Jeddah airport ranked the ‘worst in facilities’

Dubai, May 7: Saudi Arabia will emerge as the victor of the oil price war that sent global crude markets into a spin last month, according to two experts in the energy industry.

Jason Bordoff, professor and founding director of the Center for Global Energy policy at New York’s Columbia University, said: “While 2020 will be remembered as a year of carnage for oil nations, at least one will most likely emerge from the pandemic stronger, both economically and geopolitically: Saudi Arabia.”

Writing in the American publication Foreign Policy, Bordoff said that the Kingdom’s finances can weather the storm from lower oil prices as a result of the drastically reduced demand for oil in economies under pandemic lockdowns, and that it will end up with higher oil revenues and a bigger share of the global market once it stabilizes.

Bordoff’s view was reinforced by Sir Mark Moody-Stuart, former chairman of Royal Dutch Shell and one of the longest-standing directors of Saudi Aramco. In an interview with the Gulf Intelligence energy consultancy, he said that low-cost oil producers such as Saudi Arabia would emerge from the pandemic with increased market share.

“Oil is the only commodity where the lowest-cost producers have contained their production and allowed high-cost producers to benefit. When demand recovers this year or next, we will emerge from it with the lowest-cost producers having increased their market share,” Moody-Stuart said.

Bordfoff said that it would take years for the high-cost American shale industry to recover to pre-pandemic levels of output. “Depending on how long oil demand remains depressed, US oil production is projected to decline from its pre-coronavirus peak of around 13 million barrels per day.

“Shale's heady growth in recent years (with production growing by about 1 million to 1.5 million barrels per day each year) also reflected irrational exuberance in financial markets. Many US companies struggling with uneconomical production only managed to stay afloat with infusions of cheap debt. One quarter of US shale oil production may have been uneconomic even before prices crashed,” he said.

Moody-Stuart said that recent statements about cuts to the Saudi Arabian budget as a result of falling oil revenues were “an important step to wean the population of the Kingdom off an entitlement feeling. It means that everybody is joining in it.”

The former Shell boss said that other big oil companies would follow Shell’s recent decision to cut its dividend for the first time in more than 70 years. But he added that Aramco would stick by its commitment to pay $75 billion of dividends this year.

“When a company looks at its forecasts it looks ahead for one year, so for this year it (the dividend) is fine,” he said.

Bordoff added that Saudi Arabia’s action in cutting oil production in response to the pandemic would improve its global position.

“Saudi Arabia has improved its standing in Washington. Following intense pressure from the White House and powerful senators, the Kingdom’s willingness to oblige by cutting production will reverse some of the damage done when it was blamed for the oil crash after it surged production in March,” he said.

“Only a few weeks ago, the outlook for Saudi Arabia seemed bleak. But looking out a few years, it’s difficult to see the Kingdom in anything other than a strengthened position,” Bordoff said.

Riyadh, May 31: Over 90,000 mosques in Saudi Arabia reopened their doors to worshippers on Sunday morning after over a two-month closure as part of an ease in the curfew restrictions to prevent the spread of the novel coronavirus.

The worshipers were allowed to enter the mosques, except the mosques in Makkah, from Fajr prayers today morning (Shawwal 8) with a limit of 40 per cent capacity.

The reopening of mosques was be undertaken in accordance with the guidance of Minister of Islamic Affairs, Dr Abdullatif Al Asheikh, and in line with advice issued by the Senior Council of Ulemas.

The ministry has embarked on a vigorous media campaign to urge all worshippers to abide by preventive measures for their own safety to curb the spread of Covid-19.Among the instructions are doing ablution at home, hand-washing and using sanitisers before going out to the mosque and after coming back home.

On Saturday, the Custodian of the Two Holy Mosques King Salman has approved opening the Prophet's Mosque in Madinah in stages to the public.

The elderly and those with chronic diseases are advised to perform their prayers at home. Reading and reciting the Holy Quran online is advised, too, from one's own mobile phone or at least reading from a privately owned copy of the Holy Quran.

Bringing one's prayer mat to perform prayers in mosques is highly recommended as well as keeping a two-metre distance between one another prayer.

Accompanying children under the age of 15 to the mosques is prohibited. Putting on a face mask and avoiding shaking hands and other contact is also recommended.

Meanwhile, the ministry managed, during the closure of mosques, to undertaking a massive cleaning, sanitising and maintenance drive in all mosques Kingdom-wide, according to world-class standards and best known practices. This included sanitising over 10 million mosques, 43 million copies of several sizes and volumes of the Quran, more than 600,000 Holy Quran cupboards, in addition to repairing and maintaining about 176,000

#صور#صلاة_الفجر في مساجد منطقة
مكة المكرمة pic.twitter.com/fC4RfJInGC

— إمارة منطقة مكة (@makkahregion) May 31, 2020

water closets, annexed to mosques.

Iraq’s deputy parliament speaker Hassan Karim al-Kaabi on Saturday described the move as provocative and in violation of international law.

Kaabi also called on the Iraqi government to take swift measures to halt such actions.

The Embassy’s move to fire in a residential area in the heart of Baghdad is an unacceptable act and another challenge for the Arab country, adding to the mass of its provocations and illegal actions in Iraq, he noted.

According to Iraqi media, the US tested a patriot missile system inside Baghdad’s heavily fortified Green Zone.

Anti-US sentiments have been running high in Iraq since Washington assassinated top Iranian commander Qassem Soleimani and the second-in-command of the Iraqi popular mobilization units, Abu Mahdi al-Muhandis, in January.

Following the attack, Iraqi lawmakers unanimously approved a bill on January 5, demanding the withdrawal of all foreign troops.

Baghdad and Washington are currently in talks over the withdrawal of American troops. Iraqi resistance groups have vowed to take up arms against US forces if Washington fails to comply with the parliamentary order.