Oil prices dip as US crude stocks swell amid record production

Agencies
March 8, 2019

New York, Mar 8: Oil prices eased on Thursday, dragged down by record U.S. crude output and rising commercial fuel inventories.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.11 per barrel at 0033 GMT, down 11 cents, or 0.2 percent, from their last settlement.

Brent crude futures had yet to trade.

U.S. crude oil stockpiles rose much more than expected last week, with inventories up by 7.1 million barrels to 452.93 million barrels, according to a weekly report by the U.S. Energy Information Administration (EIA) on Wednesday.

U.S. crude oil production remained at a record 12.1 million barrels per day (bpd), an increase of more than 2 million bpd since early 2018.

Surging U.S. production is undermining efforts led by the Organization of the Petroleum Exporting Countries (OPEC) this year to withhold around 1.2 million bpd of supply to tighten markets and prop up prices.

"The balance between rising U.S. production and the OPEC+ efforts to stabilise prices with a production cut was broken by higher than expected U.S. inventories and the OECD warning of lower global growth impacting energy demand going forward," said Alfonso Esparza, senior analyst at futures brokerage OANDA.

The Organisation for Economic Co-Operation & Development (OECD) said on Wednesday the world economy would grow 3.3 percent in 2019, down 0.2 percentage points from the OECD's last set of forecasts in November.

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coastaldigest.com news network
April 17,2020

The unexpected lockdown to prevent spread of covid–19 has caused a serious damage to the lives of Indian expatriates irrespective of laborers and entrepreneurs in Kingdom of Saudi Arabia. Different stories of expatriates' ordeals are emerging from the region. 

Abdul Razaq, hailing from Udupi in Karnataka has been running small scale business at Jeddah, Saudi Arabia, based on oil refinery projects of the government. He was undergoing medical treatment for his cancer which is in fist stage. He explaines his ordeals caused by lockdown and stopping the flight facility. 

“I was regularly visiting home country for the treatment of cancer. Now I cannot go as international flight service has been stopped. I expect that government will hear problems of expatriates and will arrange facilities to take us back to home”, he said.

Mubeen from Bengaluru was working on temporary basis  for a company in Jubail. He had lost his jobs like some of his colleagues due to the lockdown.

“As everything was alright, I had brought my parents recently to Saudi Arabia on a visit visa. Things changed drastically with covid-19 attack. Continuous lockdown caused burden over the company and they removed temporary employees like me to control possible losses” he said.

“Now owner of the flat has been harassing me for the rent. I do not have money either to pay rent or to cover daily family expenses. I do not know what to do further”, he added. 

Iqbal from Mangaluru left for Saudi Arabia to help his family. He got a job in a juce centre in Dammam recently. Corona lockdown made his life difficult. He is eager to return his home country. 

“I came to Saudi Arbia because of financial difficulties as I had not found any job with good salary there. I thought I can earn well by going to Saudi Arabia. However, here too the salary was not so good. Now juice center is closed due to lockdown and sponsor is giving very small amount of money as salary through which we cannot afford our expenses and our families back in home,” he said.

“Here It is not easy get help of fellow Indians since most of them have their own ordeals. I would like to return home country; there however we can manage to get help of friends and relatives. I am looking forward the help of Indian government to start air facility for stranded NRIs,” he said. 

Mohsin from Mysuru is a taxi driver in Dammam, Saudi Arabia. He was earning on commission basis. Now Saudi government banned movement of taxis in the region, which pushed him and his fellow taxi drivers into trouble.

“We were earning commissions daily on the basis of trips. Now we cannot move outside with taxi since it may cause us to pay the fine of SR.10000. How can I manage my expenses and family members in home?”, he asked.

There are cases of pregnant women who have to return India for delivery. Those who brought family here on visit visa will not have insurance. Delivery charges and any kind of medical facilities without insurance in Saudi Arabia is very expensive. Expatriate Indians with such problems are awaiting government's help.

“I had brought my wife on one year visit visa. Now she is pregnant and I have to send her back to home for delivery. If lockdown continues, it is difficult to send back and we have to spend big amounts for delivery without insurance. It is a big burden to me as I work for small salary in a company”, said Yunus from Hyderabad, who is living in Jeddah, Saudi Arabia.

Lockdown is haunting even entrepreneurs in Saudi Arabia. Most of expatriates in the industrial hub of Jubail are doing business based on Saudi Government’s oil refinery projects. Saudi Arabia temporarily stopped most of the projects as part of public health safety measures to maintain social distance. 

“We are doing business based on oil refinery projects. Now projects are stopped. We brought around 1100 people on work permit visa on temporary basis. And also, we have around 1200 permanent workers. It is a big burden to provide them with food, accommodation and salary. It may cause a big loss for our company”, said owner of expatriates company, Sheikh Mohammed.

