KUWAIT / WAM Compliance of OPEC with an oil output cut exceeded a target, standing at 140 percent in February, while non-OPEC producers’ compliance was 50-60 percent, Kuwaiti Minister of Oil, Water and Electricity Essam Al¬ Marzouq said, the state Kuwait News Agency (KUNA) reported. He attributed OPEC’s compliance to deep production cuts by Saudi Arabia, a voluntary act …

  Abu Dhabi / WAM The Union National Bank (UNB) has no intention of merging with any other bank, its chief executive officer (CEO) has affirmed. “There are no formal procedures or any intention to merge UNB with any other banking institutions,” Mohammed Nasr Abdeen told reporters after the bank’s Annual General Meeting on Wednesday in Abu Dhabi. The bank …

  DUBAI / Reuters Most major Gulf stock markets were pulled down on Thursday by a 5 percent overnight slide in oil prices, while Abu Dhabi was hit particularly hard as heavyweights First Gulf Bank and National Bank of Abu Dhabi traded ex-dividend. Abu Dhabi’s stock index dropped 2.9 percent as First Gulf Bank tumbled 8.7 percent and National Bank …