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Oil Slides More Than 4% After Russia Rejects Opec+

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Oil Slides More Than 4% After Russia Rejects Opec+ BUSINESS SATURDAY 7 MARCH 2020 13 BUSINESS | 14 BUSINESS | 15 Private debt Goldman Marcus looks shaky to a unit head in Wall Street on running to become recession alert HDFC Bank CEO Your Global Remittance Partner Currency TT Rate Currency TT Rate Currency TT Rate Currency TT Rate QAR/INR : 19.98 QAR/PHP : 13.80 QAR/LKR : 49.75 QAR/BDT : 23.30 EUR/QAR : 4.22 GBP/QAR : 4.85 CAD/QAR : 2.88 AUD/QAR : 2.55 CHF/QAR : 4.00 SGD/QAR : 2.74 KWD/QAR : 12.18 OMR/QAR : 9.55 MAIN BRANCH LULU HYPER MARKET SANAYYA (STREET 17) AL KHOR PH: 44441448 PH: 44650768 PH: 44510088 PH: 44213444 MATAR QADEEM MANSOURA - AL MEERA ABU HAMOUR BIN OMRAN - ALMEERA PH: 44655559 PH: 44357552 PH: 44621271 PH: 44162002 alzamanexchange www.alzamanexchange.com 44441448 Lebanon on Oil slides more verge of debt than 4% after default REUTERS — BEIRUT Russia rejects Lebanon looks set to announce on Saturday it cannot make upcoming dollar bond payments and wants to restructure $31bn of foreign Opec+ cut currency debt, sources said, unless a last-minute deal with REUTERS — LONDON Non-Opec states were creditors is found to avoid a expected to contribute disorderly default. Oil prices dropped more than Debt default would mark a 4 percent yesterday on 500,000 bpd to the new phase in a financial crisis concerns that Opec might not overall extra cut. which has hammered Leba- go ahead with steeper cuts to The new deal would non’s economy since October, oil output to bolster prices after slicing around 40 percent off Reuters reported that Russia have meant Opec+ the value of the local currency rejected the proposal. production curbs and leading banks to deny Brent and WTI crude amounting to a total of savers full access to deposits. futures tumbled by nearly 6 Prime Minister Hassan Diab percent on the news, with the 3.6mbpd, or about 3.6% Tinkoff Bank collapses on stock market will announce Lebanon’s close to $3 drop taking Brent of global supply. decision on the Eurobonds after crude to its lowest since July People walk past the logo of the Tinkoff Bank headquarters in Moscow. The shares of the Russian government meetings on Sat- 2017 while WTI was at its private Tinkoff Bank, a pioneer of online banking technology, collapsed on the stock market yesterday, urday, just two days before the weakest since December 2018. Bjoernar Tonhaugen, head of after Oleg Tinkov the president and founder of the TCS Group, the parent company of Tinkoff Bank, heavily indebted state was due By 1345 GMT Brent crude oil markets at Rystad Energy. was charged with filing false tax returns, according to the US Department of Justice. to pay back holders of a $1.2bn was down $2.27, or 4.5 percent, “If this results in Opec not Eurobond due on March 9. at $47.72 a barrel. US West going through with their own “Lebanon is heading Texas Intermediate (WTI) was proposed 1 million bpd cuts in tomorrow towards announcing down $2.24, or 4.9 percent, at Q2, the result ... could be it will halt payment, or its inca- $43.66. devastating. Britain’s government spent pacity to pay the Eurobonds A Russian high-level source Brent could swiftly drop 15 and the interest,” a senior told Reuters yesterday that percent to the low $40s and political source involved in gov- Moscow would not back an WTI to the high $30s in this ernment discussions on the Opec call for extra reductions scenario.” Global stock markets £4.4bn on Brexit planning matter told Reuters. in oil output and would agree tumbled yesterday as disrup- “The Lebanese government only to an extension of existing tions to business from the will do all it can to reorganise cuts by Opec and its allies, a spreading coronavirus epi- REUTERS — LONDON money was spent by three its relations with its debtors and group known as Opec+. demic worsened. European departments: Environment, to open the door for negotia- One Middle East source said shares opened sharply lower, Britain’s government has Food and Rural Affairs and the tions,” the source said. “When that Opec had no intention of with travel stocks bearing the spent at least £4.4bn ($5.6bn) Home Office, along with HM we talk about restructuring, we pursuing deeper cuts without brunt. of taxpayers’ money on prep- Revenue and Customs. are talking about all the Russia. However, after marking its arations to leave the European The NAO said their (Eurobond) debt of $31billion.” Opec is pushing for an worst weekly performance Union, the public spending estimate only focused on the Parliament Speaker Nabih additional 1.5 million barrels since the 2008 financial crisis watchdog said yesterday, in cost of government prepara- Berri, one