OPEC likely to extend oil output cuts, but price relief elusiveMay 24, 2017 - 13:57 AMT PanARMENIAN.Net - OPEC oil ministers meeting this week appear damned if they don’t extend production cuts — and only slightly less damned if they do, The Associated Press reports. Ministers of the 13-nation cartel will likely decide to prolong them in an effort to support prices, when they meet Thursday, May 24. But even a slight rise in value per barrel will fuel further U.S. shale production, meaning more and cheaper oil down the road. Even after last year’s cuts, oil prices have risen less than the Organization of the Petroleum Exporting Countries hoped for. Benchmark crude that flirted with the $30 mark now fetches over $50 barrel, but that is substantially less than the highs reached in 2014. Still, it’s been enough to bring U.S. producers who eased back as prices tumbled last year back into the market. Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads. Partner news | Lemkin Institue slams Pashinyan's “cryptic engagement with Genocide denial” The Lemkin Institute is alarmed over Pashinyan’s statements “questioning Armenia's legal basis to pursue justice against Turkey”. 41 detained as antigovernment protests continue in Yerevan 41 people were detained in Yerevan as people demanding Pashinian’s resignation stage campaigns of civil disobedience. Armenia votes for UN resolution granting Palestine new rights The U.N. General Assembly voted by a wide margin on May 10 to grant new “rights and privileges” to Palestine. Second round of Armenia-Azerbaijan talks set for May 11 The second round of negotiations between the foreign ministers of Armenia and Azerbaijan will take place on May 11. |