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IMF chief urges Arab states to cut spending

DUBAI: IMF chief Christine Lagarde on Saturday urged Arab countries to slash public wages and subsidies in order to rein in spending, achieve sustainable growth and create jobs. Speaking at the one-day Arab Fiscal Forum in Dubai, Lagarde welcomed “promising” reforms adopted by some Arab countries, but insisted much more was needed to overcome daunting…

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PM inaugurates first 36MW Gollen Gol power unit      

CHITRAL: Prime Minister Shahid Khaqan Abbasi Sunday inaugurated here the first unit of Gollen Gol Hydropower Project to generate 36 megawatts of electricity.¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬†¬† Constructed at Gollen Gol – a tributary of River Mastuj, near Chitral, Khyber Pakhtunkhwa, the first unit would exclusively cope with the needs of Chitral and adjacent areas. The prime minister was…

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US oil prices end above $60 for 1st time in 2-1/2 years

NEW YORK: US oil prices finished above $60 a barrel for the first time since June 2015 after new data suggested American producers were being cautious about ramping up output. The benchmark US contract, West Texas Intermediate for February delivery, climbed 58 cents to finish at $60.42 a barrel. Meanwhile, Brent North Sea crude for…

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Venezuela’s Maduro gains control over oil contracts amid purge

CARACAS: Venezuela‚Äôs President Nicolas Maduro on Sunday gained more powers over the OPEC member‚Äôs oil contracts, as a deepening purge looks set to strengthen the leftist leader‚Äôs control of the key energy sector amid a debilitating recession, reported Reuters. A months-long crackdown on alleged graft in Venezuela‚Äôs oil industry has led to the arrest of…

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Oil prices fall after U.S. drillers add rigs

TOKYO: Oil fell on Monday after U.S. shale drillers added more rigs last week, but prices held not far off their highest since mid-2015, supported by an extension of output cuts agreed last week by OPEC and other producers, reported Reuters. Drillers in the United States added two oil rigs in the week to Dec….

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OPEC to discuss extending cuts, quotas: UAE minister

ABU DHABI: OPEC will discuss extending production cuts that have boosted oil prices and imposing output quotas on all cartel members at a November meeting in Vienna, an Emirati minister said Monday. United Arab Emirates Energy Minister Suheil al-Mazrouei said the oil market had rebalanced after OPEC and non-OPEC producers agreed to cut output in…

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Oil prices edge up on signs of gradually tightening market

SINGAPORE: Oil prices rose on Tuesday, lifted by indications that supply is gradually tightening, especially in the United States, reported Reuters. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $51.83 per barrel at 0340 GMT, up 17 cents, or 0.3%, from their last close. US West Texas Intermediate (WTI) crude futures…

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Oil down 1% on surprise rise in US inventories, high OPEC output

SINGAPORE: Oil prices fell 1% on Wednesday, with rising US fuel inventories pulling US crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices, reported Reuters. US West Texas Intermediate (WTI) crude futures were at $48.68 per barrel at 0303 GMT, down 48 cents, or 1%, from…

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Oil drops on rising US crude inventories, defies expected supply cut extension

SINGAPORE: Oil prices fell 1 percent on Wednesday after data showed an increase in U.S. crude inventories, stoking concerns that markets remain oversupplied despite efforts by top producers Saudi Arabia and Russia to extend output cuts.

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Oil prices rise in Asia in expectation of Aramco supply cut

Oil futures rose in Asian trading on Wednesday after Reuters reported that Saudi Arabia would cut supplies to the region as OPEC battles against rising U.S. production that is threatening to derail its attempts to end a sustained global glut in crude.

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Oil prices face second weekly loss as oversupply lingers

SINGAPORE: Oil prices stabilized on Friday but were on track for a second straight weekly loss on concerns that an OPEC-led production cut has failed to significantly tighten an oversupplied market.

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Oil falls on bulging US crude inventories, record global supplies

SINGAPORE: Oil prices resumed their downward trend on Wednesday as data showed a rise in U.S. crude inventories and record supplies in the rest of the world cast doubt on OPEC’s ability to cut supplies and tighten the market.

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Oil dives, sending US crude below $50 for first time in two weeks

NEW YORK: Oil prices tumbled more than 2 percent on Friday, notching the biggest weekly decline in more than a month on mounting evidence that U.S. production and inventory growth were offsetting OPEC’s attempts to reduce the global crude glut.

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OPEC ‘optimistic’ oil output cuts leading to price recovery

ABU DHABI: Oil-exporting cartel OPEC is confident that production cuts agreed with non-members to prop up prices will lead to a recovery in the market, its chief said on Wednesday. “We are optimistic that the policy measures we have taken already place us on the path of recovery,” OPEC Secretary General Mohammad Sanusi Barkindo said…

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Oil slides 2 percent on strong dollar, doubts of OPEC output cuts

NEW YORK: Oil prices fell 2 percent on Tuesday to the lowest in nearly a month, extending the previous session’s sell-off as the U.S. dollar strengthened and doubts mounted over whether producing countries would implement of a deal to cut output.

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Oil jumps to highest since mid-2015, Fed hike on horizon

NEW YORK: Oil prices surged to an 18-month high on Monday after the world’s top crude producers agreed to the first joint output cut since 2001, sparking concerns about inflation, which pushed up U.S. Treasury yields to a more than two-year peak.

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Oil soars as non-OPEC producers agree on caps

SINGAPORE: Oil soared Monday following a landmark deal by Russia and other non-OPEC producers to join the cartel in capping output, in a bid to end a stubborn global glut that has hammered prices. In a bid to reverse a dramatic fall in income, Russia and 10 other non-OPEC states on Saturday said they will…

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Oil falls on output cut skepticism, OPEC and Russia output rise

NEW YORK: Oil prices on Tuesday ended lower for the first time since OPEC agreed on Nov. 30 to cut output, as data showing record high production in the producer group fed skepticism that it would be able to reduce supplies.

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Iran claims victory in OPEC oil deal

TEHRAN: Iran claimed victory after it was spared any of the cuts in oil production accepted by other OPEC members, including its bitter regional rival Saudi Arabia, to tackle a global glut. “Iran’s oil victory at OPEC” and “Failure of Riyadh’s oil diplomacy” were among the headlines in Iranian newspapers on Thursday morning, a day…

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Oil prices surge as OPEC, Russia agree output cut

SINGAPORE: Oil prices shot up more than 12 percent, smashing trading volume records, after producer club OPEC and Russia cut a deal to reduce output to drain a global supply glut, but analysts warned prices could recede as other producers stand by to fill the gap. The Organization of the Petroleum Exporting Countries (OPEC)agreed on…

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US oil prices close at $51.35 a barrel, highest for 2016

NEW YORK: US oil prices finished at their highest level of 2016 Monday after President Vladimir Putin said Russia was ready to align with OPEC’s push to limit oil output.

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