Saudi Arabia had reported first corona virus affected case in March 2, 2020. At the end of March, it was 1600 and now it already corssed 6000. Saudi Health ministry has cautioned the number of affected people may rise 10000 to 200,000 and directed for more precautionary measures. In such case, the Indian expatriates may have to face crisis in the region. 

Indian expatriate organizations are demanding for immediate intervention of Indian government to ensure better quarantine facility and treatment of NRIs in Saudi Arabia as the cases are increasing rapidly. The condition of laborers in some of the camps are such that seven to eight people should share a single bed room. 

“Normally if there is a flat, it will consist three to four bed rooms. In single bedroom companies will provide three four bunk beds and six to eight people should share the room. In such cases, if a person affected with virus it will spread quickly to others. Thus, Indian government should ensure quarantine facility for NRIs”, says Wasim Rabbani, president of Indian Social Forum, Eastern Region, Saudi Arabia. 

President of Karnataka Non Residential Indians, A forum for the NRI organizations of Karnataka, Zakaria Muzain says Indian Government should immediately interfere to bring back those stranded NRIs who wish to return home. Government should intervene to pressure Indian embassy to take the issues of troubled expatriates. 

“Government should make special flight arrangement for such NRIs in trouble. It should also arrange quarantine facility for those who return to India. Already there are many Non-Governmental charity organization which have come forward to give their facilities for NRIs”, he said. 

NRIs from all categories are looking forward for the help of Indian government. It is important to Indian government to take quick action as the problem is increasing in Saudi Arabia.

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Althaf
 - 
Monday, 20 Apr 2020

Help from modi government is a nightmare 

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News Network
June 9,2020

New Delhi, Jun 9: Petrol price on Tuesday was hiked by 54 paise per litre and diesel by 58 paise a litre - the third straight daily increase in rates after oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 73.00 per litre from 72.46, while diesel rates were increased to Rs 71.17 a litre from Rs 70.59, according to a price notification of state oil marketing companies.

This is the third daily increase in rates in a row. Oil companies had on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

Prices were raised by 60 paise per litre each on both petrol and diesel on Sunday as well as on Monday. In all, petrol price has gone up by Rs 1.74 per litre and diesel by Rs 1.78 a litre in three days.

Oil PSUs - Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) - had put daily price revisions on hold soon after the government on March 14, hiked excise duty on petrol and diesel by Rs 3 per litre each.

Oil companies did not pass on that excise duty hike, as well as the May 6 increase in tax on petrol by Rs 10 per litre and Rs 13 a litre hike on diesel by setting them off against the decline in retail prices that should have effected to reflect international oil rates falling to two-decade low.

International rates have since rebounded and oil companies having exhausted all the margin are now passing on the increase to customers, an industry official said.

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News Network
January 31,2020

New Delhi, Jan 31: The Supreme Court Friday dismissed the plea filed by one of the four death row convicts in the Nirbhaya gang-rape and murder case, Pawan Gupta, seeking review of its order rejecting his juvenility claim.

The review plea filed earlier in the day was taken up for consideration in-chamber by a bench comprising Justices R Banumathi, Ashok Bhushan and A S Bopanna. 

On January 20, the apex court had rejected the plea by Pawan who had challenged the Delhi High Court's order dismissing his juvenility claim.

Advocate A P Singh, who is representing Pawan in the case, said he filed a petition on his behalf seeking review of the top court's January 20 order on Friday.

While dismissing the plea, the top court had said there was no ground to interfere with the high court order that rejected Pawan's plea and his claim was rightly rejected by the trial court as also the high court.

It had said the matter was raised earlier in the review petition before the apex court which rejected plea of juvenility taken by Pawan and another co-accused Vinay Kumar Sharma and that order has attained finality.

Singh had argued that as per his school leaving certificate, he was a minor at the time of the offence and none of the courts, including trial court and high court, ever considered his documents.

Solicitor General Tushar Mehta, appearing for the Delhi Police, had said Pawan's claim of juvenility was considered at each and every judicial forum and it will be a travesty of justice if the convict is allowed to raise the claim of juvenility repeatedly and at this point of time.

The trial court on January 17 issued black warrants for the second time for the execution of all the four convicts in the case -- Mukesh Kumar Singh (32), Pawan (25), Vinay (26) and Akshay (31) -- in Tihar jail at 6 am on February 1. Earlier, on January 7, the court had fixed January 22 as the hanging date.

As of now, only Mukesh has exhausted all his legal remedies including the clemency plea which was dismissed by President Ram Nath Kovind on January 17 and the appeal against the rejection was thrown out by the Supreme Court on January 29.

Convict Akshay's curative petition was dismissed by the top court on January 30. Another death row convict Vinay moved mercy plea before President on January 29, which is pending.

Singh has also approached the trial court seeking stay on the execution scheduled on February 1, saying the legal remedies of some of the convicts are yet to be availed.

A 23-year-old paramedic student, referred to as Nirbhaya, was gang-raped and brutally assaulted on the intervening night of December 16-17, 2012, in a moving bus in south Delhi by six people before she was thrown out on the road.

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