Rising gold prices threaten some factories with closure

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.

Abu Dhabi, Jul 20: The United Arab Emirates launched its first-ever interplanetary Hope Probe mission to Mars from Japan's Tanegashima Space Centre at 01:58 a.m. (local time) on Monday.

"United Arab Emirates (UAE) launches its first mission to Mars, the 'Hope Mars Mission' from Japan's Tanegashima Space Center," UAE Space Agency said on its Twitter page.

The spacecraft is expected to reach Mars orbit in about 200 days from now and then begin its mission to study the Red Planet's atmosphere, WAM news agency reported.

Once it enters Mars' orbit in the first quarter of 2021, the Hope probe will mark the UAE's 50th anniversary.

The probe will travel 493 million kilometres into space in a journey that will take seven months, and will orbit the Red Planet for one full Martian year of 687 days to provide the first truly global picture of the Martian atmosphere.

The Hope probe will be the first to study the Martian climate throughout daily and seasonal cycles. It will observe the weather phenomena on Mars such as the massive famous dust storms that have been known to engulf the Red Planet, as compared to the short and localised dust storms on Earth.

It will also examine the interaction between the upper and lower layers of the Martian atmosphere and causes of the Red Planet's surface corrosion, as well as study why Mars is losing its upper atmosphere.

Exploring connections between today's Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth as well as the potential of life on Mars and other distant planets.

The Hope Mars Mission is considered as the biggest strategic and scientific national initiative announced by UAE's President His Highness Sheikh Khalifa bin Zayed Al Nahyan and His Highness Sheikh Mohammed bin Rashid Al Maktoum in 2014. The UAE will be the first Arab nation to embark on a space mission to the Red Planet in a journey that contributes to the international science community as a service to human knowledge.

The interplanetary mission is the first by any West Asian, Arab or Muslim majority country.

Riyadh, Apr 8: Saudi Arabia's health minister has warned the number of COVID-19 cases in the country could reach 200,000 in coming weeks.

As of Tuesday, the kingdom registered a total of 2,795 coronavirus infections, including 41 deaths.

"Within the next few weeks, studies predict the number of infections will range from a minimum of 10,000 to a maximum of 200,000," health minister Tawfiq al-Rabiah was cited as saying by the official Saudi Press Agency on Tuesday.

On Monday, Saudi Arabia extended the duration of daily curfews in four governorates and five cities to 24 hours.

The kingdom imposed round-the-clock lockdowns in the capital Riyadh, Tabuk, Dammam, Dhahran and Hofuf, the interior ministry said on Twitter.

The same measures were also imposed on the governorates of Jeddah, Taif, Qatif and Khobar, the ministry added.

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

Last month, Saudi Arabia suspended the year-round "Umrah" pilgrimage over fears of the coronavirus pandemic spreading to Islam's holiest cities.

Authorities are yet to announce whether they will proceed with this year's Hajj, scheduled for the end of July. Last week, authorities urged Muslims to temporarily defer preparations for the annual pilgrimage.

Last year, about 2.5 million people travelled to Saudi Arabia to take part in the Hajj, which all Muslims must perform at least once in their lives if able.

The Arab world's biggest economy has also closed down cinemas, malls and restaurants and halted flights as it steps up efforts to contain the virus.

King Salman has warned of a "more difficult" fight ahead against the virus, as the kingdom faces the economic double blow of virus-led shutdowns and crashing oil prices