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Daily brief: Libya boosts oil output, prices rally after OPEC deal

Libya is keen on increasing its oil output, after being exempt from an OPEC agreement that states cutting levels of oil production. Here are other top business stories you need to know today:

Saudi Arabia names new Labour minister, reshuffles religious and Shura councils

King Salman bin Abdulaziz replaced Saudi Arabia’s Labour minister, after recent statistics reported a rise in unemployment rates across the kingdom. The King also reshuffled members of the Council of Senior Scholars and the Shura Council.


DP World, Quebec’s Caisse to create C$5 bln investment vehicle

Dubai-based ports operator DP World said it had partnered with Caisse de depot et placement du Quebec, Canada’s second-biggest public pension fund, to create a $3.76 billion investment vehicle.


Libya sticks to plans to boost output by 50 pct after OPEC deal

Libya aims to double its current oil production of 600,000 barrels per day, to reach 900,000 bpd, National Oil Corporation Chairman Mustafa Sanalla said at a conference in Rome on Friday.

Libya was exempt from the output cut agreed among OPEC members late last week, and stuck to its plans to raise output by 50 per cent in the near future.


(OPEC deal: Producers agree to oil output cut, first since 2008)


Pro-EU party wins British local election in Brexit ‘shockwave’

Pro-European Union Liberal Democrats party of Britain won a parliamentary seat previously held by ruling Conservatives, a major upset it hailed as a rejection of a “hard Brexit”.


Erdogan calls on Turks to convert forex into lira or gold

Turkey’s president Recep Tayyip Erdogan called on his people to convert their foreign exchange into gold or the Turkish lira, a move that sent the national currency to a new low.

He also stated that there was “no option” but to cut interest rates to spur growth.


(Turkish rate may rise, in defiance of Erdogan)


Islamic banks slowly embrace green finance – survey

Islamic banks are gradually embracing socially responsible finance, from renewable energy to microfinance efforts, helping unlock new funding sources for environmentally-friendly projects, an industry survey shows.


After OPEC deal, oil rallies to best week in years

Oil prices rallied for their best week in at least five years over the weekend, steadying above $51 a barrel, after OPEC members announced an agreement to cut output to ease a global glut that pulled prices down for more than two years.


(2016 OPEC deal: How we got here)


(With Reuters)