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 | Russia warns Armenia against “falling into West’s trap” Zakharova maintained, however, that anything that will benefit the people of Armenia can only be welcomed. CSTO: Armenia has not participated in secretariat’s work recently Recently Armenia has not participated in the work of the secretariat of the CSTO, Imangali Tasmagambetov said. Meeting with U.S., EU not against third parties, says Armenia The meeting scheduled for April 5 is dedicated to strengthening of the Armenia-EU-US cooperation, Yerevan added. Ucom launches network modernization efforts in few regions of Armenia In particular, on March 28, the legacy Mobile Switching Subsystem will be replaced with a new one. |