TRENDING#

Photo Gallery

 Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.



Dubai, Dec 12 (AFP) Oil producers who agreed last week to trim production to boost prices will meet in April to review the impact and sign a long-term pact, the UAE minister said Wednesday.

OPEC and some non-OPEC producers decided to cut output by 1.2 million barrels per day for six months from January after world prices shed a quarter of their value in just a few weeks.

Prices currently hover around 60 a barrel, down from more than 85 a barrel in early October in the face of fears of weaker demand and an increase in supplies.

"In April, we will have a meeting to review the decision," United Arab Emirates Energy Minister Suhail al-Mazrouei told reporters on the sidelines of a conference in Dubai.

Mazrouei said that national oil company ADNOC has already informed clients that it will cut production by 2.5 percent from January. The UAE, OPEC's fourth largest producer, has been pumping around 3.0 million bpd.

He said that the producers decided to meet in April instead of June "to allow us to take the required decision," before the six months are up.

The minister said the cuts will help restore balance to the world market in 2019.

"We expected there will be a slowdown in demand for oil and accordingly decided to cut production," Mazrouei said.

The producers will also sign a long-term agreement in April to formalise the cooperation between OPEC and non-OPEC parties to the cuts, the minister said.

He said the alliance with Russia and other non-cartel producers has made the Organisation of Petroleum Exporting Countries stronger and more effective.

"OPEC is no longer the 30 million barrel (per day) group ... With OPEC, non-OPEC including Russia, we are now talking about 50 million barrels or half the world's production," Mazrouei said. (AFP) AMS

The decks are clear for Congress to form the next government in Madhya Pradesh after three-time chief minister Shivraj Singh Chouhhan Wednesday tendered his resignation to Governor Anandiben Patel.


Bhopal, Dec 12 (PTI) The decks are clear for Congress to form the next government in Madhya Pradesh after three-time chief minister Shivraj Singh Chouhhan Wednesday tendered his resignation to Governor Anandiben Patel.

Patel met a Congress delegation here at noon after the party leaders wrote to her last night, seeking a chance to form the new government in the central Indian state.

Chouhan made it clear that BJP will not stake claim to form government in the state.

The Congress emerged as the single largest party in MP by winning 114 seats, two short of a simple majority. The BJP, which ruled the state for 15 years, got 109 seats.

Bahujan Samaj Party supremo Mayawati and Samajwadi Party chief Akhilesh Yadav announced their parties' support to the Congress in Madhya Pradesh. BSP got two and SP one seat in the MP Assembly polls, held on November 28.

Congress has also claimed support of the four independents, all Congress rebels, who emerged victorious.

After meeting the Governor, senior Congress leaders Kamal Nath and Jyotiraditya Scindia came out of the Raj Bhavan and flashed victory signs.



The Assembly poll results in Madhya Pradesh, Rajasthan and Chhattisgarh mark the "beginning of a change", NCP chief Sharad Pawar said Wednesday, dubbing the outcome as "rejection" of the BJP-led government's policies.


Mumbai, Dec 12 (PTI) The Assembly poll results in Madhya Pradesh, Rajasthan and Chhattisgarh mark the "beginning of a change", NCP chief Sharad Pawar said Wednesday, dubbing the outcome as "rejection" of the BJP-led government's policies.

Pawar, who turned 78 on Wednesday, said his party would support the Congress and also suggested the Samajwadi Party (SP) and the Bahujan Samaj Party (BSP) to throw their weight behind the Rahul Gandhi-led party.

Referring to the constant criticism of Rahul Gandhi by the BJP, the former Union minister said people did not like the Congress president being "ridiculed".

The Congress dislodged the BJP from power in Rajasthan and Chhattisgarh and emerged as the single largest party in Madhya Pradesh.

"People have expressed disappointment against the Modi government... the Assembly poll results mark the beginning of a change... people rejected the anti-farmers, anti-traders policies of Modi," Pawar told reporters here.

On the Shiv Sena's frequent criticism of the Bharatiya Janata Party (BJP), he said the Uddhav Thackeray-led party may be critical of its senior ally, but the two may come together for elections in the future.

He made the remarks after meeting party leaders and workers who had turned up to greet him on his birthday. 



Pawar also alleged that the Narendra Modi government took the decision of demonetisation without consulting the Reserve Bank of India.

People did not like the Modi government's attack on such institutions, he claimed.

Prime Minister Modi had announced invalidation of Rs 500 and Rs 1,000 old currency notes on November 8, 2016.



Former Congress president Sonia Gandhi on Wednesday described the party's good showing in the assembly poll in three Hindi heartland states as a victory over the BJP's "negative politics".


New Delhi, Dec 12 (PTI) Former Congress president Sonia Gandhi on Wednesday described the party's good showing in the assembly poll in three Hindi heartland states as a victory over the BJP's "negative politics".

Gandhi's reaction came after the Congress ousted BJP governments in Rajasthan, Chhattisgarh and Madhya Pradesh.

Expressing happiness over the polls outcome, the UPA chairperson said it was a "Congress victory over the BJP's negative politics".

A resurgent Congress Tuesday made significant gains in the Assembly elections, dealing a body blow to the BJP in Chhattisgarh and Rajasthan, while emerging as the single largest party in Madhya Pradesh.