OPEC, Russia approve 'historic' oil cuts amid coronavirus

News Network
April 13, 2020

Vienna, Apr 13: Top oil-producing countries agreed on "historic" output cuts to prop up prices hammered by the coronavirus crisis and a Russia-Saudi price war, sending crude prices soaring on Monday.

The US benchmark WTI climbed 7.7 percent to $24.52 a barrel in early Asian trade while Brent was up 5.0 percent at $33.08.

OPEC producers dominated by Saudi Arabia and allies led by Russia thrashed out a compromise deal via videoconference Sunday after Mexico had balked at an earlier agreement struck on Friday.

In the compromise reached Sunday they agreed to a cut of 9.7 million barrels per day from May, according to Mexican Energy Minister Rocio Nahle, down slightly from 10 million barrels a day envisioned earlier.

OPEC Secretary General Mohammad Barkindo called the cuts "historic".

"They are largest in volume and the longest in duration, as they are planned to last for two years," he said.

The agreement between the Vienna-based Organization of the Petroleum Exporting Countries and partners foresees deep output cuts in May and June followed by a gradual reduction in cuts until April 2022.

Barkindo added that the deal "paved the way for a global alliance with the participation of the G20".

Saudi Energy Minister Prince Abdulaziz bin Salman, who chaired the meeting together with his Russian and Algerian counterparts, also confirmed that the discussions "ended with consensus".

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News Network
July 17,2020

Jul 17: US President Donald Trump has said that he wants to do everything possible to keep peace for the people of India and China, according to his spokesperson

Over the past several weeks, the Trump administration has come out in support of India against China.

“He (Trump) said I love the people of India and I love the people of China and I want to do everything possible to keep the peace for the people,” White House Press Secretary Kayleigh McEnany told reporters at a news conference here on Thursday.

She was responding to a question on Trump’s message to India, which recently had a standoff with China in eastern Ladakh along the Line of Actual Control.

Earlier in the day, White House Economic Advisor Larry Kudlow described India as a great ally, saying President Trump is a great friend of Prime Minister Narendra Modi.

On Wednesday, Secretary of State Mike Pompeo said that India has been a great partner of the US.

“India has been a great partner… They are an important partner of ours. I have a great relationship with my foreign minister counterpart. We talked frequently about a broad range of issues. We talked about the conflict they had along the border with China. We've talked about the risk that emanates from the Chinese telecommunication infrastructure there,” Pompeo told reporters in response to a question.

Travelling in Europe, US National Security Advisor Robert O’Brien told reporters that China has been very aggressive with India.

O’Brien said that India is a democracy and is a great friend of the United States. Prime Minister “Modi and President Trump have a super relationship,” he said.

“In fact, it was the last foreign trip that I took with the president before the COVID-19 crisis hit, was to India, and we had a great reception of the Indian people there. We have a lot in common with them, we speak English, we're democracies. We've got a growing, very strong relationship with India,” O’Brien said.

Welcoming the White House statement, Al Mason, co-chair of the Trump Victory Indian American Finance Committee, said that unlike his predecessor, President Trump has come out openly in support of India.

“Most of the Indian-Americans have observed that every earlier president - be it a Democrat or Republican, like Clinton or Bush Senior or Bush Jr or Obama have been very scared to side with India openly, for fear of hurting China.

“Only President Trump has had the courage to say that… I love India, America respects India… US stands with India - and that also, to over one billion Indians in India at the Namaste Trump rally held in India… and that too… near India’s neighbour China,” Mason said in a statement.

“And he is consistent in his love for India and Indian-Americans,” he added.

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News Network
January 24,2020

Beijing, Jan 24: As China stepped up measures to control the spread of coronavirus, locking down Wuhan and Huanggang cities in the Hubei province where several Indians live, the Indian Embassy here has set up hotlines for their assistance.

Chinese officials assured all assistance, including food supply, to the Indians who stayed put in the province, the Indian Embassy here said in a press release on Thursday.

Wuhan and its surrounding area became the epicentre of the coronavirus outbreak as the confirmed cases climbed to over 600 mostly from the city and the province with 17 deaths so far.

China has virtually sealed Wuhan and Huanggang cities, halting all public transport, including flight services, and advised people to stay at home and follow the precautions. The two cities put together have a population of over 17 million people.

Chinese officials said the measures have been taken to prevent the spread of the virus to other cities and the world.

Concerns arose for India too as about 700 Indian students, mostly studying medicine in different Chinese universities, resided in Wuhan and its neighbouring areas.

While many of them were believed to have left home for the Chinese New Year holidays, others remained in the city to complete their academic work. However, the exact number is not yet known.

“The Embassy of India has been receiving queries from Indians in Hubei province as well as their relatives in India in connection with the evolving situation of coronavirus infection in China,” the embassy press release said.

The embassy is in touch with relevant Chinese authorities in Beijing and Wuhan as well as Indians in Hubei Province, especially in Wuhan, it said.

“We are closely monitoring the evolving situation in China, including the advisories issued by the World Health Organisation (WHO),” the embassy said.

According to the embassy, Chinese authorities have assured all assistance to residents of Wuhan, including food supply.

“At present, it is reported that supermarkets (particularly those that are government-run) and e-commerce services, including food delivery, continue to remain operational in Wuhan,” it said.

The embassy has started two hotlines for those who wish to get in touch with the Mission in this regard in the following phone numbers:              +8618612083629 and +8618612083617.

“All are advised to also keep track of the embassy's social media accounts (Twitter:@EoIBeijing; Facebook: India in China) for updates on this evolving situation,” the release said.

Meanwhile, the Chinese Foreign ministry said all assistance would be provided to consular officials of the foreign missions to ensure the safety of the foreigners in the country.

Asked whether China would consider any request from the respective countries to move their citizens out of Wuhan, Chinese Foreign Ministry spokesman Geng Shuang said, “We always help foreign consular officials in China in their official jobs, we offer them all the assistance and convenience necessary and we work to guarantee foreign citizens' legitimate rights and interest in China.”

He said while specific detailed would be provided by local officials, China in principle, has always handled issues according to domestic laws, international laws and bilateral consular agreements.

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News Network
April 17,2020

Paris, Apr 17: The number of coronavirus-related deaths in France has increased by 753 to 17,920 over the past 24 hours, with the total case count now standing at 108,847, Jerome Salomon, the head of the state health agency, said on Thursday.

On Wednesday, the country reported a total of 106,206 cases, including a record 1,438 new fatalities. Salomon specified that it was not the daily death toll, as the data had been compiled over the last three-day weekend.

"The total number of victims since March 1 is 17,920," Salomon said at a briefing on Thursday.
He noted that 11,060 of them had died in hospitals, and 6,860 others in social and medical-social facilities.

President Emmanuel Macron on Monday extended nationwide movement restrictions, which had been introduced due to the epidemic, until May 11. Afterwards, the country is set to gradually reopen kindergartens, schools and universities.

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