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

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.

If you build it, they will come

Dec 08, 2016

The UAE's second financial free zone has some new tenants. George Mitton talks to Steve Barnett, financial centre development director.

Roundtables

MIFID II ROUNDTABLE: Europe prepares to rewrite the rules

Dec 08, 2016

The second version of the Markets in Financial Instruments Directive (MiFID II) has implications for anyone seeking to sell funds in Europe.

ASSET SERVICER ROUNDTABLE: Local is lekker

Mar 07, 2016

Our panel in Cape Town discussed the move to T+3, the complexity of trade settlement on the continent and the challenges of building a pan-African business. Chaired by Alan Chalmers.