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OPEC, allies agree to cut oil output by 1.2M barrels

OPEC, allies agree to cut oil output by 1.2M barrels

OPEC and it allies announced Friday crude output cuts of 1.2 million barrels per day (mbpd) to balance the global oil market. Members agreed the cartel will curb production by 800,000 mbpd, while non-OPEC oil producers, including Russia, will cut by 400,000 bpd. The supply cuts...

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Iraq needs two years to wean itself off Iranian gas: energy official

Iraq needs two years to wean itself off Iranian gas: energy official

Iraq needs at least two years to boost the country's gas production to stop importing Iranian gas used to feed its power stations, a senior Iraqi energy official said on Thursday. Hayan Abdel-Ghani, head of state-run South Gas Co., told reporters that Iraq's gas output is expected to...

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OPEC, Russia move closer to cutting oil output

OPEC, Russia move closer to cutting oil output

OPEC and Russia moved closer Wednesday to agreeing cuts in oil production from next year despite pressure from U.S. President Donald Trump to reduce the price of crude. OPEC meets Thursday in Vienna, followed by talks with allies such as Russia on Friday. OPEC's de facto leader, Saudi...

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Dubai's ruler snubs Kuwait request to release frozen funds: letter

Dubai's ruler snubs Kuwait request to release frozen funds: letter

Dubai's ruler has resisted efforts by Kuwait to release nearly $500 million in frozen funds at the heart of a money laundering probe straining relations between the two Gulf allies, according to correspondence seen by Reuters. The investigation is taking place as the United Arab Emirates...

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OPEC has problems with some oil producers, reasons for Qatar's exit must be examined: Iran

OPEC has problems with some oil producers, reasons for Qatar's exit must be examined: Iran

OPEC has problems with some oil producers, and the reasons for Qatar's exit from the organisation must be examined, Iranian Oil Minister Bijan Zanganeh said Tuesday, according to the Islamic Republic News Agency (IRNA). Qatar said Monday it will quit OPEC to focus on gas in a swipe at...

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France and Germany aim to keep digital tax alive with new proposal: source

France and Germany aim to keep digital tax alive with new proposal: source

France and Germany sought on Monday to salvage a proposed EU tax on big digital firms by narrowing the focus to cover only companies’ online advertising revenue, a European source said.  The two countries will try to agree a text to put to other EU countries when finance...

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Omani oil minister says he believes there is consensus for output cuts

Omani oil minister says he believes there is consensus for output cuts

Omani Energy Minister Mohammed bin Hamad al-Rumhy said on Sunday that he believed there was a consensus among OPEC oil producers that oil output should be cut. Asked if he thinks there is a consensus for a cut, he told reporters: “I think so, yes. We enjoyed the benefits of cuts.”...

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Four Libyan oil export ports reopen after closures for bad weather

Four Libyan oil export ports reopen after closures for bad weather

Four Libyan oil export ports that were closed last week because of bad weather have reopened, a Libyan shipping source and port engineers said on Sunday. Tankers were docking at the eastern Ras Lanuf, Es Sider, Zueitina and Brega ports as well as the western Zawiya terminal linked to the El...

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Iran ends seasonal rice import ban - agencies

Iran ends seasonal rice import ban - agencies

Iran has ended its seasonal ban on rice imports, allowing importers to register their orders, Iranian news agencies reported on Sunday. Deputy Agriculture Minister Ali Akbar Mehrfard announced the end of the annual ban in a letter dated Nov. 28, the ISNA semi-official news agency reported....

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China agrees $9 billion currency swap with Argentina

China agrees $9 billion currency swap with Argentina

  China and Argentina signed a $9 billion currency swap deal to boost the crisis-stricken South American country's foreign currency reserves, its central bank announced Sunday. Struggling to recover after a currency crisis earlier this year, Latin America's third largest economy sought...

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US, China agree not to raise tariffs on Chinese goods

US, China agree not to raise tariffs on Chinese goods

US president on Saturday agreed to not raise the tariff rate on goods imported from China, the White House announced. According to a statement issued by the White House, President Donald Trump and Chinese President Xi Jinping held a "highly successful meeting" during the sidelines of...

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Vatican enters European bank system in new sign of progress

Vatican enters European bank system in new sign of progress

The Vatican has made more progress in its path to greater financial transparency by securing approval to join the European banking system that harmonizes electronic payments across the continent. With the endorsement of the European Council, the Vatican City State and Holy See are now...

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Saudi Money Lost Faith in Prince Long Before Khashoggi's Murder

Saudi Money Lost Faith in Prince Long Before Khashoggi's Murder

The murder of Saudi columnist Jamal Khashoggi last month has soured the world’s politicians on the once-feted Crown Prince Mohammed Bin Salman. Private capital turned against him long before that. Ever since dozens of royals and business chiefs were detained in November 2017 as part...

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Global trade is at stake as Trump and Xi come face to face

Global trade is at stake as Trump and Xi come face to face

To hear President Donald Trump tell it, he was made for a moment like this: A high-stakes face-off. A ticking clock. A cagey adversary. The man who calls himself a supreme dealmaker will have the opportunity this week to put himself to the test. The question is whether he can defuse a...

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Trump’s sanctions proving bitter pill for Iran’s sick

Trump’s sanctions proving bitter pill for Iran’s sick

Leila Koochaki’s health has become collateral damage as the U.S. extends its economic offensive against Iran. The 47-year-old had to contact 15 pharmacies across Tehran before she finally secured the anti-fatigue medication she takes to cope with multiple sclerosis. “I found a small...

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Khashoggi killing complicates Saudi rescue bid for S.African arms firm

Khashoggi killing complicates Saudi rescue bid for S.African arms firm

Loss-making South African arms maker Denel has a problem as it fights to survive. Its potential savior is Saudi Arabia, now drawing fierce criticism following the killing of journalist Jamal Khashoggi. But after being mismanaged for years and tainted by a far-reaching influence-peddling...

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Bitcoin falls below $5,000 for first time in over year

Bitcoin falls below $5,000 for first time in over year

The value of Bitcoin plummeted 12 percent Monday to below $5,000 for the first time since October 2017. The world's largest cryptocurrency fell as low as $4,891, the lowest level in more than a year, according to data from CoinDesk. With losses exceeding 22 percent in the last...

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Chinese premier says no winner in trade war with US

Chinese premier says no winner in trade war with US

The prime minister of China said Tuesday there are no winners in a trade war with the U.S. "There is no winner in the trade war," Li Keqiang said at the 33rd Association of Southeast Asian Nations (ASEAN) Summit in Singapore where he addressed the trade war, the South China Sea dispute...

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House speaker asks Trump to delay State of Union speech      Ankara condemns terrorist attack in Manbij, Syria      French govt seeks new Renault boss, ditches Ghosn      Japan city experiments with robots to help residents      US' Pence claims Daesh defeated hours after attack      Turkish interior minister meets Somali counterpart      Tehran condemns journalist’s arrest by US authorities      Israeli energy minister visits historical Cairo mosque