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IMF revises down Saudi economic growth to 2.1% for 2021
- Budget deficit widened to 11.3% of GDP in 2020 as oil revenues fell and expenditure needs increased
Oil prices up over 3% for week ending April 30
- Positive oil demand forecasts help bullish oil prices while rising virus cases keeps demand fears fresh
OPEC+ reiterates plan to raise oil output as of May 1
- Group will gradually increase production which will reach 5.8 billion bpd in July
EU, US talking to mutually accept vaccine certificates
- European Commission mulls proposals for allowing non-essential travel for vaccinated non-EU citizens for summer
COVID-19: Turkey announces full lockdown from Thursday
- President Erdogan says all workplaces will suspend their activities during restrictions which will last until May 17
UK lockdown eases as vaccination campaign continues
- England extends vaccinations to people under age 50, Scotland and Wales reopen non-essential retail, hospitality
Pakistan bans travel from India amid virus surge
- Ban imposed following spread of new Indian ‘double-mutant’ variant of coronavirus
20.04.2021
Asia
India added to UK coronavirus 'red list' for travel
- From 4 am on Friday, travel from India to UK will be banned for non-UK, Irish citizens
20.04.2021
General
Oil down over low demand fears from surging virus cases
- Slow pace of vaccination campaigns add to concerns over inability to achieve faster mass immunity
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Oil prices up by over 7% for week ending April 16
- Positive oil demand forecasts of OPEC, IEA and hefty drop in US crude stocks also help bullish oil prices
Oil prices up on estimated fall in US crude stocks
- Weaker dollar also exerts upward pressure on oil prices which are indexed to US dollar
Oil prices up due to positive market perception: Experts
-Markets welcome OPEC+ decision to gradually increase production as move perceived as ‘demand recovery’, not 'output rise’
OPEC+ agrees to gradually ease output from May to July
-Saudi Arabia's cuts will phase out by raising output by 250,000 bpd in May, 350,000 bpd in June and 400,000 bpd in July
2-month OPEC+ cuts rollover ‘best decision’: experts
- Any easing of cuts can weigh on prices especially if not matched by demand recovery, says Crystol Energy CEO Carole Nakhle
Yellen: Rapid vaccination to help US economic recovery
- Direct payments helped families, increased spending to speed up economic recovery, Treasury head says
EU foreign policy chief highlights dialogue with Turkey
- Strong cooperative relationship with Turkey to constitute major contribution to European stability, says Josep Borrell
Global oil demand to surge 6% in 2021: IEA
- Stronger economy, vaccine deployment will support growth in second half of year, energy agency says
No return to ‘normal’ for post-Covid oil markets: IEA
- Global oil demand expected to incur irreversible damage due to ‘shifting policies, behavior changes, Energy Agency warns
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Turkey's position on E. Med remains unchanged: Erdogan
- No concessions possible for Turkey in Eastern Mediterranean, says Turkish president
'No sustainable solution in Eastern Med without Turkey'
- We strongly believe that Turkey is part of this area, has the longest coastline, says Italian envoy to Turkey
Global oil demand to increase 6.5% in 2021: OPEC
- Crude output rises mainly in Nigeria, Iraq, Iran, Venezuela and Libya but decreases in Saudi Arabia and Angola, says OPEC
US Senate starts debate on $1.9T virus relief bill
- Procedural hurdles make timing of final vote uncertain, but top Democrat vows to 'power through and finish this bill'
OPEC+ meeting highlights Saudi's leadership
- Group, except for Russia and Kazakhstan, will continue production cuts for April
OPEC+ agrees to extend output cuts for another month
- New production scheme again includes output rise exemption for Russia and Kazakhstan
Oil up as OPEC+ expected to keep output cuts unchanged
- Prices soar despite highest-ever increase in US crude oil inventories since 1982
Turkey, Turkish Cyprus sign financial cooperation pact
- Turkey to continue to do its best for Turkish Cypriots to continue living in peace, says country's vice president
OPEC+ meeting to test ability to keep market tight
- Amid concerns of group's likely decision to raise output, experts say meeting will also reflect group’s strength, coherence