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OPEC must reduce oil production next year: UAE energy minister

Agencies
November 15, 2018

Abu Dhabi, Nov 15: The UAE energy minister said on Wednesday Organisation of the Petroleum Exporting Countries (Opec) and its allies will need to reduce oil production next year to prevent a build up in supply and there is consensus building among its members to support a decision to balance the market.

“We have seen the risk of an increase in inventories if we didn’t do anything and we will not allow that to happen,” Suhail Al Mazroui, who holds the Opec presidency in 2018, told Reuters. “Obviously there will be a requirement to move from increasing production to reducing production.”

The minister was talking as oil markets fell again on Wednesday, extending losses from a 7 per cent plunge the previous session as surging supply and the spectre of faltering demand scared off investors. Russian energy minister Alexander Novak on Wednesday said no emergency action was warranted to stem the decline in oil prices.

Saudi Energy Minister Khalid Al Falih on Monday said Opec and its allies agree that technical analysis shows a need to cut oil supply next year by around 1 million barrels per day (bpd) from October levels to balance the market.

“The consensus is that we need to do whatever it takes to balance the market,” he said.

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News Network
October 26,2024

Mangaluru, Oct 26: In a distressing case of online harassment, Surathkal police in Mangaluru have apprehended a man, identified as Shariq, on charges of cyber harassment that allegedly led a woman to attempt suicide. 

The case took a dark turn when the woman reported that her Facebook account was hacked, leading to an influx of explicit, threatening messages directed at her brother, Kishan, and friend, Harshith.

According to Commissioner of Police Anupam Agrawal, the complaint, registered on October 22, specifically accused Shariq of orchestrating the harassment. Summoned for questioning, Shariq’s mobile phones and social media accounts were initially reviewed, but no conclusive evidence surfaced.

The case escalated when the woman reportedly received more abusive messages on October 24, pushing her to a point of desperation. Following her suicide attempt, police intensified the probe, reaching out to social media platforms for further verification. 

The Surathkal police have filed charges under sections 78(1)(i), 351(1 & 2), and 3(5) of the BNS, with the investigation ongoing to uncover the full extent of the cyber harassment network.

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News Network
October 25,2024

Udupi, Oct 25: A team of police from Udupi apprehended a Non-Resident Indian (NRI) at Kannur International Airport, Kerala, after he had been absconding overseas since 2019. 

Ashmath Ali (35) originally arrested on charges of recording a video of unnatural acts, had been out on bail granted by the second ACJ and JMFC court of Udupi on September 6, 2019.

Despite 18 arrest warrants issued in his name, Ali managed to evade authorities for years, frequently traveling abroad. 

Acting on a tip-off, sleuths from Kaup police station intercepted him as he landed at Kannur International Airport on October 21, marking the end of his prolonged evasion from Indian law enforcement. 

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News Network
October 17,2024

Bengaluru, Oct 17: Karnataka chief minister Siddaramaiah on Thursday announced that all government residential schools in the state will be renamed as Maharishi Valmiki Residential Schools.

He further said that the Raichur University will be renamed as Maharishi Valmiki University, news agency ANI reported.

He made the announcement on the occasion of Valmiki Jayanti, which is celebrated to honor Maharishi Valmiki, the revered author of the Ramayana.

Earlier today, the Karnataka CM paid rich tributes to Valmiki in a series of posts on X.

"Let the life and achievements of Dalit genius, Adi Kavi Valmiki, who wrote the epic Ramayana and showed that talent is not a gift of birth, but an achievement, be an inspiration to all of us," he said.

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