Illegal expats will be thrown out: Fakeih

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

Abu Dhabi, May 17: Another 731 people have tested positive for coronavirus in the UAE, pushing the total number of COVID-19 infections to 23,358, the Ministry of Health and Prevention announced on Sunday.

Six more deaths from the novel coronavirus have been also confirmed, taking the country’s death toll to 220.

The ministry also announced the full recovery of 581 new cases after receiving the necessary treatment, taking that number up to 8,512 of total recovered patients.

New tests conducted

The latest coronavirus patients, all of whom are in a stable condition and receiving the necessary care, were identified after conducting more than 40,000 additional COVID-19 tests among UAE citizens and residents over the past few days, the ministry said.

It expressed its sincere condolences to the families of the deceased and wished a speedy recovery to all patients, calling on the public to cooperate with health authorities and comply with all precautionary measures, particularly social distancing protocols, to ensure the safety and protection of the public.

Abu Dhabi, Jun 2: The United Arab Emirates on Monday recorded 635 new coronavirus cases, taking the total number of infections in the country to 35,192, the UAE’s Ministry of Health and Prevention said in a statement carried by state news agency WAM.

The new cases were detected after the health authorities conducted 30,147 additional COVID-19 tests citizens and residents.

The ministry also announced that 406 more patients have fully recovered after receiving the necessary medical care, raising the total number of recoveries in the country to 18,338.

The announcement was made during the regular media briefing held in Abu Dhabi, wherein Dr. Amna Al Dahak Al Shamsi, official spokesperson for the UAE government, provided an update on coronavirus-related developments and measures taken to mitigate its impact.

During the briefing, Dr. Al Shamsi also announced the death of two patients from COVID-19, taking the total number of deaths in the country to 266.

"The number of COVID-19 cases still receiving treatment now stands at 16,588 from different nationalities," she added, noting that more than 650,000 COVID-19 tests have been conducted over the past two weeks.

"Since the onset of the crisis, the UAE has focused on select segments of society, primarily the elderly and patients with chronic diseases, in order to ensure they survive the crisis," she added.

"We believe it is particularly morally important to support and stand by them, provide them with their daily needs, and keep them from harm’s way," she added.

Dr. Al Shamsi asserted that all precautionary measures announced, including the updated fines and penalties, will be enforced against violators, including citizens and residents.

"The law does not differentiate between citizens and residents. We are living in one homeland, which is for all of us," she continued.

"Your safety and health are a priority. We must comply with all precautionary measures. Though restrictions have been relaxed, caution must continue to be exercised."

Dr. Al Shamsi also warned, "Recklessness may undermine the efforts made by our frontline defenders. It is the responsibility of every individual to support protective efforts to ensure the safety of all."