OPEC has a "technical deal" that could be solidified at a technical meeting this week in Vienna. All the major players are saying they are optimistic that a deal will be reached barring any last-minute blow ups. Saudi Arabia, Russia, Iraq and Iran all say that a production deal is within reach and it is possible that even the skeptics are starting to believe it.
The New Development Bank (NDB), an infrastructure-focused lender established by the BRICS emerging economies, plans to issue debt in the local currencies of its five member countries, the bank's president said.
The Organization of the Petroleum Exporting Countries meeting in Vienna just got a lot more interesting. Saudi Arabia's new oil minister Khalid Al-Fali wants to show a softer side and repair diplomatic damage done that the failed “Doha Initiative.” He said that the Kingdom will back an oil production ceiling at today’s meeting.
City of London Police has seized $22 million six weeks after arresting a City broker on suspicion of using the futures market to launder money from a Russian organised crime group. Detectives took possession of the four cheques under the Proceeds of Crime Act (POCA) from a clearing firm, located in the Square Mile, after the company closed down the suspect’s five trading accounts.
Internal differences are killing OPEC and its ability to influence the markets has all but evaporated, top Russian oil executive Igor Sechin told Reuters in some of his harshest remarks ever about the oil cartel.
World stocks rose to their highest level in more than four months on Thursday and the dollar chalked up a third day of gains as markets took a positive view ahead of top policymaker and oil producer meetings.
Russia believes an oil price at $45-$50 per barrel is acceptable to allow the global oil market to balance, as it prepares to meet leading oil producers in Doha later this month, sources familiar with Russian plans said on Wednesday.