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Opec sees more 2019 demand for its oil as it keeps cutting output

LONDON: OPEC said on Tuesday that world demand for its oil would be higher than expected this year as supply growth from rivals including U.S. shale producers slows, pointing to a tighter market if the exporter group refrains from raising output.

But the Organization of the Petroleum Exporting Countries, in a monthly report, said its output fell in April. Top exporter Saudi Arabia cut output despite oil prices hitting a 2019 high above $75 a barrel and U.S. President Donald Trump urging action to lower prices.

Indonesia first in Asia to erase this year’s stock rally

JAKARTA: The Indonesian stock-market slump deepened as foreign funds pulled out of the local market. With almost every other Asian market still in the green, it is now the first in Asia to lose the rally it posted earlier this year.

Dialog net profit up on cost savings

PETALING JAYA: Dialog Group Bhd’s net profit for its third quarter ended March 31 grew 21% to RM143.71mil from RM118.84mil in the previous corresponding period, mainly due to cost savings realised on completed projects and an increased share of profit in joint ventures and associates.

Dialog, which provides integrated technical services to the petroleum and petrochemical industry, said in a filing with Bursa Malaysia that revenue in the third quarter had dropped to RM636.61mil from RM867.37mil a year earlier.

Picorp wins RM12.16mil contract

PETALING JAYA: Progressive Impact Corp Bhd (Picorp) has bagged a field measurement services contract for total petroleum hydrocarbon contamination in soil in Indonesia worth RM12.16mil.

The contract, which was awarded by PT Chevron for Rapid TPH to Picorp subsidiary PT Als, is an addition to an earlier contract worth RM31.35mil that was awarded on March 21, 2019.

Dialog Group Q3 net profit up 20.9% to RM143.7m

KUALA LUMPUR: Dialog Group Bhd's net profit rose by 20.9% to RM143.70mil in the third quarter ended March 31, 2019, boosted by share of profit of joint ventures and associates and also lower operating expenses.