Prince Abdulaziz Bin Salman Al Saud (left) arrives for the 178th Opec meeting in Vienna on Thursday. Agence France-Presse
Oil prices jumped by around 8% on Tuesday a day after the biggest rout in nearly 30 years as investors eyed the possibility of economic stimulus and Russia signalled that talks with Opec remained possible.
Russian President Vladimir Putin, US President Donald Trump and Saudi Arabia's King Salman, discussed the OPEC+ oil group meeting in a phone call on Friday and confirmed their aim was to stabilise the global oil trade, the Kremlin said.
Opec and allied nations agreed on Saturday to extend a production cut of nearly 10 million barrels of oil a day through the end of July, hoping to boost energy prices hard-hit by the coronavirus pandemic.
Standard Chartered on Friday rewarded shareholders with dividends and a fresh $1 billion buyback as profit rose 18 per cent, but set out underwhelming growth forecasts
Pakistan plans to seek a new loan of at least $6 billion from the International Monetary Fund to help the incoming government repay billions in debt due this year, citing a Pakistani official.
The economies of the UAE and Gulf countries will outpace the global forecast for 2024, helped by the domestic multi-year investment cycle in the region,