Oil prices down as officials call for increased outputAugust 29, 2012 - 13:44 AMT PanARMENIAN.Net - Crude prices fell Wednesday, Aug 29, after finance ministers from the world's leading industrialized economies called on oil producers to increase output and said they stood ready to ask the International Energy Agency to release strategic reserves, AP reports. Benchmark oil for October delivery fell 72 cents by late afternoon Bangkok time to $95.61 per barrel in electronic trading on the New York Mercantile Exchange. The contract rose 86 cents to finish at $96.33 per barrel on the Nymex on Tuesday. Brent crude fell 80 cents to $111.78 in the ICE Futures exchange in London. A statement released by the Group of Seven finance ministers and posted on the U.S. Treasury Department website late Tuesday said the ministers were concerned about the impact of rising oil prices on the global economy and were prepared to act. "We encourage oil-producing countries to increase their output to meet demand," the statement said. "We stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied." The Obama administration has also said it would consider releasing oil from the country's emergency reserves to keep fuel prices in check. Meanwhile, Hurricane Isaac, a Category 1 storm, made landfall Tuesday night but appeared to be weakening, easing fears about how much - and for how long - the storm's powerful winds and driving rains would affect oil production and refinery operations in the Gulf of Mexico region. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. Azerbaijan must respect human rights, Scholz tells Aliyev German Chancellor Olaf Scholz has called for greater respect for human rights in Azerbaijan. Armenia: Defense Ministry warns against involving army in political processes The Ministry’s statement came after a video surfaced online, showing soldiers joining the protests in Tavush. Scholz hopes Armenia-Azerbaijan peace treaty will be signed this year German Chancellor Olaf Scholz hopes that a peace treaty between Armenia and Azerbaijan will be signed this year. |