• The GCC Financial Forum 2019
OPEC plans output cuts

OPEC plans output cuts

OPEC members and other oil-producing countries mulled cuts in output yesterday to prop up plunging prices, amid repeated calls by US President Donald Trump that they keep the taps open. “We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Saudi oil minister Khalid al-Falih told reporters ahead of an OPEC meeting in the Austrian capital.

Oil ministers from 20 or so countries are in Vienna for two days of meetings -- first, the 15 members of OPEC, then a wider group including countries outside the cartel -- to discuss how to counter the tumble in prices over the past two months. On Wednesday, Trump took to Twitter to urge producers to keep pumping.

Saudi minister al-Falih pointedly said Washington should back off. “We don’t need permission from anyone to cut,” he said. The US “is not in a position to tell us what to do,” he added. At the end of 2016, OPEC’s regular members joined forces with other countries -- most notably Russia -- to scale back output in a bid to reduce a glut that was weighing on prices. OPEC daily output stood at 32.99 million barrels in October, according to the International Energy Agency.




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ABG reports profit of US $129 million

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Palladium tops $1,500

Palladium tops $1,500

Precious metal palladium yesterday reached above $1,500 per ounce for the first time in trading thanks to supply deficit worries, according to analysts. Palladium hit $1,504.52 per ounce from $1,480.15 late on Tuesday. It later yesterd

ABG reports profit of US $129 million

ABG reports profit of US $129 million

Al Baraka Banking Group (ABG) reported increases in income, with a 4 per cent increase in net operating income, a 5pc rise in total net income, as net income attributable of shareholders remained unchanged compared to the year 2017. Th