First female concert in Saudi: Balqees steals the show

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.

New Delhi, Jul 9: Several Bollywood celebrities including Anil Kapoor, Shatrughan Sinha and Anupam Kher mourned the demise of actor Jagdeep.

The veteran actor, whose real name was Syed Ishtiaq Ahmed Jafri, passed away on Wednesday. He was 81.

Anil Kapoor took to Twitter soon after the demise of the 'Sholay' actor and remembered working with him in 'Ek Baar Kaho.'

"Jagdeep Saab was one of the greatest actors of India...I was his huge fan & was lucky enough to have worked with him in Ek Baar Kaho & many more films...he was always extremely supportive & encouraging...sending my heartfelt condolences & prayers to my friend Javed & family," tweeted Kapoor.

Senior actor Anupam Kher also took to Twitter to express grief. He also recalled a conversation that he had with the late actor about how difficult it is to make people laugh.

"Ek Aur sitaara zameen se aasmaan mein jaa pahucha. #Jagdeep saab hindi film jagat ke eik bahut hi behtareen kalakar the. Eik hasya abhineta ke naate unka koi saani nahi tha. Eik party mei bahut saal pehle unhone mujhse kaha tha, "barkhurdaar! hasna aasan hai, hasaana bahut mushki hai," aapki kami bahut khalegi," tweeted Kher.

Shatrughan Sinha penned a long note for the departed actor on Twitter.

"Deepest condolences on the sad demise of veteran actor, comedian par excellence, iconic #Jagdeep. He was a great human being & very down to earth. I was not only his neighbour during my initial years but also bought my first car 'Austin' from him," he wrote.

"I had the privilege of working with him in many films including late & great #HarmeshMalhotra films & of course in #RatanMohan Jaggu. He will be remembered for the joys & laughter he brought on screen effortlessly, right from Hum Panchi ek daal ke to the epic #Sholay, entertaining us for almost 6 decades," he added.

Sinha ended the note by extending condolences to his family.

"We have lost one of the finest comedians....the great 'Sholay' of an actor 'Soorma Bhopali'! You will remembered through your legacy & will be fondly missed too. Heartfelt prayers & strength to his sons, wonder actor @jaavedjaaferi @NavedJafri & family. Rest in peace," tweeted Sinha.

Riteish Deshmukh and Genelia Deshmukh also took to Twitter to condole the demise of the veteran actor.

"Thank you #Jagdeep sahab for enriching our lives with laughter and happiness that will be cherished for a lifetime. Rest In peace Sir. Deepest Condolences to the family, friends and millions of his fans(just like me)," tweeted Riteish.

"Dearest @jaavedjaaferi @NavedJafri_BOO @MeezaanJ am extremely sorry for your loss. May god give you strength in this difficult time. Big hug," he added.

Riteish's wife and 'Jaane Tu Ya Jaane Na' actor Genelia tweeted, "RIP Jagdeep Sahab ... Remember shooting with you during Life Partner and cracking up with laughter all through the scene.. I consider myself extremely fortunate to have got that chance to work with you.. All my condolences to the family."

Actor Abhishek Bachchan also took to Twitter to express sorrow.

"May you rest in peace Jagdeep sahab. Thank you for filling our lives with smiles," he tweeted.

Jan 8: Bollywood star Deepika Padukone on Tuesday visited the Jawaharlal Nehru University (JNU) to express solidarity with the students who were attacked by a mob, but she did not address the crowd.

The actor reached the university campus at around 7.40 pm and attended a public meeting, called by JNU Teacher's Association and JNUSU in response to Sunday's attack on students and teachers by a masked mob armed with sticks and rods.

Deepika stood as former JNUSU president Kanhaiya Kumar was raising azaadi slogans and left by the time current president Aishe Ghosh started speaking.

The actor's decision to not address the crowd prompted Ghosh to comment, "when you are in a position, you should speak up".

"There are many people in Bollywood who do not put forth their views when they are not be aired. They are considered role models. I appeal to them: Make inspiring films after something has happened but when you are in that position, also talk about the story that is currently happening," she said.

Later, Ghosh said that Deepika expressed solidarity with the JNU students.

Deepika is in the capital to promote her upcoming release, Meghna Gulzar-directed "Chhapaak".

On Monday, the 34-year-old actor told a news channel that she feels proud that people have come out and raised their voice without fear, in reference to the protests against the amended Citizenship Act, the National Register of Citizens and violence in JNU.

"I feel proud to see that we aren't scared to express ourselves... I think the fact that we are thinking about the country and its future.... Whatever may be our point of view, it's nice to see," Deepika told NDTV India.

"I feel proud about it that people are coming out -- be it on the streets or wherever they are -- they are raising their voice and expressing themselves as it is important. If we want to see a change in life and society, it is important that a point of view be put forward," she added.