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Posts on ‘September 25th, 2016’

Oil plumbs depths as Opec hope fades

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All eyes are on Saudi Arabia and other big producers as the oil price hovers around $40 a barrel

Oil prices could be headed back below $40 a barrel, with a deal this week between the world’s top exporters looking increasingly remote.

Opec meets for three-day talks in Algiers tomorrow, with the cartel still divided on its response to oil’s price slump.

Brent crude fell sharply to under $46 a barrel on Friday, as hopes of a production cut faded. Analysts at Citigroup said the price could slide below $40 unless big producers led by Saudi Arabia can hammer out a deal to pump less crude. Forecasters at Macquarie Group, meanwhile, said that even if a production freeze can… read more

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Saudi Arabia Injects $5.3 Billion in Bank System Amid Crunch

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The plunge in oil prices over the past two years forced the government to draw down on its deposits in the banking system…

By Alaa Shahine and Stefania Bianchi: 25 Sept 2016

Saudi Arabia’s central bank stepped up efforts to support lenders in the Arab world’s biggest economy as they grapple with the effects of low oil prices.

The Saudi Arabian Monetary Agency, as the central bank is known, said it decided to give banks about 20 billion riyals ($5.3 billion) in the form of time deposits “on behalf of government entities.” It’s also introducing seven-day and 28-day repurchase agreements, as part of its “supportive monetary policy.”

The plunge in oil prices over the past two years forced the government to draw down on its deposits in the banking system, squeezing domestic liquidity. That’s pushed up the three-month Saudi Interbank Offered Rate, a key benchmark used for pricing loans, to the highest level since 2009. The central bank was said to have offered lenders 15 billion riyals in short-term loans in June to help ease liquidity constraints. read more

royaldutchshellplc.com and its sister websites royaldutchshellgroup.com, shellnazihistory.com, royaldutchshell.website, johndonovan.website, shellnews.net, shell2004.com, shellshareholders.org, don-marketing.com and cybergriping.com are all owned by John Donovan. There is also a Wikipedia article: royaldutchshellplc.com
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