KSA warns of supply crisis if low prices persist

November 10, 2015

Jeddah, Nov 10: Long-term oil market fundamentals remain robust but prolonged low prices could threaten security of supply and pave the way for a price spike, warned Saudi Arabia on Monday.

PrincePrince Abdul Aziz bin Salman, deputy minister of petroleum and mineral resources, told a roundtable meeting for Asian energy ministers in Doha that the oil and gas industry has canceled around $200 billion of investments this year, with energy companies planning to cut another 3 to 8 percent from their investments next year, marking the first time since the mid-1980s that industry cut the spending for two consecutive years.

He said current sharp oil price fluctuations are very harmful to oil producers, consumers and workers alike.

Just like high oil prices can’t last, a prolonged period of low prices is “also unsustainable, as it will induce large investment cuts and reduce the resilience of the oil industry, undermining the future security of supply and setting the scene for another sharp price rise,” said the prince.

“As a responsible and reliable producer with long-term horizon, the Kingdom is committed to continuing to invest in its oil and gas sector, despite the drop in the oil price,” he said.

Prince Abdul Aziz pointed out: “Despite all the macroeconomic uncertainties engulfing the global economy, oil demand continues to grow at a robust pace and set to increase by 1.5 million bpd in 2015, the strongest growth seen in the past few years. This is in contrast to the early 1980s where global oil consumption fell between 1980 and 1984 by more than 2.3 million bpd.”

In order to meet the expected increase in demand, the world needs all sources of energy, including oil, gas, renewables, nuclear, and solar, he said.

The Kingdom has always been of the view that there are plenty of resources to meet the projected increase in demand.

“After three years of positive growth, non-OPEC supply is expected to fall in 2016; only one year after the deep cuts in investment,” said Prince Abdul Aziz.

He said Saudi Arabia plays, and will continue to play, a proactive role in stabilizing oil market conditions by building on its close relationship and ongoing cooperation with both producers and consumers, and through its effective and constructive engagement in OPEC and The International Energy Forum.

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Gulf News
April 12,2020

Dubai, Apr 12: Saudi Arabia reported 429 new cases of coronavirus, bringing the total number of infections in the country to 4462, the Ministry of Health announced on Sunday.

The ministry also confirmed 7 deaths bringing the total number of deaths in the kingdom to 59.

According to the ministry of health the number of recoveries are 41 cases, making total of recoveries 761.

Ministry also said that 40,000 have been quarantined since the beginning of the epidemic, and only 7,000 remain in quarantine, including those who recently returned from abroad.

Extension of curfew

Early on Sunday, King Salman approved the extension of curfew until further notice due to current rates of coronavirus spread, the official news agency SPA announced.

Earlier last week, Saudi Arabia imposed a 24-hour curfew and lockdown on the cities of Riyadh, Tabuk, Dammam, Dhahran and Hofuf and throughout the governorates of Jeddah, Taif, Qatif and Khobar.

Authorities had already sealed off the holy cities of Makkah and Medina along with Riyadh and Jeddah, barring people from entering and exiting as well as prohibiting movement between all provinces.

Total lockdown on Medina neighbourhoods

The Ministry of Interior also announced a total lockdown on five neighbourhoods in Medina on thursday until further notice. The neighborhoods include Al Sherbat; Bani Dhafar; Qurban, Al Jumuah; and parts of Al Iskan district and Bani Khudrah. No one is allowed to enter or exit these areas.

An official source from the ministry highlighted that the Ministry of Labor and Social Development will provide residents of these neighbourhoods with food baskets and will follow up on their needs while the ministry of health will provide them with necessary medications.

Saudi Arabia, which has reported the highest number of infections in the Gulf, is making every possible effort to limit the spread of the disease at home.

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News Network
May 19,2020

Dubai, May 19: The UAE announced 832 new Covid-19 cases on Monday following 37,844 additional tests, taking the total tally of coronavirus infections in the country to 24,190.

The Ministry of Health and Prevention also reported four additional deaths, taking the death toll to 224. Meanwhile 1,065 patients also recovered after receiving the necessary treatment, taking the total number of recoveries to 9,577, the ministry said.

“We see a daily increase in cases due to the irresponsible behaviour of some people who are not aware of the consequences of not adhering to health guidelines,” said Dr Amna Al Dahak Al Shamsi, official spokesperson of the UAE government.

“The widening circle of infections requires no more than a few violations by just one or two people to completely infect families with the coronavirus,” she said.

“The decision to partially ease restrictions is aimed at achieving a balance between meeting the needs of a segment of society, whose source of income is linked to the commodity trade sector, and between continuing to adhere to the recommended health guidelines, and hence many restrictions and conditions have to be followed.”

