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Saudi sovereign wealth fund has bought a big stake Boeing

  
  Analysis
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Saudi Arabia’s $300 billion sovereign-wealth fund has invested further into US corporations.

Q1 figures from the Public Investment Fund show fresh stakes taken in:
  • Facebook, Disney , Marriott, Cisco Systems, Citigroup, Bank of America, & Boeing
(and others). The stake in Boeing was circa $714 million.
With oil prices weaker Saudi is accelerating diversification, buying in during Q1:
  • “We actively seek strategic opportunities both in Saudi Arabia and globally that have strong potential to generate significant long-term returns while further benefiting the people of Saudi Arabia and driving the country’s economic growth” 
From filings with the US SEC, via a WSJ report, link is here for more (the Journal may be gated)
Saudi Arabia's $300 billion sovereign-wealth fund buys Boeing

Trump/Saudi Arabia’s king agreed on importance of stability in global energy

  
  Analysis
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Trump, Saudi Arabia King speak: White House

A White House spokesman is out saying that
  • Pres. Trump and Saudi Arabia’s king in a conversation agreed on importance of stability in global energy markets
  • The leaders reaffirmed strong US – Saudi defense partnership
The tumble in crude oil prices has had to strong catalysts. One was Saudi Arabia flooding the market with supply after failing to reach an agreement with Russia on production cuts. The next was the impact from the global coronavirus. 1 influenced supply in a bearish way. The other influenced demand in a bearish way.
The price of WTI crude oil futures for the July contract is trading up $1.16 or 4.67% at just below’s $26 a barrel. Brent crude oil prices moved above the 30 level today after rising $1.38 to $30.84.

Saudi Arabia’s sovereign-wealth fund pours $1bn into stakes in 4 European oil firms

  
  Analysis
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WSJ citing “according to people familiar with the matter“
  • Saudi Arabia’s sovereign-wealth fund has amassed stakes worth roughly $1 billion in four major European oil companies
  • buying assets it perceives as undervalued in a market depressed by the coronavirus pandemic and low oil prices
  • stakes in Equinor AS A, Royal Dutch Shell PLC, Total SA and Eni SpA
  • bought in recent weeks
  • the fund may continue to make stock purchases
That “buying assets it perceives as undervalued in a market depressed by the coronavirus pandemic and low oil prices“. You might recall from a few weeks ago OPEC+ failed to agree on maintaining output cuts and Saudi Arabia ramping production higher and thus sending the price of oil plummeting. The cynical amongst us might even suggest this was all part of a plan?

Russia says that oil prices are very unpleasant, but not a catastrophe for the country

  
Analysis, Crude
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Comments by the Kremlin

  • There is no price war between Russia and Saudi Arabia
  • Our relations are good and doesn’t think anyone should intervene
  • Says Russia has safety buffer against unfavourable oil prices
I would argue that you have to read between the lines with this one. The fact that the OPEC+ joint technical committee meeting was cancelled goes to show that both sides aren’t exactly on speaking terms right now, so believe what you will.
In any case, their official stance still shows no backing down just yet.

Saudi Arabia energy minister: WSJ story on cuts of output is “absurd and utter nonsense”

  
Analysis, Crude
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WSJ report suggested a potential 300K cut.

Saudi Arabia’s energy minister Prince Abdulaziz is on the wires in reaction to an earlier Wall Street Journal article saying that they were mulling over a proposed 300K cut in output, says:
  • Media report on Saudi Arabia considering break from OPEC+ alliance “absurd and utter nonsense”
  • We will continue to act in a collective manner
  • Saudi Arabia is in continuous communication and dialogue with all  OPEC and OPEC+ partners
Crude oil futures are currently trading down $0.94 or -1.73% at $52.93. The low for the day reached $52.55. The high for the day was up at $53.86

OPEC+ said to be discussing deepening current oil output cuts at least until June

  
  Analysis
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Reuters reports, citing two unnamed sources on the matter

Says that OPEC+ is discussing to deepen the current set of output cuts by at least 0.4 mil bpd until June next year as Saudi Arabia is keen to surprise the market to the upside before the Saudi Aramco IPO.

Saudi-led coalition launches military operation in Yemen

  
Analysis, Politics
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If it was against Iran directly there might be some forex impact but Yemen, no.

If there are market jitters watch for flows out of risk and into havens. But nothing evident right now.
  • Saudi state TV with the report of a military operation Yemen against military targets
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