Oil prices drop sharply on oversupply fears April 2, 2016 - 13:19 AMT PanARMENIAN.Net - Oil prices have fallen sharply after Saudi Arabia said it would freeze production only if other major producers did the same, BBC News reports. The comments by deputy crown prince Mohammed bin Salman are seen as a challenge to Iran. It has vowed to increase oil production following the lifting of Western sanctions. In the Bloomberg interview, the prince also spoke about his plan for a giant public investment fund. Worth more than $2 trillion, it would be designed to reduce Saudi Arabia's reliance on income from oil. Part of the plan would be a sale of shares in the state-owned oil firm Aramco, which could start as soon as next year, according to the interview. Related links:   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 |  Related sections Latest news The Power of One Dram to benefit Road of Life charity  The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |
