World
Oil prices tumble as Saudi Arabia rules out production cuts
New York : Oil prices decreased after Saudi Arabia Oil Minister Ali Al-Naimi said there will not be any production cuts in the country.
 
The West Texas Intermediate for April delivery moved down $1.52 dollars to settle at $31.87 a barrel on the New York Mercantile Exchange, while Brent crude for April delivery declined $1.42 to close at $33.27 a barrel on the London ICE Futures Exchange on Tuesday, Xinhua reported.
 
"We are not banking on cuts because there is less trust that countries are going to deliver even if they promise," Al-Naimi said on Tuesday.
 
He also said it is not clear when the current price rout will end, but the market will eventually rebalance because high-cost producers will have to "lower costs, borrow or liquidate" to cope with the slump in oil prices.
 
Big oil exporters including Saudi Arabia and Russia have proposed to freeze output at January levels only if other producers join them.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Jat agitation called off in Rajasthan
Jaipur : The Jat community in Rajasthan has called off its stir, a minister announced on Tuesday -- the third day of the agitation demanding reservations which saw a mob try to set afire the engine of a goods train.
 
"The Jat agitation has been called off following talks," Social Welfare Minister Arun Chaturvedi, who had been holding discussions with Jat leaders, said in Bharatpur, the epicentre of the stir in the state.
 
Prominent Jat leader and Congress legislator Vishwendra Singh said the state government accepted all the major demands of the community.
 
"I request my community members to lift the road and rail blockades," Vishwendra Singh said at a press conference in Bharatpur.
 
"We have requested the OBC Commission to visit the areas and study and assess the social and economic status of the Jat community soon in Bharatpur and Dholpur districts.
 
"The state government has accepted our demand and it (government) will urge the OBC Commission to visit the areas soon," he added.
 
The state government also agreed to give statutory status to the OBC Commssion.
 
"We will bring a bill in this regard in the next session of the assembly. Presently, this commission has been constituted on administrative orders," Chaturvedi said.
 
Jats in Rajasthan are classified as Other Backward Classes (OBC), except for Jats of Bharatpur and Dholpur districts. Jats in Bharatpur are now demanding that they also be classified as OBCs.
 
Earlier in the day, the protest badly affected road and railway traffic in Bharatpur district, over 170 km from state capital Jaipur.
 
A police officer told IANS that the protesters had resorted to road and train blockades in some places, mainly between Bharatpur to Mathura, Jaipur and Agra and roads connecting various towns in the district.
 
In Nadabi, Helak and Bharatpur city, protesters vandalised properties and shops, while in Khumer, they damaged two ATMS.
 
In Helak railway station, protesters tried to torch the engine of a goods train. They also tried to set ablaze a room in Paprera railway station.
 
However, police were able to douse the fire in both the cases.
 
Many trains in the Jaipur, Agra and Mathura sectors were cancelled while train traffic between the important Delhi-Mumbai sector was also affected.
 
Roads from Bharatpur to Delhi, Deeg, Alwar and Mathura were also blocked.
 
To maintain law and order, the district administration had earlier imposed prohibitory orders and blocked mobile internet and internet service in the district.
 
The protesters on Monday set ablaze a Rajasthan Roadways bus, and damaged another near Bharatpur city.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

User

Flaws in the Company Law
Are the recommended changes enough?
 
The Companies Act is perhaps the most...
Premium Content
Monthly Digital Access

Subscribe

Already A Subscriber?
Login
Yearly Digital+Print Access

Subscribe

Moneylife Magazine Subscriber or MSSN member?
Login

Yearly Subscriber Login

Enter the mail id that you want to use & click on Go. We will send you a link to your email for verficiation

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)