M A I N   N E W S

OPEC agrees to higher output; oil prices slide

VIENNA, March 29 (Reuters) — OPEC bowed to US pressure for cheaper oil today, agreeing to higher output limits that sent petroleum prices into an immediate tailspin.

Iran, the cartel’s second largest producer opted out of the deal saying it feared a price plunge and complaining about interference from Washington.

OPEC won applause from the Clinton Administration which said there was now no need to release national emergency supplies to ease election year political pressure from consumers irate at high gasoline prices.

“This decision was made in the interests of producers and consumers in a prudent way. It will have a positive impact and moderate prices,” Saudi Oil Minister Ali Al-Naimi said after the conference ended in the early hours of Wednesday morning.

In today’s agreement OPEC said nine members, excluding Iran, would immediately turn up the taps by 1.45 million barrels daily, or 7 per cent.

That relaxes output curbs made a year ago and increases the flows among nine members to 21.069 million BPD. Ministers will meet in Vienna in June to review output the policy.

Absconding Judge J.W. Singh held

MUMBAI, March 29 (PTI) — Absconding suspended judge J.W. Singh, accused in a case of extortion and nexus with underworld don Chota Shakeel, was today arrested by the police outside a city court amidst drama and arguments between the prosecution and the defence.

J.W. Singh, who was declared a proclaimed offender in February in a case of extortion filed against him under a tough Maharashtra law, surrendered before Designated Judge A.P. Bhangale in keeping with a high court directive after a protracted legal battle on technicalities failed to help him.

The prosecution strongly objected to his surrender before the Designated Judge contending that the high court earlier in the day had ordered him to surrender before the police.

There was also a tussle between the two sides over J.W. Singh’s plea for home food, discharge of his attached property and demand for in-camera proceedings against him.

The judge then ordered that the Investigating Officer, Mr R.B. Chavan and J.W. Singh to go out of the court so that police could arrest him outside.

After his arrest, the court allowed his plea for home food and directed the police to produce him tomorrow for remanding him to custody.

PDS grain prices hiked again

NEW DELHI, March 29 (PTI) — Despite the strong opposition to the hefty 68 per cent hike in foodgrain prices in the Budget, the Union Government today announced further hike in their prices from April 1 under the Public Distribution System (PDS).

Under today’s decision, wheat will cost 30 paise more per kg and will now be sold at Rs 4.50 for below poverty line (BPL) families and 60 paise more for the above poverty line (APL) category at Rs 9 per kg.