LONDON: Saudi Arabia will not act alone to steady oil markets, Energy Minister Khalid Al-Falih told reporters in Abuja yesterday ahead of what will be a key week for the global oil market.
However the market was kept guessing by separate comments from Russian President Vladimir Putin who said that crude around $60 a barrel was “absolutely fine.”
Oil traded down to below $60 a barrel on Wednesday, pressured by rising US stocks and questions over whether OPEC will agree on out put cuts. The group is due to meet next week.
The outcome of next week’s OPEC meeting “remains clouded by uncertainty,” Stephen Brennock of oil broker PVM told Bloomberg. “Elsewhere, a glut of stored oil in the US shows no sign of waning.”
OPEC plus Russia and other allies are due to meet on Dec. 6-7. where they will discuss a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates have told Reuters.
The oil price is also set to be discussed at a gathering of G-20 nations in Argentina this weekend.
“OPEC needs to cut if it wants the market to be a little less oversupplied in the first half of 2019,” said Petromatrix analyst Olivier Jakob.
Saudi Arabia is confident that OPEC and its allies can reach a deal to stabilize the market when they meet next week.
Regional oil exporters are keen to end the intense price volatility that has characterised the market volatility which has seen the price of crude fall by about 30 percent since early October.
“We are going to do whatever is necessary, but only if we act together as a group of 25,” Al-Falih told reporters.
Nigerian oil minister Emmanuel Ibe Kachikwu echoed the comments of his Saudi counterpart.
“Everybody is longing for reaching a decision that brings stability back to the market,” he said.
Saudi Arabia will not act alone says oil minister as Putin sees crude at $60 as 'fine'
Saudi Arabia will not act alone says oil minister as Putin sees crude at $60 as 'fine'
- G-20 to set agenda ahead of OPEC meet
- Oil retreats to below $60
Dubai Aerospace to buy Macquarie AirFinance in $7bn deal
- Combined fleet to total 1,029 aircraft across 79 countries
- Acquisition adds 37 airline customers, expands into seven new countries
- Deal expected to close in H2 2026, subject to regulatory approvals
DUBAI: Dubai Aerospace Enterprise said on Thursday it will buy aircraft leasing firm Macquarie AirFinance for an enterprise value of about $7 billion, creating a combined fleet of 1,029 planes and one of the world’s biggest lessors.
The sale, which followed a competitive bidding process, underscores strong investor appetite for aircraft assets as Boeing and Airbus struggle to ramp up production to meet airline demand.
The global aircraft leasing market is dominated by AerCap Holdings N.V. and SMBC Aviation Capital, both based in Ireland.
The Macquarie AirFinance deal would lift DAE into the top tier, analysts said.
“(It) ... fast tracks Dubai Aerospace Enterprise to the forefront of global aircraft leasing,” said Tim Waterer, chief market analyst at KCM Trade, adding that the deal also diversifies the Dubai state-owned lessor’s customer base and increases exposure to newer aircraft, even as supply constraints at major manufacturers persist.
The combined fleet will serve 191 airlines in 79 countries, with narrowbody jets accounting for about 70 percent of the portfolio, DAE said.
The acquisition, which adds 37 airline customers including carriers in seven countries where DAE has no presence, will be funded through a mix of debt and equity.
DAE CEO Firoz Tarapore said the deal would create a “bigger, stronger, more diversified and well-capitalized” company, adding that the combined entity’s scale would support more competitive pricing and a broader customer offering.
DAE is owned by the Investment Corporation of Dubai, the main investment arm for the government of the emirate. The company acquired Dublin-based AWAS, the world’s tenth biggest aircraft lessor, in 2017.
Macquarie AirFinance is owned by Australia’s diversified investment service provider Macquarie Group.
The deal has been approved by DAE’s board and is subject to regulatory approvals, DAE said in a statement.
It is expected to close in the second half of 2026.
