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Russian minister accuses US of destabilising oil market
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IANS | 24 Sep, 2018
Russian Energy Minister Alexander Novak has accused the US of
destabilising the global oil market, urging for wider cooperation
between OPEC and non-OPEC producers to reach long-term stability. "The
sanctions and the trade wars imposed by some powers will have an impact
on the global economy and therefore on the oil market," Novak said on
Sunday in his opening notes at the 10th OPEC and non-OPEC Joint
Ministerial Monitoring Committee (JMMC) in Algiers, the capital of
Algeria, Xinhua reported. The Russian Minister was referring
to the sanctions imposed by the US on Iran, a key oil producer, while
"the trade wars" were referring to the ongoing trade conflict between
the US and China. Novak also said that when the production
cut-off agreement reached in Algiers in 2016 expires at the end of 2018,
"it will be necessary to think carefully to expand our cooperation to
meet the rising challenges we face today and in the future." "While
oil markets are, for the moment, better off for both consumers and
producers, we still have to avoid challenges that affect both parties,"
he said. "All market stakeholders, either producers or
consumers, are expecting from us to consolidate our solidarity and the
approach we have created in order to maintain a long-term global market
balance," the minister concluded. The JMMC, co-chaired by
Saudi Arabia and Russia, comprises four OPEC member countries, namely
Algeria, Saudi Arabia, Kuwait and Venezuela, and two non-OPEC member
countries, namely Russia and Oman. It aims to ensure the
achievement of the objectives of the Declaration of Algiers on reducing
oil outputs by 1.8 million barrels a day to adjust production in the
range of 32.5 to 33 million barrels per day to boost plunging prices. Algiers meeting is expected to extend the 2016 agreement to an additional period to maintain prices at the current level.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
|
64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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