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International
13-07-2017
OPEC chief hopeful of oil stocks decline

Mohammed Barkindo, secretary-general of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday that he is optimistic about oil stocks declining further to heighten the prices at the second half of this year.


"It's been a very challenging first half of the year, but we are on course going forward and we are solid in our decisions on the implementation," Barkindo said at a session of the 22nd World Petroleum Congress in Istanbul.

He said the producers have faced "headwinds" due to a cyclical drop in demand as well as a resurgence in supplies from non-OPEC producers, in particular the United States that produces shale.

"This combination has impacted heavily on the world oil market," he added.

The OPEC chief expressed a firm commitment to key deals made last year by OPEC and non-block producers to cut their outputs by 1.2 million and 558,000 barrels per day respectively to boost plummeting oil prices.

"You have seen the very high level of conformity by both OPEC and non-OPEC members that is also unprecedented, as more than hundred percent of conformity is taking both groups forward," he said.

Despite the cut in output, oil prices have been fluctuating at a low level of 45 U.S. dollars per barrel.



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   Book Review
Author : Hendrajit, Dkk
Japanese Militarism : Japan, Between Love And Resentment

A book entitled Japanese Militarism and Its War Crimes in Asia Pacific Region (Hendrajit, ed) was recently sent to me, by the publisher, The Global Future Institute. No doubt, this book made me re-think and recollect my trip to Japan in 1996. At that time, I was warmly received by Japanese families who became my host, invited to travel to various places, and bought souvenirs. The psycological effect of my short visit is that it is hard to imagine that the Japanese people were cruel ones, perpetrators of the massacre of our ancestors, raping Indonesian girls, making them as prostitutes and enslaving our grandfathers to work on various projects.

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