Five Indian-Americans in Forbes list of US' richest

Vienna, Apr 13: Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.

The US benchmark WTI climbed 7.7 percent to $24.52 a barrel in early Asian trade while Brent was up 5.0 percent at $33.08.

OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal via videoconference Sunday after Mexico had balked at an earlier agreement struck on Friday.

In the compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to Mexican Energy Minister Rocio Nahle, down slightly from 10 million barrels a day envisioned earlier.

OPEC Secretary General Mohammad Barkindo called the cuts "historic".

"They are largest in volume and the longest in duration, as they are planned to last for two years," he said.

The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.

Barkindo added that the deal "paved the way for a global alliance with the participation of the G20".

Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".

Geneva, May 28: The global death toll from the novel coronavirus has risen over the past 24 hours by 5,581 to 349,095, the World Health Organization (WHO) said in its daily situation report.

The number of confirmed cases has increased by 84,314 to 5,488,825, the WHO said.

Most cases of infection are recorded in the Americas (North and South America) - 2,495,924, with 145,810 deaths. While Europe has reported 2,061,828 cases and 1,76,226 deaths so far.

As per WHO tally, the US has the highest number of cases in the world with 1,63,4010 infections.

The global health body declared the outbreak of the new coronavirus a pandemic on March 11.

Feb 5: Pakistan will buy more palm oil from Malaysia, Prime Minister Imran Khan said on Tuesday, aiming to help offset lost sales after top buyer India put curbs on Malaysian imports last month amid a diplomatic row.

India imposed restrictions on refined palm oil imports and informally asked traders to stop buying from Malaysia, the world's biggest producer of the edible oil. Sources said the move was in retaliation for Malaysia's criticism of India's policy on Kashmir.

Malaysian Prime Minister Mahathir Mohamad said on Tuesday that he discussed palm oil with Khan who was on a visit to Malaysia and that Pakistan had indicated it would import more from Malaysia.

"That's right, especially since we noticed India threatened Malaysia for supporting the Kashmir cause, threatened to cut palm oil imports," Khan told a joint news conference, referring to India's Muslim-majority region of Kashmir.

"Pakistan will do its best to compensate for that."

India is a Hindu-majority country while Malaysia and Pakistan are mainly Muslim. India and Pakistan have been mostly hostile to each other since the partition of British India in 1947, and have fought two of their three wars over competing territorial claims in Kashmir.

Pakistan may have bought around 135,000 tonnes of Malaysian palm oil last month, a record high, India-based dealers who track such shipments told Reuters on condition of anonymity.

The figure is close to estimates of 141,500 tonnes from Refinitiv, which show sales to India in January may have plunged 80% from a year earlier to 40,400 tonnes.

Malaysia will release official export data on Monday.

Pakistan bought 1.1 million tonnes of palm oil from Malaysia last year, while India bought 4.4 million tonnes, according to the Malaysian Palm Oil Council.

Malaysian palm oil futures rose on Tuesday after Khan's comments and on expectations of a steep drop in production in January.

STRONG TIES

India has repeatedly objected to Mahathir speaking out against its move last year to strip Kashmir's autonomy and make it easier for non-Muslims from neighbouring Muslim-majority Bangladesh, Pakistan and Afghanistan to gain citizenship.

At the news conference, Mahathir did not refer to Kashmir but Khan did.

"The way you, PM, have stood with us and spoken about this injustice going on, on behalf of Pakistan I really want to thank you," Khan said.

He also said he was sad he had been unable to attend a summit of Muslim leaders in Malaysia in December. Saudi Arabia did not attend the summit, saying it was the wrong forum to discuss matters affecting the world's Muslims and Khan belatedly pulled out.

Some Pakistani officials, unnamed because they were not authorised to speak to the media, said at the time that Khan pulled out under pressure from Saudi Arabia, a close ally, although local media reported his officials denied that was the reason for his absence.

"Unfortunately our friends, who are very close to Pakistan as well, felt that somehow the conference was going to divide the ummah," Khan said, using the Arabic word for the Muslim community but not mentioning Saudi Arabia by name.

"It is clearly a misconception, as that was not the purpose of the conference."