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OPEC must work with other producers to boost oil prices: Saudi minister

12:57 PM | 23 Mar, 2015
OPEC must work with other producers to boost oil prices: Saudi minister
RIYADH (APP) - Oil producers outside OPEC must cooperate to boost falling crude prices as the cartel refuses to take responsibility alone, the Saudi oil minister has said.

"We refuse to take responsibility alone because (OPEC) produces 30 percent of market output and 70 percent comes from outside," Ali al-Naimi said in remarks carried Monday by the Saudi Press Agency (SPA).

Crude prices slumped by about 60 percent between June and February, weighed down by a glut of global supplies and concerns about stalling demand.

The slide was exacerbated in November when Organization of the Petroleum Exporting Countries (OPEC) refused to cut production to rescue falling prices, saying it wanted to maintain its market share.

The 12-member group, led by top producer Saudi Arabia, pumps around a third of the world's oil but other major producers, such as Russia, are not tied by its decisions.

Asked whether OPEC would be willing to work with non-members, Naimi pointed to the crash of 1998 when the cartel cooperated with other producers to cut output and support oil prices.

"Today, the situation is difficult. We tried, met with them but did not succeed because they insisted that OPEC should take the responsibility alone," said Naimi, in reference to meetings with non-OPEC producers ahead of the cartel's meeting in November.

"All must contribute if we want to improve prices because it is in the interest of all," the Saudi minister said.

Oil prices fell in Asian trade Monday with US benchmark West Texas ntermediate for May delivery was down 65 cents at $45.92 and Brent tumbled 58 cents to $54.74.

Bloomberg News quoted Naimi as saying on Sunday that his country is producing almost 10 million barrels of crude a day.

Saudi Arabia pumped 9.85 million barrels a day in February, according to Bloomberg.

The author is working as Editor Digital Media for Daily Pakistan and can be reached @ItsSarfrazAli.

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Currency Rates Today - Pakistani Rupee to US Dollar, Euro, Pound, Dirham, Riyal - 25 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 25, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279 for buying and 280.75 for selling. Euro's buying rate moved up to 301.75 and selling rate is 303.85.

British Pound rate is 356 for buying, and 360.25 for selling. UAE Dirham AED was at 76.65 and Saudi Riyal hovered at 73.90.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 279 280.75
Euro EUR 301.75 303.85
UK Pound Sterling GBP 356 360.25
U.A.E Dirham AED 76.65 77.4
Saudi Riyal SAR 73.90 74.63
Australian Dollar AUD 184.95 186.75
Bahrain Dinar BHD 741.15 749.15
Canadian Dollar CAD 203.65 205.65
China Yuan CNY 38.4 38.8
Danish Krone DKK 40.15 40.55
Hong Kong Dollar HKD 35.75 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202.4 204.4
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.05 311.55
Thai Bhat THB 7.55 7.7

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