What is a Bitcoin and how does it work? Well, according to Google, Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. It’s almost right what Google is telling us. Actually only one thing is right, it’s digital? But digital what? Is it a currency? Is it stock? Is it a commodity? Or is it an asset?
So is it true that you can buy, sell and exchange Bitcoins directly? I don’t think so. For buy, sell and exchange Bitcoins to Fiat currency and back, you need a regular bank. Don’t forget. The regular bank knows who you are and the Bitcoin bank need to know that too. Actually they need to know your regular bank account information, they verify it, you need to send them your ID. All will be carefully checked before you can enter the Bitcoin world.
So what is the big advantage of Bitcoins. Well, it’s true you can exchange Bitcoins from Wallet to Wallet. It will be noticed by your receive or send Bitcoin address. Oh, sorry I didn’t mention it before that your Bitcoin Wallet has a receive and send part, both identified by an address. These addresses are not secret. You can find them in the Block chain. And the Bitcoin bank(s) know they are yours. And your Wallet has a balance sheet too. So you can see you own $100,- Bitcoin value in the morning and only $90 in the evening. According to the Bitcoin/dollar exchange rate. What it a Bitcoin really worth? I don’t know. It is based on trust and an agreement. We trust the world behind Bitcoin. We trust the Bitcoin banks. We trust the Block chain. But for what reason? A regular bank is backed by the Central bank of the country. But what is backing the Bitcoin (bank)? We agree on represented value to a fiat currency like the dollar. But what makes that value? The market. Supply and demand? And what when you buy in Euro’s and the Euro is not supporting you? For me it’s just a Ponzi scheme. The ones who did buy the first Bitcoins in 2009 are the winners. But when you step in now you’re just a fool or you have too much money to burn. You will never make the profit they did make so far. But…. some captains of industries, like Elon Musk, Mike Cuban and Kevin O’Leary, think it’s the best thing ever. But is it? Sure it has a price, but does it have value? So is it smart to buy Bitcoin? I don’t think so.
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The “Belt and Road Initiative” was announced by the Chinese government in 2013 as a global trade strategy based on the ancient Silk Road trading route. It aims to develop a new Silk Road economic belt and 21st century maritime Silk Road by promoting economic cooperation across Asia, Africa and Europe. The initiative combines new and older projects and includes improved soft and hard infrastructure, and even cultural ties. The plan was announced in 2013 and the first project start in 2019 and then whole plan should be finalized in 2049. MEASURING SENTIMENT China is providing massive financing to participating countries, which currently officially number 66, for the development of infrastructure. Many of the recipients are developing countries which see China’s plan as an opportunity to boost their local economies. There is no firm evidence to date of how successful these projects have been in fulfilling the expectations of participating belt and road countries, but there are concerns that some projects lack regulation and coordination with existing markets. Critics of the belt and road scheme believe it represents a risk for participating countries that they will be left with unprofitable, unnecessary infrastructure. One of the biggest global concerns is that developing countries will be left with a debt burden to China which they will be unable to meet. The Brussels-based think tank Bruegel set out to gauge perception of the belt and road scheme among participating and non-participating countries. Using the Global Database of Events, Language and Tone, Bruegel conducted an analysis of broadcast, online and printed news from 132 countries between May 1, 2017 and April 25, 2018. Generally, the study found the belt and road scheme to be well perceived, with no significant gap between those countries participating and those which do not. Bruegel also used its dataset of media articles to identify the topics most frequently associated with the belt and road scheme, as well as how discussion of them affects perceptions of the scheme in different countries. “Trade” and “investment” were the two key topics identified and it appears from Bruegel’s analysis that frequent use of “trade” in media coverage in relation to the belt and road scheme leads to more negative perceptions. Reaction to “investment” as a belt and road topic was less clear, as Bruegel found it statistically irrelevant in countries’ perceptions of the belt and road plan. METHODOLOGY The tone of media coverage about the belt and road scheme in specific articles published in a country was calculated and the result was then aggregated with the average sentiment at country level, to build a scale, from the highest positive sentiment, 4.98 points (Botswana) to the lowest -2.8 (the Maldives). Also included in this visual