عربي English Türkçe اردو فارسى
Logo
Latest News
Business

OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
TT
TT

OPEC+ Agrees to Cut Output by 9.7 mln bpd from May

FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger
FILE PHOTO: A person passes the logo of the Organization of the Petroleum Exporting Countries (OPEC) in front of OPEC's headquarters in Vienna, Austria April 9, 2020. REUTERS/Leonhard Foeger

Oil producers unanimously agreed on Sunday to cut output by 9.7 million barrels per day from May.

OPEC, Russia and other oil producing nations agreed to cut output by a record amount, representing around 10 percent of global supply, to support oil prices amid the coronavirus pandemic, sources told Reuters.

The group, known as OPEC+, agreed to reduce output by 9.7 million bpd for May-June, after four days of marathon talks.

Two OPEC+ sources told Reuters the deal had been sealed in a video conference.

Most Viewed

 
 
Business

Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
TT
TT

Spain Gives Green Light for Saudi STC to Raise Stake in Telefonica to 9.97%

STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo
STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder - File Photo

The Spanish government has given the green light to Saudi Arabia's largest telecoms operator, STC Group, to raise its stake in Telefonica beyond 5% and reach 9.97%, Economy Minister Carlos Cuerpo said on Thursday.

Cuerpo confirmed an earlier report by El Pais newspaper during a news conference following the cabinet's weekly meeting in which the stake increase was approved, Reuters reported.

"Measures and conditions have been set and accepted voluntarily by the Saudi company to ensure that (the operation) takes place," Cuerpo told reporters.

He said the government's decision followed an "exhaustive analysis based not only on compliance with current legislation but also to guarantee the national interest in defense and ensure the strategic element in telecommunications".

Last year, STC said it aimed to build up an interest of 9.9% in the Spanish telecoms company worth around 2.4 billion euros ($2.53 billion) and become a major shareholder.

The Saudi group said at the time it owned a 4.9% stake in Telefonica and financial instruments giving it another 5% in what it called economic exposure to the company.

The Spanish government had to authorize the deal as Telefonica is considered a defence service provider and therefore a strategic company.

The Saudi company has said it does not intend to gain control of or a majority stake in Telefonica.