OPEC plans output cuts

OPEC plans output cuts

OPEC members and other oil-producing countries mulled cuts in output yesterday to prop up plunging prices, amid repeated calls by US President Donald Trump that they keep the taps open. “We’re looking for a sufficient cut to balance the market, equally distributed between countries,” Saudi oil minister Khalid al-Falih told reporters ahead of an OPEC meeting in the Austrian capital.

Oil ministers from 20 or so countries are in Vienna for two days of meetings -- first, the 15 members of OPEC, then a wider group including countries outside the cartel -- to discuss how to counter the tumble in prices over the past two months. On Wednesday, Trump took to Twitter to urge producers to keep pumping.

Saudi minister al-Falih pointedly said Washington should back off. “We don’t need permission from anyone to cut,” he said. The US “is not in a position to tell us what to do,” he added. At the end of 2016, OPEC’s regular members joined forces with other countries -- most notably Russia -- to scale back output in a bid to reduce a glut that was weighing on prices. OPEC daily output stood at 32.99 million barrels in October, according to the International Energy Agency.




Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

Macron vows wage rise

Macron vows wage rise

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Growing the Red gold

Growing the Red gold

Starting before dawn has even broken, Afghanistan’s army of saffron pickers shift their way across sunbaked fields to pluck brightly the coloured crocuses that are providing the country’s farmers with a new means of income.

Solar energy to power Waqf

Solar energy to power Waqf

The first of the 535 government buildings in the Kingdom, identified to receive solar power, has received its solar roof, with Electricity and Water Affairs Minister Dr Abdulhussain Mirza inaugurating the system installed at Jaffriya W

US nuns stole money to gamble in Vegas

US nuns stole money to gamble in Vegas

Two California nuns who stole around $500,000 dollars from the school where they worked and splashed out on travel and gambling in Las Vegas are facing criminal charges, their order confirmed Tuesday. Sisters Mary Margaret Kreuper and

We accept people’s mandate: PM Modi

We accept people’s mandate: PM Modi

I ndia’s ruling party suffered stinging election defeats in at least two stronghold states, results showed Tuesday, in a big blow to Prime Minister Narendra Modi before national polls in 2019. The votes held earlier this month an