Hundreds protest as swastikas and 'Go Trump' appear in New York park

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.

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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.

Islamabad, Apr 16: The number of coronavirus cases in Pakistan topped 6000 while the death toll due to the virus has reached 117, Dawn reported citing official data on Wednesday.

Over 1,446 people have recovered in the country from the deadly virus that has killed over 1.3 lakh people worldwide.

The total number of cases in the country has reached 6297 with Punjab being the worst affected province with 3,016 cases. Meanwhile, Sindh has 1,688 cases of the deadly virus.

Khyber Pakhtunkhwa has reported 47 new cases of the coronavirus, taking the provincial total to 912. Most of the new cases are of Tableeghi Jamaat members who have travel history.

Balochistan has reported four new cases of COVID-19, taking the provincial total to 281 according to provincial government spokesperson Liaquat Shahwani.

On Tuesday, Prime Minister Imran Khan had announced the extension of the nationwide lockdown with relaxation to some sectors.

Addressing the media in Islamabad on Tuesday, Khan said, "We made the hard decision of imposing lockdown in the country which was very well implemented due to cooperation of the people."

The countrywide lockdown was imposed last month in a bid to stem the spread of coronavirus. Later, a two-week extension was announced in the restrictions until April 14.

The Hague, Jun 22: Finding inner peace is crucial for the armed forces and yoga is a beautiful way to find the balance, Dutch Defence Minister Ank Bijleveld has said, thanking India for the "wonderful gift" to the world.

Yoga has been gaining global popularity in recent years for the many benefits it has on one's physiology, psychology and spirituality.

Bijleveld participated in the online International Yoga Day celebrations organised by the Indian Embassy here on Sunday.

"The minister thanked India for the wonderful gift of yoga to the world," a statement issued by the embassy said on Monday.

She said finding inner peace is crucial for a man and woman in uniform and yoga is a beautiful way to find the balance, it noted.

Bijleveld said yoga has formed a part of the training for the Dutch armed forces for the last 15 years and there are 130 yoga instructors.

The representatives of the Dutch Army joined by the Dutch Police personnel demonstrated their yoga skills as part of the online celebrations, the statement said.

The sixth International Yoga Day celebrations was streamed to 145,000 followers of the embassy's Facebook, Twitter, Instagram and YouTube channels as well as on its website. It was also streamed on the website of the non-profit foundation Stichting International Yoga Day.

Ambassador of India to The Netherlands Venu Rajamony inaugurated the celebrations. This was followed by Prime Minister Narendra Modi's video message and 3D animated videos of yoga with him.

The event was participated by a host of prominent Dutch and Indian personalities, including Ambassadors of various countries based in The Hague.

Dutch actress Afke Reijenga, extreme sportsman Wim Hof -- popularly known as 'The Iceman' and singers Charlie Dee and Anouk Maas were amongst the Dutch celebrities who participated in the event, the statement said.

Messages and artistic contributions by spiritual leader Sri Sri Ravi Shankar, internationally acclaimed flautist Pandit Hariprasad Chaurasia, violin maestro L Subramaniam, playback singers Kavita Krishnamurthy and Vijay Prakash, chess grandmaster Viswanathan Anand and film stars Raadhika, Sarathkumar and Bhumika Chawla featured in the programme.

Cricketer Suresh Raina, tennis stars Ramesh Krishnan and Rohan Bopanna, yoga guru and artist Bharat Thakur, Olympic ice skater Vishwaraj Jadeja and Michelin star chef Vikas Khanna also featured in the event.

The programme included a Kathak recital on 'Ayush' choreographed by Dutch choreographer Leo Spreksel and performed by eminent Kathak dancers Hari and Chetna with Sirisha.

It also showcased Hollywood and Bollywood celebrities who have made yoga a part of their lives.