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World Economy International Organizations

  • *World Bank draft report critical of Ghana cocoa regulator. ACCRA, June 5- Corruption and regulatory mismanagement of Ghana's cocoa industry are denting production and harming farmers, underlining the need for reform, the World Bank said in a draft report seen by Reuters. Ghana produced a record 1 million tonnes of cocoa in the 2010-11 season, but output has since...

  • MEXICO CITY, June 5- The United States and Mexico reached an agreement in a dispute over trade in sugar on Monday, sources said, averting steep U.S. duties and retaliation by Mexico on imports of American high-fructose corn syrup ahead of the renegotiation of NAFTA. The agreement clears away a significant hurdle to the renegotiation of the North American Free...

  • *OPEC exports remain high despite production cuts. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability. "While we would not want to read too much into this in terms of looming trouble for OPEC, the fact...

  • *OPEC exports remain high despite production cuts. LONDON, June 5- Oil prices fell more than 1 percent on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top...

  • LONDON, June 5- Hedge fund managers continued to square up positions after the OPEC meeting on May 25 left oil production allocations unchanged for another nine months. Money managers increased their combined net long position in the three main Brent and WTI futures and options contracts by 20 million barrels in the week to May 30. Fund managers also increased...

  • *OPEC exports remain high despite production cuts. Saudi Arabia, the United Arab Emirates, Egypt and Bahrain closed transport links with top liquefied natural gas and condensate shipper Qatar, accusing it of supporting extremism and undermining regional stability. "In terms of oil flows it doesn't change very much but there is a wider geopolitical impact one...

  • *OPEC supplies to customers are falling. *Tension between Saudi Arabia, Bahrain and Qatar. SINGAPORE, June 5- Oil markets edged higher on Monday as rising Saudi physical prices and signs of falling OPEC supplies slightly outweighed a persistent rise in U.S. production.

  • SINGAPORE, June 5- Oil markets were subdued on Monday, with Brent struggling to maintain $50 per barrel as efforts led by OPEC to tighten the market were undermined by persistently rising U.S. production. Shipping data in Thomson Reuters Eikon shows that OPEC tanker supplies to customers around the world were at 24.3 million bpd in May, down from 24.8 million bpd...

  • ZACATEPEC, Mexico, June 4- Anger is simmering across a lush swathe of Mexico among poor sugar cane farmers who face a major blow from trade talks in Washington on Monday, in an ominous preview of the high-stakes re-negotiation of the NAFTA agreement set to begin in August. The United States and Mexico have until Monday to modify a 2014 agreement that set quotas and a...

  • CAIRO, June 4- Egypt's foreign reserves jumped to $31.126 billion at the end of May from $28.641 billion at the end of April, the central bank said on Sunday. Egypt's foreign reserves have been climbing since the country clinched a $12 billion three-year loan from the International Monetary Fund in November in a bid to lure back foreign investors.

  • MOSCOW, June 3- Saudi Energy Minister Khalid al-Falih said further oil output cuts could be needed in the future but that OPEC and other leading producers would assess the market situation in July, Russia's TASS news agency reported on Saturday. The Organization of the Petroleum Exporting Countries and other nations led by Russia agreed last week to extend a...

  • *Trump pulls U.S. out of Paris climate accord. *OPEC officials discussed deepening cuts- sources. President Donald Trump's withdrawal from the Paris climate accord could accelerate U.S. production and flood the global oil market.

  • LONDON, June 2- Nickel bounced off its weakest level in nearly a year on Friday while zinc hit a two-week low, pressured by weaker iron ore and oil prices as well as concern about demand in top consumer China. It's crashing after the disappointment from the OPEC meeting, "Gianclaudio Torlizzi, Partner at consultancy T-Commodity in Milan, said. *ZINC: Benchmark zinc on...

  • *Lingering EU complaints over investor access to China. BRUSSELS, June 2- The European Union and China warned U.S. "We are convinced that yesterday's decision by the United States to leave the Paris agreement is a big mistake," Tusk, who chairs EU summits as the head of the European Council, told a news conference with Li and the EU's chief executive Jean-Claude...

  • BRUSSELS, June 2- China and the European Union pledged unity in fighting global warming on Friday, a day after President Donald Trump announced a U.S. withdrawal from the Paris climate pact, but they showed lingering divisions on international trade. Chinese Premier Li Keqiang and top EU officials agreed a joint statement, backed by all 28 EU states, committing...

  • LONDON, June 2- OPEC's extended oil supply deal faces a litmus test in the next couple of months while summer demand kicks in, as wary oil traders and investors will need evidence, rather than reassurance, that rebalancing is underway. "OPEC went out of their way to ensure no one was surprised and then you get a market that wanted to be surprised," Standard Chartered...

  • LONDON, June 2- Nickel fell to its weakest levels in nearly a year on Friday while zinc hit a two-week low, pressured by weaker iron ore and oil prices plus concern about demand in top consumer China. It's crashing after the disappointment from the OPEC meeting, "Gianclaudio Torlizzi, Partner at consultancy T-Commodity in Milan, said. *ZINC: Benchmark zinc on the...

  • *OPEC, non- OPEC producers extend cuts through March 2018. June 2- Oil analysts have grown more downbeat about the outlook for crude and expect prices to average around $55 a barrel this year even after OPEC and its partners agreed to restrain production into 2018, a Reuters poll of analysts showed on Friday. "Greater OPEC restraint will help to shore up prices, but we...

  • ST PETERSBURG, Russia, June 2- OPEC oil producers could be wasting their efforts by cutting output as rising U.S. production threatens to deliver a wave of new supply next year, Igor Sechin, the head of Russian oil company Rosneft, said on Friday. Sechin, one of the closest allies of Russian President Vladimir Putin, long opposed the idea of Russia joining cuts but...

  • *Rising U.S. output has been blunting OPEC efforts to clear glut. President Donald Trump's decision to abandon a global climate pact could spark more crude drilling in the United States, stoking a persistent glut in global supply. Commodity markets were absorbing news the United States would withdraw from the landmark 2015 global agreement to fight climate...