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...The choice of the oil-rich Gulf state as the host of the next UN climate change summit has been controversial....
...Imports from the Gulf have plummeted, and the US became a net oil exporter for the first time in 2019....
...Around the Gulf war of 1990, oil doubled while the S&P 500 fell almost 20 per cent. Over time, the price moves have become less severe....
...As a result, equity markets are already more jittery — not a positive for oil. Since 2000 oil prices have rarely continued rising when the S&P 500 has a sustained decline....
...Wall Street’s benchmark S&P 500 index reversed an early gain of 0.8 per cent to close down 1.2 per cent as investors fretted over the impact of higher tensions in the oil-rich region....
...Global demand for plastics, which makes up 50 per cent of petrochemical demand, is expected to nearly double by mid-century, according to S&P Global Commodity Insights....
...But an ill-timed move into oil ultimately led to its bankruptcy when the Covid-19 pandemic crushed fuel demand in 2020....
...The Granolas’ share of the Stoxx Europe 600 index has climbed to 25 per cent, approaching the Magnificent Seven’s 28 per cent weighting in the S&P 500....
...Following the war in Gaza, that has fallen to about a third, according to data from S&P Global Commodity Insights....
...Iranian forces seized an oil tanker off the coast of Oman as the threat to shipping in the Middle East spilled into one of the world’s most important oil export routes....
...Companies will have to assess the future of these sites, says Atul Arya, chief energy strategist at S&P Global Commodity Insights....
...There is a coming glut in options for shipping goods, oil and gas....
...The S&P 500 Energy index, in contrast, is up 11 per cent over the same period. Additional reporting by Mary McDougall...
...Oil prices were little changed on Friday, with the international benchmark Brent crude up 0.3 per cent at $76.84 a barrel....
...They are all in talks to tie up with the Abu Dhabi National Oil Company, the lesser-known Middle Eastern oil giant....
...But Spain has seen other Gulf investors come and go, notably Kuwait in the nineties. It can afford to remain sanguine....
...On average, the S&P 500 immediately fell 1.2 per cent. It then drops another 5 per cent over the next three weeks....
...One of the fund’s own investors — Gulf Investment Authority, say — then covers the remaining 30 per cent....
...There has been no rush to safety in bond markets, where prices have been falling, and little drama in oil prices either....
...US exporters have signed contracts for future supply amounting to more than 70mn t/y since the start of 2021, according to S&P Global....
...And as the world transitions away from fossil fuels, the Gulf states know it is likely to be China and India that buy their last barrels of oil....
...Since early 2021, they have signed up for US supplies equivalent to about 100bn cubic metres a year, says S&P Global. Engie is among the buyers....
...American equities recorded their longest winning streak in two years after the S&P 500 closed out July 3 per cent higher....
...Australia’s Woodside Energy Group on Tuesday said it would invest in a $7.2bn Gulf of Mexico oil project, noting it would have lower carbon emissions than the global deepwater production average....
...(Mark van Baal) Canada’s oil sands are back Next week marks two years since the axing of the Keystone XL pipeline, which was set to pump heavy oil from Alberta to refineries on the US Gulf Coast....
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