World Bulletin / News Desk
Saudi Arabia's energy minister said on Thursday that oil-producing countries might have to extend output cuts agreed for the first six months of the year in order to achieve the desired rebalancing of the market.
Falih, whose country is the world's largest exporter, said there was a sort of "initial agreement " on the need to extend the deal after talks in Kuwait last month.
He said producers would continue to assess market figures until next month, when ministers are expected to take a final decision at a meeting in Vienna.
OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to shore up prices.
Some non-cartel producers, led by Russia, joined in December by committing to cut output by 558 million bpd.
Oil prices currently hover just over $50 per barrel after shedding around half of their value since mid-2014.
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Britain intends to seek free trade deals with its major trading partners once it leaves the EU, as planned, in March 2019.
Net profits at the group rose 33.1 percent to hit 2.36 billion euros ($2.92 billion), higher than the 2.28 billion predicted by analysts.
About 45 minutes into trading, the Dow Jones Industrial Average was at 24,867.00, up 0.4 percent.
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"Preliminary national accounts results for 2017 show an increase of 7.8 percent in GDP... compared with 2016," Jennifer Banim, an assistant director general at the Central Statistics Office (CSO), said in a statement.
Unemployment rate falls 2.3 percentage points year-on-year in December to 10.4 pct
"It is time to forget about ideological trench warfare," Francois Villeroy de Galhau told a Frankfurt conference.
In January, euro area and EU28's industrial production drops in January compared to previous month, Eurostat says
In a statement, Siemens said it had signed an accord with APEX, Brazil's Trade and Investment Promotion Agency, committing to a string of projects to "unleash a new cycle of sustainable growth" in the country of 207 million people.
The US supply increase is expected to come as the Organization for Petroleum Exporting Countries, dominated by oil giant Saudi Arabia, works with Russia to slash output after prices for crude plummeted to around $30 per barrel in 2016 from over $100 two years earlier.
Emerging trends, challenges and business opportunities in Islamic finance industry will be discussed during 2-day event
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