OPEC member Algeria will reduce its crude oil output by 12,000 barrels a day to comply with a deal agreed by other producers with the aim of balancing the global oil market, Energy Minister Mohamed Arkab said on Monday.
OPEC and its allies plan to deepen oil cuts and have the deal in place so it runs at least until June 2020 as Saudi Arabia wants to deliver a positive surprise to the market before the listing of Saudi Aramco, two sources familiar with the talks said.
IMF demanded that Congo ensure the long-term sustainability of its debt as a precondition for a three-year extended credit facility programs.
Motorists have a reason to celebrate, the price of fuel has dropped by almost R1 a litre. It is the first time in six months that petrol prices have decreased.
Oil prices were mixed on Tuesday as supply cuts, led by producer club OPEC, and US sanctions on fuel exports from Iran and Venezuela supported crude, while concerns about an economic slowdown weighed on the market.