RIYADH: Oil rose on Wednesday, following a 9 percent drop over the previous two sessions, on supply concerns as the EU worked on gaining support for a ban on Russian oil and major producers warned they may struggle to fill the gap when demand improves.
Brent crude rose $1.42, or 1.4 percent, to $103.88 a barrel at 0232 GMT, while US West Texas Intermediate crude climbed $1.23, or 1.2 percent, to $100.99 a barrel. Both contracts fell more than $1 in early trade.
Oil prices have slumped with commodities and share markets this week, on worries about the hit to economic activity from prolonged COVID curbs in China and sharp interest rate hikes in the US.
Lotos says it is not processing oil for Germany’s Leuna
Poland’s Grupa Lotos said on Tuesday it is not processing oil for TotalEnergies’ Leuna refinery in Germany, referring to a statement by the Polish climate minister that this was the case as a “slip of the tongue.”
Poland’s Climate Minister Anna Moskwa said on Friday the Gdansk refinery owned by Lotos was processing oil for the Leuna refinery.
“The statement that the Gdansk refinery is processing oil for TotalEnergies Leuna refinery in Germany should be treated as a slip of the tongue,” a Lotos spokesperson said in an emailed statement.
Colombia had 7.6 years of proven oil reserves, says government
Colombia’s proven oil reserves closed 2021 at 2.04 billion barrels of oil, higher than the previous year and equivalent to 7.6 years’ worth of consumption, the government said on Tuesday.
The Andean country’s proven oil reserves — also known as 1P reserves — at the end of 2020 stood at 1.82 billion barrels, equivalent to 6.3 years of consumption.
Colombia’s oil and gas industry is a major source of income and foreign exchange for Latin America’s fourth-largest economy.
“Each barrel produced last year was replenished and replaced by 1.8 barrels,” Minister of Mines and Energy Diego Mesa said at a news conference held by the National Hydrocarbons Agency.
UN seeks $144 million to offload decaying Yemen oil tanker
The UN will launch a $144 million appeal on Wednesday for an operation to offload a million barrels of crude oil from a tanker stranded off the coast of war-torn Yemen for years which threatens a major environmental disaster.
David Gressly, the UN Resident and Humanitarian Coordinator for Yemen, said he hoped a donors conference held with the support of Netherlands in the Hague would quickly mobilize funds to avert a catastrophe on the Red Sea coast and its region.
He told Reuters the amount they were looking to raise was low “compared to the potential impact of a spill that would be catastrophic. It would cost $20 billion to clean it up.”
The Safer has been stranded off Yemen’s oil terminal of Ras Issa since 2015, and UN officials have warned it could leak four times as much oil as spilled during the 1989 Exxon Valdez disaster off Alaska.
(With input from Reuters)
RIYADH: Saudi Arabian energy firm ACWA Power Co. saw its profit climb 9 percent in the first quarter of 2022, thanks to higher project income.
The profits of the Public Investment Fund-owned firm climbed to SR152 million ($41 million), compared to SR139 million in the same period last year, according to a bourse filing.
Profits grew mainly due to the contribution of projects that began operating, which drove a higher share of net income from equity-accounted investors, it said.
With a SR251-billion portfolio, ACWA Power was the largest utility company to enter the Saudi bourse after the Saudi Electricity Co.
RIYADH: Saudi Arabia’s Public Investment Fund has announced a 5.01 percent stake in Japanese multinational video game company Nintendo Co. amid efforts to propel the country’s gaming industry, Bloomberg reported, citing a filing to Japan’s Finance Ministry.
While the acquisition was made for investment purposes, it also makes the PIF Nintendo’s fifth largest shareholder.
The Kyoto-headquartered firm is anticipating selling as many as 21 million switches this year, 700,000 switches short of the originally forecasted 21.7 million switches.
Over the past two years, the PIF has shown interest in the gaming and e-sports industry, investing in stakes accumulating to over 5 percent in two Japan-listed gaming firms: Capcom Co. and Nexon Co.
