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New proposals would raise the capital requirements for the largest and most important banks by 9%, down from 19%
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Oil to stay around $40 a barrel: Kuwaiti official
KUWAIT CITY - A top Kuwaiti oil official says crude oil prices are unlikely to rise above $40 per barrel, even if OPEC decides to enact a production cut of as much as 2 million barrels per day at its meeting next month.
Moussa Marafi, a member of the Supreme Petroleum Council, the highest oil policy-making body in Kuwait, told Annahar newspaper Sunday that oil prices are being pressured by a surging U.S. crude inventories, quota noncompliance by some OPEC members and continued pumping by non-OPEC producers.
OPEC members have agreed to cut production by 4.2 million barrels from September levels. But the cuts have failed to support oil prices, with the March delivery oil contract settling Friday at slightly over $37 per barrel.
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