Saudi divests billions to cover oil deficit
Saudi Arabia According to one anonymous hedge fund manager, it was “Black Monday” when traders learned that Saudi had withdrawn a substantial amount in global assets last week – somewhere between a fifth and a quarter of total Saudi assets.
The Saudi Arabia Monetary Agency has withdrawn between $50 billion-70 billion over the past six months. The country is seeking to keep the economy afloat as the price of oil has halved since 2014.
“The big question is when will they come back, because managers have been really quite reliant on [the Saudi Arabian Monetary Agency] for business in recent years,” CEO of financial services company Insight Discovery Nigel Sillitoe said to the Financial Times.
Recent Posts
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More
Seatrium wins yet more FPSO work in Guyana
Seatrium has been awarded a contract by SBM Offshore for the topsides fabrication and integration of an additional FPSO vessel… Read More
Diamond Offshore seals $350-million Gulf of Mexico deal
Diamond Offshore has secured a USD 350-million extension for an ultra-deepwater drillship deployed for Anadarko Petroleum in the US Gulf… Read More