OPEC to release country quotas for oil output cut

Sources had initially said OPEC would not publish individual quotas. (File/AFP)
Updated 20 December 2018
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OPEC to release country quotas for oil output cut

  • Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent
  • OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut

LONDON: Oil producer group OPEC plans to release a table detailing voluntary output cut quotas for its members and allies such as Russia in an effort to shore up prices, OPEC’s secretary-general said in a letter seen by Reuters on Thursday.
Mohammad Barkindo said to reach the proposed cut of 1.2 million barrels per day, the effective reduction for member countries was 3.02 percent. That is higher than the initially discussed 2.5 percent as OPEC seeks to accommodate Iran, Libya and Venezuela, which are exempt from any requirement to cut.
Sources had initially said OPEC would not publish individual quotas.


UBS annual profits soar to $4.9 billion

Updated 5 min 58 sec ago
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UBS annual profits soar to $4.9 billion

  • UBS had seen its 2017 results hammered by US tax reforms
  • Net income for the whole of 2018 was still up 25 percent from the previous year

ZURICH: Swiss banking giant UBS saw its net profits soar by almost five times last year to $4.9 billion (€4.3 billion), it announced Tuesday.
Like other banks, UBS had seen its 2017 results hammered by US tax reforms. But excluding the impact of these changes in US tax laws, net income for the whole of 2018 was still up 25 percent from the previous year.