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Sunday, 22 November 2015

Iran oil minister says does not expect OPEC policy change at Dec. 4 meet | Reuters

Iran oil minister says does not expect OPEC policy change at Dec. 4 meet | Reuters:

"Iran's oil minister said on Saturday he did not expect OPEC to change its output policy when it meets next month, and had told the exporting group of its own plans to boost production, for which it did not need permission.

"To increase Iran's oil production in the global market after the lifting of sanctions, we don't need permission from OPEC (the Organization of the Petroleum Exporting Countries) or any other organisation," Iran's oil minister, Bijan Zanganeh was quoted as saying by IRNA on the sidelines of the meeting of the Gas Exporting Countries Forum (GECF) in Tehran.

Asked if he expected OPEC to maintain its strategy at the meeting on Dec. 4, he said: "I don't expect to receive any new agreement.""



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MIDEAST STOCKS-Saudi bounces further from chart support; Egypt edges up | Reuters

MIDEAST STOCKS-Saudi bounces further from chart support; Egypt edges up | Reuters:

"Saudi Arabia's stock market bounced further from a technical support level on Sunday but other Gulf bourses were little changed. Egypt's market edged up.

The Saudi stock index has been rebounding in the last few days from support at November's two-year low of 6,828 points. On Sunday it added 2.1 percent to 7,179 points, rising above resistance on the November high of 7,161 points.

A second straight daily close above that resistance would confirm a clean break, triggering a minor double bottom formed by the November lows and pointing up to 7,461 points."



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UK court orders Kurdish government to pay Dana Gas $100 million in 14 days | The National

UK court orders Kurdish government to pay Dana Gas $100 million in 14 days | The National:

"International courts have ruled that the Kurdistan regional government in Iraq has 14 days to pay US$100 million to Sharjah-based Dana Gas and its consortia partners.

The High Court of England has upheld the ruling of the London Court of International Arbitration ordering the KRG to pay Dana Gas and its partners, Crescent Petroleum and Pearl Petroleum, outstanding arrears for the development of hydrocarbon assets.

The group is exploring and developing the Khor Mor and Chemchemal gas fields. The supplies from these assets were to provide domestic electric power to plants near Erbil and Suleymania."



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MIDEAST STOCKS-Saudi bounces further from chart support; Egypt edges up | Reuters

MIDEAST STOCKS-Saudi bounces further from chart support; Egypt edges up | Reuters:

"Saudi Arabia's stock market bounced further from a technical support level early on Sunday, while Egypt's bourse edged up.

The Saudi stock index has been rebounding in recent days from support at November's two-year low of 6,828 points. In the opening minutes of trade on Sunday it added 1.7 percent to 7,152 points, nearing resistance on the November high of 7,161 points.

With Brent oil still below $45 a barrel and a lack of positive corporate news, an extended rally by the Saudi market looks unlikely to many fund managers. But some local retail investors appear willing to buy on dips near current levels."



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MIDEAST STOCKS-Gulf markets edge up; short-term technicals positive | Reuters

MIDEAST STOCKS-Gulf markets edge up; short-term technicals positive | Reuters:

"Most Gulf stock markets edged up in early trade on Sunday, supported by positive short-term technical factors, though modest turnover suggested a major uptrend was not underway.

Dubai's index added 0.5 percent to 3,289 points. It triggered a minor double bottom formed by the November lows on Thursday; the target of that pattern is 3,327 points.

Nine of the 10 most heavily traded Dubai stocks rose, with builder Arabtec, the most active stock, up 1.7 percent."



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