This comes as Japan’s gaming platforms are seen to dominate the videogame industry especially after technology giant Microsoft Corp invested up to $69 billion in the acquisition of video game company Activision Blizzard Inc.
Other firms including Japan’s mega-conglomerate Sony Group are also jumping into the trend as it announced the $3.6 billion purchase of US video game company Bungie Inc.
DUBAI: Saudi Arabia is currently going through a huge transformation when it comes to women’s inclusion, according to Mohammed H A Abudawood, executive chairman of M Abudawood Group.
Speaking at the Top CEO forum currently being held in Dubai, the business leader suggested people across the world are not realizing the trajectory of change in Saudi Arabia, as the Kingdom is now opening up in terms of diversification.
He said the diversification which is currently happening in Saudi Arabia will help the economy, as more non-oil sectors will flourish in the Kingdom.
While talking about rising costs, Abudawood noted the elasticity of financing and labor sectors will give companies the ability to control costs. He also pointed out that the consumers will always look at the prices and will compare with competitors.
According to Abudawood, the primary reasons for inflation are supply chain disruptions due to the Covid-19, an increase in raw material costs, and coal prices.
RIYADH: Gold prices fell on Wednesday as the dollar recovered slightly, piling pressure on greenback-priced bullion alongside firm Treasury yields and an aggressive inflation stance by the US Federal Reserve chief.
Spot gold dropped 0.2 percent to $1,810.49 per ounce, by 0557 GMT.
US gold futures slipped 0.6 percent to $1,808.10.
Silver down, Platinum up
Spot silver fell 0.2 percent to $21.57 per ounce, while platinum gained 0.2 percent to $953.32.
Palladium eased 0.5 percent to $2,041.87.
US wheat futures fell in early Asian trading on Wednesday on profit-taking after two sessions of gains, but soybeans edged higher to hit a more than two-week high, while corn was on track for a second session of decline.
The most-active wheat contract on the Chicago Board of Trade was down 1.7 percent at $12.56 a bushel, as of 0123 GMT.
CBOT soybeans edged up 0.1 percent to $16.79 bushel, extending gains into a seventh session.
CBOT corn shed 0.3 percent to $7.98-1/2 a bushel, retreating after touching a two-week high on Monday.
Copper prices slipped on Wednesday, as bets of big US rate hikes following hawkish comments from Federal Reserve officials, and a recent batch of weak economic readings from China put the focus back on global economic growth concerns.
Benchmark three-month copper on the London Metal Exchange was down 1.1 percent at $9,263 a ton, as of 0713 GMT, after hitting a more than one-week high of $9,434 on Tuesday.
The most-active June copper contract on the Shanghai Futures Exchange ended daytime trading down 0.4 percent at $10,574.69.
(With input from Reuters)
RIYADH: Saudi stocks opened on a positive note once again as more earnings were released early Wednesday, easing investors’ concerns.
The Saudi main stock index, TASI, rose 50 percent to reach 12,753, while the parallel market, Nomu, started almost unchanged at 22,679, as of 10:07 a.m. Saudi time.
Dar Al Arkan Real Estate Development Co. grew 3.47 percent to lead the gainers, after reporting a profit surge of 675 percent in the first quarter.
Saudi Aramco, the largest player on the Saudi oil market, opened today’s trading up 0.49 percent.
The Saudi Electricity Co. dropped 3.17 percent, after it reported a 10 percent decline in quarterly profit.
Methanol Chemicals Co. rose 1.66 percent, after it reported a 244 percent spike in profits in the first quarter.
Amlak International for Real Estate Finance Co. edged down 4.26 percent to lead the fallers.
In the financial sector, the Kingdom’s largest valued bank Al Rajhi edged up 1.25 percent, and Alinma Bank added 0.81 percent.
Brent crude settled at $112.46 a barrel, and US WTI crude traded at $113.29 a barrel, as of 10:11 a.m. Saudi time.