2,241 new cases of COVID-19 reported worldwide

Moscow, Jun 7: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi Energy Minister Prince Abdulaziz bin Salman told the video conference of OPEC+ ministers.

Benchmark Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.

“Prices can be expected to be strong from Monday, keeping their $40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.

Saudi Arabia, OPEC’s de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel to avoid encouraging a resurgence of rival U.S. shale production.

It was not immediately clear whether Saudi Arabia, the United Arab Emirates and Kuwait would extend beyond June their additional, voluntary cuts of 1.18 million bpd, which are not part of the deal.

BULGING INVENTORIES

The April deal was agreed under pressure from U.S. President Donald Trump, who wants to avoid U.S. oil industry bankruptcies.

Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.

While oil prices have partially recovered, they are still well below the costs of most U.S. shale producers. Shutdowns, layoffs and cost cutting continue across the United States.

“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension.

As global lockdowns ease, oil demand is expected to exceed supply sometime in July but OPEC has yet to clear 1 billion barrels of excess oil inventories accumulated since March.

Rystad’s Tonhaugen said Saturday’s decisions would help OPEC reduce inventories at a rate of 3 million to 4 million bpd in July-August. “The quicker stocks fall, the higher prices will get,” he said.

Nigeria’s petroleum ministry said Abuja backed the idea of compensating for its excessive output in May and June.

Iraq, with one of the worst compliance rates in May, agreed to extra cuts although it was not clear how Baghdad would reach agreement with oil majors on curbing Iraqi output.

Iraq produced 520,000 bpd above its quota in May, while overproduction by Nigeria was 120,000 bpd, Angola’s was 130,000 bpd, Kazakhstan’s was 180,000 bpd and Russia’s was 100,000 bpd, OPEC+ data showed.

OPEC+’s joint ministerial monitoring committee, known as the JMMC, will meet monthly until December to review the market, compliance and recommend levels of cuts. JMMC’s next meeting is scheduled for June 18.

OPEC and OPEC+ will hold their next scheduled meetings on Nov. 30-Dec. 1.

Hundreds of thousands of people across the world are joining the anti-racism demonstrations days after the killing of George Floyd in United Sates. 

The protests are being held in cities including London, Manchester, Cardiff, Leicester and Sheffield.

Demonstrators attached ropes to the statue of Edward Colston before pulling it down to cheers and roars of approval from the crowd. Images on social media show the statue was eventually rolled into the city's harbour. 

It was not the only statue targeted on Sunday. In Brussels, protesters clambered onto the statue of former King Leopold II and chanted "reparations".

The word "shame" was also graffitied on the monument, reference perhaps to the fact that Leopold is said to have reigned over the mass death of 10 million Congolese.

In London, thousands of people congregated around the US embassy for the second day running.

While protests were mainly peaceful, there were some scuffles near the office of Prime Minister Boris Johnson and outside the Parliament gates.

In Hong Kong, about 20 people staged a rally in solidarity with the Black Lives Matter movement on Sunday outside the US consulate in the semi-autonomous Chinese city.

"It's a global issue," Quinland Anderson, a 28-year-old British citizen living in Hong Kong, told The Associated Press news agency.

"We have to remind ourselves despite all we see going on in the US and in the other parts of the world, Black lives do indeed matter."

Several dozen demonstrators took part in a Black Lives Matter protest held in Tel Aviv's central Rabin Square.

A rally in Rome's sprawling People's Square was noisy but peaceful, with the majority of protesters wearing masks to protect against coronavirus. Participants listened to speeches and held up handmade placards saying "Black Lives Matter" and "It's a White Problem".

In Spain, several thousand people gathered on the streets of Barcelona and at the US embassy in Madrid.

Many in Madrid carried homemade signs reading "Black Lives Matter", "Human rights for all" and "Silence is pro-racist".

"We are not only doing this for our brother George Floyd," said Thimbo Samb, a spokesman for the group that organised the events in Spain mainly through social media. "Here in Europe, in Spain, where we live, we work, we sleep and pay taxes, we also suffer racism."

London, Jun 19: Malala Yousafzai, the youngest Nobel Peace Prize winner who once took a bullet for campaigning for girls' education in Pakistan, was over the moon on Friday after completing her degree in Philosophy, Politics and Economics at Britain's prestigious Oxford University.

Malala, 22, who attended Oxford's Lady Margaret Hall college, took to Twitter to share two pictures that show her celebrating the milestone with her family.

"Hard to express my joy and gratitude right now as I completed my Philosophy, Politics and Economics degree at Oxford," she said in the tweet, accompanied by two pictures - one showing her sitting with her family in front of a cake that says: 'Happy Graduation Malala', and the other in which she is covered with cake smiling for the camera.

Hard to express my joy and gratitude right now as I completed my Philosophy, Politics and Economics degree at Oxford. I don’t know what’s ahead. For now, it will be Netflix, reading and sleep. pic.twitter.com/AUxN55cUAf

— Malala (@Malala) June 19, 2020

In the tweet, the famed human rights activist also revealed her plans for the immediate future - Netflix, reading and sleeping.

"I don't know what's ahead. For now, it will be Netflix, reading and sleep," she wrote.

Malala was shot in the head by the Taliban militants in December 2012 for campaigning for female education in the Swat Valley in northeastern Pakistan.

Severely wounded, she was airlifted from one military hospital in Pakistan to another and later flown to the UK for treatment.

After the attack, the Taliban released a statement saying that they would target Malala again if she survived.

At the age of 17, Malala became the youngest recipient of the Nobel Peace Prize for her education advocacy in 2014 when she shared the coveted honour with India's social activist Kailash Satyarthi.

Unable to return to Pakistan after her recovery, she moved to Britain, setting up the Malala Fund and supporting local education advocacy groups with a focus on Pakistan, Nigeria, Jordan, Syria and Kenya.

The Taliban, who are against girls' education, have destroyed many schools in Pakistan.