Oil prices rise amid optimism over production cuts

December 28, 2016

London/New York, Dec 28: Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday.

Oilpro

Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC producers to lower production by almost 1.8 million barrels per day (bpd).

Brent crude was up 17 cents at $55.33 a barrel at 1340 GMT. The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. US crude gained 30 cents to $53.32.

Trading was thin on Tuesday, with less than one-third of the usual volume in futures contracts in West Texas Intermediate crude oil.

“Some of the doubts (in OPEC) people are showing are going to have to be put to rest,” said Phil Flynn, analyst at Price Futures Group in Chicago. “There is a strong possibility that we are going to rally into the end of the year.”

The members of an OPEC and non-OPEC committee formed to monitor the market may meet on Jan. 13, two sources said. Oil rallied further after news of the meeting, which may give an early indication of compliance with the deal.

“From January, we will start to have a better idea about the level of OPEC production,” said Olivier Jakob, oil analyst at Petromatrix.

“To go above $60 is going to be difficult. We are already close to the top rather than the bottom of the range right now,” he said.”

Russian oil producer Gazprom Neft said on Tuesday it planned to increase oil production by 4.5 to 5 percent next year, less than intended before Russia joined the supply cut deal.

Major OPEC members such as Saudi Arabia and Iraq have informed customers of lower supplies. But Libya and Nigeria — which are exempt from reductions because conflict has curbed their output — have been increasing production.

Products markets outpaced crude on Tuesday, as the price of reformulated blendstock gasoline gained 2.4 percent to $1.6652 a gallon, while heating oil gained 2.9 percent to trade at $1.71 a gallon. Those contracts expire Friday; options on those contracts are expiring Tuesday.

Venezuela said on Tuesday it would cut 95,000 barrels-per-day of oil production in the New Year.

“Without prejudicing its international contractual obligations, from Jan. 1, 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions,” the Energy Ministry said.

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Agencies
July 31,2020

Jeddah, Jul 31: Hajj 2020 pilgrims arrived in Muzdalifah Thursday night to rest after spending the day in Arafat.

Earlier, the pilgrims scaled Mount Arafat to pray and repent, as a highly unusual Hajj approached its climax. They listened to a sermon delivered by Sheikh Abdullah Al-Manea and prayed Dhuhr and Asr prayers together at the Al-Namirah Mosque in Arafat.

This year’s pilgrimage is the smallest in modern times, after the number of participants was greatly restricted to prevent the spread of the coronavirus. 

Tight security was in place around the foot of the rocky hill outside Makkah, also known as Jabal Al-Rahma or Mount of Mercy, in preparation for the high point of the annual ritual.

Video footage shown on state television showed the pilgrims setting off on their climb to the summit. They wore face masks and observed strict social-distancing rules imposed by Saudi authorities.As sprinklers sprayed water on them to provide relief from the summer desert heat, the pilgrims raised their palms as they climbed the slopes of the hill — the site of Prophet Muhammad’s last sermon. When they reached the top they recited holy verses and prayed for forgiveness for their sins.

Earlier, the pilgrims were taken in buses from Mina to Mount Arafat. Strict precautionary measures were in place, with each group accompanied by security teams, ambulances and civil defense vehicles. 

When they arrived, their temperatures were checked before they entered Namirah Mosque to hear a sermon that was translated into 10 languages.

“The camps were set up for pilgrims in Arafat early on,” said Minister of Hajj and Umrah Muhammad Salih Bentin. The sermon at Namirah Mosque was delivered by Sheikh Abdullah Al-Manea, who led the pilgrims in noon and afternoon prayers.

“During Hajj this year, we reiterate that it is essential for pilgrims, as well as everyone assisting them, to adhere to the precautionary regulations that have been implemented,” Al-Manea, a member of the Council of Senior Scholars, said during his sermon. “This is to be done for their own safety.

“Precautions have been put in place to protect lives against the damage that the pandemic can cause, and also to actualize Islam’s teachings pertaining to safeguarding human life by Allah’s permission.”

The stay in Arafat is described as the pinnacle of Hajj and Muslims around the world reflect the actions of pilgrims by asking for forgiveness and praying for their deepest desires.
Pilgrims left Arafat in coaches for Muzdalifah after sunset and will pray the Maghrib and Isha prayers there.

After sunset prayers, the pilgrims made their way down Mount Arafat to Muzdalifah, where they will spend the night before the final Hajj ritual, the symbolic stoning of the devil. 

This year, each pilgrim received sanitized pebbles in advance of the event on Friday, which is the first day of Eid Al-Adha.
This year the Kingdom faced the unprecedented challenge of ensuring pilgrims attending Hajj were protected as much as possible from the risks of the coronavirus.

They will then sleep, pray the Fajr prayer there tomorrow and then leave for Mina.

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News Network
July 10,2020

Dubai, Jul 10: Saudi Minister of Culture Prince Badr bin Abdullah bin Farhan has appointed Dina Amin as CEO of the Visual Arts Commission.

She will take the lead in implementing the ministry’s vision and directions in promoting and developing visual arts in the Kingdom and empowering practitioners in the field.

Amin is a leading Saudi specialist in visual arts and the international contemporary art field. She gained a bachelor’s degree in art history and architecture from Wellesley College, in the US, and also attended a collaborative program in architecture at Massachusetts Institute of Technology.

During her career, spanning more than two decades, she has held senior positions in prominent international arts companies, including most recently Phillips, a global auction house for art, design, watches, jewels, and more.

She has also worked at Christie’s, one of the world’s most famous auction houses, employed in senior roles at the company’s international offices including New York, Dubai, and London.

The Visual Arts Commission is one of 11 new cultural bodies recently launched by the Ministry of Culture in line with the Saudi Vision 2030 reform plan to manage the empowerment and development of the Kingdom’s cultural sector. The commission will be responsible for managing and developing the visual arts sector to help achieve the ministry’s goals.

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Agencies
June 5,2020

Expatriate workers who fail to abide by the coronavirus protocols in Kingdom of Saudi Arabia may face deportation, according to media reports.

“Individuals who fail to abide by preventive measures, including wearing medical or cloth face masks, failing to observe social distancing and refusing to have their temperatures taken, will be fined SR1,000. The fine will be doubled if the violation is repeated. Residents will be deported after paying the fines,” Okaz newspaper said.

Authorities called on people to report offenders by dialling the toll free number 999, except for the holy city of Makka, where the toll free number is 911.

As per the newly-revised Saudi protocols, social gatherings such as mourning or celebration events that take place inside homes, rest houses or farms, are allowed, but attendants should not exceed 50 persons.

The private sector is also required to adhere to precautionary measures: providing their staff with disinfectants and sanitisers, taking the temperatures of both staff and customers at the entrances of shopping malls.

Other measures include sterilising shopping trolleys and baskets after each use, sanitising facilities and surfaces, closing children’s play areas and fitting rooms in shopping malls and ready-wear outlets.

Authorities highlighted the need for all individuals and entities to abide by health safety rules, social-distancing protocol and the new guidelines set for social gatherings.

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