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World Economy International Organizations

  • Brent is down 10 percent since late 2016, despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day in the first half of 2017.. With oil supplies still around record highs, Stephen Schork of the Schork report said on Tuesday that " OPEC has failed miserably in its endeavor to balance the oil...

  • *Germany opposing key parts of the reforms- document. FRANKFURT/ BRUSSELS, April 25- Germany is opposing key elements of a European Union proposal to overhaul how vehicles are licensed and tested to prevent a repeat of the Volkswagen emission cheating scandal, according to an EU document. However, a German position paper seen by Reuters shows that Berlin is...

  • Brent is down 10 percent since late 2016, despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut output by 1.8 million barrels per day in the first half of 2017.. Given that oil supplies remain at record highs, Stephen Schork of the Schork report said on Tuesday that " OPEC has failed miserably in its endeavor to balance the...

  • SINGAPORE, April 25- Is it yet time to call the crude oil output cuts by OPEC and its allies a failure? Certainly there is an increasing disconnect between the rhetoric of OPEC and other producers cutting output on the one hand and the reality of a well-supplied crude oil market and mixed signals on the level of global inventories on the other.

  • West Texas Intermediate crude futures had added 14 cents, or 0.3 percent, by 0640 GMT, but remained below the $50 mark pierced late last week, at $49.37 a barrel. Despite Tuesdays increases, market sentiment has turned bearish, with Brent down 10 percent since late 2016 despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut...

  • West Texas Intermediate crude futures added 24 cents, or 0.5 percent, by 0305 GMT, but remained below the $50 mark pierced late last week, at $49.47 a barrel. Despite Tuesdays increases, market sentiment has turned bearish, with Brent down 10 percent since late 2016 despite efforts led by the Organization of the Petroleum Exporting Countries and Russia to cut...

  • WASHINGTON, April 24- The United States will impose preliminary anti-subsidy duties averaging 20 percent on imports of Canadian softwood lumber, Commerce Secretary Wilbur Ross said on Monday, escalating a long-running trade dispute between the two neighbors. Ross told Reuters in a telephone interview that Canada was "already retaliating" against the...

  • SAO PAULO, April 24- Terms of a free trade accord between the European Union and the Mercosur trade bloc could be ready before the end of this year and take effect in 2019, a senior diplomat said on Monday.

  • BRUSSELS, April 24- European Union leaders will warn Britain it cannot assume its big financial services industry will be included in any free trade deal after Brexit, diplomats said on Monday after fixing negotiating terms in a draft document. Britain's Prime Minister Theresa May, who will open negotiations with the EU in June assuming she wins a snap election...

  • *Russia indicates it can lift oil output if OPEC curbs lapse. NEW YORK, April 24- Oil prices slipped nearly 1 percent on Monday, extending last week's decline, on lack of confirmation that OPEC will extend output cuts until the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses. Russian oil output could climb to its highest rate in 30 years...

  • ATHENS/ ROME, April 24- The Italian and Greek governments are counting on France's likely next president Emmanuel Macron to help them see off populist parties that blame European Union- enforced austerity and open immigration policies for economic and social ills. The ruling parties in heavily indebted Italy and Greece hope his enthusiasm for the EU will help...

  • *Russia indicates it can lift oil output if OPEC curbs lapse. NEW YORK, April 24- Oil prices slipped nearly 1 percent on Monday, extending last week's decline, on lack of confirmation that OPEC will extend output cuts till the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses. Russian oil output could climb to its highest rate in 30 years...

  • BRASILIA, April 24- The governments of Spain and Brazil on Monday reinforced their commitment to completing a trade pact between the European Union and South American trade bloc Mercosur despite protectionist sentiments. On a two-day visit to Brazil, Spanish Prime Minister Mariano Rajoy said he agreed with Brazilian President Michel Temer about the need to...

  • GENEVA, April 24- China has proposed tightening the rules on when countries can impose anti-dumping and anti-subsidy tariffs, saying their use was rising and that such charges were often misused and distorted international trade. The United States told the WTO in 2014 that China had 30 undeclared fisheries support programmes, and it has repeatedly demanded...

  • BRASILIA, April 24- The governments of Spain and Brazil on Monday reinforced their commitment to completing a trade pact between the European Union and South American trade bloc Mercosur despite protectionist sentiments. On a two-day visit to Brazil, Spanish Prime Minister Mariano Rajoy said he agreed with Brazilian President Michel Temer about the need to...

  • *Russia indicates it can lift oil output if OPEC curbs lapse. NEW YORK, April 24- Oil prices slipped about 1 percent on Monday, extending last week's decline, on lack of confirmation that OPEC will extend output cuts till the end of 2017 and as Russia indicated it can lift output if the deal on curbs lapses. Russian oil output could climb to its highest rate in 30 years if...

  • Thomas Donohue, president and chief executive of the U.S. Chamber of Commerce, said his organization has been urging the Trump administration to amend but not end the North American Free Trade Agreement, and would not stop until the deal with Canada and Mexico was strengthened. "I want to assure you that despite what you may see in the news, or hear in the news, there is...

  • *OPEC looks set to extend output cuts through 2017. LONDON, April 24- Oil prices dipped on Monday, reversing earlier gains as concerns about a pick up in U.S. drilling activity trumped expectations that OPEC will extend output cuts till the end of 2017.. Oil prices rose earlier in Monday's session after last week's recommendation by a panel of OPEC and other...

  • *Extension to OPEC- led cuts in focus amid high inventories. MOSCOW, April 24- Russian oil output could climb to its highest rate in 30 years if OPEC and non- OPEC producers do not extend a supply reduction deal beyond June 30, according to comments by Russian officials and details of investment plans released by oil firms. The Organization of the Petroleum Exporting...

  • *OPEC looks set to extend output cuts through 2017. LONDON, April 24- Oil prices recovered some lost ground on Monday after big losses last week, driven by expectations that OPEC will extend output cuts till the end of 2017, although a rise in U.S. drilling capped gains. Leading Gulf oil exporters Saudi Arabia and Kuwait gave a clear signal at a conference in Abu Dhabi...