Saudi minister calls for 1 million barrels per day global oil output cut
Abu Dhabi, Nov 12: Oil producing countries should cut output by one million barrels per day to re-balance the market, Saudi Arabia's energy minister said Monday, following a drop in crude prices.
"The technical analysis we reviewed yesterday shows that we need a reduction approaching one million bpd to balance the market," Khalid al-Falih told an energy conference in Abu Dhabi.
Falih said Saudi Arabia, the world's largest oil supplier, will cut its production by 500,000 bpd as of next month to help stabilise the market.
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High Court halts mandatory installation of smart meters by BESCOM
Bengaluru: The Karnataka High Court passed an interim order on Friday staying the mandatory installation of smart meters for electricity supply connection by the Bengaluru Electricity Supply Company (BESCOM) and the state government.
The petition was filed by M Jayalakshmi, a resident of Doddaballapur town in Bengaluru Rural district, challenging the BESCOM communication to her asking for a payment of Rs 8,800 for the installation of the smart meter. She had said that, on March 29, she had submitted a requisition to convert the single-phase meter connection for her house located at TB Natayanappa Layout to a three-phase meter connection.
Jayalakshmi’s advocate, Prabhuling Navadgi, argued that, although the Karnataka Electricity Regulatory Commission (KERC) has said that smart meters are optional, except for temporary connections, BESCOM has made it mandatory.
The installation charges, which were earlier Rs 2,000 in Karnataka, now cost Rs 8,510, proving to be a huge burden on the consumers. Also, the charges for the new meters are only Rs 900 in the neighbouring states, Navadgi pointed out. He opined that, the entire process being outsources to private agencies, making the installation of smart meters mandatory would be harsh on the consumers.
Justice M Nagaprasanna, who heard the case, questioned the respondents and also asked if the problem was an outcome of the freebies by the government.
"Advocates say that in Andhra Pradesh, Maharashtra, Uttar Pradesh, and Chhattisgarh, it costs Rs 900. Where will poor people go? Who asked for free electricity? This is what you should reduce. You have outsourced the thing. Now if you say all permanent connections must have smart meters, where will the poor go?" the judge said.
The case has been adjourned till June 4.
