KSA’s oil output rises to 9.84 mbd

Updated 20 May 2014
0

KSA’s oil output rises to 9.84 mbd

ALKHOBAR: OPEC heavyweight Saudi Arabia produced 9.849 million barrels per day (mbd) of crude oil in February, up from 9.767 mbd in January, an industry source familiar with the matter said on Tuesday.
The world's largest oil exporter supplied 9.899 mbd in February to the market, down from 9.916 million bpd in January. Supply to market may differ from production depending on the movement of barrels in and out of storage.
"Production was up but it doesn't indicate anything, the market is stable, balanced," said the source.
OPEC's oil output rose further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found in February.
Iraq's crude oil production reached 3.5 mbd in February and exports rose to their highest level ever at 2.8 mbd for the month.
As for OPEC member Libya, the government has tried to end a wave of protests at oil ports and fields across the vast desert state that have slashed oil output, the country's lifeline, to 230,000 barrels per day (bpd), from 1.4 million bpd in July.


EU gives Nestle a thumbs down in Kit Kat finger row

Updated 19 April 2018
0

EU gives Nestle a thumbs down in Kit Kat finger row

  • Nestle has been locked in a decade-long battle with US rival Mondelez, maker of Cadbury chocolate, over the four-fingered wafer biscuit, which was first sold in 1935.
  • The EU’s intellectual property office allowed Nestle in 2006 to trademark what the court calls the “three-dimensional shape of the ‘Kit Kat 4 fingers’ product.”

Luxembourg: The European Union’s top court should cancel Swiss food giant Nestle’s trademark for the shape of the Kit Kat chocolate bar, the court’s top adviser said Thursday.
Nestle has been locked in a decade-long battle with US rival Mondelez, maker of Cadbury chocolate, over the four-fingered wafer biscuit, which was first sold in 1935.
The EU’s intellectual property office allowed Nestle in 2006 to trademark what the court calls the “three-dimensional shape of the ‘Kit Kat 4 fingers’ product.”
Advocate General Melchior Wathelet said the European Court of Justice (ECJ) should dismiss an appeal by Nestle against a lower court’s 2016 decision to annul the trademark.
“Nestle did not adduce sufficient evidence to show that its trademark had acquired distinctive character,” Wathelet said.
He said the intellectual property office should now “re-examine” its decision.
The Luxembourg-based ECJ often, but not always, follows the advice of the advocate general, its senior legal adviser, when making its final judgment.
The food giant specifically failed to show that the Kit Kat shape was well enough known in Belgium, Ireland, Greece, Luxembourg and Portugal, relying instead on market data from other countries, he said.
The official also said the EU court should reject an appeal by Mondelez against part of the judgment, saying it was “manifestly inadmissible.”
Nestle has already lost a legal bid in Britain — currently an EU member state but set to leave next year — to trademark the Kit Kat shape.