Cabinet Approves Draft Decree on Common Customs Tariff For

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Cabinet Approves Draft Decree on Common Customs Tariff For QATAR | Page 2 SPORT | Page 1 Xavi to inspire kids, refugees as Generation INDEX DOW JONES QE NYMEX QATAR 2-11, 30-32 COMMENT 28, 29 QU to focus on Amazing REGION 11 BUSINESS 1–9, 13–16 ‘nine pillars’ 18,339.24 10,465.73 46.80 ARAB WORLD 12 CLASSIFIED 10–13 +110.94 -7.50 +2.13 INTERNATIONAL 13–27 SPORTS 1–12 for its growth ambassador +0.61% -0.07% +4.77% Latest Figures published in QATAR since 1978 THURSDAY Vol. XXXVII No. 10226 September 29, 2016 Dhul-Hijja 27, 1437 AH GULF TIMES www. gulf-times.com 2 Riyals In brief Opec agrees REGION | Defence Saudi navy to hold oil output cut exercises in Gulf Many traders said they were Opec countries such as Russia. sense” as part of any output limits. Saudi Arabia’s navy will hold impressed Opec had managed to Oil prices jumped more than 5 % to Riyadh had said in past that it would exercises in the Gulf and the reach a compromise after years of trade above $48 per barrel as of 2015 reduce output to ease a global glut strategic Strait of Hormuz early next discussions GMT. only if every other Opec and non- week, the navy chief said yesterday. Brent crude settled up $2.72, or Opec producer followed suit. Exercise “Gulf Shield 1” will also take Reuters 5.9% , at $48.69 a barrel, hitting a Iran has argued it should be exempt place in the Sea of Oman, with ships, Algiers more than two-week high of $48.96. from such limits as its production re- planes, marines and other personnel US West Texas Intermediate (WTI) covers after the lifting of EU sanctions taking part, said Royal Saudi Navy crude rose by $2.38, or 5.3% , to settle earlier this year. commander Abdullah al-Sultan. Opec yesterday agreed modest oil at $47.05, after a peak $47.45, its high- Saudi Arabia is by far the largest Gulf Shield 1 is part of a series of output cuts in the fi rst such deal est since September 8. Opec producer with output of more exercises the fleet has carried out in since 2008. The oil rally spilled over into the than 10.7mn bpd, on par with Russia the area, Sultan said in comments “Opec made an exceptional deci- stock market, with Wall Street’s index and the United States. Together, the cited by the off icial Saudi Press sion today... After two and a half years, of energy shares rising 4% on track to three largest global producers extract Agency. Opec reached consensus to manage its best day since January. a third of the world’s oil. the market,” said Iranian Oil Minister Many traders said they were im- Iran’s production has been stag- QATAR | Education Bijan Zanganeh. pressed Opec had managed to reach nant at 3.6mn bpd in the past three He and other ministers said the Or- a compromise after years of discus- months, close to pre-sanctions levels Ministry to mark ganisation of the Petroleum Exporting sions. although Tehran says it wants to ramp HE the Minister of Energy and Industry Dr Mohamed bin Saleh al-Sada, who is the Teachers’ Day Countries would reduce output to a “This is the fi rst Opec deal in eight up output to more than 4mn bpd when current chair of the Organisation of the Petroleum Exporting Countries, arriving for the The Ministry of Education and range of 32.5-33.0mn barrels per day. years! The group proved that it still foreign investments in its fi elds kick informal meeting of Opec members, in Algiers yesterday. Higher Education is set to celebrate Opec estimates its current output at matters even in the age of shale! This in. Oil prices are well below the budget Teachers’ Day on October 5. The 33.24mn bpd. is the end of the ‘production war’ and requirements of most Opec nations. demands for action on an oil supply glut is not being applied rationally,” Boutarfa celebration will adopt the topic “We have decided to decrease the Opec claims victory,” said Phil Flynn, Opec sources have said Saudi Ara- and higher investment to stabilise the added just prior to the Opec meeting. “Messenger of knowledge, thank production around 700,000 bpd,” senior energy analyst at Price Futures bia off ered to reduce its output from market. “Today, we cannot go on in an erratic you”. It will be held under the Zanganeh said. Group. summer peaks of 10.7mn bpd to “We must act on supply to re-stabi- fashion because if we do, we cannot pre- patronage of HE the Prime Minister The move would eff ectively re- Jeff Quigley, director of energy mar- around 10.2mn if Iran agreed to freeze lise the market” which has been hit by a pare for the future,” he