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Oil prices down by 10 percent for the week

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New York: Oil prices plunged on Friday as the market expected the global supplies to exceed the demand.

Last Friday, the Organisation of the Petroleum Exporting Countries (OPEC) kept crude production pumping at current level in an already oversupplied market, Xinhua news agency reported.

The cartel’s output accounts for around 40 percent of the global crude output. In November, OPEC production rose by 230,000 barrels per day from the previous month to an average of 31.70 million barrels per day, according to OPEC monthly oil market report released Thursday.

Investors were cautious ahead of a US Federal Reserve policy meeting next week, which is expected to raise the interest rate for the first time in nearly a decade.

Traders predicted that Fed’s decision would boost the US dollar, which in turn would make the dollar-priced crude more expensive and less attractive for buyers holding other currencies.

The West Texas Intermediate for January delivery moved down $1.14 to settle at $35.62 a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased $1.8 to close at $37.93 a barrel on the London ICE Futures Exchange.

With oil prices, decreasing all year round India is set to save more than 2 lakh crore on its FY 2016 oil bill.

(IANS)

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Attractive rehab package awaits Keralites returning home: CM Pinarayi Vijayan

The Keralite diaspora is estimated to be three million strong, and a major chunk of them is located in the Middle East

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CM Pinarayi Vijayan. Image Source: PTI
  • The Keralite diaspora is estimated to be three million strong, and a major chunk of them is located in the Middle East
  • The existing welfare scheme for the returnees is not attractive enough as is borne out by low take-up
  • Presenting the state budget on July 8, Finance Minister Thomas Issac increased the welfare fund for the needy returnees from just Rs 1 lakh to Rs 10 crore

Thiruvananthapuram, Jul 14: The Kerala government will offer a more attractive rehabilitation package to those who had to return from the Middle East because of economic downturn or other reasons, Chief Minister Pinarayi Vijayan said on Thursday, July 14.

Vijayan told the assembly that Keralites settled in the Middle East have not only been facing economic downturn due to falling oil prices but also governmental regulations requiring employers to reserve jobs for the locals.

Fall in oil prices. Image Source: venturesafrica.com
Fall in oil prices. Image Source: venturesafrica.com

“On both these issues, it’s our diaspora which will bear the brunt as there is a likelihood of our people returning back,” Vijayan said in response to a calling attention motion moved by CPI-M legislator K.V. Abdul Khadar.

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“To tackle this, the state government will chalk out special rehabilitation schemes and welfare packages. Already there are programmes, but it appears they have not yielded the desired results,” said Vijayan.

The Keralite diaspora is estimated to be three million strong, and a major chunk of them is located in the Middle East.

Thousands of Indians working in these countries have been returning home on account of the downturn caused by steep fall in oil prices as also regulations that aim at increasing the proportion of locals in employment vis-à-vis migrants.

Vijayan said the existing welfare scheme for the returnees is not attractive enough as is borne out by low take-up — only 1.40 lakh people have taken advantage of it.

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“We will work in tandem with the various diaspora organisations to see that the scheme is revised. We will also work with financial institutions to work out suitable schemes for the returnees to set up self-employment schemes and also avenues for employing them,” he said.

The Chief Minister said “path-breaking land reforms” and the “contribution of our diaspora” are two biggest achievements of the state and now the government will do its best to tackle the issues facing Keralites living abroad and those returning.

Dr. Thomas Issac. Image Source: twitter
Dr. Thomas Issac. Image Source: twitter

Presenting the state budget on July 8, Finance Minister Thomas Issac increased the welfare fund for the needy returnees from just Rs 1 lakh to Rs 10 crore.

Issac also doubled the fund for the scheme for lending money to the returnees from Rs 12 crore to Rs 24 crore. (IANS)

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2016 has started on a challenging note says Jaitley

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Kolkata: Union Finance Minister Arun Jaitley on Friday said economic volatility manifested in the oil price collapse and the Chinese crisis have become the norm, pointing towards the world starting 2016 on a challenging note.

“The new year 2016 has started for the world as a whole on a very challenging note. I have been repeatedly saying that there was a time and period in the past where challenges and crisis used to emerge occasionally… once in a decade.”

“But with the global economy so critically integrated, volatility is the new rule, it’s the new norm. We have seen in last few days price of oil collapsed. We have seen the currency crisis currently on in china. And obviously, the Global slowdown,” Jaitley said addressing the inaugural session of the Bengal Global Business Summit here.

He also referred to the World Bank’s downgrading global growth rate of 2.9 percent in 2016, on Thursday.

Turning to the national scenario, he said there were still many challenges.

The minister said though the service sector has significantly improved and remained more or less consistent, green shoots were visible in the manufacturing sector, which after some period of a slowdown is now picking up.

However, Jaitley said the continuous lack of monsoon resulted in decreased agricultural growth rate.

“But we have had two continuous less than normal monsoons, which pulled down the agricultural growth rate, which in fact impacted purchasing power in the rural area,” he added.(IANS)

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Petrol, Diesel price to be slashed from today

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Picture Courtesy:-www.cnbcarabia.com

New Delhi, Nov 30: The three state-run oil marketing companies on Monday reduced petrol and diesel prices. Petrol and diesel will be cheaper by Rs.0.58 and Rs.0.25 per liter, respectively in the national capital.

The reduction will be effective from Today.

Making the fortnightly revision in retail prices, Indian Oil Corp (IOC) also exclaimed their concerns regarding this price reduction of petrol and diesel.

The current level of international product prices of petrol and diesel and INR-USD exchange rate warrant a decrease in prices, the impact of which is being passed on to the consumers with this price revision.

Allowing for local levies, the IOC said the price of petrol per liter from Tuesday will be Rs.60.48 in Delhi, Rs.65.93 in Kolkata, Rs.67.55 in Mumbai, and Rs.60.80 in Chennai.

Diesel will cost Rs.46.55 a liter in Delhi, Rs.50.10 in Kolkata, Rs.53.78 in Mumbai, and Rs.47.77 in Chennai.

The Indian basket of crude oils closed on the previous trading day on Friday at $41.01 a barrel, after having dropped below $40 during the fortnight in consideration.

(Inputs from IANS)