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An earlier Saudi-led attempt to freeze output fell apart in April

Russia and members of the OPEC oil cartel led by Saudi Arabia will gather in Algeria for three days from Monday and are expected to discuss a stubborn supply glut that has depressed prices since 2014.At around 0320 GMT, the US benchmark West Texas Intermediate (WTI) was down 50 cents at $45.Traders are uncertain that a deal can be extruder replacement parts reached on freezing or cutting output, but reports that Saudi Arabia, Iran and Qatar met at the OPEC headquarters in Vienna has fuelled optimism.82 and Brent dropped 37 cents to $47.

An earlier Saudi-led attempt to freeze output fell apart in April after Iran refused to participate, saying it needed to raise production depleted by years of western economic sanctions lifted only in January."Oil prices plunged from peaks of more than $100 a barrel in mid-2014 to near 13-year lows below $30 in February as supply outpaced demand.6 percent and Brent gained 3.28.

Singapore: Oil prices eased in Asian trade Friday on profit-taking following two days of solid gains as traders turned their attention to next week's planned meeting of key producers."But with the recent inventory data still fresh in traders' memories, position squaring dominates the current landscape."Anticipation of next week's Algiers OPEC meeting has once again underpinned (oil prices) although the probability of an agreement is very low," said Stephen Innes, senior trader at OANDA.Both contracts booked solid gains over the previous two days -- WTI surged 6.9 percent -- on data showing US commercial crude inventories fell more than six million barrels last week, indicating strong strong demand in the world's top oil consumer..Oil prices plunged from peaks of more than $100 a barrel in mid-2014 to near 13-year lows below $30 in February as supply outpaced demand.jpg Oil prices plunged from peaks of more than $100 a barrel in mid-2014 to near 13-year lows below $30 in February as supply outpaced demand

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We are disturbed by the recent allegations

We are disturbed by the recent allegations of granulation screw barrels Suppliers the use of toxic chemicals in Aleppo,” said a statement by the director-general of the Hague-based Organisation for the Prohibition of Chemical Weapons, Ahmet Uzumcu.More than 70 people were left choking on Tuesday after regime helicopters dropped barrel bombs on a rebel-held district of the war-ravaged city, the Syrian Observatory for Human Rights said.The bombs left people in need of treatment, the British-based monitor said, adding most were civilians.

The Opposition Aleppo Media Centre said on its Twitter account that the Sukkari neighbourhood was the target of a chlorine attack. Observatory head Rami Abdel Rahman was unable to confirm the claim, but said no one was killed in the strikes. A Sukkari resident said a “very strong smell” filled the neighbourhood after it was hit by a barrel bomb and that he and others had difficulty breathing.. “Such allegations are taken very seriously.Both sides in Syria’s complex civil war have traded accusations of attacks against civilians and use of unconventional weapons including chlorine and mustard gas.The world’s chemical weapons watchdog said on Wednesday that it was “disturbed” by the alleged use of toxic chemicals in Aleppo after dozens of people had to be treated for breathing problems in the S The world’s chemical weapons watchdog said on Wednesday that it was “disturbed” by the alleged use of toxic chemicals in Aleppo after dozens of people had to be treated for breathing problems in the Syrian battlefront city. The use of chemical weapons by anyone, anywhere and under any circumstances is unacceptable,” he added in a statement
The supply cut has virtually achieved its stated goal of reducing inventories

S. US output, supported by high prices, has hit record levels, partially offsetting the OPEC-led cuts. The American Petroleum Institute, an industry group, releases its data for last week at 4:30 p.Stephen Innes, head of trading for Asia-Pacific at futures brokerage OANDA, said new sanctions against Tehran “could push oil prices up as much as USD 5 per barrel”. U.Brent LCOc1 traded as high as USD 75. 27, 2014 turned its back on curbing output to support prices, a move that triggered a battle for market share and helped deepen a collapse to USD 27 in early 2016. A supply-cutting deal took effect in January 2017.One of the factors limiting the oil rally is rising US production. EDT (2030 GMT) on Tuesday, a day before the government’s supply report.

London: Oil rose on Tuesday above USD 75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed US sanctions on Iran.Brent crude, the global benchmark, hit its highest since OPEC on Nov.Oil prices began to recover in 2016 as the Organization of the Petroleum Exporting Countries discussed a return to market management with the help of Russia and other non-members.m.The United States has until May 12 to decide whether to quit a nuclear deal with Iran and reimpose sanctions against OPEC’s third-largest producer, tightening global supplies.6-million-barrel drop in crude stocks.27, gaining for a sixth day, and was up 37 cents at USD 75.

The supply cut has virtually achieved its stated goal of reducing inventories in developed economies to their five-year average, but OPEC has shown little sign yet of wanting to wind down the deal. crude CLc1 rose 51 cents to USD 69.OPEC’s supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the biggest oil-consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam.08 by 0845 GMT.15, having hit its highest since Nov. 28, 2014 on Thursday.One of the factors limiting the oil rally is rising US production.. extruder replacement partss Manufacturers Oil rose on Tuesday above USD 75 a barrel to its highest since November 2014, supported by OPEC-led production cuts, strong demand and the prospect of renewed US sanctions on Iran.The latest US inventory figures are expected to show a 2.“Currently, all bets are off on the US staying in the nuclear agreement,” said Tamas Varga of oil broker PVM, who added this concern was the most significant element of Brent’s recent rally
Taxes from GST have not been as per expectation

