SINGAPORE: Oil prices fell on Friday, dropping away from highs last seen in 2015, as soaring US production undermined a 10-percent rally from lows hit in December that was driven by tightening supply and political tensions in OPEC member Iran.
US West Texas Intermediate (WTI) crude futures were at $61.95 a barrel at 0619 GMT. That was 6 cents below their last close, though still near the $62.21-high reached the previous day, which was their strongest since May 2015.
Brent crude futures were at $67.99 a barrel, 8 cents below their last settlement, but still not far off the $68.27-peak from the day before, also the highest since May 2015.
Traders said political tensions in Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), had pushed prices higher.
“The protests in Iran add more fuel to the already bullish oil market mood,” said Norbert Ruecker, head of commodity research at Swiss bank Julius Baer.
Oil prices have received general support from production cuts led by OPEC and by Russia, which started in January last year and are set to last through 2018, as well as from strong economic growth and financial markets.
That has helped tighten markets. US commercial crude inventories fell by 7.4 million barrels in the week to Dec. 29, to 424.46 million barrels, according to data from the Energy Information Administration (EIA).
That is down 20 percent from their historic peaks last March and close to the five-year average of 420 million barrels.
Yet given Iran’s oil production has not been affected by the unrest, and that US output will likely break through 10 million barrels per day (bpd) soon, a level so far only reached by Saudi Arabia and Russia, doubts are emerging whether the bull-run can last.
US investment bank Jefferies said in a note on Friday that the oil price “upside from here is not obvious to us,” although it added that “we believe the oil market will remain undersupplied through 2018.”
Ruecker of Julius Baer said crude prices above $60 per barrel project an “overly rosy picture (as) oil production disruptions (in Iran) remain a very distant threat ... disruptions in the North Sea have been removed ... (and) US oil production surpassed the 2015 highs in October and is set to climb to historic highs this year.”
Lukman Otunuga, analyst at futures brokerage FXTM, struck a similarly cautious tone.
“Oil started the New Year on an incredibly bullish note ... in part due to ongoing tensions in Iran ... (and) over OPEC’s supply cut rebalancing the markets,” he said.
“While the current momentum suggests that further upside is on the cards, it must be kept in mind that US shale remains a threat to higher oil prices.”
Oil dips away from 2015 highs as doubts emerge over rally
Oil dips away from 2015 highs as doubts emerge over rally
Real Estate Registry signs 10 agreements at forum in Riyadh
RIYADH: The Real Estate Registry concluded its participation in the Real Estate Future 2026, as a partner of the forum, with a distinguished presence that included the launch of its business portal, the signing of 10 agreements and memoranda of understanding with entities from the public and private sectors, the organization of specialized workshops, and the awarding of the Gold Award at the Real Estate Excellence Awards.
During his participation in the forum, the CEO of the firm, Mohammed Al-Sulaiman, reviewed the latest developments in real estate registration in the Kingdom in a keynote speech, highlighting the pivotal role of the Real Estate Registry in building a unified and reliable system for data. He also announced the launch of the national blockchain infrastructure, which aims to enable the microcoding of real estate assets, enhance transparency, expand investment opportunities, and support innovative ownership models within a reliable regulatory framework.
On the sidelines of the forum, Al-Sulaiman met with Nigeria’s Minister of Housing and Urban Development, Ahmed Dangiwa. During the meeting, they discussed areas of joint cooperation, exchanged experiences and advice on shaping the future of the real estate sector, and reviewed best practices in implementing real estate registration systems that enhance reliability and improve the efficiency of property registration.
efficiency of property registration systems.
The Real Estate Registry’s participation included organizing three specialized workshops that focused on the role of geospatial technologies in identifying ownership, enhancing transparency, and improving the quality of real estate data.
The workshop “Empowering the Real Estate Registry for the Business Sector” reviewed digital solutions that enable the business sector to manage its real estate assets more efficiently and enhance governance and technical integration. The workshop “From Off-Plan Sales to Title Deed” focused on the journey of documenting real estate ownership and the role of the registry in linking the stages of development and documentation within an integrated digital system.
On the sidelines of the forum, the Real Estate Registry signed 10 agreements and memorandums of understanding, including a deal with Yasmina Information Technology Co. to utilize real estate data in developing smarter insurance solutions that support the real estate sector and enhance service reliability.
Partnerships were also signed with Haseel, NewTech, and Sahl, as well as HissaTech and Droub, to develop innovative digital solutions in property ownership, fractional ownership, and asset tokenization, as well as real estate finance and investment within a trusted regulatory framework.
Further collaborations included an MoU with ROSHN Group, an agreement with the Saudi Water Authority to enable data integration and quality enhancement, an agreement with the Saudi National Bank, and a partnership with Saudi Post to link the national address with the property registry as a unified geospatial identifier supporting data accuracy and integration.
The registry’s participation was crowned with the Golden Award at the Real Estate Excellence Awards in the category of Excellence in Property Documentation, in recognition of its role in building a model based on transparency, accuracy, and speed, as well as advanced digital technologies and specialized legal expertise, contributing to rights protection and increasing the sector’s attractiveness.
The Real Estate Registry emphasized that its participation reflects its continued role as a key enabler of the real estate sector, a trusted data source, and an active partner in driving digital transformation, enhancing market efficiency, and building investor and financier confidence, in line with Saudi Arabia’s Vision 2030 objectives for a fully integrated and sustainable digital real estate ecosystem.
