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Global oil output hit new record pending promised OPEC cuts
PARIS (AP) — The International Energy Agency says global oil production climbed higher in October — even after OPEC pledged to curb output in hopes of driving up prices.
The IEA said in its monthly oil report Thursday that revived production in Iraq, Libya and Nigeria pushed OPEC production to a record level of 33.83 million barrels a day. That offset a production drop by non-OPEC members.
Meanwhile, demand for oil in leading countries is shrinking amid an economic slowdown.
Low crude prices have helped consumers but damaged oil-dependent economies. So OPEC members promised in September to cut production to between 32.5 million and 33 million barrels a day. They are meant to finalize the deal in Vienna this month.
Brent crude, the international standard, traded at $46.48 a barrel Thursday.
Why did Gambia's Yahya Jammeh concede defeat?
Banjul (Gambia) (AFP) - Gambian leader Yahya Jammeh has ruthlessly pursued opponents real and imaginary, and implied more than once that he would kill anyone who defied him.His magnanimous concession speech and promise of a swift handover to president-elect Adama Barrow after 22 years in power has therefore left many scratching their heads a week after the election.Opposition figures and analysts believe he may have been caught out by his own fawning entourage, who reassured him so frequently… chat_bubble_outline Read More...
Unclear future for Vung Ro refinery
It is unclear whether the Vung Ro refinery project in the central province of Phu Yen will be implemented this year, even though both the authorities of Phu Yen province and the leaders of Vung Ro Petroleum Ltd. said they were determined to start the project in 2016. Vung Ro refinery received its investment certificate in 2008. It has an investment capital of US$4 billion and a capacity of 8 million tonnes of crude oil per year.It includes the construction of Bai Goc Port to serve the project… chat_bubble_outline Read More...
Erdogan warns of 'plan B' over Mosul offensive
Ankara (AFP) - President Recep Tayyip Erdogan threatened on Friday to resort to a "plan B" if Turkey's forces do not take part in the planned major US-backed offensive by the Iraqi army to free Mosul from jihadists."We are determined to take our place among the coalition forces in Iraq for Iraq's unity. If the coalition forces do not want Turkey, we will engage a plan B. If that doesn't work, we will engage plan C," Erdogan said during a speech in the Anatolian city of Konya.He did not expand… chat_bubble_outline Read More...
Traditional retail channels still favored in Vietnam
Though Vietnam is seeing the strong rise of the modern distribution channel, it is traditional retail which still plays an important role in the Vietnamese distribution system. As more and more shopping centers have appeared in Vietnam, especially large cities, some analysts commented that modern retail (convenience stores, supermarkets and shopping malls) is ‘killing’ traditional markets. However, the latest market report by Nielsen Vietnam, a market survey firm, showed that the… chat_bubble_outline Read More...
Science|The Orionid Meteor Shower Will Peak Tonight. Don't Expect Much.
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