OPEC lets 5 nations raise oil production
JON GAMBRELL | Associated Press
DUBAI, United Arab Emirates – OPEC and allied nations Sunday agreed to eventually raise the production limits imposed on five countries, ending an earlier dispute sparked by the United Arab Emirates that roiled global energy prices.
The disagreement, sparked by a demand by the UAE to increase its own production, temporarily upended an earlier meeting of the cartel. In a statement Sunday, the cartel announced that Iraq, Kuwait, Russia, Saudi Arabia and the UAE would see their limits rise.
“What bonds us together is way much beyond what you may imagine,” Saudi Energy Minister Prince Abdulaziz bin Salman said. “We differ here and there but we bond.”
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LONDON MARKET PRE-OPEN: Synthomer lifts outlook on strong momentum
Mon, 19th Jul 2021 07:47
(Alliance News) - Stocks in London are set to start the week on the back foot amid concerns over rising coronavirus cases across the globe.
In early UK company news, Ultra Electronics unveiled a jump in interim profit in a stronger-than-expected set of results, Synthomer boosted its 2021 earnings guidance, and AstraZeneca s Imfinzi received Chinese approval.
IG says futures indicate the FTSE 100 to open down 57.49 points, or 0.8%, at 6,950.60 on Monday. The index of large-caps closed down 3.93 points, or 0.1%, at 7,008.09 on Friday.
The soft start for London follows a weak performance for equities in Asia on Monday.