Oil deal signed

MOSCOW: Russian energy giant Lukoil signed an agreement in

Baghdad on Sunday to develop Iraq’s massive West Qurna-2 oil field,

the company said in a statement. “Vagit Alekperov, Lukoil president, signed a development and production agreement at the Iraqi West Qurna-2 field in Baghdad today,” the company said.

Aussie wine glut

SYDNEY: Australian winegrowers have been forced to let their grapes wither on the vine and halt production due to damaging levels of over-supply in the sector, a leading industry body said on Sunday. The country needs to lose 20 per cent of its vineyards to counter the glut, which, coupled with a strong Australian dollar, has left the industry facing its worst crisis in decades, the Winemakers’ Federation of Australia said. The over-supply is in the order of magnitude of about 20 per cent.