of the most influential per day (bpd) of cuts until the a week ago, the MSCI All- the first detailed estimate of tions and excluded future figures in Lebanon and an ally end of 2020. Country World Index was up the cost of Brexit. costs such as the 39 billion of the powerful Hezbollah Sources at the Organisation 1.7 percent on the week. The National Audit Office pound divorce bill agreed with group, said on Wednesday a of the Petroleum Exporting Even with the deeper cut, (NAO) said in a report that the EU. majority of lawmakers backed Countries (Opec) confirmed Goldman Sachs said the Opec+ most of the money was spent It also said the report does not paying back the debt. Russia’s position and that a deal would not have prevented on staff costs, building new not come to a value-for- The senior source and three formal Opec+ meeting has been a global oil market surplus in infrastructure and paying for money conclusion, while there others familiar with the matter delayed. the second quarter. The bank external advice. the first time, a clear picture were limitations in the infor- told Reuters last-minute con- An Opec+ delegate said maintained its Brent price Although some ministries of how much government has mation provided by depart- tacts continued, but all there were “positive signs” forecast at $45 a barrel in had to supplement their spent and what that money ments and the estimate is only expressed doubt a break- after a separate Opec+ meeting April. spending from existing has been spent on,” said NAO the minimum level of through was possible. A second finished. “Ultimately, a rebound in budgets, the government head Gareth Davies spending by the senior political source said Non-Opec states were demand, not supply cuts, will overall only spent about 70% (pictured). government. these efforts had aimed to avoid expected to contribute be the necessary catalyst for a of the 6.3 billion pounds allo- Britain left the European Lawmaker Meg Hillier, a disorderly default but there 500,000 bpd to the overall sustainable rebound in prices,” cated to cover the cost of Union at the end of January, who chairs parliament’s was little hope of a deal. extra cut, Opec ministers said. the bank said. preparations, the report said. its biggest geopolitical public accounts committee, “They are trying but I don’t The new deal would have Meanwhile, ANZ said that In an indication of the upheaval in decades in which said the data was limited and think there’s any hope,” echoed meant Opec+ production curbs global oil consumption could upheaval that Brexit caused it turned its back on 47 years that the finance ministry a third source close to the gov- amounting to a total of 3.6 fall by 1.6 million bpd in the first within government, the report of membership of the world’s seemed unconcerned by the ernment. Lebanon still has the million bpd, or about 3.6 half of 2020 and contract by said no fewer than 22,000 largest trading bloc. lack of transparency. option of invoking a seven-day percent of global supply. about 300,000 bpd for the full government officials were Officials had to increase Overall, £1.9bn was spent grace period on the March 9 “Our balances suggest that year. working on Brexit at the peak training for customs officials, on paying government bond, which would allow more at least 2 million bpd needs to “Growth may return in H2 when Britain was on the verge hire more staff to negotiate employees, 1.5 billion went on time for talks with creditors be removed from the market (second half of 2020) but is of leaving the EU without a trade deals and improve infra- new infrastructure and 288 before a default. But the gov- during Q2 to ensure a stabili- unlikely to be enough to offset divorce deal last October. structure around ports. million pounds was spent on ernment has not said whether sation in oil prices,” said the losses,” the bank said. “This report provides, for More than half of the external advice. this will be used. World’s finance chiefs open taps for virus fightback AFP — LONDON coronavirus, as the number of problem calling for global Indonesia, Singapore, on Thursday, the ECB has said cases surged in the country’s response”, IMF chief Kristalina South Korea and Thailand are it stands ready to “take appro- After a fortnight of carnage on northwest and deaths reached Georgieva (pictured) said on also looking at ploughing bil- priate and targeted measures global markets, Europe is double figures. Wednesday. lions of dollars in extra stimulus as necessary”. under pressure to join the US The Fed’s policy-setting China, ground zero of the into their export-driven Germany is often criticised and Asia in drastic action on committee on Tuesday slashed outbreak with more than 3,000 economies.
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