Markets

Oil producer group OPEC’s Secretary General Haitham al-Ghais said on Thursday (April 27) the International Energy Agency (IEA) should be “very careful” with repeated calls to discourage investment in the oil industry, which was vital for “global economic growth and prosperity in the decades to come, especially in the developing world.” The influential group of 23 oil-exporting exporting nations and Paris-based IEA have jousted

Waves of bad news keep hitting the banking sector.  Following the failure of Silicon Valley Bank in the US and the forced takeover of Credit Suisse, shares in Deutsche Bank fell sharply Friday (March 24) after a jump in default insurance costs. Deutsche Bank shares, which have lost more than a fifth of their value so far this month, closed down 8.5% on Frankfurt’s

International Energy Agency (IEA) Executive Director Fatih Birol said Friday (Feb. 17) that the rebound in China’s economy is currently the biggest uncertainty for the world energy markets. Birol who was attending the Munich Security Conference, explained that although the oil markets are “balanced” at present, producers are focusing on the demand signals that will be coming from China. “How strong this

Russia’s Finance Ministry said in a statement on Friday (Dec. 30) the maximum possible share of Chinese yuan in its National Wealth Fund (NWF) had been doubled to 60% and gold to 40%. The ministry also said its accounts in British pounds and Japanese yen at the central bank have been reduced to zero. “The Russian finance ministry is continuing its consistent

India’s foreign exchange reserves rose to by a whopping $14.72 billion to $544.715 billion in the week through Nov. 11, marking their biggest weekly jump in more than a year, the Reserve Bank of India’s (RBI) weekly statistical supplement showed. Asia’s third-largest economy’s reserves stood at $529.99 billion by Nov. 4. The rise in the foreign exchange reserves was likely fueled by

The Organization of the Petroleum Exporting Countries (OPEC) and the United States Energy Information Administration (EIA) cut their respective oil demand projections for 2023. The EIA stated that its projection for global oil demand in 2023 has been reduced by 500,000 barrels per day from the previous forecast to 101 million bpd, according to its Short-Term Energy Outlook (STEO) report for October released on Wednesday

US stocks were slightly lower at the open on Thursday (July 28) but reversed course to gain in early afternoon trading, as a contraction in the U.S. economy for the second straight quarter raised expectations of a less aggressive monetary policy by the Federal Reserve. The Dow Jones was up 0.64% or 201 points at 12:18 pm ET. The Nasdaq 100 gained

Mohammad Barkindo, a Nigerian politician and the secretary general of oil producer group OPEC, died suddenly aged 63 just a month before he was scheduled to be replaced by Kuwait’s Haitham Al-Ghais. The reason for his death which occured late Tuesday was not immediately known. “We lost our esteemed Dr (Mohammad) Sanusi Barkindo. He died at about 11:00 pm yesterday 5th July

The euro, which has lost over 9% of its value against the dollar since the start of the year, continued its downfall on Tuesday (July 5), falling to its lowest level in two decades. The joint European currency shed around 1.3% for the session to hit $1.029 by mid-afternoon in Europe, having earlier been as low as $1.028. The decline came amid soaring gas prices

Almost two years after the Warsaw Stock Exchange (GPW) Management Board signed an agreement with the Central Bank of Armenia (CBoA) to negotiate the acquisition of a majority stake representing 65% of the shares in the Armenia Securities Exchange (AMX), the deal was finally inked. On 28 June 2022, during a ceremony in Yerevan, Marek Dietl, President of the Management Board of the GPW, signed