Oil prices rebound on lower output from US, Russia

Agencies
October 1, 2019

Oct 1: Oil prices rebounded in early Asian trade on Tuesday after production at the world's largest oil producers fell in the third quarter, although demand concerns continued to keep a keep a lid on prices.

December Brent crude futures rose 44 cents, or 0.7% to $59.69 a barrel by 0202 GMT, while U.S. West Texas Intermediate crude was up 39 cents, or 0.7%, at $54.46 a barrel.

Front-month prices for both contracts posted their largest quarterly falls this year on Monday, hurt by a slowdown in global economic growth amid the U.S.-China trade war.

"Asia has seen some profit-taking from short-term money and other bargain hunters," Jeffrey Halley, a senior market analyst for Asia Pacific at OANDA in Singapore, said.

"Any rallies though are likely to be met with plenty of sellers as a slowing global economy and the recovery of Saudi production outweigh any Middle East risk factors for now."

Oil prices are likely to remain steady, with Brent averaging $65.19 a barrel and WTI $57.96 in 2019, as flagging demand outweighs supply shocks, a Reuters survey showed.

Saudi Aramco has restored full oil production and capacity to the levels they were at before attacks on its facilities on Sept. 14, the head of its trading arm said on Monday. Saudi Arabia pumped about 9.78 million barrels per day (bpd) in August.

Still, OPEC's output fell to the lowest in eight years in September at 28.9 million bpd, down 750,000 bpd from August's revised figure and the lowest monthly total since 2011, a separate Reuters survey found.

Output at the world's two largest producers, the United States and Russia, also fell in July and September, respectively.

Russia's output declined to 11.24 million bpd in Sept. 1-29, down from 11.29 million bpd in the previous month, sources said, although it's still above the quotas set in an output deal between Russia and OPEC.

U.S. crude oil output fell 276,000 bpd in July to 11.81 million bpd as federal offshore Gulf of Mexico production slid, according to a U.S. Energy Information Administration monthly report released on Monday.

US production peaked at 12.12 million bpd in April.

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News Network
June 13,2020

Jun 13: Requiring the wearing of masks to prevent the spread of the novel coronavirus in areas at the epicenter of the global pandemic may have prevented tens of thousands of infections, a new study suggests.

Mask-wearing is even more important for preventing the virus' spread and the sometimes deadly COVID-19 illness it causes than social distancing and stay-at-home orders, researchers said, in the study published in PNAS: The Proceedings of the National Academy of Sciences of the USA.

Infection trends shifted dramatically when mask-wearing rules were implemented on April 6 in northern Italy and April 17 in New York City - at the time among the hardest hit areas of the world by the health crisis - the study found.

"This protective measure alone significantly reduced the number of infections, that is, by over 78,000 in Italy from April 6 to May 9 and over 66,000 in New York City from April 17 to May 9," researchers calculated.

When mask-wearing went into effect in New York, the daily new infection rate fell by about 3% per day, researchers said. In the rest of the country, daily new infections continued to increase.

Direct contact precautions - social distancing, quarantine and isolation, and hand sanitizing - were all in place before mask-wearing rules went into effect in Italy and New York City. But they only help minimize virus transmission by direct contact, while face covering helps prevent airborne transmission, the researchers say.

"The unique function of face covering to block atomization and inhalation of virus-bearing aerosols accounts for the significantly reduced infections," they said. That would indicate "that airborne transmission of COVID-19 represents the dominant route for infection."

The U.S. Center for Disease Control and Prevention on Friday urged organizers of large gatherings that involve "shouting, chanting or singing to strongly encourage the use of cloth face coverings to lower the risk of spreading the coronavirus."

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News Network
July 9,2020

Washington, Jul 9: The United States recorded 55,000 new coronavirus cases in 24 hours on Wednesday (Thursday in Malaysia), a tally by Johns Hopkins University showed, bringing its total to 3,046,351 recorded infections since the pandemic began.

The country, the hardest-hit in the world, had earlier on Wednesday passed the grim milestone of three million infections. The actual number is likely far higher due to issues over getting tested in March and April.

The US also added an additional 833 virus deaths, bringing the death toll to 132,195, the Baltimore-based institution showed at 8.30pm (0030 GMT Thursday).

US President Donald Trump regularly downplays the numbers, attributing them to an increase in testing capacity during the month of June.

Coronavirus cases are surging in several southern hotspots including Texas, Florida, Louisiana and Arizona, but the pandemic has almost entirely receded from its former epicentre in New York and the north-east.

Several states have been forced to suspend their reopening processes or even reverse course, with some ordering bars to close again.

On Wednesday morning, Trump called on schools throughout the country to reopen in the fall, lashing out at his own top health agency to ease health and safety requirements aimed at slowing the spread of the virus, such as social distancing.

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News Network
January 20,2020

Langkawi, Jan 20: Malaysia will not take retaliatory trade action against India over its boycott of palm oil purchases amid a political row between the two countries, Prime Minister Mahathir Mohamad said on Monday.

India, the world’s largest edible oil buyer, this month effectively halted imports from its largest supplier and the world’s second-biggest producer in response to comments from Mahathir attacking India’s domestic policies.

“We are too small to take retaliatory action,” Mahathir told reporters in Langkawi, a resort island off the western coast of Malaysia. “We have to find ways and means to overcome that,” he added.

The 94-year-old premier of Muslim-majority Malaysia has criticised New Delhi’s new religion-based citizenship law and also accused India of invading the disputed region of Kashmir.

Mahathir again criticised India’s citizenship law on Monday, saying he believed it was “grossly unfair”.

India has been Malaysia’s largest palm oil market for the past five years, presenting the Southeast Asian country with a major challenge in finding new buyers for its palm oil.

Benchmark Malaysian palm futures fell nearly 10% last week, their biggest weekly decline in more than 11 years.

New Delhi is also unhappy with Malaysia’s refusal to revoke permanent resident status for controversial Indian Islamic preacher Zakir Naik, who has lived in Malaysia for about three years and faces charges of money laundering and hate speech in India.

Mahathir said even if the Indian government guarantees a fair trial, Naik faces the real threat of vigilante action and that Malaysia will only relocate the preacher if it can find a third country where he would be safe.

“If we can find a place for him, we will send him out.”

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