Canada, Mexico and Japan want to revive the Trans-Pacific Partnership free trade deal

President Trump left a mammoth Pacific free trade deal in ruins. Now, the other countries involved want to rebuild it. Ministers from 11 nations — including Australia, Canada, Mexico and Japan — agreed over the weekend to try to revive the Trans-Pacific Partnership, which was designed to reshape trade across the Pacific Rim. But economists caution that whatever emerges from the process will be a shadow of the deal Trump killed…

OPEC seen extending output cuts as Saudi Arabia says most members on board

OPEC and other oil producers are on course to agree an extension of supply cuts at a meeting on Thursday, with Saudi Arabia saying most participants are on board with the plan to rein in a global supply glut. Saudi Arabia’s energy minister said on Sunday that extending the supply cuts by a further nine months until next March, and adding one or two small producers to the pact, should reduce oil inventories to their five-year average, a key gauge for OPEC to monitor the success of the initiative…

Oil prices rise as OPEC, other producers are expected to extend, deepen supply cuts

Oil prices rose to their highest levels in more than a month on Monday, amid growing confidence that top exporters would agree to extend supply curbs this week and speculation that the cuts could be deepened further. Brent futures were up 31 cents, or 0.6 percent, at $53.92 a barrel by 12:45 p.m. EDT (1645 GMT). U.S. West Texas Intermediate crude for June, meanwhile, rose 38 cents, or 0.8 percent, to $50.71 per barrel on its last day as the front-month…

OPEC, Saudi Arabia ‘no longer in control’ of oil prices

For decades, OPEC’s sway on oil prices was unparalleled. But the cartel’s immense influence has been dealt a huge blow by the dramatic boom in US shale. “Saudi Arabia and OPEC are no longer in control,” Douglas Rachlin, managing director at Neuberger Berman’s Rachlin Group, said on Wednesday at the SALT Conference in Las Vegas. The emergence of US shale as a key global player that can pump even during low oil prices means OPEC can no longer “manipulate prices,” Rachlin said…

Oil prices rise on growing expectations that OPEC will extend crude output cuts

Oil prices were heading on Friday for a second week of gains on growing expectations that big crude exporters will extend output cuts to curb a persistent glut in inventories. Brent crude LCOc1 was up 77 cents at $53.28 at 1328 GMT (9.28 a.m. ET), its highest since April 21, while U.S. benchmark crude oil CLc1 was up 67 cents at $50.02. Since the start of March, the Brent price has swung from more than $56 a barrel to less than $47 as opinion swayed over whether cuts by the Organization of the Petroleum Exporting Countries and other producers will offset rising U.S. output…

‘Wannacry’ ransomware attack estimated at $4 billion in losses

Global financial and economic losses from the “WannaCry” attack that crippled computers in at least 150 countries could swell into the billions of dollars, making it one of the most damaging incidents involving so-called ransomware. Cyber risk modeling firm Cyence estimates the potential costs from the hack at $4 billion, while other groups predict losses would be in the hundreds of millions…

G7 leaders pledge stronger cooperation against cyber crime, renew FX pledges

Financial leaders of seven leading world economies pledged stronger cooperation against cyber crime on Saturday and not to use foreign exchange to gain competitive advantage, but stuck to their cautious wording on trade, their final communique showed. Finance ministers and central bank governors from the United States, Canada, Japan, France, Germany, Italy and Britain met in the Italian city of Bari to discuss the world economy, combating terrorist funding, cyber security and taxes…

Saudi Arabia, Russia to extend output cuts until March 2018

Major oil producers are preparing to extend output cuts until March 2018 in a bid to reduce a global supply glut. The energy ministers of OPEC kingpin Saudi Arabia and its biggest non-OPEC partner Russia met Monday and agreed to do “whatever it takes to achieve the desired goal of stabilizing the market,” Russia’s energy ministry said in a statement.
OPEC and some non-OPEC producers agreed in December to cut output by 1.8 million barrels per day for six months to help stabilize oil prices…

G7 finance chiefs pressed U.S. not to break global consensus in trade, financial regulations

Finance chiefs from some of the world’s richest nations began a two-day meeting in Italy on Friday, with Europe, Japan and Canada hoping to come away with a clearer picture of U.S. President Donald Trump’s plans on important policies. Inequality, international tax rules, cyber security and blocking the funding of terrorism are the focus of the official agenda for Group of Seven finance ministers and central bankers who are meeting in the Adriatic port city…

OPEC to U.S.: Please stop pumping so much, help us balance market

OPEC has asked a favor of other major producers: Please stop pumping so much and help us balance the market. The unusual plea was issued Thursday in the cartel’s closely-watched monthly report, which found that global markets are still suffering from too much supply. The report said that balancing the market would “require the collective efforts of all oil producers” and should be done “not only for the benefit of the individual countries, but also for the general prosperity of the world economy.”…

OPEC’s output cuts are falling short and its running out of options

OPEC is running out of options. The price of crude has plummeted 13% in recent weeks to below $46, suggesting that the cartel’s efforts to vanquish cheap oil are falling short.
OPEC and other major producers had been enjoying higher prices since agreeing in November to slash production, a strategy designed to rid global markets of excess supply. Now, the magic appears to be wearing off…

High U.S. oil stockpiles have undermined OPEC’s output cut deal

The energy industry scrutinizes U.S. oil stockpile data every week for evidence that OPEC supply cuts are ending a global crude glut, but growing domestic output means the world’s largest oil consumer may be the last place to feel the cuts. Stubbornly high U.S. inventory levels have shaken market confidence that a deal by the Organization of the Petroleum Exporting Countries (OPEC), Russia and other top producers to cut 1.8 million barrels per day (bpd) from supply will end the two-year glut…

Newsletter

Zero spam.