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Israel Hamas War

The superpowers' preoccupation with domestic affairs in 2024 is not expected to have a major negative impact on Middle East businesses

US-China tensions among risks facing Middle East

The divide between China and the US is one of the top five global risks facing businesses in the coming year, according to consultancy Control Risks.  But commentators said the Middle East would continue to engage economically and politically with both superpowers, with little negative impact on trade flows.  Control Risks’ annual “RiskMap” forecast highlights […]

Petro-Canada's oil refinery glows at dusk in Edmonton

Opec+ agonises over quotas but more cuts loom

Opec+ members are likely to extend their voluntary output cuts through to next year at their meeting in Vienna on November 26, even if this means the oil group risks losing market share to keep prices high, analysts and economic experts said. Brent prices held above $82 a barrel on Monday, after four weeks of […]

Markets find it 'very hard' to price geopolitical events, said UBS wealth management CIO Mark Haefele

Investors unsure on pricing Gaza conflict, says UBS

Global investors and markets are “not sure” how to price in the fallout from the Israel-Gaza conflict, according to Swiss private wealth bank UBS.  “It’s very hard for the markets to price these events,” Mark Haefele, chief investment officer in the global wealth management division at Swiss bank UBS, told reporters on Thursday. “So far, […]

The Ades contract with Pertamina will begin in the second half of 2024

War puts Israel’s big plans for gas exploration in jeopardy

Oil markets may have shrugged off Israel’s war with Hamas, but a month into the Gaza conflict the intense violence is affecting Israel’s plans to become a regional hub for exporting natural gas, according to analysts. Last week the government awarded 12 new exploration and development licences to six operators. One group comprises Italian energy […]

A tourist enjoys a view of Petra's most elaborate ruin, Al Khazneh (the Treasury), from the mountain above. On Thursday, February 8, 2019, in Petra, Ma'an Governorate, Jordan.

Gaza conflict puts pressure on neighbours’ economies

A prolonged conflict in Gaza and Israel is likely to lead to a significant contraction in GDP and loss of foreign exchange receipts across Middle East and North Africa, according to S&P Global Ratings. The month-long conflict leaves the tourism sectors of Lebanon, Egypt and Jordan “most exposed” due to their geographical proximity to the […]

PIF will acquire a 25% stake in Alkhorayef Petroleum through capital infusion and subscription to new shares

Opec output cuts may extend to end of next year

Opec+ may need to prolong output cuts until the end of 2024 to support crude prices, according to energy experts. A weakening global economy and rising supply from non-Opec countries means oil prices are under pressure. Dong Wang, a Middle East oil markets analyst at S&P Global Commodity Insights, told a conference in Dubai on […]

A screen displaying stock market index is seen at the Saudi stock market in Riyadh

Middle East bonds drop despite issuance surge

Middle East bond indexes endured a tough October, extending the losses for 2023 despite a bumper year for regional debt issuance. The slump in the benchmarks mirrors a sustained surge in US treasury yields. Bond yields and prices are inversely correlated, while Gulf bonds are priced based on a spread over US treasury yields. As […]

An Israeli tank near the border with the Gaza Strip. The World Bank cautioned that the cost of crude could enter 'uncharted waters'

World Bank warns of record oil prices if war escalates

Oil prices could hit record highs of $150 a barrel if the war between Israel and Hamas escalates into a wider conflict, according to an economic risk assessment from the World Bank. In its latest Commodity Markets Outlook, the World Bank cautioned that the cost of crude could enter “uncharted waters”. It outlined three risk […]

PIF governor Yasir Al-Rumayyan said the kingdom has ample funds to foster AI's development

PIF’s sukuk may test investor appetite for Middle East

Saudi Arabia’s Public Investment Fund is planning to issue its first dollar-denominated Islamic bonds, but the move could be a test of investor appetite as regional tensions rise over the conflict in Gaza.  Citi, HSBC, JP Morgan and Standard Chartered Bank have been nominated as global joint co-ordinators to organise a series of investor calls […]

Workers at Majnoon oil field in Iraq. Analysts do not expect the conflict to have a big effect on oil supply

Oil prices surge as conflict intensifies in Israel

Oil prices rose by more than 3 percent on Monday in the wake of Hamas’s surprise attack on Israel, which threatens to destabilise the Middle East. Brent crude was trading at $87.65 a barrel, up 3.6 percent, by 17:41 GST while US West Texas Intermediate was at $86.15 a barrel, up just over 4 percent. […]