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Iran Trade with GCC Set to Grow but Oil Spat Looms

Iran should boost trade with its Gulf Arab neighbors if a deal on its nuclear program sees sanctions and an oil embargo lifted, but higher Iranian crude production could worsen tensions within OPEC, analysts say.

As of Saturday, the prospects of such a deal were still very much in question, with no sign of an end to a nail-biting deadlock after 15 straight days of negotiations in Vienna between Iran and major world powers.

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Indonesia Eyes Return to OPEC as Oil Crisis Looms

Indonesia is seeking to rejoin OPEC to get access to cheaper oil supplies as demand soars and domestic production falls, but critics say the move is an unwelcome distraction from efforts to overhaul the country's troubled energy sector. 

Resource-rich Indonesia, Southeast Asia's largest economy, was part of the Organization of the Petroleum Exporting Countries (OPEC) for almost 50 years until suspending its membership in 2009 after becoming a net oil importer.

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Greece Faces 'Difficult' Eurozone Judgment Day

Greece's eurozone partners were doubtful of a last-ditch bailout deal on Saturday, saying talks to stop it crashing out of the euro would be tough because trust in Athens had collapsed.

Hardline German Finance Minister Wolfgang Schaeuble led a chorus of skepticism about Greek Prime Minister Alexis Tsipras's new reform plan aimed at a third debt rescue package worth more than 80 billion euros ($89 billion).

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Reports: Toshiba President to Resign over Accounting Scandal

An accounting scandal involving massive Japanese conglomerate Toshiba deepened on Saturday as reports said the company's president would likely be forced to resign.

The resignation of Toshiba President Hisao Tanaka will be finalized after a third-party panel tasked with investigating the scandal releases its report as early as next week, the Kyodo news agency said, citing unnamed sources.

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Reports: British PM Wants EU Employment Law Exemption

Prime Minister David Cameron is seeking a British exemption from European Union employment laws as part of his push to gain more autonomy from Brussels, newspapers said Saturday.

The Conservative leader wants to restore opt-outs on EU legislation that were given up by Labor prime minister Tony Blair, who led the country from 1997-2007, both The Times and The Daily Telegraph reported, citing unnamed sources.

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Hopes Rise of Greece Bailout Breakthrough

Fresh Greek bailout reform proposals were cheered by France and Italy on Friday, raising hopes that a last-ditch compromise could be reached with the country's creditors to prevent a dreaded "Grexit."

The plan delivered by Prime Minister Alexis Tsipras' administration for study by the EU, IMF and European Central Bank was to be put to a vote late Friday by Greek lawmakers.

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IEA: Global Oil Demand Growth to Slow in 2016

The International Energy Agency forecast Friday that global oil demand growth would slow in 2016 and that oil production in nations outside the Organisation of the Petroleum Exporting Countries (OPEC) would stall.

In its first estimates for 2016, the IEA forecast that oil demand would slow next year to 1.2 million barrels per day, compared with an average of 1.4 million barrels per day this year.

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Greek PM Seeks Parliament's Backing for New EU Debt Talks

Greek Prime Minister Alexis Tsipras will on Friday ask lawmakers to endorse his new plans to save the country from financial collapse, as eurozone officials pore over the latest bailout package ahead of crunch weekend talks. 

The last-ditch package, submitted two hours before a midnight Thursday deadline, offers a pensions overhaul and tax hikes in return for debt relief and a rescue loan from the eurozone similar to a proposal put forward by Greece's international paymasters before talks broke down last month.

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Oil Up in Asian Trade as China Shares Recover

Oil prices rose further in Asia Friday following recent sharp losses, lifted by a recovery in Chinese stocks as the government beefed up measures to support the market.

The rebound, which followed a 30 percent plunge in Chinese share prices, eased concerns of a wider fallout across the world's second biggest economy and top energy consumer, but analysts said it remained to be seen whether the rally will be sustained.

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Report: Kuwait Fiscal Reserves Hit Record $592 bn

Kuwait's financial reserves defied a slump in oil prices to hit a record 179.2 billion dinars ($592 billion) at the end of the 2014-15 financial year, a report said Thursday.

They grew by $53 billion in the year to March 31, Al-Qabas newspaper reported, citing figures released by Finance Minister Anas al-Saleh to a closed session of parliament last week.

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