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Economy
World Bank says coronavirus to shrink 2020 global output by 5.2%
The coronavirus will cause global economic output to contract by 5.2% in 2020, the World Bank said on Monday, warning that its latest forecasts would be revised downward if uncertainty over the pandemic and business lockdowns persist for…
Novak: global oil deal took nearly 9 million bpd off the market
Russian Energy Minister Alexander Novak, said on Monday, that the OPEC+ deal to cut crude production removed nearly 9 million barrels of oil per day (bpd) from the global market as demand was hit by the coronavirus pandemic.
In a…
Saudi Arabia says voluntary oil cuts were for June only
Saudi Arabia and its Gulf allies are not planning to extend voluntary cuts in oil output into July as they were for June only, Saudi energy minister Prince Abdulaziz bin Salman told a news conference on Monday.
Mexico cannot make additional oil output cuts, says president
Mexican President Andres Manuel Lopez Obrador said on Friday, that his country is not in a position to make additional oil output cuts beyond those agreed at the April meeting of the OPEC+ group of oil-producing countries.
At a news…
OPEC, Russia to extend record oil cuts to end of July
OPEC, Russia and allies were set on Saturday to extend record oil production cuts until the end of July after crude prices doubled in the past two months on the back of their efforts to withdraw almost 10% of global supplies from the…
IMF announces preliminary deal on $5.2 billion standby loan for Egypt
The International Monetary Fund on Friday said it had reached a staff-level agreement with Egypt for a one-year, $5.2 billion standby loan to help the North African country grapple with the novel coronavirus pandemic and its economic…
France says German recovery plan ‘good news’, French plan due soon
French Finance Minister Bruno Le Maire on Thursday welcomed a new German recovery plan and said that a French one would be ready in the coming weeks.
Le Maire said in a joint news conference with German Economy Minister Peter Altmaier…
Lebanon to adopt one approach on financial losses
The Lebanese presidency said on Thursday, that Lebanon will decide on one approach on figures it is presenting in IMF negotiations, seeking to reconcile different approaches taken by the government and central bank for assessing losses in…
Russia’s Novak sees potential 3-5 million bpd oil market shortage in July
Russian Energy Minister Alexander Novak said on Thursday that the global oil market could face a shortage of 3-5 million barrels per day (bpd) in July, depending on a deal to be reached by OPEC+ producers, Interfax news agency reported.…
Oil prices drops on U.S. inventories and doubts over output cuts
Oil prices dropped on Thursday on doubts over the ability of crude producers to agree to extend record output cuts, heightened by worries over a build in U.S. fuel inventories.
Brent crude LCOc1 futures eased by 29 cents to $39.50 a…