The current spurt in fuel prices is due to two factors: free fall in Indian rupee’s value in the international currency market and the volatility in international prices of crude.47 a litre. However, states are reluctant to let go of their right to tax petrol and diesel. But now when international crude oil prices are rising and the rupee is falling, consumers have to bear the burden. Rising oil prices could cause significant inflation, dampen economic growth and alter geopolitics in multiple ways this year.States, especially Kerala, pointed out that with everything being brought under GST, states’ options to raise resources have come down. The rupee has now depreciated over 6 per cent since June 2018.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel.Since the UPA-2 days, oil producing countries have tried to bring down their production to jack up crude oil prices and geopolitical tension has made things worse. This week the rupee fell to a new low of 71 against US dollar. India meets over 80 per cent of it’s fuel demand through imports so prices are largely dependent on external factors and taxes by Centre and state governments. Besides, the states also impose high rate of taxes on fuel that vary from one state to another.US sanctions against Iran, the third biggest exporter of oil to India, make it difficult for its allies like India to manage the oil demand supply.24 per cent on diesel.The lowest tax on fuel is charged in Andaman and Nicobar Islands where a 6 per cent sales tax is collected on both the fuels.33 a litre.77 per litre and that on diesel by Rs 13.48 per litre and on diesel by Rs 15. Crude oil prices were hovering around $76. In all, building block flat twin screw barrel duty on petrol was hiked by Rs 11.

Opposition parties have also announced nation-wide strikes and protests over the record-high fuel prices.Excise duty on petrol is currently at Rs 19.However, the Centre currently does not want to reduce taxes on fuel as this might hit its revenue. This depreciation of rupee against the dollar has made import of crude oil costlier. However, in October 2017, the Centre had reduced basic excise duty on petrol and diesel by just Rs 2 per litre.It seems consumers will have to bear high fuel prices until political pressure forces governments to reduce taxes on fuel, work out some alternative mechanism for oil prices or external factors improve.During the last GST Council meeting not a single state agreed to include petrol and diesel in the GST list as they wanted some scope for manoeuvring taxes to raise funds during crisis. However, when crude oil prices were falling the Modi government started hiking taxes on petrol and diesel to increase its tax kitty.. the government seems to be looking away and pointing towards global issues.With Assembly elections scheduled in four important states including Madhya Pradesh and Rajasthan soon, the Centre is under pressure to intervene and offer relief to people.

So consumers in India did not really benefit from lower global prices. The total tax incidence on petrol comes to 45-50 per cent and on diesel, it is around 35-40 per cent. Petrol and diesel prices are spiralling out of control. In initial years of the Modi government, the crude prices had fallen to below $40 a barrel against high of $120 per barrel witnessed during UPA 2.Oil minister Dharmendra Pradhan has suggested bringing petrol and diesel under GST to bring down taxes on diesel and petrol to give relief to consumers. But as fuel prices continue to pinch consumers, the question remains — Have we done enough to tackle the crisis?Petrol and diesel prices are on a fire again, hitting farmers, transporters, fishermen, consumers and commuters. Between November 2014 and January 2016, Centre had raised excise duty on petrol and diesel on nine occasions to take away most gains arising from plummeting international oil prices. Besides, finance ministry officials thinks that while a Rs 2-3 cut in tax may not provide a large benefit to general public, it will have an adverse impact on revenue. In its earlier years, the Narendra Modi government benefited from a low global crude oil prices due to excess crude inventory world-wide. Delhi charges a VAT of 27 per cent on petrol and 17.

Taxes from GST have not been as per expectation and shortfall in taxes could hit government’s fiscal deficit target of 3. Due to geopolitical factors international crude oil prices are also volatile.India deregulated the price of petrol in 2010 and that of diesel in 2014, ending government’s control over fuel prices that are now decided depending upon the price of crude oil in international market. Mumbai has the highest VAT of 39.16 a barrel on Friday. So, every time there is an increase in crude prices public sector oil marketing companies pass on the hike in to consumers, on a daily basis.3 per cent of the GDP. They said that products that are outside GST’s purview should remain so
Pakistan People’s Party chief Bilawal Bhutto Zardari

IEA said in a monthly report that oil might have bottomed and that low prices were beginning to impact crude output outside producer organisation Opec.65 a barrel, up 60 cents, and on track for their third weekly gain in a row. are working their magic and higher-cost producers are cutting output,” the Paris-based IEA said.Both contracts were trading more than 45 percent higher than the lows plumbed earlier this year.Still, analysts cautioned that a large glut of oil remained, with Goldman Sachs warning that US crude could saturate storage in the coming months.

The group, which coordinates energy policies of industrialised nations, said it believed non-Opec output would fall by 750,000 barrels per day (bpd) in 2016 up from its previous estimate of 600,000 bpd..“There are clear signs that market forces .

Pakistan People’s Party chief Bilawal Bhutto Zardari (Photo: AP/File) China foaming barrel screws Suppliers Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency (IEA) that said the market may have reached its bottom.Brent crude was on track for its third weekly gain on Friday, supported by an optimistic report from the International Energy Agency (IEA) that said the market may have reached its bottom.US crude futures CLc1 were trading at $38.It also said Iran’s post-sanctions return to exporting was happening more gradually than expected, keeping its barrels from putting significant pressure on the market..64 a barrel, up 80 cents from their last close, having hit a 2016 high of $38.96 earlier in the day.Brent crude futures LCOc1 were at $40