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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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June 1,2020

Washington, Jun 1: As protesters gathered outside the White House on Friday night in Washington DC, US President Donald Trump was briefly taken to the White House underground bunker, The New York Times reported citing a person having firsthand knowledge about the incident.

Trump was there for less than an hour before being brought upstairs. After hundreds of people surged towards the White House on Friday, Secret Service and the United States Park Police officers sought to block them.

Trump's team was surprised by the protests that were witnessed outside the White House on Friday night, according to the US daily. It is, however, unclear if Melania Trump and Barron Trump were also taken down with him.

in response to the continuing protests against the death of African-American man George Floyd in police custody.

National Guard members have been activated in 15 states and Washington, DC with another 2,000 prepared to activate if needed.

Demonstrators across the United States have been protesting since May 25, when George Floyd, a 46-year-old African-American man, died under the police custody in the city of Minneapolis.

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Agencies
January 25,2020

Pentagon, Jan 25: Thirty-four US troops had been diagnosed with concussions and traumatic brain injury (TBI) as a result of the January 8 Iranian missile attack on two military bases in Iraq housing American soldiers, the Pentagon said.

"Eight service members who were previously transported to Germany have been brought to the US, they would continue to receive treatment in the US either at Walter Reed or their home bases," Pentagon spokesman Jonathan Hoffman told the media on Friday.

Hoffman said that nine service members were still undergoing treatment in Germany, and the rest of the 17 injured troops have already returned to duty in Iraq, reports Xinhua news agency.

Lat week, the US military had said that 11 service members were treated for concussion symptoms due to the missile attacks.

Hoffman noted that the symptoms "are late developing and manifested over a period of time".

In retaliation for the killing of Iranian Major General Qasem Soleimani in an American drone attack on January 3 in Baghdad, Tehran launched over 13 ballistic missiles on the two military bases in Anbar and near the city of Erbil.

US military initially said that no casualty was reported from the Iranian attack. President Donald Trump then downplayed the seriousness of those injures.

"I heard that they had headaches and a couple of other things, but I would say and I can report that it's not very serious," Trump told reporters on Wednesday at a press conference in Davos, Switzerland.

More than 5,000 US troops are deployed in Iraq to support the country's forces in the battle against Islamic State militants.

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Agencies
July 29,2020

If everything goes as Russia’s expectation, it will be world’s first country to approve a coronavirus vaccine for widespread in the second week of August despite safety and efficacy concerns, according to a report. The adenoviral vector-based vaccine developed by Russian military and government researchers is currently in phase 2 trials.

According to a report from CNN, Russian officials are hoping to get approval for the COVID-19 vaccine developed by the Moscow-based Gamaleya Institute on Agust 10 or even before that. The officials told the outlet that the vaccine will be approved for public use with frontline healthcare workers receiving it first.

“It’s a Sputnik moment,” said Kirill Dmitriev, head of Russia’s sovereign wealth fund, which is financing Russian vaccine research, referring to the successful 1957 launch of the world’s first satellite by the Soviet Union, according to CNN.

“Americans were surprised when they heard Sputnik’s beeping. It’s the same with this vaccine. Russia will have got there first,” he was quoted as saying.

However, Russia is yet to release the scientific data on its coronavirus vaccine trials, hence, questions remain about the safety and efficacy of the vaccine, said the report. The vaccine is in the second phase of testing with developers planning to launch the phase 3 trials sometime after August 3.

Earlier, Interfax reported, citing Health Minister Mikhail Murashko, that the vaccine will be widely used in parallel with phase 3 trials. He said the country plans to vaccinate medics who are at high-risk for COVID-19 next month before clinical trials are completed.

Murashko added that individuals at higher risk of getting infected with the coronavirus such as older people or those with health conditions will also be prioritised for the vaccine, although he did not estimate or reveal when that would happen. The minister added 800 people will be recruited for the phase 3 trials.

Meanwhile, health officials were more cautious considering the fact that human testing of the vaccine is incomplete, and the state registration is expected to begin after August 3, reported The Moscow Times.

On Monday, Moderna and Pfizer announced the commencement of the final phase 3 trials of their candidate vaccines against the SARS-CoV-2 virus, which has so far claimed at least 654,477 lives and infected 16,514,500 people worldwide. 

Researchers will recruit up to 30,000 volunteers in separate trials both backed by the US government. India's first indigenous coronavirus vaccine, COVAXIN, is undergoing phase 1 human clinical trials across the country. More than 150 COVID-19 vaccines are being developed all over the world with at least six candidates already in late-stage clinical trials.

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