World Economy International Organizations

  • *First joint cut between OPEC and Russia since 2001. MOSCOW, Dec 2- Russia plans to use its post-Soviet era record high November oil production as its baseline when it cuts output under this week's deal with OPEC, Deputy Energy Minister Kirill Molodtsov said on Friday. Under this week's follow-up agreement, the first between OPEC and Russia since 2001, specific...

  • *Focus shifts to implementation and impact of OPEC deal. LONDON, Dec 2- Oil prices fell 1.5 percent to steady at around $53 a barrel on Friday after the biggest weekly rally since 2009 following OPEC's decision this week to cut crude output in order to rein in a global glut. The market focus now shifts to the implementation and impact of OPEC's first production...

  • BEIJING, Dec 2- China on Friday urged the United States to abandon a surrogate country approach it uses to calculate anti-dumping measures against Chinese exports, as a related clause in China's World Trade Organization deal is set to expire. Commerce Secretary Penny Pritzker said in November the time was "not ripe" for the United States to change the way it...

  • *Focus shifts to implementation and impact of OPEC deal. LONDON, Dec 2- Oil prices steadied at around $53.50 a barrel on Friday after the biggest weekly rally since 2009 following OPEC's decision this week to cut crude output in order to rein in a global glut. The market focus now shifts to the implementation and impact of OPEC's first production agreement since...

  • SINGAPORE, Dec 2- Oil prices dipped on Friday on concerns whether major producers would implement an OPEC-Russia deal to reduce production, compounded by data showing output in Russia rose to a post-Soviet high ahead of the announced cutback. The Organization of the Petroleum Exporting Countries and non- OPEC oil production giant Russia this week said they...

  • "While OPEC's adherence to the new allocations will be critical, the group demonstrated more cohesiveness than at any point since at least the 1.5 million barrels per day cut in 2008," said Jason Gammel of U.S. investment bank Jefferies in a report on Friday. International Brent crude oil futures were trading at $53.52 per barrel at 0704 GMT, down 42 cents, or 0.78...

  • Brent and WTI futures had jumped more than 10 percent since Wednesday's agreement by OPEC members and Russia to reduce crude production by a combined 1.5 million barrels per day. Analysts are now focusing their attention on implementation of the deal, the first agreement since 2001 by the Organization of the Petroleum Exporting Countries and Russia to...

  • International Brent crude oil futures were trading at $53.66 per barrel at 0242 GMT, down 28 cents, or 0.52 percent, from their last close. Brent and WTI futures had jumped more than 10 percent since Wednesday's agreement by OPEC members and Russia to reduce crude production by a combined 1.5 million barrels per day. Analysts are now focusing their attention on...

  • SINGAPORE, Dec 2- Oil prices extended gains early on Friday as producer cartel OPEC and Russia agreed to rein in a global oversupply in crude on Wednesday with analysts now focusing their attention on implementation of the deal. The Organization of the Petroleum Exporting Countries agreed on Wednesday its first oil output reduction since 2008 after de-facto...

  • SINGAPORE, Dec 2- Oil prices extended gains early on Friday as producer cartel OPEC and Russia agreed to rein in a global oversupply in crude on Wednesday with analysts now focusing their attention on implementation of the deal. The Organization of the Petroleum Exporting Countries agreed on Wednesday its first oil output reduction since 2008 after de-facto...

  • PRAGUE- European socialist leaders including UK Labour Party leader Jeremy Corbyn, German Vice Chancellor Sigmar Gabriel, Member of the European Parliament Sergei Stanishev, Slovakia Prime Minister Robert Fico and Czech Republic Prime Minister Bohuslav Sobotka hold a meeting in Prague- 1730 GMT. TOKYO- Asian Development Bank Institute holds a conference...

  • The Organization of the Petroleum Exporting Countries reached the agreement on Wednesday after de-facto leader Saudi Arabia accepted "a big hit" and dropped a demand that archrival Iran also slash production. The Canadian dollar settled at C $1.3317 to the greenback, or 75.09 U.S. cents, stronger than Wednesday's close of C $1.3429, or 74.47 U.S. cents and its...

  • MEXICO CITY, Dec 1- Mexican Central Bank Governor Agustin Carstens will stand down in July, a move that adds doubts about the direction of Latin America's No. 2 economy following the election of Donald Trump as U.S. president. He ran unsuccessfully in 2011 to head the International Monetary Fund, losing to France's Christine Lagarde. Carstens also said that the...

  • *Analysts say U.S. shale could fill supply gap left by OPEC. NEW YORK, Dec 1- Oil prices surged 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly. "It remains to be seen how well they stick to the plan, but if OPEC hadn't come to an agreement...

  • Up to Wednesday's close, U.S. crude prices had fallen more than 52 percent since June 2014, after factoring in a 9 percent rise on Wednesday on news of an OPEC deal to cut output for the first time since 2008. Exxon Mobil Corp $20.50 $31.10 down 34 pct -10.60 down 19 pct Chevron Corp $26.60 $34.00 down 22 pct -7.40 down 16 pct. Devon Energy Corp $1.51 $5.30 down 72 pct...

  • Analysts say U.S. shale could fill supply gap left by OPEC. NEW YORK, Dec 1- Oil prices surged more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly. The Organization of the Petroleum Exporting Countries agreed on Wednesday to...

  • LONDON, Dec 1- Britain would consider making payments to the European Union after it leaves to achieve the best possible access for businesses to the bloc's markets, Brexit minister David Davis said on Thursday. But the idea of paying money to Brussels after Brexit was attacked by one prominent Leave campaigner, Arron Banks, who called it "an incredibly foolish...

  • *Oil prices jump, extend OPEC cut-related advance. NEW YORK, Dec 1- Brent crude futures surged to a 16- month high on Thursday on the heels of OPEC's agreement a day earlier to cut output, while Treasury yields continued to climb following the weakest monthly performance for global bonds in almost 13 years. "You're seeing the market pricing in higher inflation in the...

  • The company, however, said it was encouraged by the potential of a U.S. infrastructure bill, tax reforms, commodity prices and the recent announcement by the Organization of the Petroleum Exporting Countries to curb production. Analysts on average expect Caterpillar to report 2017 earnings of $3.25 per share, according to Thomson Reuters I/B/E/S.

  • Analysts say U.S. shale could fill supply gap left by OPEC. NEW YORK, Dec 1- Oil prices rose more than 4 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to speed up the rebalancing of a long-oversupplied market. The deal also included the group's first coordinated action with non-...