OPEC cuts exceed targets – Kuwait minister

Desert_oil_pumpsOPEC members have exceeded their targeted output cuts by 40%, according to the Kuwaiti energy minister. Non-OPEC members, meanwhile, have made between 50-60% of their targeted cuts, said Essam Al-Marzouq, Kuwait's minister for oil, water and electricity, reported by Kuwait's state news agency, Kuna. Al-Marzouq attributed the fall in output to large, voluntary cuts made by Saudi Arabia to muster confidence in the output reduction agreement that OPEC members reached last year. OPEC, the Organization of the Petroleum Exporting Countries, is hoping to raise the price of oil by a concerted effort to reduce supply. Despite these efforts, the oil price has barely risen since an initial jump after the agreement was made. A barrel of Brent crude has stayed at around $55 for most of this year. ©2017 funds global mena

Executive Interviews

EXECUTIVE INTERVIEW: A natural interest in the topic

Mar 08, 2017

Since 2016, Guillermo Ortiz has been a chairman of Latin America’s BTG Pactual. The former central banker of Mexico talks to Nick Fitzpatrick.

We’ll launch our first equity fund next year

Dec 08, 2016

Not many banks plant olive trees, but the Bank of Palestine has a social mission. It also has ambitious expansion plans, says chairman Hashim Shawa. He talks to George Mitton.



Mar 08, 2017

The move to a three-day settlement cycle, the appearance of new stock exchanges, and recent rules on hedge funds were discussed by our panel in Cape Town. Chaired by George Mitton.

ROUNDTABLE: Growing pains

Mar 08, 2017

Our panel in Qatar spoke about frustration with regulators, a shortage of listed companies and plans for a new financial city in Doha. Chaired by George Mitton.