Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices.
Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and Opec+ said targets would drop by a further 1.4 million bpd from 2024.
Opec+ accounts for around 40% of the world’s crude oil and its decisions can have a major impact on oil prices.
In Asia trade on Monday, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel.
Average diesel prices fell by a record 12p per litre in the UK last month, according to the RAC.
The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.
Total production cuts, which Opec+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak.
Opec+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2% of global demand.
“The result of the discussions was the extension of the deal until the end of 2024,” Mr Novak said.
In April, it also agreed a surprise voluntary cut of 1.6 million bpd which took effect in May, a move that briefly saw an increase in prices but failed to bring about a lasting recovery.
On Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman said the cut of one million bpd could be extended beyond July if needed. “This is a Saudi lollipop,” he said, in what is seen as a bid to stabilise the market.
Lanka Sathosa slashes prices of 6 essential food items
Lanka Sathosa, on Wednesday (20 Sep.), reduced the prices of six essential food items.
The price reduction will be in effect from today.
Accordingly, the prices of the following goods have been reduced:
• Soya meat – Rs.580 per kilogram (reduced by Rs.45)
• Local Potatoes – Rs.290 per kilogram (reduced by Rs.40)
• Thai sprats – Rs.1,100 per kilogram (reduced by Rs.30)
• Garlic – Rs.620 per kilogram (reduced by Rs.30)
• Big onions – Rs.195 per kilogram (reduced by Rs.15)
• Red lentils – Rs. 299 per kilogram (reduced by Rs.06)
X to go behind paywall?
Elon Musk has suggested that all users of X, formerly called Twitter, may have to pay for access to the platform.
In a conversation with Israeli Prime Minister Benjamin Netanyahu, the billionaire said a payment system was the only way to counter bots.
“We’re moving to having a small monthly payment for use of the system,” the Tesla and SpaceX boss said.
The BBC approached X for further details but has not yet received a statement from the company.
It is unclear whether this was just an off-the-cuff comment, or a signal of firmer plans that have yet to be announced.
Mr Musk has long said that his solution for getting rid of bots and fake accounts on the social media platform is charging for verification.
Since taking over Twitter last year he has looked to incentivise users to pay for an enhanced service, which is now called X Premium.
This has been done by giving paid subscribers more features, like longer posts and increased visibility on the platform.
However, users can currently still use X for free.
Although there is a clear financial interest for the company to charge users, Mr Musk insisted that getting people to pay for the service is aimed at tackling bots.
“A bot costs a fraction of a penny” to make he said. “But if somebody even has to pay a few dollars or something, some minor amount, the effective cost to bots is very high”.
X Premium currently costs $8 (£6.50) a month in the US. The price differs depending on which country a subscriber is in.
The world’s richest person said that he was now looking at cheaper options for users.
“We’re actually going to come up with a lower tier pricing. So we just want it to be just a small amount of money,” he said.
“This is a longer discussion, but in my view, this is actually the only defence against vast armies of bots,” Mr Musk added.
However, a risk is that by putting X behind a paywall it may lose a large chunk of its users. That in turn, could drive down advertising revenue, which currently accounts for the vast majority of the company’s income.
Mr Musk’s conversation with the Israeli prime minister also touched on antisemitism on X.
The platform has been accused by the Anti-Defamation League (ADL) campaign group of not doing enough to stop antisemitic content.
In a statement, the organisation said that Mr Musk was “engaging with and elevating” antisemites.
Earlier this month, he said that the company would sue the ADL to “clear our platform’s name”.
In the conversation with Mr Netanyahu, Mr Musk reiterated that he was “against antisemitism”.
Mr Netanyahu accepted the balance between free speech and content moderation was a challenge but urged Mr Musk to get the balance right.
“I hope you find within the confines of the First Amendment, the ability to stop not only antisemitism… but any collective hatred of people that antisemitism represents,” he said.
“I know you’re committed to that”, Mr Netanyahu added.
France halts iPhone 12 sales over radiation levels
France has ordered Apple to stop selling the iPhone 12 for emitting too much electromagnetic radiation.
On Tuesday, the French watchdog which governs radio frequencies also told the tech giant to fix existing phones.
The ANFR has advised Apple that if it cannot resolve the issue via a software update, it must recall every iPhone 12 ever sold in the country.
But the World Health Organization has previously sought to allay fears about radiation emitted by mobile phones.
It says on its website there is no evidence to conclude that exposure to low level electromagnetic fields is harmful to humans.
The iPhone 12 was first released in September 2020, and it is still sold worldwide.
Apple told the BBC it was contesting the ANFR’s review, and said it had provided the regulator with lab results from the tech giant itself and third parties which show the device is compliant with all the relevant rules.
It said the iPhone 12 was recognised as being compliant with regulations on radiation levels worldwide.
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