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Indian trade official: Negotiations are not conditional on dates and we should continue to prioritize Indias interests.July 4, India proposed on Friday to impose retaliatory tariffs under World Trade Organization (WTO) rules against tariffs imposed by the United States on the automotive industry in the name of safeguard measures. A WTO notification circulated at Indias request said: "The proposed suspension of concessions or other obligations will increase tariffs on specific products originating in the United States." India has notified the WTOs Goods Council that it proposes to suspend concessions and other obligations under certain WTO provisions. "This notification is issued in response to the United States extending safeguard measures on auto parts imported from India," the statement said. On March 26 this year, the United States took safeguard measures to impose a 25% ad valorem tariff on passenger cars, light trucks and some auto parts imported from India. The United States did not notify these measures to the WTO, but they are safeguard measures in nature. India insists that the measures taken by the United States are not in line with the General Agreement on Trade and Tariffs 1994 and the Safeguard Agreement.Indian Trade Minister: India does not trade for the sake of deadlines but for the benefit of the country.Indian Trade Minister: India always safeguards its interests in trade negotiations.Indian Trade Minister: India is discussing trade agreements with many countries. Free trade is only possible when the interests of both countries are met.

OPEC+ Is Working to Compensate For Reduced Russian Oil Production

Charlie Brooks

Jun 02, 2022 15:57

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OPEC+ is attempting to compensate for a decline in Russian oil production, according to two OPEC+ sources on Thursday, as Russia's production has fallen by approximately 1 million barrels per day as a result of Western sanctions imposed on Moscow over the Ukraine crisis.


One OPEC+ source familiar with Russia's position stated that Moscow could agree to other producers paying for its lower output, but it may not occur on Thursday and may not be in full.


A Gulf OPEC+ source said that a resolution on the topic was "very probable" at Thursday's meeting.


Despite tighter global markets, it is largely anticipated that the group would adhere to its scheduled monthly small output increases when it meets online later on Thursday.


However, Western sanctions imposed on Russia over Ukraine may result in production and export cuts of up to 2 to 3 million barrels per day from the world's second largest oil exporter.


In April, Russia's supply of approximately 9.4 million barrels per day (bpd) was already below its OPEC+ target of 10.44 million bpd.


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