14 November 2019

RSS Facebook

Ads

Economic

Friday 15 June 2012,

VIENNA: OPEC announced Thursday it would keep its oil output ceiling unchanged and vowed to eliminate overproduction as it sought to halt falling oil prices amid a weak global economy and eurozone debt crisis.

The 12-nation Organization of Petroleum Exporting Countries, which pumps one third of the world's oil, said in a statement it would keep its output ceiling at the 30 million barrels per day (mbpd) first agreed in December.

Some member countries "know they are producing 31.6 mbpd and they have been asked to reduce the 1.6," OPEC secretary-general Abdullah El-Badri said at a news conference.

"The countries that are participating in 1.6 (mbpd), we will not mention them, but they will come back to 30 mbpd. They agree. This is a collective decision," he added.

Kingpin Saudi Arabia recently ramped up production amid divisions between OPEC members over how to respond to plunging prices and uncertainties over global energy demand.

"Downside risks facing the global economy... continue to mount," OPEC said in its statement explaining the decision to leave the ceiling unchanged.

"Ongoing challenges to world economic recovery, coupled with the presence of ample supply of crude in the market, have led to the marked and steady fall in oil prices," it added.

The price of Brent crude oil has tumbled from $128 a barrel in early March to $96, mainly on expectations of weaker demand caused by the euro's troubles and amid a slowing Chinese economy.

"We discussed intensively the situation of the market, the economic situation in the eurozone, the overproduction in the market, and the most important thing is that we decided to maintain the ceiling of OPEC production," Venezuelan Energy Minister Rafael Ramirez told journalists as he left the conference.

Without elaborating, Saudi Arabian Oil Minister Ali al-Naimi said he was "happy".

The next OPEC ministerial meeting will be held in Vienna on December 12, El-Badri also said.

The election of a new secretary-general to replace El-Badri, whose mandate expires at the end of the year, was delayed until then

Wednesday, June 13, 2012
Aybak (BNA) Officials with the ministry for agriculture and livestock say that the international community has allocated 17 million US dollars for the reintegration process in 10 provinces. 
Altafudin Rahimi the coordinator of reintegration program for provinces who visited Samangan to consult the local officials said that Aybak and Khuram Sarbagh districts have been including in the program, saying the projects including technical survey, irrigation network, building 600 acres land for pistachio forest and 200 acres new gardens. 
Another provinces, he said include Baghlan, Kunduz, Takhar, Herat, Badghis, Kandahar and Helmand. 
Head of agriculture department of Samangan province Abdul Razaq Rahimi developing agriculture and gardening is important for improving the living condition of the people. 
More than 90,000 hectares of forests and pistachio have been badly damaged due to over three decades of war. 
However, the process of deforestation has been checked since 1380 in the province. 
A member of provincial council in Samangan, Nimatullah said that launching such projects is vital for the improving economy and environment in the country.
 

Wednesday, June 06, 2012
Kabul (BNA) Ministry of public works had signed five uplift projects agreements with some construction companies here in Kabul, an official said. 
Deputy Minister of Public Works, Najibullah Ozhan had signed the agreements with the companies of Ilyas-Wais, Nawi Bahar, Sahak, Sunat Emran-e-Sabz and Kilid-e-Tellaye based on, the road between Hada and Hasaka Mina with up to 16 km, the road of Zarghon Shahr to Badshah Khan Zadran in Sayed Karam district with the length of 4.4 km, road between Sheberghan and Khawja Dokoh district with the length of 4.4 km would be asphalted. 
Under the project a bridge with the length of 30 km in Dykundi province and the road to the Chall district would be constructed and completed within six months to one year. 
The expenses of five projects would be paid from the budget of the ministry of public works while that of in northern Takhar province was said to be financed by the government. 
The minister warned that the companies expected to build the bridge and asphalt the roads would accountable before the justice organ.
 

Wednesday, June 6, 2012
Kabul (BNA) Chaired by Second Vice President, Mohammad Karim Khalili the economic committee of the council of ministers held session discussing problems of craftsmen and industrialists of the country, his office said. 
Presidential press office issued a statement to the BNA as saying that at the meeting, head of Afghanistan chamber of commerce and industries discussed the problems of the merchants and asked for solution from the organs concerned, the statement said. 
The head of national craftsmen also spoke at the meeting and asked for the solution of their problems and called lack of supporting fund for micro and middle enterprises the main problem faced by the craftsmen in the country. 
After discussing some issues such as municipality taxes, price of investment licenses etc, head of chamber of commerce and industries also discussed a number of proposals. 
The Second Vice President, Mohammad Karim Khalili heard the entire proposals of the meeting members and called them too prolific in economic development, reduction of unemployment and in general creation of stability in the country. 
The committee obliged the commission, the members of which were the deputies for the ministries of finance, commerce and the Kabul Municipality and representatives from the chamber of commerce and industries, AISA led by economy minister to present the report in the next economic committee meeting after full focus and analyses over the issues.