OPEC, allies agree to reduce crude production by 1.2 million barrels/day

Agencies
December 8, 2018

Vienna, Dec 8: In an aim to boost global oil markets, member countries of the Organisation of the Petroleum Exporting Countries (OPEC) and its allies on Friday decided to slash crude oil production by 1.2 million barrels per day.

The agreement is set to be implemented in January 2019, Xinhua reported.

The 15-member group agreed to cut crude oil output by 800,000 barrels per day, while Russia and its allied producers would slash oil production by around 400,000 barrels per day.

Prior to the meeting, Saudi Arabia, the de facto leader of the OPEC, had said that the group would "seriously consider" the views of Prime Minister Narendra Modi and United States President Donald Trump on lowering global crude oil prices.

On Wednesday, Trump had urged OPEC countries to keep oil production stable so that its prices remained low in the near future. "Hopefully OPEC will be keeping oil flows as is, not restricted. The World does not want to see, or need, higher oil prices!", the US President had tweeted.

The crucial meet came at a time when the global oil market is unstable in the aftermath of the economic sanctions imposed on Iran by the US government, thereby stifling Tehran`s crude supplies.

Crude rates skyrocketed to a four-year high of USD 86 per barrel in October. But since then, the price spiralled down to about USD 60 per barrel.

The OPEC comprises 15 oil-producing nations and comprises Algeria, Angola, Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Congo, Saudi Arabia, United Arab Emirates, Venezuela, and Qatar. They account for more than half of the world`s oil output.

However, Qatar will pull out from the group in January 2019, as it wants to focus on its efforts to increase its natural gas production.

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News Network
November 28,2025

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Mangaluru, Nov 28: Karnataka Health Minister and Dakshina Kannada district in-charge minister Dinesh Gundu Rao on Friday handed over Chief Minister Siddaramaiah’s letter to Prime Minister Narendra Modi, highlighting the severe distress faced by farmers due to crashing crop prices.

PM Modi arrived at the Mangaluru International Airport en route to Udupi, where Gundu Rao welcomed him and submitted the letter. The chief minister’s message stressed that farmers are suffering heavy losses because maize and green gram are being bought far below the Minimum Support Price (MSP). The state urged the Centre to immediately begin procurement at MSP.

According to the letter, Karnataka has a bumper harvest this year—over 54.74 lakh metric tons of maize and 1.98 lakh metric tons of green gram—yet farmers are unable to secure fair prices. Against the MSP of ₹2,400/MT for maize and ₹8,768/MT for green gram, market rates have plunged to ₹1,600–₹1,800 and ₹5,400 respectively.

The chief minister has requested the Centre to:

• Direct NAFED, FCI and NCCF to start MSP procurement immediately.
• Ensure ethanol units purchase maize directly from farmers or FPOs.
• Increase Karnataka’s ethanol allocation, citing high production capacity.
• Stop maize imports, which have depressed domestic prices.
• Relax quality norms for green gram, allowing up to 10% discoloration due to rains.

The letter stresses that MSP is crucial for farmer dignity and income stability and calls for swift central intervention to prevent a deepening crisis.

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News Network
November 30,2025

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Udupi: The pontiffs of Sri Paryaya Puttige Mutt, the sacred seat of Jagadguru Shrimad Madhvacharya Moola Samsthanam, have submitted a proposal to the Prime Minister seeking comprehensive development for Udupi district. 

Proposal for International Airport

A key request is the establishment of an international airport. Highlighting that around 1,000 acres of land are available and suitable, the pontiffs noted that the existing Mangalore Airport provides limited international connectivity. They suggested the airport be developed under a Public-Private Partnership (PPP) or as a Greenfield Airport to boost trade, education, healthcare, and spiritual tourism.

Metro and Rapid Transit Connectivity

The proposal also calls for Metro Rail or Rapid Transit between Mangaluru and Udupi. The 55 km coastal stretch experiences heavy daily commuter traffic, causing congestion. The district administration is ready to prepare an initial project report for a Mass Rapid Transit corridor and requested inclusion under national urban mobility programmes to ensure safe, green, and time-efficient regional transport.

Port and Coastal Development

The pontiffs urged the development of an international-standard port with a cruise terminal along Udupi’s coast. They also requested fast-tracking of pending coastal tourism projects and revising Coastal Regulation Zone (CRZ) norms to encourage sustainable infrastructure and hospitality investment.

IT, AI and Technological Infrastructure

Support was sought for an IT and AI Innovation Park with incubation facilities under Digital India and Startup India initiatives. The proposal also emphasized the need for strengthened data security and cloud computing infrastructure to boost India’s technological independence.

Sports and Education Initiatives

The pontiffs requested national sports status for Kambala, along with financial and infrastructure support. They also sought the establishment of an AIIMS in Udupi, a new IIT campus, and approval for an IIM to promote higher education in the district.

Representation to the Prime Minister

Sri Sugunendra Tirtha Pontiff and Sri Sushrendra Tirtha Swamiji represented the pontiffs in submitting the comprehensive development proposal to the Prime Minister during his recent visit.

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News Network
December 2,2025

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Bengaluru: 'Nati koli saaru' (country chicken curry) considered one of Chief Minister Siddaramaiah’s favourites along with steaming hot idlis was on the breakfast menu at Deputy CM D K Shivakumar’s residence on Tuesday, according to official sources.

The spread also included 'nati koli' fry, vada and pongal, among other items, they said.

In an apparent show of unity, Siddaramaiah visited Shivakumar’s residence for breakfast, just days after the two leaders shared a meal amid a simmering power tussle in the state Congress.

Siddaramaiah drove to the Deputy CM’s residence in Sadashivanagar, where he was received by Shivakumar and his brother D K Suresh, who is a former Congress MP.

Suresh and Kunigal MLA H D Ranganath, a relative of Shivakumar, joined them for breakfast, which featured a mix of vegetarian and non-vegetarian dishes.

Speaking to reporters later, Siddaramaiah said Shivakumar had invited him during his visit to the CM’s residence for breakfast on Saturday.

Asked about the difference between the two meals, the chief minister said, "At his (Shivakumar’s) house it was non-veg, while at my house it was veg. He is a vegetarian, I am a non-vegetarian. I had not prepared non-veg. I told DK to get chicken from the village as you won’t get the original in Bengaluru."

Shivakumar said he had initially invited Siddaramaiah to his residence, but the CM had suggested visiting his place first and reciprocating later. "It was a vegetarian breakfast at the CM’s house on Saturday," he noted.

"Today, I invited him (the CM) to my house. He enjoyed the breakfast, which had his Mysuru taste," Shivakumar added. At this point, Siddaramaiah remarked that Shivakumar’s wife is also from Mysuru.

Saturday’s breakfast at Siddaramaiah’s official residence, held as part of efforts by the Congress high command to ease tensions in the leadership dispute between the two, reportedly included idlis and sambar, according to official sources.

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