Oil near $ 110 after OPEC deal

Updated 13 December 2012
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Oil near $ 110 after OPEC deal

JEDDAH: OPEC ministers held their oil production ceiling unchanged yesterday while voting to keep secretary-general Abdullah El-Badri in his post for another year, Petroleum and Mineral Resources Minister Ali Al-Naimi said after a meeting in Vienna.
“We will hold” output, which currently stands at 30 million barrels per day, Al-Naimi told reporters after the Organization of Petroleum Exporting Countries wrapped up its ministerial meeting.
Crude oil rose to around $ 110 a barrel yesterday. Brent crude futures were up $ 2.02 to $ 110.03 a barrel by 1450 GMT, rebounding from last week’s dip. US crude was up $ 1.19 to $ 86.98 a barrel.
The OPEC ministers also voted to keep Libyan Abdullah Al-Badri on for one more year, having apparently failed to agree on a replacement for the already two-term secretary-general.
Three candidates were in the running for his job: Majed Al-Moneef, a former Saudi governor to OPEC, ex-Iranian oil minister Gholam Hossein Nozari and former Iraq oil minister Thamir Ghadhban.
“We extended one year for the secretary general,” Al-Naimi told journalists. “We have an experienced secretary general in position. Extending it one year is a very very very good decision,” he said.
OPEC was to hold its next meeting on May 31, the minister said.
UAE Oil Minister Mohammed bin Dhaen Al-Hamli earlier said that OPEC should make its oil more attractive to customers in response to the supply of shale from the US. Speaking at the start of the meeting he said US shale was a “big issue.”
His remarks came as the International Energy Agency said in a monthly report that spectacular growth in US production on the back of a boom in shale oil will be one of the top developments for the market in 2013.


US unveils new veto threat against WTO rulings

Updated 23 June 2018
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US unveils new veto threat against WTO rulings

  • US tells WTO appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days
  • Trump, who has railed against the WTO judges in the past, threatens to levy a 20 percent import tax on European Union cars

GENEVA: The United States ramped up its challenge to the global trading system on Friday, telling the World Trade Organization that appeals rulings in trade disputes could be vetoed if they took longer than the allowed 90 days.
The statement by US Ambassador Dennis Shea threatened to erode a key element of trade enforcement at the 23-year-old WTO: binding dispute settlement, which is widely seen as a major bulwark against protectionism.
It came as US President Donald Trump, who has railed against the WTO judges in the past, threatened to levy a 20 percent import tax on European Union cars, the latest in an unprecedented campaign of threats and tariffs to punish US trading partners.
Shea told the WTO’s dispute settlement body that rulings by the WTO’s Appellate Body, effectively the supreme court of world trade, were invalid if they took too long. Rulings would no longer be governed by “reverse consensus,” whereby they are blocked only if all WTO members oppose them.
“The consequence of the Appellate Body choosing to breach (WTO dispute) rules and issue a report after the 90-day deadline would be that this report no longer qualifies as an Appellate Body report for purposes of the exceptional negative consensus adoption procedure,” Shea said, according to a copy of his remarks provided to Reuters.
An official who attended the meeting said other WTO members agreed that the Appellate Body should stick to the rules, but none supported Shea’s view that late rulings could be vetoed, and many expressed concern about his remarks.
Rulings are routinely late because, the WTO says, disputes are abundant and complex. Things have slowed further because Trump is blocking new judicial appointments, increasing the remaining judges’ already bulging workload.
At Friday’s meeting the United States maintained its opposition to the appointment of judges, effectively signalling a veto of one judge hoping for reappointment to the seven-seat bench in September.
Without him, the Appellate Body will only have three judges, the minimum required for every dispute, putting the system at severe risk of breakdown if any of the three judges cannot work on a case for legal or other reasons.
“Left unaddressed, these challenges can cripple, paralyze, or even extinguish the system,” chief judge Ujal Singh Bhatia said.
Sixty-six WTO member states are backing a petition that asks the United States to allow appointments to go ahead. On Friday, US ally Japan endorsed the petition for the first time, meaning that all the major users of the dispute system were united in opposition to Trump.