BRICS News

With the oil glut largely expected to end now that OPEC and non-OPEC nations agree to output cuts, prices are sure to rise at the pump [Xinhua]
Oil futures slid slightly on opening of US markets on Wednesday despite a monthly report from the Oil Producing and Exporting Countries (OPEC) which predicted prices would “rebalance” in 2017.
The report released today predicts that “In 2017, world oil demand growth is seen at 1.15 million barrels a day” partly due to an improving economic landscape.

Temer has vowed since replacing Dilma Rousseff as president that he will make sure austerity and reform packages are passed through the Senate in a bid to revive the economy and boost business confidence [Xinhua]
Brazilian president Michel Temer has won a small victory after the Senate passed severe austerity measures, which some have described as punishing the poor.
The constitutional amendment – passed by 53 votes for and 16 against on Tuesday – will freeze the government’s social spending at the rate of inflation for the next 20 years.
This is unprecedented.

Abe, right, is hoping he and Putin can resolve a 71-year old territorial dispute when they meet in Japan on Thursday [Xinhua]
Kremlin spokesman Dmitry Peskov calmed hopes Tuesday that the upcoming visit of Russian President Vladimir Putin to Japan will quickly resolve a long-running territorial dispute between the two countries.
The 71-year territorial dispute stemming from the final days of World War II had figured prominently between Putin and Japanese Prime Minister Shinzo Abe during their previous meetings, but Peskov warned that “it cannot be resolved in one go”.

Chinese Premier Li Keqiang (C) and German Chancellor Angela Merkel (R) in an informal interaction before the fourth round of China-Germany intergovernmental consultation before their meeting at the Summer Palace in Beijing, capital of China, June 12, 2016 [Xinhua]

Putin said that Russia is willing to provide “everything that helps successfully fight with terrorists, who in fact created large, well-organized armed groups” [Xinhua]Russian President Vladimir Putin said Monday that his country is committed to helping friendly nations in their fight against international terrorist networks.

The Obama Administration was able to maintain stable and healthy relations with Beijing because it was committed to the One-China policy [Xinhua]
China’s Foreign Ministry on Monday reiterated its emphasis that the One-China policy is the basis of all ties with Washington and cannot be sidelined or abrogated.
Foreign Ministry spokesperson Geng Shuang said at a news briefing that as the political foundation which determined China-US ties, the policy has in the past four decades helped create a stable and healthy relationship between the two powers.

Russian Energy Minister Alexander Novak called the agreed cuts “historic” [Xinhua]
Oil prices surged to their highest level in more than two years on Monday after non-OPEC members agreed to significant cuts in production output over the weekend.
At press time International Benchmark Brent crude was trading at $56.75 a barrel – a rise of 4.45 per cent since markets closed last week.
US Benchmark West Texas intermediate also went up 4.7 per cent to $53.92 a barrel.

Egyptian security believe the bomb went off in the ladies section of the church, killing many women and children [Xinhua]
Russian President Vladimir Putin has expressed his shock at the terrorist bomb attack against the St Peter and St Paul (El-Botroseya) Coptic church in Cairo, Egypt on Sunday, which killed 25 and injured dozens.
He offered condolences on behalf of the Russian people in a call to Egyptian President Abdel Fattah El-Sisi and called the attack “atrocious”.

The Fengyun-4 is expected to improve China’s capabilities in weather and meteorological forecasting [Xinhua]
China on Sunday launched an enhanced version of its weather satellites in what is expected to be the country’s foray into second-generation high-orbit geostationary orbit space vehicles.
The Fengyun-4 satellite is the first in this class and was launched from the Xichang Launch Center in Sichuan province in southwest China.

In March 2014, the Indian navy had conducted three days of search in the Andaman Sea and the islands in the area for the missing Malaysia Airlines Flight 370, but to no avail [Xinhua]
Over 1,200 tourists have been evacuated out of the Neil and Havelock Islands in India’s eastern Andaman archipelago on Friday due to dangerous weather conditions caused by cyclone Vardah.
“During the day long evacuation operation, five naval ships, two coast guard ships and three Indian air force choppers were placed in service,” India’s state-run broadcaster All India Radio (AIR) said.