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.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 22,2024

floodbengaluru.jpg

Bengaluru, Oct 22: Heavy rainfall has once again turned Bengaluru’s streets into rivers, with large-scale waterlogging paralyzing India’s IT capital. As residents brace for more storms, the India Meteorological Department (IMD) forecasts a day filled with thunderstorms, predicting minimum temperatures around 21°C.

"Bengaluru is expected to see a cloudy sky today, with light to moderate rainfall and thunderstorms impacting both urban and rural regions," stated the IMD. The maximum temperature is likely to reach 29°C, while the minimum will hover at 21°C.

Waterlogged streets have significantly slowed down traffic, with major bottlenecks reported along Sarjapura Road near the Wipro and RBD Layout junctions, according to police reports.

The flooding has sparked fresh criticism from opposition parties, who have seized the opportunity to target the Congress-led state government’s handling of the city's infrastructure.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
October 28,2024

Fines of up to 300,000 Saudi riyals (approximately Rs 68 lakh) or imprisonment for up to five years will be imposed on anyone found guilty of abusive behaviour in workplaces, schools, or places of worship, the Saudi Public Prosecution announced in a statement on its official account on X (formerly Twitter).

The Public Prosecution emphasised that any harmful actions in these environments constitute a criminal offence, reiterating the importance of enforcing the Protection from Abuse Law.

The statement underlined the nation's commitment to ensuring a safe and secure environment for all, as part of broader efforts to protect individuals from violence and abuse.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
Media Release
October 17,2024

 

kbn11.jpg

Jeddah: The Khaja Banda Nawaz College of Engineering Alumni Jeddah Chapter hosted its Annual Event 2024, bringing together a diverse group of alumni from the esteemed KBN College of Engineering, Gulbarga.

The event featured Engr. Mohammed Abdul Nayeem, General Manager of MASAH Specialized Construction Company, as the Chief Guest, alongside Guests of Honor Engr. Syed Nasir Khurshid, Advisor to the KBNCE Alumni, and Mr. Abdul Majeed Badruddin, Managing Director and CEO of Universal Inspection Company. Presiding over the ceremony was Engr. Saleh bin Ali, President of the Alumni Chapter.

Engr. Nayeem, in his keynote address, shared his inspiring journey to the top of the construction industry, urging attendees to embrace challenges and strive for excellence. He praised the KBN Education Society for its visionary leadership, which has empowered countless alumni to become successful engineers. He also honored the legacy of the late Sajjade Saheb Syed Shah Mohammed ul Hussaini, recognizing his dedication to community empowerment through education.

Engr. Syed Nasir Khurshid commended Engr. Nayeem's significant achievements and entrepreneurial success, urging young alumni to follow in his footsteps. He also lauded Mr. Badruddin for his contributions to the community and ongoing support of the alumni chapter, encouraging attendees to consider Universal Inspection Company's services for their projects. Engr. Khurshid further asked the attendees to pray for the health of Mr. Khusro Hussaini, the Sajjada Nasheen and Chairman of the KBN Society, and acknowledged the support of Madam Ruksar Fatima, Dean of KBN University, and Chancellor Mr. Ali Hussaini.

Mr. Abdul Majeed Badruddin, renowned for holding multiple world records, shared insights into his entrepreneurial journey, including the expansion of his company to Madinah Al-Munawwara. His emphasis on morning prayers and self-confidence struck a chord with the audience.

Engr. Saleh bin Ali spoke about the remarkable growth of the KBN Education Society, which has evolved from a girls' school in 1956 to a prestigious university ranked 5th in Karnataka and 31st in India among private universities, according to the 2024 Outlook survey. He encouraged alumni to contribute actively to their fields and embrace continuous upskilling in an ever-changing world.

The event was seamlessly hosted by Alumni General Secretary Engr. Amjad Ali, beginning with a Quran recitation by Hafiz Mohammed Hamad and a welcoming address by Alumni Vice President Engr. Mohammed Yahiya. Engr. Syed Mohiuddin, another Alumni Vice President, stressed the importance of staying connected with the alumni network. Chief Coordinator Engr. Mohammed Aejaz Uddin outlined the alumni’s achievements, emphasizing the role of emotional intelligence in the workplace, while Engr. Mohammed Abdul Ameed provided valuable career advice, and Engr. Mohammed Mujtaba Yaseen shared tips for financial freedom.

A special presentation by Engr. Abdul Bari, Head of PMO at MASAH Construction Company, highlighted innovations in the construction industry. The event concluded with heartfelt thanks from Alumni Treasurer Engr. Abubakr Bin Hussain, followed by a group photo session, capturing the unity and collaborative spirit of the alumni.

The Annual Event 2024 was a resounding success, inspiring attendees and strengthening the bonds within the KBN alumni community.

kbn12.jpg

kbn1.jpg

kbn10.jpg

kbn9.jpg

kbn8.jpg

kbn7.jpg

kbn6.jpg

kbn5.jpg

kbn4.jpg

kbn3.jpg

kbn2.jpg

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.