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
May 17,2024

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Bengaluru: The India Meteorological Department (IMD) on Friday forecast heavy rainfall and thunderstorms in a few districts of Karnataka and said Bengaluru is likely to witness light to moderate rain and thunderstorms, with temperatures ranging from 30 degree Celsius to 22 degree Celsius in the next 24 hours.

Shivamogga, Chikkamagaluru, Kodagu, Hassan, Mysuru, Mandya, Chamrajanagara, Udupi and Dakshina Kannada districts are likely to experience heavy to very heavy rainfalls between May 17 and 21, said C S Patil, Director of Meteorological Centre, India Meteorological Department, Bengaluru.

According to India Meteorological Department, some places in Kodagu, Hassan, Mysuru, Mandya and Tumukuru districts will also witness, gusty winds (40-50 kmph) on May 18.

Moderate rain and thundershowers are also likely in Chikkaballapura, Chitradurga, Davangere, Kolar, Ramanagara and Vijayanagara districts.

IMD also predicts light to moderate rain very likely at some places over Bagalkote, Belagavi, Bidar, Dharwad, Gadag, Haveri, Kalaburgi, Koppal, Raichur and Yadgir districts.

On May 16, Channagiri in Davanagere district received the highest rainfall of 6 cm. 

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News Network
May 8,2024

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Mangaluru: Congress leader and five-time Belthangady MLA K Vasanth Bangera, passed away on Wednesday, at a private hospital in Bengaluru on Wednesday. He was 79.

His health condition had worsened recently, and he was shifted to Bengaluru for treatment. His body is likely to be brought to Belthangady on May 9 and will be kept for public homage, family sources said.

He has the credit of contesting from all three parties - BJP, Janata Dal and Congress. Since 1983, he had contested nine assembly elections and won five times.

Bangera had entered the Legislative Assembly by winning Belthangady constituency as a BJP candidate in 1983 against Gangadhar Gowda of the Congress.

He won had the elections again in 1985 and later joined the Janata Dal. However, he lost the election against Gangadhar Gowda of Congress in 1989.

He became an MLA once again for the third time in 1994. In the 1999 election, Bangera lost to his brother Prabhakar Bangera who contested from BJP.

In 2008, Bangera joined the Congress and won the elections for the fourth time. In 2013, he had once again won the elections against Ranjan Gowda of the BJP, but he also lost the elections to sitting MLA Harish Poonja of the BJP in 2018.

He was born to Kede Subba Poojary and Devaki. He is survived by his wife Sujitha V Bangera, and two daughters Preethitha and Binutha.
 

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News Network
May 5,2024

Karwar, May 5: What commenced as a mere exchange of words between spouses swiftly transmuted into a calamitous ordeal, resulting in the heartbreaking loss of their innocent offspring. The heart-wrenching incident unfolded in the serene confines of Halamaddy village in the picturesque expanse of Dandeli, nestled within the idyllic expanse of Uttara Kannada district.

In the throes of a fervent dispute with her spouse, the aggrieved wife, succumbing to an overwhelming surge of emotions, callously propelled their tender six-year-old progeny into the somber depths of a nearby canal, thereafter alerting the local populace to her grievous act.

Promptly apprised of the distressing occurrence by concerned bystanders, the authorities were swiftly summoned to the scene to confront the harrowing aftermath.

Responding to the distress call, the diligent officers of Dandeli rural police swiftly converged upon the site where the innocent child had been cast into the unforgiving waters of the canal, subsequently effecting the retrieval of the child's lifeless form. 

Regrettably, it was discerned that a portion of the child's remains had been tragically claimed by the lurking jaws of a predatory crocodile.

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