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Friday, 4 November 2016

Oil price falls as Saudi Arabia and Iran argue over output | Business | The Guardian

Oil price falls as Saudi Arabia and Iran argue over output | Business | The Guardian:

"Squabbling between Saudi Arabia and Iran has sent the oil price down, as tension between the near neighbours threatened to derail talks aimed at cutting production by the Opec group of oil-producing countries.

Riyadh is reportedly threatening to turn the screw on Tehran before this month’s crunch Opec meeting by increasing its own output to push prices even lower.

Saudi Arabia produces up to 10.7m barrels per day (bpd), but Opec sources said it had threatened to open the taps much further."



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Investors grow less bullish on US oil futures

Investors grow less bullish on US oil futures:

"Hedge funds and other money managers grew less bullish on US oil futures in the past week amid a decline that brought prices back below $45 a barrel.

The net long, or buying, position in West Texas Intermediate crude was the equivalent of 211.4m barrels on the New York Mercantile Exchange as of Tuesday, according to weekly government data, contracting by 33.2m barrels. The net position was the lowest since late September.

The funds pared their position by selling out of 20.7m barrels’ worth of long positions and adding 12.4m short, or bearish, futures positions in the week to Tuesday."



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Consortium of oil companies launch $1bn initiative to lower emissions

Consortium of oil companies launch $1bn initiative to lower emissions:

"A consortium of some of the world’s largest state and multinational oil companies, including Saudi Aramco, BP, Shell and China’s CNPC, have launched a $1bn investment fund aimed at exploring technologies to lower emissions.

The Oil and Gas Climate Initiative (OGCI) group said the $1bn, which will be invested over 10 years, was an “unprecedented” commitment from the industry. It comes as the Paris climate change agreement comes into force, writes David Sheppard."



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Trump's economic plan | Luce Talk - YouTube

Trump's economic plan | Luce Talk - YouTube: ""



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Kazakhstan: ‘Bigger than one person’

Kazakhstan: ‘Bigger than one person’:

"Early one Sunday morning in June, a group of young men seized rifles from two gun shops in Aktobe, a city in the steppe of north-western Kazakhstan, and began a series of deadly attacks that would shake the country. Over the next few days, they hijacked a bus, assaulted an army unit, seized hostages and engaged in shoot-outs with police that left 25 dead.

The outbreak of homegrown terrorism jolted this central Asian nation of more than 120 ethnic groups, known for its relative tolerance. For the Kazakh government, concerns about security joined a growing list of political, economic and social threats that could undo one of the most impressive success stories in the former Soviet states.

“We are alarmed about the risk of Islamic radicalism,” says Kassym-Jomart Tokayev, chairman of the senate in the capital Astana. “[The attacks] were a wake-up call for us.”"



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Business activity in the UAE slows in October as new jobs growth stalls | The National

Business activity in the UAE slows in October as new jobs growth stalls | The National:

"Economic optimism slowed for a third month running in October as levels of new employment in the country stagnated.

According to the UAE purchasing managers’ index (PMI), a measure of business activity in the non-oil private sector, economic sentiment slipped to its lowest level for six months last month as the amount of new work slowed.

The Emirates NBD-sponsored index, which covers manufacturing and services, slipped to 53.3, down from 54.1 in September."



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