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
May 20,2020

Kensington (United States), May 20: The world cut its daily carbon dioxide emissions by 17% at the peak of the pandemic shutdown last month, a new study found.

But with life and heat-trapping gas levels inching back toward normal, the brief pollution break will likely be “a drop in the ocean" when it comes to climate change, scientists said.

In their study of carbon dioxide emissions during the coronavirus pandemic, an international team of scientists calculated that pollution levels are heading back up — and for the year will end up between 4% and 7% lower than 2019 levels.

That's still the biggest annual drop in carbon emissions since World War II.

It'll be 7% if the strictest lockdown rules remain all year long across much of the globe, 4% if they are lifted soon.

For a week in April, the United States cut its carbon dioxide levels by about one-third.

China, the world's biggest emitter of heat-trapping gases, sliced its carbon pollution by nearly a quarter in February, according to a study Tuesday in the journal Nature Climate Change. India and Europe cut emissions by 26% and 27% respectively.

The biggest global drop was from April 4 through 9 when the world was spewing 18.7 million tons (17 million metric tons) of carbon pollution a day less than it was doing on New Year's Day.

Such low global emission levels haven't been recorded since 2006. But if the world returns to its slowly increasing pollution levels next year, the temporary reduction amounts to ''a drop in the ocean," said study lead author Corinne LeQuere, a climate scientist at the University of East Anglia.

“It's like you have a bath filled with water and you're turning off the tap for 10 seconds," she said.

By April 30, the world carbon pollution levels had grown by 3.3 million tons (3 million metric tons) a day from its low point earlier in the month. Carbon dioxide stays in the air for about a century.

Outside experts praised the study as the most comprehensive yet, saying it shows how much effort is needed to prevent dangerous levels of further global warming.

“That underscores a simple truth: Individual behavior alone ... won't get us there,” Pennsylvania State University climate scientist Michael Mann, who wasn't part of the study, said in an email.

“We need fundamental structural change.”

If the world could keep up annual emission cuts like this without a pandemic for a couple decades, there's a decent chance Earth can avoid warming another 1.8 degrees (1 degree Celsius) of warming from now, study authors said. But getting the type of yearly cuts to reach that international goal is unlikely, they said.

If next year returns to 2019 pollution levels, it means the world has only bought about a year's delay in hitting the extra 1.8 degrees (1 degree Celsius) of warming that leaders are trying to avoid, LeQuere said. That level could still occur anywhere from 2050 to 2070, the authors said.

The study was carried out by Global Carbon Project, a consortium of international scientists that produces the authoritative annual estimate of carbon dioxide emissions. They looked at 450 databases showing daily energy use and introduced a measurement scale for pandemic-related societal “confinement” in its estimates.

Nearly half the emission reductions came from less transportation pollution, mostly involving cars and trucks, the authors said. By contrast, the study found that drastic reductions in air travel only accounted for 10% of the overall pollution drop.

In the US, the biggest pollution declines were seen in California and Washington with plunges of more than 40%.

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Agencies
March 6,2020

Up to 2,241 new cases of COVID-19 have been reported across the globe as of Thursday, bringing the total count to 95,333, according to the latest official data by the World Health Organization (WHO).

Five countries, territories and areas reported COVID-19 cases for the first time in the past 24 hours, the Xinhua news agency reported.

WHO Director-General Tedros Adhanom Ghebreyesus emphasised the importance of implementing a comprehensive approach to mitigate the impact of the virus in a briefing on Wednesday.

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News Network
June 10,2020

Hong Kong, Jun 10: The Hong Kong police on Wednesday said they had arrested 53 people during demonstrations on Tuesday evening which were called to mark the one-year anniversary of the protest against a bill proposing extraditions to mainland China. That protest grew into a pro-democracy movement and sparked seven months of protests against Beijing's rule.

Hundreds of activists took to the streets in Hong Kong yesterday, at times blocking roads in the heart of the city, before police fired pepper spray to disperse crowds, Al Jazeera reported.

The police informed that 36 males and 17 females were arrested for offenses including unlawful assembly and disorderly conduct.

Protesters had defied a ban on gatherings of more than eight people introduced by the Hong Kong government to prevent the spread of the coronavirus.

"Lawful protests are always respected, but unlawful acts are to be rejected. Please stop breaking the law," police said in a tweet.

More protests are being planned in the coming days, with pro-democracy supporters fearing the proposed national security legislation will stifle freedoms in the city.

While details of the security law or how it will operate have yet to be revealed, authorities in Beijing and Hong Kong have said there is no cause for concern and the legislation will target a minority of "troublemakers".

But critics say the law would destroy the civil liberties Hong Kong residents enjoy under the "one country, two systems" agreement put in place when the United Kingdom handed the territory back to China in 1997. The agreement is set to end in 2047.

Japan had already issued a statement independently expressing serious concern about Beijing's move on May 28, the day China approved the decision and called in the Chinese ambassador to convey its view.

The United States, Britain, Australia, and Canada also condemned the move, with Washington saying it would revoke Hong Kong's special trading status granted under a 1992 law on the condition that the city retains key freedoms and autonomy.

China blames the protests in part on foreign intervention and is rushing to enact the national security law aimed at curbing secessionist and subversive activities in Hong Kong.

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