OPEC set for
production cut
Doha: OPEC is getting ready for a cut in production even as
crude oil prices continued to rule below the $19 a barrel mark.
Venezuela's oil minister said on Thursday that OPEC could cut
production by up to 1.5 million barrels a day at its meeting in
Vienna scheduled for next week.
The 11-member OPEC has cut production three times by a total of
3.5 million barrels a day. Yet it's been unable to arrest the
slide in oil prices. The fall in prices is mainly because of
rising US petroleum inventories and a stagnant global economy that
is weakening demand for oil.
OPEC countries produce about 40 per cent of the world's oil
consumption and independent producers like Russia, Mexico and
Norway produce the rest.
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Tourism
ministry wants LTC revived
New Delhi: The tourism ministry wants revival of the leave
travel concession for central government employees, which was
suspended recently for two years. This, the ministry said, was
needed to boost tourism.
The withdrawal of the facility was having a severe impact on the
tourism industry, the ministry said. Over 40 lakh government
employees normally avail of this facility every year.
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