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OPEC along with non-OPEC oil producers are moving toward deciding at their November 30 gathering whether to extend a global agreement to tame crude supply further into next year or not, as two ministers revealed on Monday, it appears to be a quicker time frame than previously indicated.
The Organization of the Petroleum Exporting Countries, Russia as well as nine other oil producers, are reducing output by nearly 1.8 million barrels a day until March next year for the purpose of eradicating a glut. Moreover, they’re also considering extending the pact for longer.
The previous month Reuters informed citing OPEC sources, that oil producers were about to prolong the pact until the end of 2018, although the decision could be delayed until early 2018 depending on the market.
On Monday, United Arab Emirates Energy Minister Suhail bin Mohammed al-Mazroui disclosed that he saw no need for the verdict to be postponed beyond the November 30 gathering in Vienna.
On Tuesday, gold jumped, underpinned by hopes that the US main financial institution is going to send financial markets a more dovish message as for future monetary policy following the two-day policy gathering scheduled to start a bit later on Tuesday…
On Monday, gold managed to ascend because traders closely watched a busy week probably to be dominated by the Fed’s regular policy gathering…
On Thursday, in Asia, gold slipped notwithstanding the fact that China posted weaker-than-anticipated industrial output data…
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On Monday, Asian stocks traded mostly higher, with Shanghai bucking the trend because centrist Emmanuel Macron fully matched opinion survey hopes and left anti-EU far-right nominee Marine Le Pen behind…
Japan's March real wages went down at the fastest pace in nearly two years, weighed by minor nominal pay lifts as well as a moderate ascend in consumer prices, thus posing a setback for Prime Minister Shinzo Abe's tries to revitalize the Japanese…
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