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World Economy International Organizations

  • LONDON, June 28- The 1980 s film WarGames contains an important lesson for OPEC and shale producers about the futility of trying to manage the oil market. In the film, the U.S. Air Force's new war-planning computer, which displays an early form of artificial intelligence called Joshua, runs simulations for global thermonuclear war, trying to find a way to win.

  • *Value of OPEC output up 10 pct in 2017- Reuters figures. OPEC plus Russia and other non- OPEC producers agreed on May 25 to extend supply cuts to March, after an initial deal to keep them in place for the first half of 2017.. "I expect the gains for OPEC to be higher during the second semester 2017 due to a tight market in the third and fourth quarter, despite an oversupply...

  • ACCRA, June 28- Ghana's government has asked the International Monetary Fund to push back the end date of its $918 million aid programme from April 2018 to December 2018, IMF and government sources told Reuters on Wednesday. An extension would further reassure investors that the government of President Nana Akufo-Addo that took office in January is serious...

  • *Next round of talks with EU nations due July 10. BRUSSELS, June 28- European Union nations and the European Parliament remain divided on how to reform the EU carbon market and whether it should mention aviation and shipping, EU sources said on Wednesday. In talks this week- the first held with British deputy Julie Girling, who took over as parliament's lead...

  • BRUSSELS— The European Union has officially extended economic sanctions against Russia by six months for destabilizing Ukraine. EU leaders endorsed the move last week, agreeing that Russia had not done enough to respect the peace agreement aimed at ending the conflict in eastern Ukraine. The EU first slapped sanctions on Russia three years ago after it...

  • The sanctions were imposed in July 2014 following Russia's annexation of Ukraine's Black Sea peninsula and Moscow's direct support for separatists in eastern Ukraine. EU leaders agreed to the extension at their summit in Brussels last week, after France and Germany cited no progress in efforts to negotiate an end to the conflict in eastern Ukraine that has...

  • ACCRA, June 28- Ghana's government has asked the International Monetary Fund to push back the end date of its $918 million aid programme from April 2018 to December 2018, IMF and government sources told Reuters on Wednesday. Any extension would further reassure investors that the new government of President Nana Akufo-Addo, which took power in January, is...

  • BRUSSELS— NATO's chief says U.S. allies are projected to spend around $12 billion more on defense this year, after President Donald Trump berated them for failing to boost military budgets. He said 25 of NATO's 29 allies aim to raise defense spending in 2017.. Only the United States, Britain, Estonia, debt-burden Greece and Poland met NATO's spending targets last...

  • *Vitol expects crude at $40- $55 a barrel next few quarters. The U.S. inventory gains show global supplies are still ample despite the effort by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day between January 2017 and March 2018. Ian Taylor, head of the world's largest independent oil trader Vitol, says Brent crude...

  • *Vitol expects crude at $40- $55 a barrel next few quarters. The U.S. inventory gains show global supplies are still ample despite the effort by the Organization of the Petroleum Exporting Countries to cut output by 1.8 million barrels per day between January 2017 and March 2018. Ian Taylor, head of the world's largest independent oil trader Vitol, says Brent crude...

  • Brent crude futures were at $46.32 per barrel at 0012 GMT, down 33 cents, or 0.7 percent, from their last close. The price falls come despite an ongoing effort by the Organization of the Petroleum Exporting Countries to cut production by 1.8 million barrels per day between January 2017 and March 2018. Ian Taylor, head of the world's largest independent oil trader...

  • *Loonie touches its strongest since February 27 at C $1.3148. Prices of oil, one of Canada's major exports, hit a one-week high on the back of a weaker greenback, short covering and expectations that crude inventories may decline. The International Monetary Fund also cut its growth forecasts for the U.S. economy citing uncertainty over President Donald Trump's...

  • *U.S. shale CEO sees Saudi Arabia moving to lift oil prices. *OPEC to consider options at July meeting in Russia. NEW YORK, June 27- Oil prices rose nearly 2 percent and hit a one-week high on Tuesday, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States may decline for a third consecutive week.

  • June 27- U.S. shale oil producers plan to keep drilling new wells despite this month's crude price drop but expect to revisit spending should pricing remain below $45 a barrel for several months. Pioneer, one of the biggest operators in the Permian Basin, the largest U.S. oilfield, is confident that OPEC leader Saudi Arabia will not let oil prices remain near...

  • *U.S. shale CEO sees Saudi Arabia moving to lift oil prices. *OPEC to consider options at July meeting in Russia. NEW YORK, June 27- Oil prices rose nearly 2 percent and hit a one-week high on Tuesday, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States may decline for a third consecutive week.

  • WASHINGTON, June 27- Two Democratic congressmen on Tuesday called on the Trump administration to demand strong labor provisions in its renegotiation of the North American Free Trade Agreement to reverse chronic wage erosion in Mexico. At a public hearing in Washington tied to the imminent trade talks, U.S. representatives Sander Levin and Bill Pascrell, both...

  • *U.S. shale CEO sees Saudi Arabia moving to lift oil prices. *OPEC to consider options at July meeting in Russia. NEW YORK, June 27- Oil prices rose about 2 percent on Tuesday and hit a one-week high, boosted by a weaker dollar, short covering and expectations that crude inventories in the United States may decline for the third consecutive week.

  • WASHINGTON— The International Monetary Fund has trimmed its outlook for the U.S. economy, citing the number of uncertainties that surround President Donald Trump's plans to boost economic growth. Given these uncertainties, the IMF said the decision was made to make no assumptions about which parts of Trump's program would win approval in Congress and...

  • WASHINGTON, June 27- The International Monetary Fund on Tuesday cut its growth forecasts for the U.S. economy to 2.1 percent for both 2017 and 2018, dropping its assumption that President Donald Trump's tax cut and fiscal spending plans would boost growth. "We are removing that fiscal stimulus because now we have in front of Congress a budget that assumes an...

  • *OPEC to consider options at July meeting in Russia. LONDON, June 27- Oil prices rose for a fourth consecutive session on Tuesday, boosted by a weaker dollar, but worries over persistent oversupply capped gains. Brent crude futures, the international benchmark for oil prices, gained 46 cents to $46.29 per barrel by 1356 GMT.