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Oil prices rise as Saudi Arabia pledges output cuts

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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.

(BBC News)

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Imported salt to arrive in SL next week

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The first shipment of 20,000 MT of salt from India is expected to arrive next week, according to Lanka Salt Ltd. Chairman – T. Nandana Thilaka.

He stated that this shipment will help end the ongoing salt shortage, ensuring consumers can buy salt from the market without difficulty.

The Chairman added that part of the salt ordered by National Salt Ltd. has already been acquired by the company and is being distributed locally to meet demand.

He stated that recent rains have disrupted the salt harvest in Hambantota and other salterns.  

However, with the arrival of the Indian shipment, he plans to sporadically release salt to the market starting next week.

Chairman D. Nandana Thilaka stated that yesterday (May 14), Lanka Salt Ltd. issued 100,000 packets of 400g table salt to Lanka Sathosa, and another 100,000 packets will be issued today (May 15).

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US cuts tariffs on small parcels from Chinese firms like Shein & Temu

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President Donald Trump has slashed the tariff on small parcels sent from mainland China and Hong Kong to the US, just hours after the world’s two biggest economies said they would cut levies on each other’s goods for 90 days.

The new tariffs on small packages worth up to $800 (£606) have been cut from 120% to 54%, according to a White House statement.

The flat fee per parcel will remain at $100, while a $200 charge due to apply from 1 June has been cancelled.

Chinese online retail giants Shein and Temu had previously relied on the so-called “de minimis” exemption to ship low-value items directly to customers in the US without having to pay duties or import taxes.

Neither Shein or Temu immediately responded to BBC requests for comment.

The duty-free rule was closed by the Trump administration earlier this month.

Some shoppers told the BBC that they rushed through purchases ahead of that deadline.

The latest rates came after the US and China released a joint statement announcing they would temporarily reduce their tit-for-tat tariffs and start a new round of trade negotiations.

Share markets jumped on Monday after Trump said weekend talks had resulted in a “total reset” in trade terms between the two countries, a move that went some way to ease concerns about a trade war between the two countries.

Under the agreement, the US will lower those tariffs from 145% to 30%, while China’s retaliatory tariffs on US goods will drop to 10% from 125%.

Trump told reporters, that, as some of the levies have been suspended rather than cancelled altogether, they might rise again in three months time, if no further progress was made.

But the president said he did not expect them to return to the previous 145% peak.

“We’re not looking to hurt China,” Trump said after the agreement was announced, adding that China was “being hurt very badly”.

Trump added that he expected to speak to Chinese President Xi Jinping “maybe at the end of the week”.

(BBC News)

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Concerns over salt shortage in market

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The Salt Producers’ Association has raised concerns over a shortage of salt in the local market.

Chairman of the Association, Ganaka Amarasinghe, said that although the government had approved the importation of 30 MT of salt, the shipment has been delayed, affecting both availability and pricing.

However, Amarasinghe has said that this shortage is expected to be resolved within the coming week, with the arrival of the delayed consignment.

Meanwhile, consumers and traders have also voiced steep prices of salt.

Reports add that the Consumer Affairs Authority has also received numerous complaints regarding this.

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