Qatar Investing In Germany
Qatar said on Friday that it would invest 10 billion Euros over the next five years to strengthen its relationship with Germany and also explore possibilities of LNG (Liquefied Natural Gas). Germany has LNG terminals situated in the Netherlands, Belgium, and Poland, but working with Qatar and companies like Qatar Petroleum (world’s top supplier of LNG), would help diversify German supply points and expand business Qatar, which houses one of the top 10 sovereign funds in the world, already invests 25 billion euros in major German companies such as Volkswagen AG, Siemens AG and other firms. Qatar is seriously committed to investing in the German economy as well as developing sectors such as information technology, AI (artificial intelligence), and healthcare.
OPEC, non-OPEC output boost
Next Thursday, September 17th a panel named the Joint Technical Committee comprised of OPEC and non-OPEC members will consider proposals to an agreed output increase of 1 million bpd (barrels a day). Four proposals outlining the distribution of output will be presented by Iran, Algeria, Russia, and Venezuela. With so many different and strong minded individuals in the room, -coming to a straightforward decision will not be easy. The proposals will be presented to the ministers in Algeria on September 23rd.
Chinas Demand Concern
With impending U.S. sanctions against Iran and U.S. tariffs imposed on a myriad of Chinese imports loom Middle East oil and gas ministers are concerned that China’s oil demand could be impacted greatly.
Tropical Storm Gordon missed the bulk of major oil producing platforms, prices held below the $70 mark on WTI throughout the week. October WTI crude is down -0.12% today to a $67.38 a result of the EIA (Energy Information Administration) stating that domestic crude supplies fell by 4.3 million barrels last week, while gasoline stocks surprisingly rose 1.8 million barrels. This unexpected rise in gasoline stockpiles and continued trade disputes have curbed global energy demand in the short term and have prices headed lower for the beginning of this month. October heating oil declined -0.54% to $2.20 per gallon while October RBOB gasoline also fell -0.21% to $1.95 per gallon.