analysis is an index of Operational Risk, developed by The Economist, which uses 10 criteria to quantify the risk to business profitability, based on present conditions and expectations for the median term. Among the criteria are: security, political stability, government effectiveness, foreign trade, the legal and regulatory environment, measured by a score from 0 to 100. Combined, the measurements of sentiment and operational risk in each country help to provide an understanding of the current scenario for the belt and road programme. DEBT SUSTAINABILITY Under the belt and road programme China provides loans to participating countries to develop their infrastructure. In a developing economy, infrastructure is the main engine and guarantee of growth but, when a country incurs too much debt without sufficient economic growth, the impact can be negative on people and the economy, as domestic spending on welfare and social services may be sacrificed to service the debt. According to a report from the Centre for Global Development, these are the 20 belt and road countries most vulnerable to debt distress: GEO-ECONOMIC VIEWS FROM OTHER NATIONS The great powers each have very different geo-commercial strategies, but all are characterised by an ambition to develop economic expansion plans which include neighbouring countries and, in many cases, other parts of the world. Initiatives include large communication infrastructure projects, diplomacy and closer economic ties and cooperation. Let's take a look at these initiatives that focus on Asia as an important part of their geo-economic vision. RUSSIA
Russia leads the Eurasian Economic Union, integrated together with Kazakhstan, Belarus and Armenia, and is considering strengthening this group through economic and diplomatic ties with the belt and road plan. Its geo-economic goals include expanding its natural gas pipelines to China. Linda Kim BEIJING, September 5 -- China’s commerce ministry said that a phone call on Thursday with US top trade negotiators went very well, adding that Beijing opposes any escalation in the trade war. Both sides will strive to achieve real progress during a high-level meeting scheduled for early October, ministry spokesman Gao Feng told reporters in a weekly briefing. China and the United States agreed to hold high-level trade talks in Washington, the ministry said earlier on Thursday, following a phone call between China’s Vice-Premier Liu He and US Trade Representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin. Commerce Minister Zhong Shan, People's Bank of China Governor Yi Gang and deputy head of the economic planning commission Ning Jizhe were also on the call. The call came amid fears that an escalating trade war could trigger a global economic recession. "Both sides agreed that they should work together and take practical actions to create good conditions for consultations,” the ministry said. Trade teams from the two countries will hold talks in mid-September before the high-level talks next month, the ministry said. Both sides agreed to take actions to create favourable conditions, it said. A spokesman for the US Trade Representative’s office confirmed that Mr Lighthizer and Mr Mnuchin spoke with Mr Liu and said they agreed to hold ministerial-level trade talks in Washington “in the coming weeks”. Washington began imposing 15 per cent tariffs on an array of Chinese imports on Sunday, while China began placing new duties on US crude oil. That prompted China to lodge a complaint against the United States at the World Trade Organisation. The United States plans to increase the tariff rate to 30 per cent from the 25 per cent duty already in place on US$250 billion (S$346 billion) worth of Chinese imports from Oct 1. US President Donald Trump warned on Tuesday that he would be tougher on Beijing in a second term if trade talks dragged on, compounding market fears that ongoing trade disputes between the United States and China could trigger a US recession. Chinese leaders will have a packed schedule next month, gearing up for National Day celebrations scheduled for Oct 1. They will also hold a key meeting in October to discuss improving governance and “perfecting” the country’s socialist system, state media has said, more than a year after the last was held. “Neither China nor the US want to be blamed by the rest of world for escalating the trade war and damaging the world economy,” said Mr Zhou Xiaoming, a former Chinese commerce ministry official and diplomat. “But the talks don’t mean the two sides will inch closer or that their stances soften,” he added. Some within the Trump administration are sceptical that China is willing to make the sort of broad commitment to reforms sought by the US that caused a breakdown in talks in May, according to people familiar with the officials’ thinking. Others have become increasingly focused on trying to calm financial markets and forestall any further economic fallout in the US where Mr rump’s tariffs and the uncertainty surrounding the trade war are being blamed for a slowdown in manufacturing. It is unclear if the two