Iraq said most international oil companies working in the country, along with the semi-autonomous region of Kurdistan, have agreed to cut crude output to fulfill an OPEC accord. “Kurdistan is within Iraq and we are in agreement,” said al-Luaibi. Source: Bloomberg
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Houses in Germany’s cities are overvalued by as much as 30%, the Bundesbank warned on Monday, adding to fears of a housing bubble in Europe’s largest economy after years of ultralow interest rates. Prices for residential real estate rose by 8% last year in 127 cities. Source: MarketWatch
Russia pumped 10.49 million barrels a day in December, down 29,000 barrels a day from November, while Saudi Arabia’s output declined to 10.46 million barrels a day from 10.72 million barrels a day in November, according to data published Monday on the website of the Joint Organisations Data Initiative in Riyadh. Source: Bloomberg
Speaking in an interview in the February issue of “Gold Investor” — a magazine issued by the World Gold Council, Greenspan argued that imbalances in the economic strength of eurozone nations make the continued function of the single currency area a major concern. Source: Business Insider