Indian pays Rs 36 lakh to rescue compatriot in Saudi Arabia

Mar 11: Energy giant Saudi Aramco on Wednesday said it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

"Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd," the company said in a statement to the Saudi Stock Exchange.

The decision comes a day after the world's top exporter, Saudi Arabia, decided to hike production by at least 2.5 million bpd to a record 12.3 million from April.

The Saudi moves come after the collapse of an oil production reduction agreement between OPEC and non-OPEC producers, including Russia.

The deal proposed by Saudi Arabia called for additional output cuts of 1.5 million bpd to cope with the severe economic impact of the coronavirus which has sharply reduced world demand for crude.

Boosting production capacity normally takes a long time and requires billions of dollars of investment.

Several years ago, the kingdom had shelved plans to boost its crude production capacity beyond 12 million bpd after demand for OPEC oil declined in the face of stiff competition from North American shale oil and other sources.

Russia on Tuesday said it was open to renewing cooperation with the OPEC cartel even as its kingpin Saudi Arabia escalated a price war with Moscow by announcing it would flood markets with new supplies.

The oil price war broke out after OPEC and a group of non-member countries dominated by Russia -- the world's second largest producer -- on Friday failed to agree on production cuts.

Saudi Arabia responded by announcing unilateral price cuts. This prompted the oil price to plummet and fuelled huge falls on stock markets around the world on Monday.

Dubai, Jun 30: The UAE Embassy in India on Tuesday urged expats stranded in India to procure travel approvals from the Federal Authority for Identity and Citizenship (ICA) in the UAE ahead of their travel to the UAE.

It has also assured UAE residence visa holders that a no-objection letter to travel would be issued on a humanitarian basis, as long as the resident meets all conditions set by the government of UAE.

The UAE Embassy in New Delhi tweeted Tuesday morning, "The @UAEembassyIndia would like to draw the attention of the valid UAE residence permit holders currently present in India, to the necessity of obtaining necessary approval from the @ICAUAE while ensuring that all conditions set by the UAE competent authorities are observed."

It added, "Please note that UAE will issue no objection letter to travel in some humanitarian cases only that meet all conditions and requirements."

The embassy also affirmed its commitment to the decisions of the Indian authorities regarding the continued closure of airports in India, and implementation of some restrictions that do not allow foreign airlines to carry passengers.

"We express our thank for your cooperation and your understanding of the current global situation, and in case there is any developments in this regard, we will publish it on the official platforms of embassy (sic)," the Embassy tweeted.

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.