600,000 Saudis flood job market yearly

Riyadh, Mar 11: Energy titan Saudi Aramco said Tuesday it will boost crude oil supplies to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.

Riyadh had already slashed its price for April delivery after Russia refused its proposal that producer alliance OPEC+ orchestrate a co-ordinated cut of 1.5 million barrels per day.

The production cut had been mooted to shore up global oil prices, which have gone into meltdown as the deadly new coronavirus casts a pall over the world economy, but now price cuts and rising output indicate an unravelling of OPEC+ co-operation.

"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement to the Saudi stock exchange.

Saudi Arabia, the world's biggest crude exporter has been pumping some 9.8 million bpd so its announcement on Tuesday means it will be adding at least 2.5 million bpd from April.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement said.

Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.

The kingdom also has millions of barrels of crude stored in strategic reserves to be used when needed and is expected to use it to provide the extra supply to the global market.

"Production above 12 million bpd shows the Saudis have something to prove," director of Britain-based RS Energy Bill Farren-Price said.

"This is a grab for market share. The taps are open and the prices have been cut sharply," Farren-Price told AFP.

In a quick response, Russian Energy Minister Alexander Novak said Moscow could boost production in the short term "by 200,00-300,000 bpd, with a potential of 500,000 bpd in the near future".

But he stressed that Moscow was in favour of extending a December agreement that had seen OPEC and Russia agree to cut production by 500,000 barrels per day in 2020, lowering output from October 2018 levels by 1.7 million barrels per day.

The events of recent days have signalled a disintegration of collaboration between OPEC and Russia.

Russia is a non-OPEC member and the world's second-biggest oil producer, but Moscow and other non-members have in recent years co-operated with the oil cartel in an arrangement known as OPEC+.

The Saudi price cuts over the weekend, which were the first salvo in the price war, sent oil prices crashing -- registering the single biggest one-day loss in three decades on Monday.

Saudi Arabia draws around 70 per cent of its revenues from oil, and the revenues are key to ambitious reform programmes launched by Crown Prince Mohammed bin Salman.

Dubai, Apr 11: Saudi Arabia has reported another 382 new cases of coronavirus, bringing the total number of infections in the country to 4,033, the Ministry of Health announced on Saturday.

The ministry also confirmed five more deaths from the virus, pushing the death toll in Kingdom to 52.

A total of 35 people has made full recovery from the deadly disease, taking the tally of patients recovered to 720.

Dubai, June 30: The United Arab Emirates is all set to reopen mosques and other places of worship at 30 per cent capacity from July 1.

However, Friday prayers will remain suspended in the country, said Saif Al Dhaheri, Spokesperson for the National Crisis & Emergency Management Authority (NCEMA) during a virtual press briefing on Monday.

The official said certain mosques in industrial areas, labor residential areas, shopping malls and public parks will remain closed until further notice.

He said health authorities already conducted Covid-19 tests for Imams and workers serving at the mosque to ensure health and safety of the worshippers.

Al Dhaheri also spelt out guidelines that worship centres have to follow to welcome worshippers.

A distance of three metres should be observed between each worshippers and no handshakes are allowed. Worshippers will have to perform ablutions at home. People should bring their own personal copies of Holy Quran or read from digital copies. It is also mandatory for all worshippers to download and activate contract tracing app AlHosn.

"We urge the public to cooperate by following precautionary measures including social distancing. Children under 12 years old, the elderly as well as individuals with chronic diseases should avoid going to mosques," said the official.

The UAE first announced the suspension of public prayers in all places of worship on March 16, which was extended until further notice on April 9.

As Khaleej Times reported, places of worship had been preparing to reopen since the last few weeks by sanitizing parking lots and outdoor areas, entrances, main prayer halls and ablution areas.

The spokesperson also announced that the Private and commercial boat trips and water sports will be allowed to operate at reduced capacity of 50 per cent but by following precautionary measures.

The total number of recovered cases of Coronavirus (Covid-19) in the UAE has reached 37,076 with 665 cases recovered today after receiving treatment. Since the beginning of June, UAE has had a daily recovery average of 660 cases, said Dr. Amna Al Shamsi, Spokesperson for the UAE government.

Guidelines

1. Maintain a distance of 3 metres between worshippers.

2. No handshakes allowed.

3. Ablutions must be performed at home.

4. To read the Holy Quran, worshippers must bring their own copies.

5. All worshippers must download and activate contact tracing app AlHosn

6. People in vulnerable categories like those with chronic diseases and the elderly must not visit the mosques.