Jun.05 — OPEC+ is set to extend production cuts to prop up the oil market after Russia and Saudi Arabia clinched a tentative deal in high-stakes negotiations with holdout member Iraq, according to a delegate. Isabelle Mateos y Lago, co-head of the official institutions group at BlackRock, comments on the outlook for oil prices, supply and demand in an interview on “Bloomberg Surveillance.”
In This Story: BlackRock
BlackRock, Inc. (NYSE: BLK) is an American global investment management corporation based in New York City. Founded in 1988, initially as a risk management and fixed income institutional asset manager, BlackRock is the world’s largest asset manager, with $7.4 trillion in assets under management as of end-Q4 2019.
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In This Story: Iraq
Iraq has a coastline measuring 58 km (36 miles) on the northern Persian Gulf and encompasses the Mesopotamian Alluvial Plain, the northwestern end of the Zagros mountain range and the eastern part of the Syrian Desert. Two major rivers, the Tigris and Euphrates, run south through Iraq and into the Shatt al-Arab near the Persian Gulf. These rivers provide Iraq with significant amounts of fertile land. The region between the Tigris and Euphrates rivers, historically known as Mesopotamia, is often referred to as the cradle of civilisation.
Iraq is a federal parliamentary republic consisting of 19 governorates, four of which make up the autonomous Kurdistan Region. Disputes over the sovereignty of Kurdistan Region continue.
Iraq is a founding member of the UN as well as of the Arab League, OIC, Non-Aligned Movement and the IMF.
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In This Story: Russia
Russia spans more than one-eighth of the Earth’s inhabited land area, stretching eleven time zones, and bordering 16 sovereign nations. Moscow is the country’s capital.
The Soviet Union was dissolved in 1991 and since 1993 Russia been governed as a federal semi-presidential republic. Russia is a major great power, with the world’s second-most powerful military, and the fourth-highest military expenditure. As a recognised nuclear-weapon state, the country possesses the world’s largest stockpile of nuclear weapons.
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In This Story: Saudi Arabia
Saudi Arabia also has one of the world’s youngest populations, with approximately 50 percent of its population of 34.2 million being under 25 years old.