Oil prices pull Tadawul down

Riyadh, Mar 11: Energy titan Saudi Aramco said Tuesday it will boost crude oil supplies to 12.3 million barrels per day in April, flooding markets as it escalates a price war with Russia.

Riyadh had already slashed its price for April delivery after Russia refused its proposal that producer alliance OPEC+ orchestrate a co-ordinated cut of 1.5 million barrels per day.

The production cut had been mooted to shore up global oil prices, which have gone into meltdown as the deadly new coronavirus casts a pall over the world economy, but now price cuts and rising output indicate an unravelling of OPEC+ co-operation.

"Saudi Aramco announces that it will provide its customers with 12.3 million barrels per day of crude oil in April," the company said in a statement to the Saudi stock exchange.

Saudi Arabia, the world's biggest crude exporter has been pumping some 9.8 million bpd so its announcement on Tuesday means it will be adding at least 2.5 million bpd from April.

"The Company has agreed with its customers to provide them with such volumes starting 1 April 2020. The Company expects that this will have a positive, long-term financial effect," the statement said.

Saudi Arabia says it has an output capacity of 12 million bpd but it is not known for how long it can sustain such levels.

The kingdom also has millions of barrels of crude stored in strategic reserves to be used when needed and is expected to use it to provide the extra supply to the global market.

"Production above 12 million bpd shows the Saudis have something to prove," director of Britain-based RS Energy Bill Farren-Price said.

"This is a grab for market share. The taps are open and the prices have been cut sharply," Farren-Price told AFP.

In a quick response, Russian Energy Minister Alexander Novak said Moscow could boost production in the short term "by 200,00-300,000 bpd, with a potential of 500,000 bpd in the near future".

But he stressed that Moscow was in favour of extending a December agreement that had seen OPEC and Russia agree to cut production by 500,000 barrels per day in 2020, lowering output from October 2018 levels by 1.7 million barrels per day.

The events of recent days have signalled a disintegration of collaboration between OPEC and Russia.

Russia is a non-OPEC member and the world's second-biggest oil producer, but Moscow and other non-members have in recent years co-operated with the oil cartel in an arrangement known as OPEC+.

The Saudi price cuts over the weekend, which were the first salvo in the price war, sent oil prices crashing -- registering the single biggest one-day loss in three decades on Monday.

Saudi Arabia draws around 70 per cent of its revenues from oil, and the revenues are key to ambitious reform programmes launched by Crown Prince Mohammed bin Salman.

Occupied Jerusalem, Jul 19: Israeli Prime Minister Benjamin Netanyahu’s corruption trial resumed on Sunday.

Netanyahu is charged with fraud, breach of trust and accepting bribes in a series of scandals in which he is alleged to have received lavish gifts from billionaire friends and exchanged regulatory favors with media moguls for more agreeable coverage of himself and his family.

Netanyahu denies wrongdoing, painting the accusations as a media-orchestrated witchhunt pursued by a biased law enforcement system.

The trial opened in May. Just before appearing in front of the judges, Netanyahu took to a podium inside the courthouse and flanked by his party members bashed the country’s legal institutions in an angry tirade.

Netanyahu was not expected to appear at Sunday’s hearing, which is taking place at an occupied Jerusalem court and is mostly a procedural deliberation.

The trial resumes as Netanyahu faces widespread anger over his government’s handling of the coronavirus crisis.

While the country appeared to have tamped down a first wave of infections, what’s emerged as a hasty and erratic reopening sent infections soaring. Yet even amid the rise in new cases Netanyahu and his emergency government — formed with the goal of dealing with the crisis — appeared to neglect the numbers and moved forward with other policy priorities and its reopening plans.

It has since paused them and even re-impose restrictions, including a weekend only lockdown set to begin later this week.

Netanyahu’s government has been criticized for a baffling, halting response to the new wave, which has seen daily cases rise to nearly 2,000. It has been slammed for its handling of the economic fallout of the crisis.

His trial thus comes at inopportune timing. Netanyahu had hoped to ride on the goodwill he gained from overcoming the first wave of infections going into his corruption trial, but the increasingly souring mood has affected his approval rating and may deny him the public backing he had hoped for. The anger has sparked protests over the past few weeks that have culminated in violent clashes with police.

Riyadh, May 13: Saudi Arabia’s cabinet on Tuesday urged oil-producing nations not only to adhere to agreed cuts to production, but further reduce output to help restore balance in global oil markets, state news agency SPA reported.

In issuing the call to OPEC+, which includes members of the Organization of the Petroleum Exporting Countries plus Russia and other nations, ministers said the Kingdom is committed to supporting the stability of global oil markets.

After the meeting, acting Minister of Media Majed Al-Qasabi said that in addition to its commitment to the OPEC+ agreement, the Kingdom will voluntarily reduce output by an additional 1 million barrels a day in June. It will also try to implement additional cuts this month, with the consent of its customers, he added.

The cabinet said the Saudi initiatives aim to encourage other countries, whether they have signed up to the OPEC+ agreement or not, to adhere to its reduced rates and to cut output even further to help stabilize global oil markets.

During the cabinet meeting, which was conducted using video conferencing, King Salman also briefed ministers on his recent telephone conversation with US President Donald Trump. He said they affirmed the historical and strategic relationship between the two countries and their commitment to the continuation of joint efforts to enhance security and stability in the region.

Ministers were then updated on the latest developments in the corona virus crisis, including the steps being taken locally and internationally to control it and safeguard public health, the number of cases in the Kingdom and the care being provided to those who are infected. They also reviewed details of the active screening and testing programs in all parts of the country, which have helped to keep the number of deaths relatively low compared to global rates.

The cabinet praised the efforts being made by government officials to combat the pandemic, and stressed that citizens and expatriates must abide by the precautionary and preventive measures introduced to prevent the spread of the virus.

Ministers described the decision by Saudi Arabia to host the Pledging Event for the Humanitarian Crisis in Yemen 2020 on June 2 as an extension of the Kingdom’s humanitarian and development contribution, which reflects its pioneering role in supporting its neighbor.

The cabinet also welcomed the formation of the new government in Iraq and reiterated Saudi Arabia’s support for the nation and its readiness to work with the new administration to strengthen relations and enhance security and stability in the region.