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Saudi Arabia, Opec’s biggest producer, produced a record 11.1 million-11.3 million barrels of oil per day in November, indicating that the kingdom may have ramped up production on expectations they would be able to bridge the supply gap left by sanctions-hit Iran. Daily headlines from the UAE and around the world brought to you by Gulf News. See more at: http://gulfnews.com/videos

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00:00Good afternoon and welcome to the Gulf News Business Wrap. My name's Ed Clouse and here
00:05are the top stories for today.
00:07First of all, Saudi Arabia produced a record 11 million barrels of oil in November, indicating
00:12it was preparing for an oil drought following Iran's removal from the market. The U.S. reimposed
00:18sanctions on November the 4th and it was expected to withdraw a lot of oil produced by Iran
00:24from global supply. However, the U.S. at the last minute gave exemptions to eight countries
00:29including India and China, meaning that in fact in the end it was more of a glut of oil
00:35on the market. This has led to a 36% drop in the price of Brent crude, down to a year's
00:42low at the moment of around $68. The oil ministers from Russia, Saudi Arabia and the U.K. and
00:49the U.S. are expected to meet at the end of this month at the G20 in Argentina to discuss
00:542019's oil policy. Potentially curbs to production in order to reduce the supply, but the U.S.
01:01will be vetoing for greater production to keep prices low.
01:06Elsewhere, euro bonds and stocks have rallied, including the euro currency, on the news that
01:12Rome will be backing down over its plans to run up a 2.4% deficit. Over the last couple
01:19of months, the EU has publicly clashed with Italy over its plans to run the deficit on
01:24spending plans. Today, Rome's prime minister said that he would be inclined to not run
01:30up as high a deficit if needs be. The news sent markets higher and we'll be waiting to
01:38see what else comes out from the further negotiations between those two.
01:42And finally, Nissan and Mitsubishi chairman Carlos Ghosn has been formally sacked by Mitsubishi.
01:50The news follows yesterday's announcement that he would be stepping down from Nissan.
01:56Carlos Ghosn has been accused of corruption and fraudulent behavior at the car companies
02:01and he has been arrested in Japan.
02:04That's all for today. Thanks very much for watching. My name's Ed Clouds and please log
02:07on to gulfnews.com for further updates.
02:12Thanks for watching.
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