english issue grade to Asian customers at 60 cents below Middle East benchmark prices , a company official said recently .
Oil Discounts
NIOC will sell the Forozan Blend in May for Asian customers at $ 2.43 a barrel below the average of the Oman and Dubai benchmark grades , according to the company official . That ’ s 3 cents lower than state-run Saudi Aramco ’ s price for the similar Arab Medium variety for a third month . Forozan was at a premium of 7 cents to the Saudi oil for February sales . The Iranian Heavy grade will sell in May to Asia at a discount of $ 2.60 a barrel to the Oman-Dubai average while the Soroosh variety ’ s price was set at $ 5.65 a barrel below Iranian Heavy , according to the official . While the key battle for market share will take place in Asia , the world ’ s biggest oil-consuming region , JTD Energy ’ s Driscoll sees “ vigorous competition ” between Iran and other Middle East producers for outlets in other regions such as the Mediterranean and Northwest Europe .
Output Freeze
Brent crude , the benchmark for more than half the world ’ s oil , traded 3.1 percent higher at $ 40.67 a barrel on the London-based ICE Futures Europe exchange by 6:02 p . m .
Singapore time . Prices had slid to $ 27.10 on Jan . 20 , the lowest level since November 2003 . Saudi Arabia has said it will only freeze output if it ’ s joined by other suppliers including Iran , while Kuwait has signaled a deal doesn ’ t hinge on the Persian Gulf state . Iran , meanwhile , plans to boost production to 4 million barrels a day by the end March 2017 , according to the Shana news service , which cited Oil Minister Bijan Namdar Zanganeh . “ The re-emergence of Iran as a viable exporter post-sanctions will challenge the prevailing status quo within OPEC , as evidenced in the latest debate over the implementation of the output freeze ,” analyst said .
Federal Reserve approves Goldman Sachs ’ purchase of GE Capital ’ s US online deposits
Goldman Sachs Bank USA ( GS Bank ) has secured approval from the Federal Reserve to acquire the online deposit platform and assume the deposits of GE Capital Bank ( GECB ). As per the proposal , GS Bank would assume about $ 17bn of GECB ’ s $ 18.2bn in deposits . The purchase also includes various technology and intangible assets used by GECB to manage its online retail deposit-taking platform . The assets represent around 1 % of the bank ’ s total assets . As part of the deal , Goldman Sachs Bank ’ s will extend offers of employment to all of GECB ’ s employees who support the online deposit platform . The transaction does not include the acquisition of any physical assets as GECB ’ s deposit platform is online only . GS Bank is a New York Statechartered bank that is a whollyowned , direct subsidiary of The
Goldman Sachs Group . The bank is a member of the FDIC and Federal Reserve System and is subject to the regulation and supervision of the Federal Reserve , the New York State Department of Financial Services and the Consumer Financial Protection Bureau . On consummation of the proposal , Goldman Sachs would control about $ 95.1bn in deposits via GS Bank . The Federal Reserve had extended the initial comment period for the agreement and received feedback from 84 individuals and organizations that both opposed and supported it .
Source : Press agency
OIL & GAS business / NUMÉRO 14 / Avril 2016 / 57