OPEC likely to extend oil output cuts, but price relief elusiveMay 24, 2017 - 13:57 AMT PanARMENIAN.Net - OPEC oil ministers meeting this week appear damned if they don’t extend production cuts — and only slightly less damned if they do, The Associated Press reports. Ministers of the 13-nation cartel will likely decide to prolong them in an effort to support prices, when they meet Thursday, May 24. But even a slight rise in value per barrel will fuel further U.S. shale production, meaning more and cheaper oil down the road. Even after last year’s cuts, oil prices have risen less than the Organization of the Petroleum Exporting Countries hoped for. Benchmark crude that flirted with the $30 mark now fetches over $50 barrel, but that is substantially less than the highs reached in 2014. Still, it’s been enough to bring U.S. producers who eased back as prices tumbled last year back into the market. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Biden honors resilience of Armenian people on April 24 U.S. President Joe Biden has issued a statement on the 109th anniversary of the Armenian Genocide. Ex-Karabakh leader moved to solitary confinement cell in Baku, his son says David Vardanyan is the son of former Karabakh leader Ruben Vardanyan who who is currently imprisoned in Azerbaijan. Macron says France commemorates 109th anniv. of Armenian genocide Today France commemorates the 109th anniversary of the Armenian genocide of 1915, Macron says. Freedom House concerned by mounting reports of police violence in Armenia Freedom House urged Armenian authorities to investigate this pattern of excessive force and inhumane treatment. |