OPEC may cut oil output for first time in five years

Source: Saudi Gazette (Read full story)

The Organization of Petroleum Exporting Countries (OPEC) may move to slash its oil production for the first time in five years when it meets in December, responding to the surge in US shale oil. According to The Wall Street Journal, OPEC could reduce production by half a million barrels a day. The group’s latest report signaled that the US shale oil boom will cut into its share of the world market in 2014 even as world demand grows at its fastest clip in four years. The International Energy Agency also released a report last week that showed demand for OPEC oil next year will fail to meet its current production of around 30 million barrels a day.

…

Kuwaiti Cabinet allows international monitors

Source: Kuwait Times (Read full story)

The Council of Ministers yesterday agreed to allow a team of international monitors to observe the July 27 elections in cooperation with Kuwait Transparency Society. The Cabinet said after its weekly meeting that the decision was taken to ensure that standards of transparency and fairness are completely applied at the next election. Kuwait had in the past allowed access to international monitors to attend parliamentary election after non-governmental organizations (NGOs) volunteered to monitor the polls.

…

Cabinet moves to curb price fixing

Source: Arab News (Read full story)

The government has decided to take effective measures to rein in the spiraling prices in the local markets. “Government departments will step up monitoring and supervision of prices of goods and services, provide a congenial atmosphere for healthy competition, stop any overpricing aimed at higher profit margins and ban attempts to hoard goods.” Minister of Culture and Information Abdul Aziz Khoja said after a meeting of the Council of Ministers Monday night. Crown Prince Salman deputy premier and minister of defense chaired the cabinet meeting at Al-Salam Palace in Jeddah.

…

Converse student finds new interest in Saudi culture

Source: GoUpstate.com (Read full story)

Kaylee Boalt didn’t care for politics and knew little of the Middle East when she came to Converse College as a starry-eyed mezzo soprano more than three years ago. Boalt, who is from Greer, was going to be an opera singer. But a trip overseas helped the 21-year-old Boalt find a new love with a new culture. And this summer, the Greer-native is living in New York City at her own expense to help Arab people become U.S. citizens. For the last month, Boalt has lived at the 92nd Street YMCA in Manhattan while taking night classes at nearby Bard College and working part time at the Arab-American Family Support Center in Brooklyn.

…

Banks to report Turkey exposure

Source: Emirates 24/7 (Read full story)

The UAE Central Bank has asked local commercial banks in the country to provide details of their financial exposure to Turkey by Tuesday, two bankers said on Monday. The Central Bank said in a circular its aim was to review the investments, the bankers said, declining to be named because they were not authorized to speak to media. One Dubai banker said it did not signal an attempt to curb the banks’ exposure to Turkey. A central bank spokesman declined to comment. Since the start of May, the Turkish lira has fallen 9 percent on investor concerns about anti-government protests and US plans to scale back monetary stimulus.

…

 Bahrain warns against attending protest rallies

Source: Khaleej Times (Read full story)

A spokesperson for the Bahrain government has warned against participation in the so-called “Rebellion of Bahrain” rallies and said participants will face legal action. Minister of State for Information Affairs and official spokesperson of the government Samira Ibrahim bin Rajab told the media on Sunday following a meeting that the so-called “Rebellion of Bahrain” movement was initiated by the so-called “14 February” Group, whose members were currently facing trial, including Al Wefaq Society represented by its secretary-general.

…