Oil prices drop for the seventh consecutive session

Image Source: Reuters/Lucy Nicholson A pump jack is seen at sunrise near Bakersfield, California
Image Source: Reuters/Lucy Nicholson
A pump jack is seen at sunrise near Bakersfield, California


Oil prices stumbled for the seventh consecutive session, coming close to their 11-year low. The prices of crude oil could worsen in the fourth coming months, due to a pricing war between leading Organization of the Petroleum Exporting Countries (OPEC) and non-OPEC producer.

Brent crude fell below $38 a barrel for the first time in six years on Friday with the International Energy Agency (IEA) declaring that, demand growth was slowing down while the OPEC output remained high. Meanwhile, U.S. crude, settled in the $35 zone.

Since OPEC has lifted the output ceiling starting on December 4, both benchmarks were on a constant fall, with more than 13 per cent being shed from each. OPEC has been thrusting record levels since last year to try and drive higher-cost manufacturers such as U.S. shale firms out of the market.

On Friday, IEA said that the global supply glut was likely to deepen next year and put more pressure on prices.

Reuters: Reuters The Globe and Mail 



Severe snowstorm in northern US

Image Courtesy: media.newindianexpress.com
Image Courtesy: media.newindianexpress.com

A severe snowstorm is causing complete chaos in the US. The snowstorm has left motorists stranded, flights cancelled and claimed at least seven lives in the Buffalo area.

All 50 states are experiencing sub freezing temperatures says the National Weather Service and the temperatures in mid-west and the east coast are expected to be below normal until the weekend.

Some areas of Buffalo in northern US have received a year’s worth of snow in just three days, said officials. Travel has been banned and people have been requested to stay off the roads in Buffalo.

A county spokesperson was quoted saying that the storm isn’t over and that people should be prepared for two-three days of bad winter weather. He also confirmed 5 deaths due to the snow storm and three fatalities due to a heart attack while they were shoveling snow.

John Jiloty of East Aurora near Buffalo told the BBC that some people had been stuck in their cars for a day and a half.

More than a 100 National Guard members have been deployed in New York alone, to assist in removinf stranded vehicles and clearing the roads.

20 fatalities have been recorded due to the snowstorm across the US.


Source: NDTV, BBC

India no.8 on global multi-millionaires list

Photo Courtesy – articles.economictimes.indiatimes.com

London: India might be a developing country but it still has more multi-millionaires than Canada, Australia and Singapore. New World Wealth’s latest wealth index puts India at number eight on the multi-millionaire list. The list that looks at the global rich individuals with a net worth of at least $10 million, has placed India above countries like France and Russia.

According to the list. India has about 14,800 multi-millionaires with Mumbai alone being home to 2,700 of them. Not only is Mumbai the city with the highest number of multi-millionaires in India but it is also the only Indian city to find mention in the top 30 cities in the list.

The country that tops the list is US with the most number of multi-millionaires, around 183,500 of them and Hong Kong tops the list for cities with the largest number of multi-millionaires. There are over 13 million millionaires in the world of which about 495,000 are multi-millionaires.

Read more at: http://timesofindia.indiatimes.com/india/India-ranked-No-8-on-global-list-of-multimillionaires/articleshow/39708900.cms

Picture Courtesy: Pic 1: news.oneindia.in

Pic 2: www.tomsguide.com

Picture 3: zeenews.india.com

U.S Senator meets PM Modi

New Delhi: In a meeting with the Indian PM Narendra Modi, the American Senator John McCain said that the US hoped for a new impetus in economic growth under the new government. On behalf of his government,he has even expressed a desire to take forward the relationship to a new level. The PM in his reply reiterated that he is likely to visit U.S in the month of September during which he would talk about the reinforcement of relation between two countries.

Prime Minister Narendra Modi with US Senator John McCain. PMO India
Prime Minister Narendra Modi with US Senator John McCain. PMO India

The official statement from the PMO’s office: “Prime Minister conveyed his desire to further deepen and expand the strategic partnership, based on our share values and interests, sensitivity to each other’s concern and tangible progress across the full spectrum of bilateral relations.”

Citing growing concern of terrorism across the world, Narendra Modi also suggested that humanitarian forces need to give global priority in their fight against terror campaign.

Read more at: http://www.thehindu.com/news/national/us-senator-mccain-calls-on-modi/article6173337.ece

United Nations pushes for a political and military solution for Iraq

Picture Courtesy – jurist.law.pitt.edu

Baghdad : The United Nations Secretary- General Ban Ki-Moon’s Special Representative in Iraq and the head of the UN Assistance Mission for Iraq (UNAMI) Nickolay Mladenov said that the advance of the Islamic State in Iraq and Syria (ISIS) in Iraq has been “stalled” but that the Iraqi government needs strong political and military action to thwart the militant organization.

In his video conversation with journalists, he said that, “For anyone to attempt to take over Baghdad would be extremely difficult.” However, he also added that a purely military solution is not possible. He stressed on the importance of finding a social, political solution in addition to the military solutions that are being evaluated presently.

He stressed on the importance of an Iraqi led offensive so as to ensure a sense of consensus amongst the various sections of the Iraqi people for a military and social solution to this crisis. Over 900 civilians have been killed in the fighting since June 5, when ISIS and its allies began their assault. The UNAMI and the UNHRC have said that updated figures put the number of civilian deaths at 757 in Nineveh, Salah al-Din and Diyala and the overall number of deaths at 1,300 and over 1200 injured.

US lifts ban on British Petroleum

Photo Courtesy- The Telegragh UK.

The US government has lifted the government contract ban on British Petroleum today . This move will allow BP to enter into new contracts with US government and also in the Gulf of Mexico. The US government had imposed the ban on BP after the Gulf of Mexico oil spill, which was caused by an explosion in BP’s deep horizon rig killing 11 people back in 2010. It has been reported that the ban was lifted after the firm agreed to a set of safety, operations and compliance requirements.

In March 2012 the company estimated that the expense of oil spill would cost the company around 37 billion dollars in March 2012 The oil spill saw the 2nd largest oil firm in the world to drop to fourth due to the fall of stocks and backlashes against the company in the states reported sales of 10% to 40%.

BP will be looking forward to rise and turn around their losses after its US listed shares saw a rise by 1% in after hours trading today. The news, however, did not bring positive reaction entirely as Tyson Slocum director of Public Citizens energy program was critical about the agreement and feels that BP was let “off the hook” easily.

Charges against Devyani dismisses

Photo courtesy- dailymail.co.uk

Devyani Khobragade, an Indian diplomat in New York, whose arrest and trip search spurred an international scandal, won a dismissal of her federal indictment, in a move that could help smooth over a dispute that has frayed U.S.-India ties, according to the court documents.

In December Devyani, who was India’s deputy consul-general was accused by federal authorities for lying on a visa application about how much she paid her housekeeper. She was indicted on January 9 by a federal grand jury on one count of visa fraud and one count of making false statements.

“As the court indicated in its decision, and as Devyani Khobragade has conceded, there is currently no bar to a new indictment against her for her alleged criminal conduct, and we intend to proceed accordingly,” said James Margolin, a spokesman for U.S. Attorney Preet Bharara in Manhattan.