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 ...
A paradoxical 2017 awaits us!
On one hand, we lament over India’s reduced exports, and on the other, we see no 'social justice' in giving our exporters enough to even cover their input costs in the form of remission and incentive schemes. Steven Philip Warner | January 2017 Issue | The Dollar Business When 2016 began, the world trade community had just braved a cold and icy year. TDB's January 2016 issue titled, ‘2016: Are we regressing?’ summed the low-key expectations from 2016 quite well. Based on a comprehensive consideration of various past situations and expected scenarios (simulative analyses), TDB Intelligence Unit had then made a few forecasts about what the year ahead would mean for foreign trade and policy. They were predictions however, and most of which ...