sides will go back to a May draft agreement as the United States has been seeking. "No one is holding their breath” with regard to the talks, said Mr Chua Hak Bin, an economist at Maybank Kim Eng Research in Singapore. “Investors are slowly coming to terms that a trade deal is increasingly remote, with both sides talking tough and preparing for a long battle.” Pete McGee BANGKOK, August 26 -- The government has banned hoarding of glutinous rice and will sell discounted packs as prices soar amid shortages. Government spokesperson Narumon Pinyosinwat said on Monday that Prime Minister Prayut Chan-o-cha had ordered the Commerce Ministry to prevent hoarding and to launch discounted packs in the wake of the all-time high price of glutinous rice. Deputy Prime Minister and Commerce Minister Jurin Laksanawisit ordered the Internal Trade Department to impose the ban immediately since the grain is on the ministry's price control list, Mrs Narumon said. "There will be discussions with millers, traders and cooperatives so they can quickly produce packed glutinous rice at a special price to relieve people's trouble," she said. Mrs Narumon attributed the expensive glutinous rice to drought that caused its low yield. The situation should improve when the new yield comes out in October, she said. Glutinous rice now sells for 50,000 baht a tonne while Hom Mali fragrant rice costs 35,000 baht. Local retail prices were nearly 50 baht per kilogram and a smallest bag of steamed glutinous rice is now 10 baht, double recent prices. Linda Kim SHANGHAI, August 26 -- China's currency on Monday (Aug 26) slid to its lowest point in more than 11 years as concerns over the US trade war and the potential for global recession weighed on markets. The onshore yuan fell to 7.1487 to the US dollar, its weakest point since early 2008, in Asian trading. Global economic tensions have intensified in recent days with the US and China raising tariffs on each other's imports, and President Donald Trump calling on US businesses to pull out of China. The yuan is not freely convertible and the Chinese government limits its movement against the dollar to a two percent range on either side of a figure that the central bank sets each day to reflect market trends and control volatility. The People's Bank of China has set that rate steadily weaker in recent weeks and set it on Monday at 7.057 to the dollar. Allowing the yuan to depreciate makes Chinese exports cheaper and offsets some of the burden of punitive US tariffs. The yuan breached the key 7.0 threshold against the dollar earlier in August, days after the US announced plans to impose fresh tariffs on Chinese imports from September 1. Linda Kim BEIJING, August 25 -- United States trade groups have joined in a chorus of opposition to the latest escalation of tariffs Washington threatened for all the Chinese imports. It's been heard that "enough is enough" as intensified tensions roil stock markets, ruin businesses and rid farmers of their most important export markets. Last Friday, US President Donald Trump announced that he would hike duties on US$250 billion (S$346 billion) worth of Chinese goods from the current 25 per cent to 30 per cent starting from Oct 1, and the remaining imports of US$300 billion from the planned 10 per cent to 15 per cent from Sept 1. The move followed Beijing's plan last Thursday to raise tariffs on US$75 billion worth of US goods in retaliation to the US side's planned taxing on an additional US$300 billion worth of Chinese imports, which was announced earlier this month. China's Ministry of Commerce said on Saturday that the country is "firmly opposed" to Washington's "unilateral and bullying acts of trade protectionism and extreme pressure", and urged it to immediately stop its "erroneous practices". The ruling Communist Party's People's Daily said on Sunday that China will fight back against the latest US step to increase tariffs on Chinese goods. “China is confident that it will follow its own path and do its own things well, and will never waver in its stand on countering any provocations by the US side,” the newspaper said in a commentary. US politicians, seeking to hamper China’s economic development, still want to use the tactics of exerting maximum pressure on China that has achieved few results, the paper said. But the US will not win the trade war because of the plight faced by its farmers and businesses. In the US, Mr Gary Shapiro, president and chief executive officer of the Consumer Technology Association, said that "enough is enough", as shown by the 623-point drop in the Dow last Friday. "Global markets are reeling on fears of a global recession. And today's (last Friday) announcement only inflicts more pain on American businesses, workers and families," said Mr Shapiro. "These escalating tariffs are the worst economic mistake since the Smoot-Hawley Tariff Act of 1930 - a decision that catapulted our country into the Great Depression," Mr Shapiro said. "Instead of making America great again, the president is using tariffs to make a great economic mistake - again." He continued: "How much longer will