Non-OPEC nations agree to cut oil output
The Dollar Business Bureau Oil-producing countries, which are not the part of Organisation of the Petroleum Exporting Countries (OPEC), have agreed to reduce the output by around 562,000 barrels per day. The deal between the two groups would be the first in 15 years for mutually limiting the oil production. The agreement is aimed to ease a global oversupply after over two years of low oil prices which have overstretched many nations’ budgets and created unrest in some nations. Last week, OPEC decided to cut the output by 1.2 million barrels per day to 32.5 million barrels per day from January 1, with topmost exporter Saudi Arabia cutting its output as much as 486,000 barrels per day. Before the meeting in Vienna on Saturday, Mohammed Barkindo, ...
Trade deficit with Gulf nations dips 77% in 3 yrs
The Dollar Business Bureau The charm that was once distinct with the Gulf is fast waning. India’s export and remittances figures show there has been a decline, but trade pundits predict that it is not as bad as the numbers may seem to be. India’s trade deficit with the Gulf Cooperation Council (GCC) has declined $46 billion, or 77% in three years, to $14 billion due to a rapid decline in imports claim analysts at the global analytical firm Crisil. The remittances from GCC have dipped for the first time in last six years, it said. Remittances from the GCC have decreased 2.2% to $35.9 billion in FY 2016 from $36.7 billion in the same period last year. But these remittances have more ...
Palm oil industry demands separate import policy
The industry has also demanded a hike in the import duty on palm oil to 45% from the current 12.5% and sought for a budget of Rs. 10,000 crore for the sector The Dollar Business Bureau Ahead of the Budget for the coming financial year, the palm oil industry has asked the government to formulate a separate import policy to ensure a level-playing field for domestic palm growers and oil producers who have been battling cheap imports of edible oil triggered by the global demand slump. “There is a need for a separate palm oil import policy. This will ensure that import duty of palm oil can be increased to a level sustainable to the farmer/ industry. This will ...
