Page 8 - Aruba Today
P. 8
A8
WORLD NEWSWednesday 17 February
Russia, Saudis tentatively offer
to freeze oil output levels: AP
ADAM SCHRECK member Qatar.
Associated Press Iran is eager to ramp
DUBAI, United Arab up its exports now that
Emirates (AP) — Oil sanctions related to its
powerhouses Russia nuclear program have
and Saudi Arabia joined been lifted, saying
Qatar and Venezuela in recently it aims to put
pledging Tuesday to cap another 500,000 barrels a
their crude output if other day on the market. Figures
producers do the same, from the International
aiming to halt a slide that Energy Agency show it
has pushed oil prices to pumped 2.9 million barrels
their lowest point in more daily in December, before
than a decade. sanctions were lifted.
The decision followed Iran’s petroleum
an unexpected closed- minister, Bijar Namdar
door meeting involving Zangeneh, signaled the
Czech Republic’s Prime Minister Bohuslav Sobotka, left, welcomes European Council President the four countries in the Islamic Republic has no
Donald Tusk, right, in Prague, Czech Republic, Tuesday, Feb. 16, 2016.
Qatari capital, Doha, and intention of giving up
(AP Photo/Petr David Josek)
reflects growing concern its share of the market.
among big producers He acknowledged that
EU unhinged: about the effects the global markets are
Thursday’s summit faces historic crises slump poses to their “oversupplied,” but said
domestic economies. Iran “will not overlook its
Russian Energy Minister quota,” according to
Alexander Novak said in comments carried by
RAF CASERT “There is an extra mile we ber Greece. Hungarian a statement issued after his ministry’s Shana news
Associated Press will have to walk to reach Prime Minister Viktor Orban
BRUSSELS (AP) — To listen an agreement,” Tusk said in recently said that “if it were the meeting that the four service.
to harried European Union Prague Tuesday, near the up only to us Central Euro-
chief Donald Tusk is to real- end of a five-nation whirl- peans, that region would countries would be ready Venezuelan Oil Minister
ize that the leaders of the wind tour that was to end in have been closed off long
28 member nations are Berlin barely 24 hours after ago,” referring to the south to cap production based Eulogio Del Pino heads
facing the prospect of an it started in Paris. where the migrants come
unhinged EU if this week’s Instead of the veneer of from. Hundreds of thou- on last month’s output to Tehran next for talks
summit goes badly wrong. unity, the EU can no longer sands of migrants have
Negotiations with Britain hide its divisions. come, almost unchecked, levels if others join. with his Iranian and Iraqi
over EU reforms to give A British referendum could through EU member
Prime Minister David Cam- come as early as this sum- Greece and on to Germa- “We are ready to maintain counterparts Wednesday.
eron a better shot at win- mer, and the loss of one of ny and Sweden. Almost ev-
ning a referendum to stay the biggest member states eryone complains Greece on average in 2016 the “The key OPEC members
an EU member are far from — a member of the G7 isn’t doing enough to stem
finished as they head into group of richest economies the influx. The rich member level of oil production of that need to take part
the final stretch. and the United Nations Se- states who are the draw for
At the same time, the mi- curity Council — could be the migrants complain the January 2016 and not are Iran and Iraq, where
grant crisis is quickly turning sealed. eastern Europeans are not
into a seminal test of unity, It would be one massive doing their part to shelter exceed it,” he said in a the big increases are likely
pitting east against west blow. When it comes to mi- refugees. Several eastern
and many against Greece. gration, it is more a steady European nations com- subsequent statement. this year, but there are
“The migratory crisis we are crumbling of foundations plain that they lack the
currently witnessing is test- that is feared. resources to handle large Whether the plan is big doubts over whether
ing our union to its limits,” Four eastern European na- numbers of refugees and
Tusk said Tuesday as he tions have publicly taken that the more prosperous enough to put a floor this can be achieved,”
was seeking compromise stand against some of the nations are too soft-heart-
on both issues ahead of core EU policies and pub- ed and have allowed the under prices is uncertain. Barclays analysts Miswin
Thursday’s summit. licly chided southern mem- borders to be overrun. q
The proposal depends Mahesh and Kevin Norrish
on cooperation from a said in a research note.
range of producers with Efforts to make the plan
differing budget priorities work are complicated
all scrambling for market by deep levels of distrust
share since prices began between regional rivals
falling in summer 2014. Saudi Arabia and Iran,
Among the hardest to which has built close ties
bring on board will likely to Iraq’s government in
be Iran. It was noticeably the years since the 2003
absent from Tuesday’s U.S.-led invasion.
gathering even though it The two countries are
shares control of a major in opposing camps in
underwater natural gas regional disputes from
field with fellow OPEC Yemen to Syria.q