our families, companies and economy be forced to bear the financial burden of this misguided trade policy?" Mr Rick Helfenbein, president and chief executive officer of the American Apparel & Footwear Association, also lamented that what the US businesses now get is "a 1930s trade strategy" that will be a disaster for consumers, businesses, and the economy. Linda Kim BEIJING, August 24 -- China said Friday that it will impose further tariffs on U.S. imports worth around $75 billion, in retaliation for planned tariff hikes on Chinese products by Washington. The Commerce Ministry said it will impose additional tariffs of 5 percent or 10 percent on a total of 5,078 products of U.S. goods, some of which would take effect on Sept. 1 and the rest on Dec. 15. China will also resume imposing additional tariffs of 25 percent and 5 percent on U.S.-made vehicles and auto parts starting from Dec. 15, the Customs Tariff Commission of the State Council announced. The announcement comes as U.S. President Donald Trump has pledged that Washington will impose 10 percent tariffs on $300 billion worth of Chinese goods, effective on those two dates, in a move that would see nearly all imports from Asia's biggest economy taxed. The U.S. decision "has greatly hurt interests" of China, the United States and other countries and "has seriously threatened the multilateral trade system and the free trade system," Beijing said, adding, "China is forced to take reciprocal measures." "We hope China and the United States will resolve differences in a manner acceptable to both sides on the premise of mutual respect, equality, good faith, and consistency of words and deeds," the Customs Tariff Commission said in a statement. The Trump administration has so far imposed 25 percent levies on a total of $250 billion of Chinese imports in an effort to reduce the chronic U.S. trade deficit with China, as well as to address alleged intellectual property and technology theft by Chinese companies. On Aug. 13, it delayed imposing a 10 percent tariff on laptop computers, cellphones, video game consoles and other "certain articles" imported from China to Dec. 15 from Sept. 1 as planned. The announcement drew some relief from retailers and other businesses concerned that the new levies, which in combination with current ones would have meant tariffs on nearly all Chinese imports, could have dampened consumption especially around the holiday shopping season. Linda Kim BEIJING, August 22 -- China is hopeful that US President Donald Trump can “honour” his earlier hands-off stance on Hong Kong, although the Commerce Ministry spokesman neglected to mention the latest statement from the American leader linking the trade talks between Washington and Beijing with the anti-government protests in the city. China is hopeful that US President Donald Trump can “honour” his earlier hands-off stance on Hong Kong, although the Commerce Ministry spokesman neglected to mention the latest statement from the American leader linking the trade talks between Washington and Beijing with the anti-government protests in the city. Trump had been distancing himself from the tensions until earlier this week saying that trade talks with China would be hampered if Beijing used violent means to crack down on the ongoing protests in Hong Kong similar to those employed against pro-democracy protests in Tiananmen Square in 1989.Trump said that if a similar crackdown happened in Hong Kong, “there’d be tremendous political sentiment not to do something”, referring to trade negotiations between China and the United States. “It does put pressure on the trade deal. If they do something negative, it puts pressure,” he added. “We noticed that President Trump had said that Hong Kong is part of China and [China and Hong Kong] can sort it out on their own. We hope the US side can honor these words,” said Commerce Ministry spokesman Gao Feng on Thursday. Protests have taken place in Hong Kong since June 9, sparked by demands for the city’s government to withdraw an unpopular extradition bill that would have allowed the transfer of suspects to mainland China. Protests have continued in the city for over 11 weeks despite Hong Kong leader Carrie Lam stating that the bill “is dead”. The stance from China’s Commerce Ministry is in line with China’s Foreign Ministry and state media as Beijing is opposed to linking the situation in Hong Kong with the talks over the ongoing trade war. Earlier on Wednesday, Trump added that “I don’t view it as leverage. I hope Hong Kong works out in a very humane way. I don’t view it as leverage or non-leverage. I hope it works out in a humane way. And I think that President Xi Jinping has the ability to make sure that happens”. Gao said China’s negotiating team has maintained contact with their American counterparts, with Vice-Premier Liu He believed to have taken part in a scheduled phone call with US trade representative Robert Lighthizer and US Treasury Secretary Steven Mnuchin last week. Stocks on the Hang Seng Index face their worst slumps since the 2008 Global Financial Crisis22/8/2019 Linda Kim HONG