Roshn boosts Vision 2030 with $933m contract spree

Roshn boosts Vision 2030 with $933m contract spree
Roshn boosts Vision 2030 with $933m contract spree

Thank you for reading the news about Roshn boosts Vision 2030 with $933m contract spree and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: The world’s major hedge funds are betting on a jump in oil prices.

Their forecast has been based on what they see as the inability of many companies to increase production due to the ongoing economic impacts of the coronavirus disease (COVID-19) pandemic, which would mean a balance in supply and demand, according to Al Arabiya.

The funds’ outlook on future trends of crude prices has changed from their prediction of declines last year as a result of global lockdowns, a forecast that led to gains of about 26.8 percent, revealed eVestment data.

Brent crude prices have risen by around 59 percent since the beginning of November on the back of the discovery of COVID-19 vaccines, last week almost hitting pre-pandemic levels of $60 per barrel.

David Tawil, co-founder of the Maglan Capital hedge fund, said that crude prices would recover quickly as the world vaccination program and a return to international travel picked up speed, hitting between $70 and $80 per barrel by the end of the year.

“(Oil) demand will recover across the board, led by Asia-Pacific and North America,” Reuters reported, citing a recent research note by Fitch Solutions.

Oil prices derive their upward momentum from supply reduction in the market. Global crude and condensate production volume decreased around 8 percent in December compared to February, just before the COVID-19 outbreak started take hold around the world, according to Rystad Energy data.

Meanwhile, hedge funds increased their holdings in major US oil companies such as Exxon Mobil, ConocoPhillips, and Chevron Corp., said Al Arabiya.

These were the details of the news Roshn boosts Vision 2030 with $933m contract spree for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Barclays and BNP Paribas report bumper Q1 profits