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The vessels will be useful for the Navy once they are commissioned because every time a military test is done in the waters or close to it (like that of missiles and sonars), the Navy is forced to pull out at least one ship from its fleet.The Defence Acquisition Council (DAC), chaired by defence minister Manohar Parrikar, cleared the pending proposal to procure four multi-purpose vessels for the Navy, each costing Rs 700 crore. The Council also cleared the proposal of procuring two Deep Submerge Rescue Vessel, each screw barrel of injection moulding machine costing Rs 750 crore.
A proposal to upgrade the avionics system in IL 76 and engine-refitting in IL-78 was also cleared at a cost of around Rs 4,300 crore. The DAC also cleared the purchase of training simulators and 149 armoured vehicle BMP2 both costing around Rs 1,000 crore.The defence ministry on Thursday cleared proposals worth Rs 11,000 crore for the modernisation of the armed forces, including procurement of four multi-purpose vessels for the Navy and upgradation of heavy lift aircraft IL 76 and IL 78.A decision was also taken to “overcome hollowness” of the ammunition and artillery, defence sources said but did not elaborate. Currently, the signals for the system are analogue and the plan is to convert them to digital.Apart from it, the DAC also cleared Pinaka multi barrel rocket launcher project for its 3rd and 4th regiment, costing around Rs 3,300 crore.The project of upgradation of air defence system and digitalisation of Pechora surface to air missiles was also taken.

However, deeper cuts look unlikely, given the rising supply issues,” ANZ said.Trump said on Wednesday a trade deal with Chinese President Xi was possible this weekend but he is prepared to impose US tariffs on most remaining Chinese imports should the two countries disagree..The Organization of Petroleum Exporting Countries (OPEC) and Flat twin screw extruder some non-members including Russia, known as OPEC+, will hold meetings on July 1-2 in Vienna to decide whether to extend their supply cuts.Brent crude futures were down 39 cents, or 0.Russian President Vladimir Putin said in an interview with the Financial Times on Thursday that the OPEC-led supply cut helped stabilise oil markets and the future of the output deal was expected to be on the agenda at the G20 summit.The leaders of the G20 countries meet on Friday and Saturday in Osaka, Japan, but the most anticipated meeting is between Trump and Xi on Saturday.
2 million barrels per day from January 1.Oil prices eased on Friday in a cautious market, as traders eyed a scheduled meeting between US President Donald Trump and Chinese President Xi Jinping at the G20 summit and next week’s OPEC meeting.“Even if US-China trade talks turn positive, we think OPEC will extend the current production cuts until the end of the year.16 per barrel by 0245 GMT.7 per cent, at USD 59.“While there are no expectations of a truce between the two parties, it will set the scene for the OPEC meeting a couple of days later,” ANZ Bank said in a note.A trade dispute between the world’s two biggest economies has weighed on oil prices, fanning fears that slowing economic growth could dent demand for the commodity.US West Texas Intermediate (WTI) crude futures were down 40 cents, or 0.“The market sentiment is that OPEC+ will agree to extend cuts, but after all what matters is how deep the cuts will be and how much Saudi Arabia and Russia will curb,” said Kim Kwang-rae, a commodity analyst at Samsung Futures in Seoul.

Brent crude futures for September fell 21 cents to USD 66.China’s economic growth slowed to 6.In the Middle East, Iranian President Hassan Rouhani said in a televised speech on Sunday that Iran is ready to hold talks with the United States if Washington lifts sanctions and returns to the 2015 nuclear deal it quit last year.38 million barrels per day. Both contracts last week posted their biggest weekly gains in three weeks on cuts in US oil production and diplomatic tensions in the Middle East.Still, China’s industrial output and retail sales beat forecasts, “suggesting that the economy in China is healthier than we previously been pricing,” said Michael McCarthy, chief market strategist at CMC Markets in Sydney.Meanwhile Britain has offered to facilitate the release of the detained Iranian oil tanker Grace 1 if Tehran gave guarantees that it would not go to Syria.
Oil prices slipped on Monday after China posted its slowest quarterly economic growth in at least 27 years, reinforcing concerns about demand in the world’s largest crude oil importer.2 per cent in the second quarter from a year earlier, in line with analysts’ expectations, with demand at home and abroad faltering as the Sino-US trade war bites.51 a barrel by 0222 GMT while US crude for August was down 28 cents at USD 59.An unwinding of the risk premium from tropical storm Barry, lower oil demand forecasts and a lack of news from the Middle East may have led to a muted oil price reaction, Stephen Innes, managing partner at Bangkok-based Vanguard extruder replacement partss Suppliers Markets, said.Refineries in the path of Tropical Storm Barry continued to operate despite flood threats while the storm has slashed US Gulf of Mexico crude output by 73 per cent, or 1.93 a barrel.

But worries about demand have limited oil’s screw barrel of injection moulding machines Suppliers rally as manufacturing data from Asia, Europe and the United States pointed to an economic slowdown. The US benchmark rose USD 1.2 million barrels.9 million barrels in the latest week, while analysts had forecast a decrease of 1.Brent was up by 17 cents, or 0.US crude futures added 9 cents, or 0.Oil rose on Tuesday as Venezuela’s main oil export port of Jose and its four crude upgraders were unable to resume operations following a massive power blackout on Monday, the second in a month.03, also reversing losses in earlier trade.“It will be very interesting to see the inventory numbers tonight.Hedge funds and other money managers have increased bets that demand for oil will be sustained, even as the market rallied last week.Prices have risen more than 25 per cent this year, supported by supply curbs by the Organization of the Petroleum Exporting Countries and other major producers, along with US sanctions on exports from Venezuela and Iran.
“We seem to have reached a state of equilibrium after the recent headline-driven choppy trading and we need to see some new impetus for price direction,” said Jeff Halley, senior market analyst at OANDA in Singapore.The American Petroleum Institute, a trade organization, said late on Tuesday that US crude inventories rose 1..69, reached on March 21. If we see a fall we could see a sharp move higher,” OANDA’s Halley said.14 by 0311 GMT, reversing earlier losses of a similar magnitude.94 a barrel in the previous session.97 a barrel, not far below its year-to-date high of USD 68.12, or 1.9 per cent, to USD 59.The market was waiting to see whether official figures due later on Wednesday would confirm the API data. On Tuesday, the global benchmark rose 76 cents to USD 67.That is unlikely to come until there is a conclusion on the US-China trade talks, he added, referring to negotiations that restart on Thursday as the world’s two largest economies seek to end an eight-month old trade war.3 per cent, at USD 68.Tokyo: Oil prices crept up on Wednesday, extending the previous session’s rise, but gains were kept in check amid growing fears over the impact of a global economic slowdown on demand.