KONG, August 22 -- Hong Kong stocks are poised for their worst quarter since 2015 and corporate earnings are unlikely to save them. After a sell-off erased more than US$600 billion from the city’s equities, attractive valuations stood as a potential bright spot. But those multiples don’t look so good when analysts keep slashing their profit forecasts for 2019. Their call for an average 19 per cent slump in operating income would be the biggest contraction for Hang Seng Index companies since the global financial crisis, data compiled by Bloomberg show. While a protracted US-China trade war and a weak yuan are to blame for a big chunk of the profit reductions, the latest cuts reveal a deeper issue. With Hong Kong’s slowing economy buckling under the pressure of 11 straight weeks of protests, demand for everything from bank loans to utility gas may be jeopardized. “The third quarter could be even worse given the local political situation and the trade war escalation,” said Jackson Wong, asset management director at Amber Hill Capital. “Potential downside surprises have not been fully reflected in share prices.” Shares of utilities provider Hong Kong and China Gas fell 5.3 per cent on Wednesday after it posted disappointing results and said the local business environment is “full of challenges.” Political unrest in Hong Kong may dampen its sales to the hospitality industry as people opt to cook at home rather than dine out, analysts at Daiwa Securities Group say. The threat from the trade war and weeks of local unrest has been apparent in the property market, as well as hotel occupancy and retail sales. CK Asset Holdings, whose shares fell to lowest since January 2017 last week, postponed a luxury residential project because of the protests. HSBC Holdings and BOC Hong Kong Holdings have lost about 9 per cent this month as investors become increasingly concerned about capital flight. Lora Smith LOS ANGELES, August 22 -- Action movie hero Dwayne Johnson, star of the "Jumanji" and "Fast and Furious" franchises, topped the annual list of the world's highest-paid actors, Forbes magazine reported. Johnson, the former wrestler once known as The Rock, pulled in US$89.4 million (S$123 million) from June 2018 to June 2019, the magazine said. That includes his salary and a share of profits from films, US$700,000 per episode of HBO series Ballers, and seven figures in royalties from his line of clothing, shoes and headphones with Under Armour. Last year, Johnson was second behind George Clooney, who reaped a windfall from the sale of his tequila company. Next on this year's list were two stars of Avengers: Endgame, the highest-grossing movie of all time. Chris Hemsworth, who played Thor, took in US$76.4 million, while Iron Man actor Robert Downey Jr earned US$66 million, Forbes said. Other "Endgame" stars - Bradley Cooper, Chris Evans and Paul Rudd - also landed in the top 10. Most of Cooper's earnings, however, came from A Star Is Born, the musical drama he directed, produced, co-wrote and starred in with Lady Gaga. Cooper collected US$40 million of his US$57 million total from that film, Forbes said. The fourth-biggest earner was Bollywood actor Akshay Kumar, with US$65 million, and Hong Kong-born actor and martial artist Jackie Chan with US$58 million. The figures are pre-tax and do not include deductions for fees given to agents, managers and lawyers, Forbes said. Linda Kim BEIJING, August 21 -- Chinese Foreign Minister Wang Yi on Wednesday asked Japan and South Korea to seek a solution to resolve their differences "through dialogue," amid concern that worsening relations between Tokyo and Seoul may threaten regional economic stability down the road. Japan's Foreign Minister Taro Kono also called on Beijing and Seoul to bolster trilateral cooperation even when respective bilateral ties sour, but his South Korean counterpart Kang Kyung Wha lambasted Tokyo's moves to tighten export controls against her country. "While maintaining a constructive attitude, it is important (for Japan and South Korea) to find out an appropriate solution through dialogue," Wang said at the outset of a foreign ministerial gathering of the three nations in Beijing. Kono said, "Two countries sometimes face various difficulties respectively, but even under such circumstances, Japan, China and South Korea should work together trilaterally." A Japanese government official briefing reporters later in the day quoted Kono as telling Wang and Kang that the foreign ministers "should refrain" from raising issues related to bilateral relations during the trilateral meeting. Kang, however, told Kono and Wang that South Korea hopes that the three nations will stick to "free and fair" trade for prosperity in the region in an apparent jab at Japan, underscoring that strains between Tokyo and Seoul are unlikely to wane soon. She also said at a joint press appearance following the talks, "It is important to eliminate unilateral and arbitrary trade retaliatory steps and remove uncertainties" in East Asia. Kang did not single out Japan. The Japanese official said Wang did not make comments aimed at mediating