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Bloomberg Oil rose from its lowest settlement in more than a year in New York. Futures added 1.7 percent, after slumping 7.7 percent. Saudi Arabia is pumping as much as 11.2 million barrels of crude a day, the most since the kingdom extracted its first oil eight decades ago, according to a person familiar with the matter. Theb West Texas …

Bloomberg Justin Trudeau’s federal budget update stirred some anger in Canada’s oil-rich West. Alberta’s Finance Minister Joe Ceci, while welcoming corporate tax breaks announced, said he was disappointed that the urgent need to ease a dramatic crude-shipping glut and price crash wasn’t addressed. The tax changes that will allow businesses to write off capital investments more quickly will help oil …

DUBAI / Emirates Business The value of announced deals with disclosed value in the Mena region increased by 105% to $10 billion (AED36.7 billion) in third quarter of 2018 from $4.9 billion in the same period last year, according to the EY Q3 Mena M&A report. Deal value remained consistent year-on-year. As many as 107 deals were announced in Q3 …

Dubai / Emirates Business Small and medium-sized enterprises (SMEs) are playing a vital role in expanding trade ties between the UAE and Caribbean region, according to the heads of chambers of commerce who spoke at the inaugural UAE-Caribbean Coopera- tion Forum in Dubai. During the forum, a panel discussion titled ‘the role of the private sector in building a connected and …

Bloomberg Venezuela’s fuel shortages are worsening as mass resignations at the state oil company’s tanker fleet have delayed gasoline shipments. Petroleos de Venezuela SA’s refineries are running at less than a quarter of their capacity, forcing the country to rely on imported gasoline. Once the cargoes are unloaded at import docks, smaller ships distribute fuel to terminals along the coast, …

Bloomberg The UK might fail to honour commitments relating to emergency fuel stockpiles as its exit from the European Union approaches, a trade group representing the nation’s oil refiners said. Europe manages its fuel inventories as a bloc, so part of the UK’s emergency stocks can be held in other member states. In some cases, the fuels are held by …

Bloomberg Equatorial Guinea has banned oil-services company Subsea 7 SA from operating in the central African nation over local content rules, according to a person familiar with the situation. TechnipFMC Plc and Schlumberger Ltd have resolved all issues to do with local content, said the person, requesting anonymity because the information is not public. The Opec member considered the exclusion …

Emirates Business The Federal Tax Authority (FTA) asserted that the digital system for the tax refunds for tourists scheme has achieved notable success since it came into effect, noting that FTA officials were present at the Abu Dhabi, Dubai, and Sharjah international airports — the ports of entry included in the first phase of the project — to verify that …

Bloomberg Oil notched its biggest weekly loss since the depths of the last price crash, as record Saudi output and a global stock sell-off intensified crude’s free fall. Futures slid below $60 in London and ended the week down about 12 percent, the worst showing since January 2016. Traders focussed on the growing risks of a new glut of crude …

Bloomberg Germany’s industrial southwest, Switzerland and parts of France face a dearth of fuel supplies in the coming weeks just as freezing temperatures threaten to lift demand for heating oil. A prolonged drought this summer has led to record-low water levels on the Rhine river, closing many parts of the key transport artery to barge traffic. With little relief in …