New York sources reported that oil prices went down on Friday amid rising supplies from countries including Russia and Saudi Arabia. Meanwhile Russia and key OPEC(Organization of the Petroleum Exporting Countries) members such as Saudi Arabia and Kuwait have all increased production recently, trying to help compensate for a potential decline in Iranian crude supplies once planned US sanctions take effect later this year.
As per report official data from Russia on Thursday showed that the country's oil output rose by 150,000 barrels per day (bpd) in July from June to 11.21 million bpd. According to Reuters the output by Saudi Arabia has also risen recently to around 11 million bpd.
Furthermore the West Texas Intermediate (WTI) for September delivery lost
$0.47 to settle at $68.49 a barrel on the New York Mercantile Exchange, while
Brent crude for October delivery erased $0.24 to close at $73.21 a barrel on
the London ICE Futures Exchange.
Single use plastic be banned in TN from January 1, 2019 Accordingly Tamilnadu Plastic Manufacturers’ Association (TAPMA) has planned to hold a demonstration on Thursday, asking Tamilnadu government to withdraw its plastic ban that would take effect from January 1, 2019. Meanwhile TAPMA members allege that the government order is discriminatory in nature, which allows the use of plastics in many government sectors and large scale private sectors, while the same is banned for the public and small scale private sectors.
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