Thursday, June 20, 2019 | ePaper

Oil producers to review cuts impact in April: UAE

  • Print
AFP, Dubai :
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.

More News For this Category

Al-haj Md Anowar Hossain, Chief Adviser of Islami Commercial Insurance Co Ltd, presiding over its 128th Board of Directors Meeting at the company's head office in the city. Director AZM Shamsul Alam, Chief Executive offecer Mir Nazim Uddin Ahmed and Company Secretary Md Akhtaruzzaman, among others, were present.

Al-haj Md Anowar Hossain, Chief Adviser of Islami Commercial Insurance Co Ltd, presiding over its 128th Board of Directors Meeting at the company's head office in the city. Director AZM Shamsul Alam, Chief Executive offecer Mir Nazim Uddin Ahmed and Company Secretary Md Akhtaruzzaman, among others, were present.

.

BD urges UAE to invest in agro processing industries

Economic Reporter :Bangladesh on Tuesday urged businesses of the United Arab Emirates (UAE) to invest in agro processing industries and import fruits and vegetables from Bangladesh.State Minister for Foreign

Harun, Alam re-elected as Chairman, Vice-Chairman of AI

Harun, Alam re-elected as Chairman, Vice-Chairman of AI

Business Desk :Yussuf Abdullah Harun FCA, MP, and Mahbubul Alam, President of Chattogram Chamber of Commerce and Industry (CCCI) were re-elected as Chairman and Vice-Chairman of the Board of

Prof Dr ANM Meshquat Uddin, Vice-Chancellor of Southeast University (SEU), presiding over a seminar on

Prof Dr ANM Meshquat Uddin, Vice-Chancellor of Southeast University (SEU), presiding over a seminar on "Budget 2018-19" at seminar hall of the university in the city on Wednesday. Economics Affairs Adviser to the Prime Minister Dr Mashiur Rahman, SEU Professors Dr M A Hakim, M Kamaluddin Chowdhury, Prof Dr Md Abu Taher and Pro Vice-Chancellor Maj Gen Kazi Fakhruddin Ahmed (Retd), among others, spoke at the seminar.

.

Noridc envoys appreciate green knit factory in N'ganj

Economic Reporter :Top diplomats of three Nordic countries visited Plummy Fashions Ltd, country's first globally-certified green knitwear factory, in Narayanganj on Wednesday and appreciated the initiative.They were Ambassador of

Azerbaijan keen to import more Bangladeshi products

Economic Reporter :Azerbaijan wants to import different products, including furniture, ceramic tiles, pharmaceuticals and software, from Bangladesh.Ambassador of the Republic of Azerbaijan based in India Dr Ashraf Shikhaliyev on

Zareen Mahmud Hosein, CPA, FCA, Founding Partner of Snehasish Mahmud and Co and Snehasish Barua, FCA, Founding Partner of the firm, exchanging crest at a presentation and discussion to highlight the important changes and relevant features of the Finance Bill 2019 at Curry Accent Gardenia Banquet Hall at Gulshan in the city on Monday.  Md Zakir Hossain, Additional Commissioner of NBR, Ranjan Kumar Bhowmik, Commissioner of Taxes of NBR and Humayun Kabir FCA, former president of the Institute of Chartered Accountants of Bangladesh (ICAB), among others, spoke at the discussion.

Zareen Mahmud Hosein, CPA, FCA, Founding Partner of Snehasish Mahmud and Co and Snehasish Barua, FCA, Founding Partner of the firm, exchanging crest at a presentation and discussion to highlight the important changes and relevant features of the Finance Bill 2019 at Curry Accent Gardenia Banquet Hall at Gulshan in the city on Monday. Md Zakir Hossain, Additional Commissioner of NBR, Ranjan Kumar Bhowmik, Commissioner of Taxes of NBR and Humayun Kabir FCA, former president of the Institute of Chartered Accountants of Bangladesh (ICAB), among others, spoke at the discussion.

.

Stocks witness flat as major sectors plunge

Economic Reporter :Stock markets on Wednesday witnessed flat due to lower activities of large-cap securities.The falling major sectors were insurance, food and allied and textile. A total of 130

Added duty will boost illegal mobile imports: BMBA

Economic Reporter :Bangladesh Mobile Phone Business Association (BMBA) on Wednesday said that the duty proposed on smartphones will push up illegal imports and cause big revenue losses for the

BTMA seeks VAT exemption for local yarn sale

BTMA seeks VAT exemption for local yarn sale

Staff Reporter  :Bangladesh Textile Mills Association (BTMA) has urged the government to review its decision of imposing a five per cent VAT on sale of local yarn to protect