Oil market volatility will continue into 2019, but will settle at solid price

While OPEC has in the past underestimated the growth of the US shale industry, the CEOs of two energy firms on Wednesday stressed that output from the sector would likely slow down. (AFP)
Updated 24 January 2019
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Oil market volatility will continue into 2019, but will settle at solid price

  • Expectation oil prices could settle within the $60 to $70 range
  • OPEC and its allies have been cutting output since 2017 to help support prices

LONDON: Oil market volatility is expected to continue in 2019, but there are expectation prices could settle within the $60 to $70 range — seen as a sweet spot for both producers and consumers.
That was the message that emerged from a panel of global energy leaders at the World Economic Forum in Davos on Wednesday which also heard that US shale output would likely slow.
OPEC and its allies have been cutting output since 2017 to help support prices while US producers looked to ramp up production.
The US has overtaken Russia and Saudi Arabia to become the world’s biggest crude producer, with output approaching 12 million barrels per day (bpd).

 

But while OPEC has in the past underestimated the growth of the US shale industry, the CEOs of energy firms Occidental Petroleum and Hess Corp. on Wednesday stressed that output from the sector would likely slow down.
“I believe not as much money will be pouring into the Permian basin this time. I believe investors will hold companies accountable for returns and a lot of this didn’t happen previously,” Occidental CEO Vicki Hollub said.
Hess Corp. CEO John Hess said shale production now accounted for about 6 percent of global production and would rise to about 10 percent before plateauing.
“Shale is not the next Saudi Arabia. It is an important short-cycle component,” he said.
OPEC Secretary-General Mohammed Barkindo said OPEC wanted to balance supply and demand in the market and had helped the US oil industry by acting to support prices.

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The US has overtaken Russia and Saudi Arabia to become the world’s biggest crude producer.


The Real Estate Registry signs 10 agreements at forum in Riyhad

Updated 10 sec ago
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The Real Estate Registry signs 10 agreements at forum in Riyhad

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.