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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News Network
July 6,2020

Dubai, July 6: Even as the world’s one of the most sought after tourist destinations is gearing up to welcome foreign tourists from July 7, the authorities have taken necessary measures to prevent the spread of covid-19.

If the foreign tourists want to avoid self-isolation after landing in Dubai International Airport, they have to fetch covid-negative certificates from their home country. The certificate ought to have been issued up to 96 hours prior to the travel.

Those without a cvid-negative certificate, however, will need to undergo a PCR test on arrival at the Dubai airports and self-isolate until they receive their negative results.

"If passengers opt to take the PCR test on arrival in Dubai, they must self-isolate until test results are received. If the test result is negative, passengers can leave the hotel and enjoy the trip as normal. However, if the test result is positive, passengers are asked to follow the advice of the Dubai Health Authority and self-isolate," Emirates said in a statement.

Budget carrier flydubai said if a passenger tests positive for Covid-19, he/she would need to observe a 14-day quarantine. The airline also advised passengers to comply with all the precautionary Covid-19 measures in place in Dubai "including wearing a mask, observing social distancing and washing your hands regularly".

Tourists with Covid-19 symptoms

* If a traveller is suspected to have Covid-19 symptoms, Dubai Airports has the right to re-test to ensure the tourist is free of the virus

*It is mandatory for Covid-positive tourists to isolate themselves at an institutional facility provided by the government for 14 days at their own expense.

Other requirements

*Travel insurance: Tourists must have a travel insurance with Covid-19 cover or declare that they would bear the costs for treatment and isolation if required. "Bring an insurance certificate stating Covid-19 coverage to present at check-in," Emirates said.

*Visa: Referring to visa requirements, Emirates said: "Depending on your nationality you can get a visa on arrival, or you can apply for your visit visa from Dubai Immigration before you travel."

*Health Declaration Form: Tourists need to complete the form that states they are free from Covid-19 symptoms. This must be done before embarking.

*Tracing app: Tourists must download the Covid-19 DXB app and register details. "This is critically important since it facilitates easy coordination and communication with the health authorities if tourists experience Covid-19 symptoms," Dubai authorities had said earlier.

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coastaldigest.com news network
May 24,2020

Abu Dhabi: A senior Hindi teacher at Sunrise School in Abu Dhabi has died of coronavirus, it has been confirmed. Anil Kumar, 50, passed away on Sunday morning, May 24.

The sad and shocking demise of Mr Kumar, a senior Hindi teacher of Sunrise School on May 24, has left the entire Sunrise family in a pall of gloom, read a statement.

“The management, administrators, other faculty members, students and the school as a whole is struck with intense sorrow and is speechless.

“The bond that he had developed over the years, just as how we have with each faculty, makes the loss unbearable. The entire SEPS family is shaken and finds it hard to come to terms with this most saddening news.

“Anil Kumar was a very inspiring teacher. He always brought a creative aspect to the classes he handled and would make it an enjoyable class to attend to. Mr. Anil Kumar had a great way of motivating his students to do their best, and pushed them to be the best they could be. He was a great strength and support to the Department of Hindi, always willing to scaffold and mentor students and teachers. He was a very approachable man, warm and friendly at heart and that is something I will truly miss about Mr. Anil.

“Mr Anil Kumar has left behind his wife and two children. Mrs. Rajini, his wife is also a member of the school family. She is a faculty of the maths department. Our prayers and sincere condolences to each and every one of the family. May God give the strength to endure and face this most challenging phase of their life.”

It is learnt Mr Kumar fell ill with COVID-19 and had been in hospital since May 7.

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Agencies
July 5,2020

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.

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