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Economy
Israel, Dubai diamond exchanges begin strategic collaboration
The Israel and Dubai diamond exchanges have signed an agreement to promote cooperation in a deal certain to boost direct trade between the Middle East’s main diamond hubs.
The diamond deal, finalised in a video conference ceremony, was…
Oil rises more than 4% as U.S. stockpiles fall
Oil prices jumped more than 4% on Wednesday, following a drawdown in U.S. crude and gasoline inventories and as Hurricane Sally forced a swath of U.S. offshore production to shut.
Brent crude LCOc1 rose $1.64, or 4.1%, to $42.17 a barrel…
IEA says oil demand recovery set to slow for rest of 2020
The International Energy Agency (IEA) trimmed its 2020 oil demand forecast on Tuesday, citing caution about the pace of economic recovery from the pandemic.
“We expect the recovery in oil demand to decelerate markedly in the second half of…
UK and Japan strike Britain’s first post-Brexit trade deal
Britain struck its first post-Brexit trade deal with Japan on Friday, hailing the agreement as a “historic moment”, just as it is struggling to clinch a deal with its closest trading partners in the European Union.
Britain said the deal,…
IMF underscores need for audit of Lebanese central bank
The International Monetary Fund said on Thursday its discussions with Lebanese authorities are focused on the need for an accounting and financial audit of the balance sheet of the country’s central bank to help assess its assets and…
Russia to build up half-finished oil wells to regain market share
Russia believes it is extremely important to quickly regain, or even raise, its oil market share once demand recovers, as it readies to build up its fleet of unfinished oil wells, Energy Minister Alexander Novak said.
“Once (oil) demand…
Lebanon central bank head says he won’t quit despite rumours amid crisis
Lebanon’s central bank governor, who has been in the post since 1993, said he had no plan to resign despite rumours he would quit amid a deep financial crisis in the Middle East nation.
Riad Salameh, the head of Banque du Liban, told…
Novak: Russia has to regain global oil market share once demand heals
Russian Energy Minister Alexander Novak said it was “extremely important” for Russia and other oil producers to quickly regain, or even raise, their market share once the demand recovers, according to a ministry’s inhouse magazine published…
Libya oil units halt operations due to spread of virus
Two affiliates of Libya’s National Oil Corp (NOC) have suspended some work because of the spread of the coronavirus, they said in statements posted online on Monday.
The country’s biggest refinery, Zawiya, located west of Tripoli, said…
Russia’s Novak says OPEC+ may discuss underperformers this month
The Organization of the Petroleum Exporting Countries and its allies may discuss this month countries which have lagged in reducing their oil output under a global oil cut deal, Russian Energy Minister Alexander Novak was quoted as saying…