Daily brief: Libya boosts oil output, prices rally after OPEC deal
Libya is keen on increasing its oil output, after being exempt from an OPEC agreement that states cutting levels of oil production. Here are other top business stories you need to know today:
Saudi Arabia names new Labour minister, reshuffles religious and Shura councils
King Salman bin Abdulaziz replaced Saudi Arabia’s Labour minister, after recent statistics reported a rise in unemployment rates across the kingdom. The King also reshuffled members of the Council of Senior Scholars and the Shura Council.
DP World, Quebec’s Caisse to create C$5 bln investment vehicle
Dubai-based ports operator DP World said it had partnered with Caisse de depot et placement du Quebec, Canada’s second-biggest public pension fund, to create a $3.76 billion investment vehicle.
Libya sticks to plans to boost output by 50 pct after OPEC deal
Libya aims to double its current oil production of 600,000 barrels per day, to reach 900,000 bpd, National Oil Corporation Chairman Mustafa Sanalla said at a conference in Rome on Friday.
Libya was exempt from the output cut agreed among OPEC members late last week, and stuck to its plans to raise output by 50 per cent in the near future.
Pro-EU party wins British local election in Brexit ‘shockwave’
Pro-European Union Liberal Democrats party of Britain won a parliamentary seat previously held by ruling Conservatives, a major upset it hailed as a rejection of a “hard Brexit”.
Erdogan calls on Turks to convert forex into lira or gold
Turkey’s president Recep Tayyip Erdogan called on his people to convert their foreign exchange into gold or the Turkish lira, a move that sent the national currency to a new low.
He also stated that there was “no option” but to cut interest rates to spur growth.
Islamic banks slowly embrace green finance – survey
Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows.
After OPEC deal, oil rallies to best week in years
Oil prices rallied for their best week in at least five years over the weekend, steadying above $51 a barrel, after OPEC members announced an agreement to cut output to ease a global glut that pulled prices down for more than two years.