley Gamble on Tuesday. “Of course it’s a ride sharing company, but it’s a ride sharing company not only in the U.S. but all over the world.”

While Lyft has gained significant market share in the North American mobility space, Uber’s strategy has been to grow its platform internationally. The firm is currently present in 63 countries and more than 700 cities while Lyft only operates in the U.S. and Canada.


Company: cnbc, Activity: cnbc, Date: 2019-05-01  Authors: ryan browne
Keywords: news, cnbc, companies, sharing, ipo, public, pif, yasir, company, lyft, ahead, different, investor, ride, saudi, according, totally, arabia, uber, major


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