iPhone | iPad
Android
Huawei
The men in green are touring Australia for a three-match Test series, which is also being deemed as David Warner's farewell series
KT APPDOWNLOAD
Opec took pre-emptive action to protect prices
DUBAI - Opec's decision to cut over-production and reduce its output ceiling by one million barrels per day (bpd) from April was aimed at preventing a potentially damaging buildup in oil inventories, Saudi Arabian Oil Minister Ali Nuaimi told the Middle East Economic Survey (MEES).
Nuaimi, in an interview with the industry specialists in Algiers after the group met on Tuesday, noted that Opec data predicts a reduction in demand or surplus of three million bpd in the second quarter and the International Energy Agency foresees a three-four million bpd reduction.
"So the quandary was: what do you do, do you wait until you have a huge build-up in inventory and have a precipitous price fall or do you take a pre-emptive, pro-active course of action?" Nuaili said.
"The decision was to do two things. One, effective 1 March, eliminate as much as possible the leakage. Thats very straightforward ... The second decision was ... to effect a reduction of one million bpd from the current ceiling, not from the level of production, because we are assuming that the level of production will be as close as possible to the ceiling."
In London, oil prices slipped early Wednesday as traders took a sceptical view of Opec's ability to achieve the hefty output cuts it announced a day earlier to the surprise of the market.
The price of benchmark Brent North Sea crude oil for March delivery fell 22 cents from the previous closing price to $29.82.
New York's reference light sweet crude March contract lost seven cents to $33.80 in pre-opening electronic deals.
World oil prices had surged on Tuesday after the Opec ministers wrong-footed the market by announcing the production cut. The minister underlined the group's commitment to an average Opec basket price of $25 a barrel.
More news from
‘Doing nothing’, ‘staying idle’ and ‘whiling away time’ have become old-fangled ideas in a world where ‘savings’ and ‘retirement funds’ are getting wiped out by inflation and rising standards of living
The Declaration to Triple Nuclear Energy Capacity by 2050 has been endorsed by the Heads of State of nine countries
When we choose to look away for good, we are as complicit as those at the helm of this atrocity
According to the case report, the victim could not perform his work for over 20 days due to sustained injuries
The winner, who was in disbelief after his win, plans to consult with his mother and wife to explore options on how to utilise the prize money
Over 100 people in Lebanon have been reported killed during the hostilities started on October 7
Antonio Guterres commends Sheikh Mohamed for establishing $30 billion fund for global climate solutions