In meeting with Malaysian PM, Modi raises issue of Dr Zakir Naik’s extradition

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.

BULGING INVENTORIES

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.

Kozhikode, Jun 9: Kerala Chief Minister Pinarayi Vijayan's daughter Veena T is all set to marry DYFI National President and CPM state committee member PA Muhammad Riyas on June 15. Interestingly, it's the second marriage for both. 

Veena, the elder daughter of Pinarayi Vijayan and Kamala Vijayan, is an IT entrepreneur based in Bengaluru.

According to sources, the marriage will be a simple function in Thiruvananthapuram where only close relatives will participate. The marriage registration has already been done. 

"It's only a private affair of two individuals," Riyas told media persons, reluctant to divulge more details. 

The 44-year-old Muhammad Riyas started his political career with the Students Federation of India (SFI) and climbed up the rungs through DYFI. He had unsuccessfully contested against UDF's M K Raghavan from Kozhikode parliament constituency in 2009. 

The son of retired IPS officer P M Abdul Khadar, Riyas is the familiar face of the left in primetime TV discussions, strongly articulating the CPM stance. 

A law graduate, he had begun at the grassroots level and gradually worked his way up the ladder. 

His marriage to Dr Sameeha Saithalavi, a former syndicate member of Calicut University, happened in 2002. The couple separated in 2015 and they have two sons aged 10 and 13. 

The 40-plus Veena is MD of the IT firm Exalogic Solutions since 2014. 

Prior to that, she was the CEO of RT Technosoft, a Thiruvananthapuram-based company owned by NRI industrialist Ravi Pillai. Before that, she had a six-year stint with Oracle. She has a son from her first marriage. 

"They both were divorced for more than five years. They knew each other and the marriage decision was taken by them only. It's completely a private affair," said a DYFI leader.

Udupi, Feb 8: A rare sixth century granite idol of ‘Lajja Gauri’ has been discovered fixed on the road in Barkur village of Udupi district, according to information furnished by Dr. Shivakant Bajpai, Superintending Archaeologist of ASI Bangalore Circle. Lajja Gauri is depicted in nude form and is said to be a fertility symbol. The idol is rare, though very popular among certain cults.

Dr Shivakant Bajpai, who is on a tour of the coastal districts, said that he first came across the image when it went viral on social media. He subsequently traced it to a public road in Barkur, which is an ancient historical town of coastal Karnataka. It was the ancient capital of the Alupa kingdom and a seat of power for several centuries.

“This is a very important idol and hundreds of vehicles pass over it every day. We are rescuing it and I have issued an order to my local in-charge to keep it in safe custody. I have also sent a mail in this regard to the DC and SP of the district,” he said.

The idol is likely to be of 6th or 7th century, though further study is required to confirm a date, Dr. Bajpai said.

Lajja Gauri is a lotus-headed Hindu deity associated with abundance, fertility and sexuality, sometimes euphemistically described as Lajja ("modesty").