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Economy
Libya’s NOC welcomes oil restart proposal, calls for military withdrawal
Libya’s National Oil Corporation welcomed on Friday proposals from both sides in the country’s conflict to lift a seven-month oil blockade and place revenues in a special bank account until a political deal is reached.
“NOC reiterates…
Saudi King Salman, Nigerian president discuss oil market
Saudi Arabia’s King Salman bin Abdulaziz and Nigerian President Muhammadu Buhari discussed efforts taken to stabilize and rebalance global oil markets in a telephone call, Saudi state news agency SPA reported on Wednesday.
The two…
G7 ‘less pessimistic’ on global economy, says Italy’s finance minister
Finance ministers from the Group of Seven advanced economies see a global economic scenario that is less pessimistic than forecast, Italian Finance Minister Roberto Gualtieri said in a message on Twitter on Monday.
Gualtieri said the G7…
Oil prices inch lower as demand forecasts reduced, supply rises
Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories.
Brent crude…
Lebanon has enough flour for 4 months, Economy Minister says
Lebanon has 32,000 tonnes of flour in addition to 110,000 tonnes that has arrived or will arrive in the coming two weeks, the Economy Minister Raoul Nehme said on Wednesday.
“This means we have enough for four months,” Nehme said in a…
Oil rises 2% after draw in U.S. oil stocks
Crude prices rose more than 2% on Wednesday after government data showed U.S. oil inventories fell across the board, bolstering hopes that fuel demand in the world’s biggest economy will withstand the coronavirus pandemic.
Brent crude…
UK says trade talks with U.S. continue to make positive progress
Britain said its latest round of trade talks with the United States made positive progress in many areas, and that both sides agreed negotiations should continue at pace in the coming months.
“Positive progress continues to be made in…
Oil gains on U.S. stimulus hopes and demand recovery
On Tuesday, Crude prices rose underpinned by expectations of U.S. economic stimulus to support the world’s biggest oil consumer, as well as a rebound in Asian demand as economies, pick up.
Brent crude LCOc1 futures rose 22 cents to…
Iraq pledges to deepen oil output cuts in August, September
Iraq said on Friday it would cut its oil production by another 400,000 barrels per day in both August and September to compensate for its overproduction in the past three months.
Iraq oil minister Ihsan Abdul Jabbar said in a joint…
Oil slips over demand concerns
On Friday, oil dipped to around $45 a barrel on worries that a demand recovery would slow due to a resurgence of coronavirus cases, although a pledge from OPEC member Iraq to cut oil output further in August lent support.
Brent crude…