SYDNEY: Oil prices edged higher on Wednesday, supported by planned cuts to Saudi exports and a reduced forecast for US crude output.
International Brent crude oil futures were at $66.93 a barrel at 0039 GMT, up 26 cents, or 0.4 percent, from their last close. Brent touched $67.39 a barrel on Monday, its highest since Feb. 25.
US West Texas Intermediate (WTI) crude futures were at $57.17 per barrel, up 30 cents, or 0.5 percent, from their last settlement.
US crude oil production is expected to grow slower than previously expected in 2019 and average about 12.30 million barrels per day (bpd) the US Energy Information Administration (EIA) said on Tuesday.
Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output well below 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.
On Sunday, Saudi oil minister Khalid Al-Falih said it would be too early to change OPEC+ output policy at the group’s meeting in April.
Oil firms as Saudis trim exports, US output forecast reduced
Oil firms as Saudis trim exports, US output forecast reduced
- US crude oil production is expected to grow slower than previously expected in 2019
- Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day
QIA, Franklin Templeton launch $200m Qatar equity fund
RIYADH: Qatar’s sovereign wealth fund has teamed up with Franklin Templeton to launch a $200 million equity fund focused on the local stock market, part of efforts to deepen liquidity and attract institutional investors to Qatar’s capital markets.
The Qatar Investment Authority and the US asset manager said the Franklin Templeton Qatar Equity Fund will operate as a day-traded mutual fund investing in companies listed on the Qatar Stock Exchange, according to the Qatar News Agency.
The launch comes after a PwC report earlier in February highlighted growing optimism among CEOs in Qatar, with companies increasing investment, pursuing acquisitions and expanding operations as the country pushes toward innovation-led growth.
Mohammed Saif Al-Sowaidi, CEO of QIA, said: “With the launch of Franklin Templeton Qatar Equity Fund, QIA is further expanding our Active Asset Management Initiative to support Qatar’s financial markets.”
He added: “As one of the largest global asset managers, Franklin Templeton brings a wealth of experience and resources to QSE and the broader Qatari economy and we look forward to working closely together on this initiative.”
The fund aims to give investors exposure to Qatar Stock Exchange-listed equities, allowing local and international institutions to access an actively managed portfolio in the domestic market, QNA reported.
QIA is the fund’s lead investor, contributing cash and shares, underscoring its commitment to the Qatari stock market. The reallocation of QSE-listed shares is intended to support the domestic economy and enhance market liquidity, it added.
Franklin Templeton manages about $1.68 trillion in assets as of Dec. 31, 2025, making it one of the world’s largest investment firms.
“Through our partnership with QIA, we aim to contribute meaningfully to the continued development of the Qatari financial ecosystem. We see this collaboration as the beginning of a long-term strategic partnership and part of a broader, multi-asset collaboration between Franklin Templeton and QIA,” said Jenny Johnson, CEO of Franklin Templeton.
The Franklin Templeton Qatar Equity Fund represents a key step in QIA’s active asset management strategy and highlights its partnership with Franklin Templeton in supporting Qatar’s capital markets through global investment expertise.