ventured, voicing and Interior Minister Sheikh establish Opec production ceilings kets at Houston-based Stratas Advi- production at around current levels of massive surplus that has dragged prices concern at a falloff in investment in the Abdullah bin Nasser bin Khalifa abandoned a year ago. sors, said the market had yet to dis- 3.6-3.7mn bpd. down to record lows in the past two years, sector owing to the long slump in prices. al-Thani. The ministry expressed its However, how much each country cover who would produce what. Minister Zanganeh has said Iran Boutarfa told a news conference follow- According to the International Energy high appreciation for the teachers will produce is to be decided at the Saudi Energy Minister Khalid al- wanted an output cap of close to 4mn ing an International Energy Forum meet- Agency, last year saw a 25% fall in invest- who exert great eff orts to help next formal Opec meeting in No- Falih said on Tuesday that Iran, Niger- bpd. ing. ment in oil and gas exploration and pro- students develop their skills and vember, when an invitation to join ia and Libya would be allowed to pro- Earlier yesterday, Algerian Energy “This energy market needs regulating duction and the agency says the decline is make their lives better. cuts could also be extended to non- duce “at maximum levels that make Minister Noureddine Boutarfa pressed a little. The law of supply and demand continuing apace. SYRIA | Confl ict US threatens to end Russia engagement The United States yesterday Petrol prices threatened to suspend its Cabinet approves draft decree on engagement with Russia over the conflict in Syria following escalating attacks on rebel-held parts of to drop Aleppo city, including strikes on two hospitals. UN chief Ban Ki-moon common customs tariff for GCC denounced the attacks - which saw in October the two largest hospitals in Aleppo’s he Cabinet has approved a draft said. “The free-trade bloc now has a The committee will also submit, to the regulating the grant of military and opposition-controlled east hit with decree on common customs standard 5% levy on goods imported Cabinet, a report every six months de- specialised titles for offi cers. or the second month in a row, air strikes and artillery fire - as “war Ttariff for the Gulf Co-operation from outside the GCC and will have a tailing the results of its operations and Under the terms of the draft decision, petrol prices in Qatar have come crimes”. Page 12 Council (GCC) member-states. single point of entry system for import- its proposals and recommendations as the military title shall be added to of- Fdown by Dh5 a litre. There will At its ordinary meeting yesterday, the ed goods shared by all; customs duties it deems necessary for the develop- fi cers holding specialised professional not be any change in the diesel price in Cabinet also approved a draft decision are paid only once at the port of en- ment of e-government programmes. certifi cates recognised by the Ministry October. by HE the Prime Minister amending try. Tariff s on goods produced in GCC The committee, spearheaded by the of Interior. The specialised title will be An announcement by the Minis- some provisions of Decision No 12 of member-states have been abolished.” Ministry of Transport and Communi- awarded to offi cers holding a univer- try of Energy & Industry showed that 2013 on the formation of an e-Govern- The result, it said, would be an EU- cations under the chairmanship of HE sity degree (or its equivalent), follow- the 91- Premium gasoline will cost ment Steering Committee, the offi cial style common market, with no-intra the Minister of Transport and Com- ing the completion of due procedures QR1.25/litre (QR1.3 now) and Super Qatar News Agency (QNA) reported. Gulf tariff s. This should give a boost munications and with the membership by the competent scientifi c entity and QR1.35 (QR1.4) in October. The meeting, held at the Emiri Di- to both internal and external trade, al- of representatives from the authori- approval from the authority concerned. Diesel, however, will remain un- wan, was chaired by HE the Prime though it is only one of many factors ties concerned, will follow up on the The military title and specialised ti- changed at QR1.4/litre in October. Minister Sheikh Abdullah bin Nasser aff ecting trade, it was observed. implementation of the e-government tle shall be read and written after the Fuel prices in Qatar were allowed to bin Khalifa al-Thani. Intra-regional trade, EIU said, grew strategy. It will “achieve co-ordination rank.
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