Russia, Saudi Arabia agree to extend oil output cuts for another 9 months
The Dollar Business Bureau Russia and Saudi Arabia agreed on Monday to extend oil output cuts for another nine months till March 2018, to address the global crude glut and the increase in oil prices. The timing of the announcement sends a clear signal to other OPEC member countries before their next meeting on May 25, to follow suit. The ministers of both the countries, Khalid al-Falih and Alexander Novak in a joint statement said, they pledged ‘to do whatever it takes to reduce the global inventories to their five-year average’, has surprised the stock markets, raising crude prices up more than 1.5% in the Asian trade markets. Addressing the media in Beijing, Falih and Novak said, "There has been a marked reduction ...
Protectionist stance will shrink global growth, warns Jaitley
The Dollar Business Bureau Finance Minister Arun Jaitely on Thursday cautioned the world about adopting US President Donald Trump-influenced trade protectionist stance and said such a move will translate into inefficient economies and contracted GDP growth across the world. Speaking at the ASSOCHAM annual meeting in New Delhi, Jaitley said the world has witnessed a sluggish growth for the last few years and such a move will only complicate the global economies scenarios even further. “Developed countries have turned protectionist...If it has impact on trade, movement of goods and people, (it) could make economies more inefficient and reduce GDP,” he said. Jaitley had presented rather a calculated Union Budget, which came in the backdrop of rising global crude prices, raising risks of inflation, in turn affecting ...
