OPEC+ says to increase petrol production from August
They decided to hike production to 548,000 barrels per day, a statement following a meeting in Vienna said. Analysts had expected the alliance to decide on another output increase of 411,000 barrels per day (bpd) -- the same target approved for May, June and July. The wider OPEC+ group -- comprising the 12-nation Organization of the Petroleum Exporting Countries (OPEC) and its allies -- began output cuts in 2022 in a bid to prop up prices.
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Al Arabiya
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Arab News
2 hours ago
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- Asharq Al-Awsat
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Also on Telegram, Russia's foreign ministry in another statement named the US and Israel, and condemned the 'unprovoked military strikes' against Iran. Russia spared The group's 31-page declaration mentions Ukraine just once, while condemning 'in the strongest terms' recent Ukrainian attacks on Russia. 'We recall our national positions concerning the conflict in Ukraine as expressed in the appropriate fora, including the UN Security Council and the UN General Assembly,' the group said. Avoid Trump's tariffs While Lula advocated on Sunday for the reform of Western-led global institutions, Brazil aimed to avoid becoming the target of higher tariffs. Trump has threatened to impose 100% tariffs against the bloc if they take any moves to undermine the dollar. Last year, at the summit hosted by Russia in Kazan, the Kremlin sought to develop alternatives to US-dominated payment systems which would allow it to dodge Western sanctions imposed after Russia's invasion of Ukraine in February 2022 Brazil decided to focus on less controversial issues in the summit, such as promoting trade relations between members and global health, after Trump returned to the White House, said Ana Garcia, a professor at the Rio de Janeiro Federal Rural University. 'Brazil wants the least amount of damage possible and to avoid drawing the attention of the Trump administration to prevent any type of risk to the Brazilian economy,' Garcia said. 'Best opportunity for emerging countries' BRICS was founded by Brazil, Russia, India, China and South Africa, but the group last year expanded to include Indonesia, Iran, Egypt, Ethiopia, and the United Arab Emirates. As well as new members, the bloc has 10 strategic partner countries, a category created at last year's summit that includes Belarus, Cuba and Vietnam. That rapid expansion led Brazil to put housekeeping issues — officially termed institutional development — on the agenda to better integrate new members and boost internal cohesion. Despite notable absences, the summit is important for attendees, especially in the context of instability provoked by Trump's tariff wars, said Bruce Scheidl, a researcher at the University of Sao Paulo's BRICS study group. 'The summit offers the best opportunity for emerging countries to respond, in the sense of seeking alternatives and diversifying their economic partnerships,' Scheidl said. The meeting was also an opportunity to advance climate negotiations and commitments on protecting the environment before November's COP 30 climate talks in the Amazonian city of Belem.
