Oil prices sunk to fresh four-year lows on Thursday, with New York
crude plunging below $70 a barrel, after OPEC decided against cutting
output despite a huge oversupply in world markets.
At about 16:10
GMT, West Texas Intermediate for January delivery struck $69.11 per
barrel -- last seen on May 25, 2010. Brent North Sea crude for January
hit $72.74, a level last witnessed on July 7, 2010.
Asked whether
the oil OPEC had decided not to reduce production, Saudi Arabian Oil
Minister Ali al-Naimi told reporters in Vienna: “That is right.”
MOSCOW - Russia will impose "quite substantial" bans on the U.S. and
EU food imports and has already decided to suspend U.S. poultry imports
as part of President Vladimir Putin's order to prepare a list of food
import bans, its veterinary service said.
Putin signed a decree on
Wednesday banning or limiting imports of agricultural products from
countries which have imposed sanctions on Russia because of its support
of rebels in Ukraine.
Putin ordered his government to come up with a list of goods
to be banned for imports into Russia and to last one year, the Kremlin
said.
Téhéran est prêt à compenser la baisse de la production pétrolière en
Irak due à l'aggravation de la situation dans ce pays, rapporte samedi
l'agence IRNA, citant le ministre iranien du pétrole Bijan
Namdar-Zangheneh.
D'après le ministre, suite aux opérations
armées lancées par le groupe djihadiste Etat islamique en Irak et au
Levant (EIIL), les prix du pétrole ont augmenté de 5%. Selon des
informations publiées la semaine dernière, les islamistes ont attaqué
une grande raffinerie de pétrole dans la ville de Baïdji (nord de
l'Irak). Ils ont pénétré sur le territoire de l'entreprise et détruit
plusieurs réservoirs de pétrole.
Russia will provide gas to Ukraine at a price of $ 268.5 dollars per thousand cubic meters which is lower by one third of the previous price which was $ 400 per thousand cubic meters, said Russian President Vladimir Putin on Tuesday after a meeting of the Russian- Ukrainian Interstate Commission.
The agreement was signed between Russia’s "Gazprom" and "Natftogaz Ukraine" in the presence of President Putin and President of Ukraine Viktor Yanukovych.
MOSCOW, October 20 (Itar-Tass) -
Ukraine’s incomplete receipt of gas in 2013 may cause fines of almost
ten billion dollars, the National Energy Security Foundation said,
analysing the current situation in Ukraine’s gas market.
The Foundation’s Director General Alexei Grivach says “Naftogaz
once again breaches the “take and pay” term and will receive from
Gazprom a new invoice in early 2013.”
“We doubt, within the year Naftogaz will be able to buy from
Gazprom over 17-18 billion cubic metres. While it is obliged to buy
41.6 billion. As the average contracted price is 410 dollars per one
thousand cubic metres, the unused amount will cost close to ten
billion dollars.”
Besides, the Foundation says the claims about high prices for gas,
referring t gas on reverse gas from Europe, are not quite correct.
The UN’s Food and Agriculture Organisation has warned food prices
across the globe are set to rise by as much as 40 per cent over the next
decade. Rising costs in farm production, and less available land are
mostly to blame. But as Ray Kuka reports, new technologies and stronger
relationships in global trade should solve any potential food shortage.
Farms like this are becoming more and more precious.
As developing countries become more wealthy, demand for food is growing.
The UN’s Food and Agriculture Organisation says the world is facing a situation where demand outgrows production.
Kenneth Ash, OECD Director of Trade and Agriculture, said, "It’s not
about being optimistic or pessimistic, the key message is the markets
have fundamentally changed."
Rising production costs, less available farmland, and environmental factors are mostly to blame.