in the row between Tokyo and Seoul. Recently, Japan-South Korea ties have plunged to the lowest point since normalization in 1965 over Japanese imposition of export control measures in the wake of a string of South Korean court rulings last year ordering compensation for wartime labor. At a three-way meeting in Bangkok earlier this month, U.S. Secretary of State Mike Pompeo urged his Japanese and South Korean counterparts to make efforts to ease their confrontation, but no resolution has been in sight. Although Tokyo, Beijing and Seoul agreed Wednesday to accelerate negotiations to reach regional free trade agreements, Japan-South Korea trade spats would make it more difficult for them to be realized, foreign affairs experts say. Pete McGee BANGKOK, August 21 -- Thailand's finance ministry has cut its 2019 economic growth forecast to 3.0% from the 3.8% it projected in April, due to falling exports. The ministry also said it changed its 2019 estimate for exports, a key driver of growth, to a fall of 0.9% instead of a 3.4% rise. However, the economy will be helped by a $10 billion stimulus package approved by the cabinet on Tuesday, it said. The outlook downgrade came a day after Thailand reported second-quarter growth of 2.3%, the weakest annual pace in nearly five years. Southeast Asia's second-largest economy expanded 4.1% last year, the best in six years. Lora Smith WASHINGTON, August 21 -- The US president told reporters that buying Greenland, which is part of the Kingdom of Denmark but has extensive home rule, would be “a large real estate deal” that could ease a financial burden on Denmark, but Denmark’s prime minister did not want to talk about a possible US purchase of the island of Greenland. President Donald Trump said he would be putting off a planned meeting with Denmark’s prime minister because she did not want to talk about a possible US purchase of the island of Greenland. “Denmark is a very special country with incredible people, but based on Prime Minister Mette Frederiksen’s comments, that she would have no interest in discussing the purchase of Greenland, I will be postponing our meeting scheduled in two weeks for another time,” Trump said in a Twitter post on Tuesday night. “The Prime Minister was able to save a great deal of expense and effort for both the United States and Denmark by being so direct. I thank her for that and look forward to rescheduling sometime in the future!” the president wrote. Trump had been scheduled to make a state visit to Denmark on Sept. 2 on the invitation of Queen Margrethe II. Hours before the trip was called off, Carla Sands, the U.S. ambassador to Denmark, tweeted that the Scandinavian country was “ready for the POTUS @realDonaldTrump visit! Partner, ally, friend.” Earlier this week, the president told reporters that buying Greenland, which is part of the Kingdom of Denmark but has extensive home rule, would be “a large real estate deal” that could ease a financial burden on Denmark. Frederiksen had ruled out any sale. Danish officials have been adamant about no-sale since reports emerged last week that Trump had directed advisers and lawyers to review a possible deal. “Greenland isn’t for sale, Greenland isn’t Danish, Greenland is Greenlandic,” she said Sunday during a visit to Greenland, according to local newspaper Sermitsiaq. “I keep trying to hope that this isn’t something that was seriously meant.” Larry Kudlow, head of the National Economic Council, earlier Sunday said Greenland is a “strategic place” rich in valuable minerals and that discussions are continuing. “The president, who knows a thing or two about buying real estate, wants to take a look at a potential Greenland purchase,” Kudlow said on “Fox News Sunday.” However serious White House discussions of a sale might have been, the topic prompted jokes on both sides of the Atlantic since Trump’s interest was first reported. He got into the act on Monday night with a tweet showing an image of a golden Trump tower on an austere Greenland landscape. “I promise not to do this to Greenland,” Trump wrote. Lora Smith VIENNA, August 20 -- OPEC+ countries participating in the Vienna Agreement on the reduction of oil production fulfilled the terms of the agreement by 159% in July 2019, a source said after the meeting of the OPEC+ technical committee. "OPEC+ deal compliance percentage reaches 159% in July 2019," the source said. At the same time, OPEC countries complied with the agreement by 156%, and non-OPEC countries performed the agreement by 166%, the source added. Thus, in July the OPEC+ participants reduced production against October 2018 taken as the base level by 1.9 mln barrels per day, instead of early planned 1.2 mln barrels daily. In total, OPEC+ countries agreed to reduce oil production by 1.2 mln barrels per day by March 2020, including 812,000 barrels for OPEC countries and 383,000 barrels - non-OPEC countries. The main reduction quotas fall on the largest parties to the agreement - Russia and Saudi Arabia (228,000 barrels per day and 322,000 barrels per day, respectively). |
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