The Organization of Petroleum Exporting Countries deepened production cuts in April with laggards improving compliance with its historic deal to limit output. Overall, output fell by 40,000 barrels a day from a month earlier to 31.895 million barrels, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. Iraq, the second-biggest producer in the group, and Venezuela came closer to their targets. Source Bloomberg
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Saudi security forces foiled an attack on the Grand Mosque in the Muslim holy city of Mecca on Friday, state television Al-Ekhbariya and Al Arabiya TV reported. Source Reuters
Turkey rejected a call from four Arab states on Friday to shut down its military base in Qatar, saying the base was a guarantor of security in the Gulf and demands for its closure represented interference in its ties with Doha. Source Reuters
The European Central Bank pulled the plug on two troubled Italian banks, sending them into insolvency proceedings and pushing ahead with efforts to clean up weak banks holding back the economy. The two banks, Veneto Banca and Banca Popolare di Vicenza, have struggled to overcome high levels of loans that were not being paid back.Source ABC