OPEC, non-OPEC meet on output hike sharing

OPEC, non-OPEC meet on output hike sharing

Dubai : An OPEC and non-OPEC technical committee will next week discuss proposals for sharing out an oil-output increase, sources familiar with the matter said, a tense topic for the producer group after it decided in June to ease supply curbs. A panel called the Joint Technical Committee will on Tuesday consider proposals on distributing the agreed output increase of 1 million barrels per day, the sources said.

“The talks will look at various mechanisms” to reach the required production level, a source said. If resolved, the talks could lead to an easing of tensions within the Organization of the Petroleum Exporting Countries. Iran had been against the June decision, which came amid pressure from US President Donald Trump to reduce oil prices. There are four proposals on how to distribute the increase, presented by Iran, Algeria, Russia and Venezuela, one of the sources said, suggesting agreement will not be straightforward.

One idea, to share it pro-rata among participating countries, is unlikely to be approved by Russia and Saudi Arabia since it would give them less than the supply boosts of 300,000 and 400,000 bpd that they respectively want, the source said. 7OPEC, Russia and other non-members agreed in June to return to 100 percent compliance with oil output cuts that began in January 2017. Months of underproduction in Venezuela and elsewhere had pushed adherence above 160 percent.

The June meeting concluded with a deep disagreement between Saudi Arabia and Iran, longtime rivals in OPEC. Saudi Arabia said the decision implied a reallocation of extra production from countries unable to produce more to those, such as Riyadh, that can. Iran, facing a forced cut in its oil exports because of U.S. sanctions, disagreed. The proposals will next be presented to ministers attending a monitoring meeting in Algeria on Sept. 23, sources said.




Amazon digital ad share on the rise

Amazon digital ad share on the rise

San Francisco : Online retail colossus Amazon is gaining ground in the US digital advertising market as the dominance of Google and Facebook erodes, according to an eMarketer forecast released on Wednesday. The market tracker predicted that Amazon will take in $4.61 billion in online a

Sony to release ‘classic’ PlayStation

Sony to release ‘classic’ PlayStation

Paris : Sony announced Wednesday it plans to launch a miniature games console designed like the original PlayStation pre-loaded with 20 vintage games as it joins the retro gaming craze just in time for Christmas. Dubbed the PlayStation Classic, the new console comes with a considerably

Amazon, Samara buy India’s ‘More’

Amazon, Samara buy India’s ‘More’

New Delhi : Amazon.com Inc and Indian private equity firm Samara Capital have bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees ($580.35 million), CNBC TV18 reported yesterday, citing sources. Amazon’s latest acquisition

Cyprus, Egypt in gas pipeline deal

Cyprus, Egypt in gas pipeline deal

Nicosia : Cyprus and Egypt yesterday signed an agreement paving the way for the Mediterranean’s first subsea pipeline to carry Cypriot natural gas to the Arab country for re-export to Europe. “Today’s signing is an important milestone, not only for Cyprus but also the

Nestle to sell insurance unit for $1.55 bn

Nestle to sell insurance unit for $1.55 bn

Geneva : Nestle said Monday that it had agreed to sell its Gerber Life Insurance unit for $1.55 billion (1.3 billion euros), in the company’s latest bid to redouble its focus on food and beverage. The Switzerland-based food giant said the deal with Western & Southern Financia

Support for firms attending GITEX

Support for firms attending GITEX

Manama : The Labour Fund (Tamkeen) has signed an agreement with Bahrain Technology Companies Society (BTECH) to support 40 enterprises that take part in the Bahraini National Pavilion (BNP) at GITEX2018. GITEX Technology Week will be held from October 14 to 18 at Dubai World Trade Cent


Amazon digital ad share on the rise

Amazon digital ad share on the rise

San Francisco : Online retail colossus Amazon is gaining ground in the US digital advertising market as the dominance of Google and Facebook erodes, according to an eMarketer forecast released on Wednesday. The market tracker predicted that Amazon will take in $4.61 billion in online a

GCC national in the dock for using illegal weapon

GCC national in the dock for using illegal weapon

A drunken GCC national fired bullets into the air to break up a fight started by him, it is learnt. The action landed him in police net as he is accused of using an illegal weapon. He was arrested after a police complaint was filed against him. The GCC man had initially denied using the g

Sony to release ‘classic’ PlayStation

Sony to release ‘classic’ PlayStation

Paris : Sony announced Wednesday it plans to launch a miniature games console designed like the original PlayStation pre-loaded with 20 vintage games as it joins the retro gaming craze just in time for Christmas. Dubbed the PlayStation Classic, the new console comes with a considerably

Verdict date set for man accused of killing father

Verdict date set for man accused of killing father

A Bahraini drug-addict on trial for killing his father will learn his fate on October 31, 2018, announced the High Criminal Court yesterday. This came after a mental report to determine his psychological state deemed him responsible for his actions. The report showed that the defendant wa

Woman earns court order to rejoin husband

Woman earns court order to rejoin husband

The Court of Urgent Matters ruled in favour of a Bahraini woman who wanted to rejoin her husband. According to court details, the woman left her husband a few months ago and since then she had been staying with her father. “Although she expected her husband to reconcile with her, it did not

Women’s collective on a rare cooking mission

Women’s collective on a rare cooking mission

More than 60 women gather every day in a small village on the western coast of the island for a special mission – cooking food for those who take part in mourning processions as part of the Ashoora rituals.  They prepare about 750 kg of food every day before distributing them t

Amazon, Samara buy India’s ‘More’

Amazon, Samara buy India’s ‘More’

New Delhi : Amazon.com Inc and Indian private equity firm Samara Capital have bought Aditya Birla Group-owned ‘More’ retail chain for an enterprise value of 42 billion rupees ($580.35 million), CNBC TV18 reported yesterday, citing sources. Amazon’s latest acquisition

Import ban on Julphar drugs

Import ban on Julphar drugs

Bahrain has stopped importing all drugs produced by the Gulf Pharmaceutical Industries (Julphar). The National Health Regulatory Authority (NHRA) has directed government departments and the main supplier of Julphar drugs to enforce the ban. In a statement issued yesterday, the authority said that

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