However, she also appreciated the citizens and residents adhering to the precautionary measures.

“It is heartening for us to see many families committed to avoiding family gatherings,” she said. “As we prepare for Eid Al-Fitr, we are confident that citizens and residents will continue to adhere to health and preventive guidelines, and serve as role models to the world,” she added.

Change in disinfection programme timings

Officials also announced that the UAE’s National Disinfection Programme will now be in place from 8pm to 6am, starting Wednesday, May 20, until further notice. The scheme currently runs from 10pm until 6am.

Dr Saif Al Dhaheri, spokesman of the National Authority for Emergency, Crisis and Disaster Management said the amendment comes in light of the “increased number of Covid-19 cases, and the leniency of some members of society and their indifference to preventive measures”.

Food outlets, cooperative societies, groceries, supermarkets, and pharmacies will continue to operate 24 hours a day, seven days a week during the sterilisation programme period.

Meanwhile meat and vegetable shops and outlets selling fruits, toasters, mills, slaughterhouses, fish, coffee and tea, in addition to shops selling nuts, sweets and chocolate, can operate from 6am until 8pm.

Shopping centres and malls can stay open from 9am to 7pm starting Wednesday, May 20, officials added.

“We stress the importance of all stores and those authorised to operate to adhere to the applicable health and safety procedures, which include ensuring that the percentage of shoppers does not exceed 30 per cent of the total capacity,” said Al Dhaheri.

He also confirmed that children under 12 and those over 60 will not be permitted to enter malls and shopping centres.

“We warn visitors to the centres that the shopping period should not exceed two hours in order to reduce the crowding of shoppers, and to maintain the 30 per cent capacity.”

Eid restrictions

Al Dhaheri urged the public to avoid family visits and gatherings during Eid Al Fitr this year and to instead communicate using online means or by phone. He also stressed that people should refrain from distributing ‘Eid’ money to children.

“With regard to Eid prayers, we stress the importance of adhering to what was mentioned by the Emirates Legal Fatwa Council, which is to pray at home and to take health protection reasons as a legal obligation, a necessity of life, and a national commitment,” he added.

Heftier fines

Officials also announced heftier fines to ensure that the regulations are being adhered to.

“It was clear to us, in light of the follow-up, that there was reckless behaviour from some individuals, along with the insistence of some to commit a certain type of violation as well as indifference,” said Salem Al-Zaabi, acting head of the Public Prosecution for Emergencies, Crisis and Disasters.

The Public Prosecution has decided to update the list of previously announced violations and fines and administrative penalties to “suit the current situation”, he said.

Some of the new fines include:

– Dhs50,000 on educational institutions, cinemas, gym, stores, parks, beaches, pools or supermarkets that do not adhere to coronavirus measures

– Dhs50,000 fine on those who don’t adhere to quarantine restrictions

– Dhs10,000 for organising gatherings with participants also fined Dhs5,000 each

– Dhs5000 for refusing to do a Covid-19 test

– Dhs3,000 for not wearing a mask in public

– Dhs3,000 if more than three people are travelling in one car

– Dhs3,000 for companies failing to adhere to the 30 per cent limit on workforce at office

– Dhs3,000 for not adhering to social distancing

– Dhs3,000 fine for violating restrictions during the disinfection period

Repeat offenders will be referred to the Public Prosecution and can face a criminal trial with the possibility of imprisonment for a period not exceeding six months and/or a fine of at least Dhs100,000.

“The pictures and names of violators will be published in newspapers and media upon the decision of the Public Prosecutor if he deems it necessary,” added Al Zaabi.

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News Network
April 5,2020

Ajman, Apr 5: A bakery worker in Ajman has been detained for spitting in the bread dough as he prepared bread at the bakery, police said.

The General Command of Ajman Police arrested the Asian worker in coordination with Ajman Municipality after investigators suggested that he intentionally spat in the dough while preparing bread at a bakery which is located in Ajman.

Lt. Col. Muhammad Mubarak Al-Ghafli, Director of Al-Jarf Al-Shamel Police Station, said a team from police had immediately gone to arrest the worker after receiving a report from the municipality confirming that the man spat in the bread dough.

Officials said a customer had filmed the Asian as he spat in the dough while preparing the bread at the bakery during the evening.

The customer then filed a complaint to the municipality with the supporting evidence of a video as the worker was doing the buzzer act.

Police said the man was taken for for psychological examination as he's being prepared to be referred to the public prosecution.

Meanwhile, the bakery has been shut down by the municipality for violating food hygiene and public health rules.

Lt. Col. Al-Ghafli has appealed to the public to report persons or any acts that could harm the health and safety of the public.

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