July, 2018

• 4 July

  Sainsbury shows need for Asda deal as grocery growth slows

  

  Bloomberg J Sainsbury Plc showed why it’s so eager to lead a consolidation push among the UK’s grocers. Excluding fuel, Sainsbury’s comparable retail sales rose 0.2 percent in the 16 weeks through June 30, the London-based company said. That met the average analyst estimate but marked the slowest growth since the company acquired catalog retailer Argos in 2016. “The slowdown …

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• 3 July

  Arab Coalition rejects UN report on Yemen

  RIYADH / WAM The Saudi-led Arab Coalition to Restore Legitimacy in Yemen has expressed its rejection of a report issued by the UN Secretary-General Antonio Guterres, saying it contains inaccurate data on children who lost their lives in the armed conflict in Yemen. Colonel Turki Al Malki, the Coalition’s official spokesperson, said that the report included false, baseless infor- mation …

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• 3 July

  Ready to pump more oil under OPEC supply deal, says Adnoc

  

  Agencies Abu Dhabi National Oil Company (Adnoc) said it’s ready to increase oil output in line with guidance set by OPEC and allied producers, echoing comments by Saudi Arabia that it will boost supply to meet demand. The oil giant confirmed on Tuesday that it currently has an oil production capacity of around 3.3 million bpd, and remains on track …

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• 3 July

  Saudi non-oil private sector growth hits six-month high

  

  Riyadh / Emirates Business The health of the Saudi Arabian non-oil private sector improved at the fastest pace in 2018 so far during June. An upturn in output and new order growth were the key components behind the latest expansion. Furthermore, many panel respondents noted sharper capacity pressures, which led to the fastest build-up in backlogs of work in 11 …

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• 3 July

  Saudi, Russia reaffirm ‘million-barrel deal’

  

  Bloomberg Saudi Arabia and Russia reaffirmed an agreement between OPEC and its allies, which they say will mean increasing oil production by 1 million barrels a day. Energy ministers Khalid Al-Falih and Alexander Novak spoke on the phone, and reiterated the terms of the agreement reached last month in Vienna, according to statements from the Saudi and Russian energy ministries. …

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• 3 July

  Rising oil prices cut Gulf Arab energy borrowings

  Bloomberg Gulf Arab energy companies retreated from debt markets in the first half of 2018 after a banner year for borrowing as higher oil prices curbed financing needs for existing operations and new projects. Oil and gas producers, pipeline operators and refiners in countries including Kuwait, the United Arab Emirates and Saudi Arabia borrowed $6 billion through loans and bonds …

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• 3 July

  US refiners at full throttle as margins under threat

  

  Bloomberg US refiners have returned from maintenance with a vengeance, processing more than 18 million barrels a day of crude and other oils for the first time in the week ended June 22. What does that mean for the markets? Gasoline stockpiles have increased 2.9 percent in June, the biggest gain for the month since 2009. There’s enough supply to …

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• 3 July

  Free oil market to reign in Argentina, says minister

  Bloomberg Argentina’s move to a free market for energy prices remains on track. A recent decision to cap crude oil prices and limit fuel price gains in order to stem inflation was an outlier, according to Javier Iguacel, the nation’s new energy minister. Restricting crude price increases only extinguishes competition and, in turn, the possibility of cutting costs, he said. …

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• 3 July

  Stocks climb as China says ‘won’t use yuan as a weapon’

  

  Bloomberg US stocks rose with European shares on Tuesday after China said it won’t use the yuan as a weapon in any trade dispute. Oil briefly rose above $75 a barrel for the first time since November 2014. All major US benchmarks were higher, paced by strength in energy, on lighter than normal volume heading into the US. Telecom companies …

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• 3 July

  Oil surges above $75 as supply outages outpace OPEC

  

  Bloomberg Crude soared above $75 a barrel in New York for the first time since 2014 on signs global supply outages outweigh OPEC’s pledged production rise. Futures in New York jumped as much as 1.7 percent. Even as US President Donald Trump — facing sky-high retail gasoline prices ahead of midterm elections — urges to boost output more than it …

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