• 30 mins Oil Production Cuts Taking A Toll On Russia’s Economy
  • 3 hours Aramco In Talks With Chinese Petrochemical Producers
  • 4 hours Federal Judge Grants Go-Ahead On Keystone XL Lawsuit
  • 5 hours Maduro Names Chavez’ Cousin As Citgo Boss
  • 12 hours Bidding Action Heats Up In UK’s Continental Shelf
  • 17 hours Keystone Pipeline Restart Still Unknown
  • 21 hours UK Offers North Sea Oil Producers Tax Relief To Boost Investment
  • 23 hours Iraq Wants To Build Gas Pipeline To Kuwait In Blow To Shell
  • 1 day Trader Trafigura Raises Share Of Oil Purchases From State Firms
  • 1 day German Energy Group Uniper Rejects $9B Finnish Takeover Bid
  • 1 day Total Could Lose Big If It Pulls Out Of South Pars Deal
  • 1 day Dakota Watchdog Warns It Could Revoke Keystone XL Approval
  • 2 days Oil Prices Rise After API Reports Major Crude Draw
  • 2 days Citgo President And 5 VPs Arrested On Embezzlement Charges
  • 2 days Gazprom Speaks Out Against OPEC Production Cut Extension
  • 2 days Statoil Looks To Lighter Oil To Boost Profitability
  • 2 days Oil Billionaire Becomes Wind Energy’s Top Influencer
  • 2 days Transneft Warns Urals Oil Quality Reaching Critical Levels
  • 2 days Whitefish Energy Suspends Work In Puerto Rico
  • 2 days U.S. Authorities Arrest Two On Major Energy Corruption Scheme
  • 3 days Thanksgiving Gas Prices At 3-Year High
  • 3 days Iraq’s Giant Majnoon Oilfield Attracts Attention Of Supermajors
  • 3 days South Iraq Oil Exports Close To Record High To Offset Kirkuk Drop
  • 3 days Iraqi Forces Find Mass Graves In Oil Wells Near Kirkuk
  • 3 days Chevron Joint Venture Signs $1.7B Oil, Gas Deal In Nigeria
  • 3 days Iraq Steps In To Offset Falling Venezuela Oil Production
  • 3 days ConocoPhillips Sets Price Ceiling For New Projects
  • 6 days Shell Oil Trading Head Steps Down After 29 Years
  • 6 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 6 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 6 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 6 days Venezuela Officially In Default
  • 6 days Iran Prepares To Export LNG To Boost Trade Relations
  • 6 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 6 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 7 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 7 days Rosneft Announces Completion Of World’s Longest Well
  • 7 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 7 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 7 days Ecuador Seeks To Clear Schlumberger Debt By End-November
Is The LNG Glut Real?

Is The LNG Glut Real?

LNG prices have fallen significantly…

Global Energy Advisory November 17, 2017

Global Energy Advisory November 17, 2017

The IEA’s World Energy Outlook…

Stoic Qatar Sees Credit Rating Cut

Doha

Fitch Ratings cut Qatar’s credit rating down to AA- on Monday as the nation’s row with its fellow Gulf states approaches its 90-day mark.

“International mediation efforts are still ongoing but are not showing significant progress,” analysts Krisjanis Krustins and Jan Friederich said in the Fitch statement, according to the Financial Express. “In our view, the negotiating positions of Qatar and the boycotting countries remain far apart.” 

A recent report by Bloomberg pinned Qatar’s economic expansion at its slowest rate in 2017 since 1995. Foreign currency reserves fell eight percent in July, according to official figures, and banks have been instructed to recruit international investors instead of relying on Doha for funding.

Qatar maintains that its liquefied natural gas trade, which tops any other nation, has kept its coffers full to the brim despite the embargo from Saudi Arabia, Bahrain, Egypt and several other Muslim allies. The country’s most recent move has been to restore diplomatic relations with Iran – the country at the core of Doha’s dispute with the Gulf – in order to establish its independence from Riyadh’s tough talk on foreign policy.

Doha dodged the worst logistical obstacles of the blockade by shifting its main export hub from the United Arab Emirates to Oman when the row first became public. Now, Qatar’s energy leaders are optimistic, feeling the ordeal has made the country’s logistics more robust.

Qatar’s wealth plays a large role in preventing it from surrendering to Riyadh’s will. The country’s central bank has $40 billion in cash reserves plus gold, while the Qatar Investment Authority (QIA) has $300 billion in reserves that it could liquidate, the Governor of Qatar Central Bank, Sheikh Abdulla Bin Saud Al-Thani, told CNBC in an interview in early July, one month into the blockade.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News