Saudi Arabia, Gulf allies “ready to cut oil output 4%”October 29, 2016 - 14:08 AMT PanARMENIAN.Net - Saudi Arabia and its Gulf OPEC allies are willing to cut 4 percent from their peak oil output, energy ministers from the Gulf countries told their Russian counterpart this week, sources familiar with the matter told Reuters, the news agency reports. The offer was made at a closed-door meeting in Riyadh, where the ministers met. But Russian Energy Minister Alexander Novak told the officials that Moscow would not cut output, but rather freeze it at current levels, the sources said. The 4 percent offer is likely to be made at a meeting of OPEC experts and officials from other oil producers such as Russia on Oct. 28-29 in Vienna, to nail down the details of last month's OPEC production-cap agreement in Algeria. Iraq, OPEC's No. 2 producer, said this week that it would not cut output and should be exempted from any curbs as it needs funds to fight Islamic State. Baghdad's stance is likely to face opposition from Riyadh and its Gulf allies, OPEC sources said. "If there is a cut, then everyone must cut. No exemptions," one OPEC source said, commenting on Iraq's demands. There is a general understanding that only Libya, Nigeria and Iran should be exempt as their output had been hit by wars and sanctions, three OPEC sources said. Photo: Getty Images 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 | Titus, Bilirakis lead legislation to sanction Azerbaijani war criminals Representatives Dina Titus (D-NV) and Gus Bilirakis (R-FL) have introduced the bipartisan legislation. 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. Ucom equips four bus stops in Ijevan with free Wi-Fi Ucom now provides free Wi-Fi coverage in smart bus stops in four communities of Ijevan. |