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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Agencies
January 20,2020

Wuhan, Jan 20: A 45-year-old Indian woman has become the first foreigner in China to have contracted a mysterious virus, which is suspected to be Severe Acute Respiratory Syndrome (SARS)-like corona virus.

In 2002-2003, the SARS corona virus killed around 650 people in China and Hong Kong. This time, a new strain of virus with 62 cases have been reported in Wuhan and two in Shenzhen so far. 19 patients have been already cured and discharged, as per the Chinese media.

Official sources in Beijing said that the patient, Preeti Maheshwari, a school teacher at an international school, is undergoing treatment for the new strain of pneumonia outbreak, which has been spreading in two major cities of China - Wuhan and Shenzen. She has been on a ventilator in the intensive care unit.

Maheshwari was admitted to a local hospital after she seriously fell ill last Friday. Her husband, a businessman from Delhi, is allowed to visit her daily.

Following a second death due to the outbreak of the virus in Wuhan, India on Friday issued an advisory to its nationals travelling to China. Over 500 Indian medical students are studying in Wuhan.

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News Network
February 21,2020

Washington, Feb 21: US President Donald Trump has made yet another tall claim about the size of the crowd that will welcome him in Ahmedabad, saying Prime Minister Narendra Modi has told him that there will 10 million(1 crore) people to greet him on his arrival for his maiden visit to India.

President Trump and First Lady Melania are scheduled to travel to Ahmedabad, Agra and New Delhi on February 24 and 25.

Speaking to reporters at the Joint Base Andrews in Maryland on Tuesday, Trump said that Modi told him that "we'll have 7 million people between the airport and the event."

"So it's going to be very exciting. But he says between the stadium and the airport, we'll have about 7 million people. So it's going to be very exciting. I hope you all enjoy it," he said.

On Thursday, Trump upped the crowd size by three million at a 'Keep America Great' rally in Colorado.

"I hear, they are going to have 10 million people. They say anywhere from six to 10 million people are going to be showing up along the route to one of the largest stadiums in the world, the largest cricket stadium in the world, which is brand new and beautiful," said Trump, who is seeking reelection in the November presidential polls.

But according to a top civic official in Ahmedabad, the total population of the city is only around 70 lakh.

The authorities believe that between one to two lakh people are expected to line up along the 22-km route of the road show by Modi and Trump from the airport to the Motera cricket stadium, said to be the world's largest.

"We believe that around one to two lakh people will gather to welcome the dignitaries during the road show," Ahmedabad Municipal Commissioner Vijay Nehra said on Thursday, contradicting the claims made by the US President.

As per the road show route plan, Trump and Modi will first reach the Sabarmati Ashram, a place closely associated with Mahatma Gandhi, from Ahmedabad airport.

Addressing his supporters, Trump spoke about his India visit and said the "Namaste Trump" rally in Ahmedabad would spoil him.

"Prime Minister Modi said, we will have 10 million people greet you. Here's my problem. We have a packed house. We have a lot of people, thousands of people that couldn't get in. It's going to look like peanuts from now on," he said.

"I'll never be satisfied with the crowd. If we have 10 million people in India, how can I be satisfied when we fill up like a 60,000-seat stadium? I am getting spoiled," Trump said.

One of Trump's supporters from the audience then suggested that he build a bigger stadium.

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Agencies
July 24,2020

Chengdu, Jul 24: China on Friday asked the US to close down its Consulate in Chengdu in retaliation to Washington's decision to shut the Chinese Consulate in Houston.

A statement by the Chinese Foreign Ministry said China has informed the US Embassy of its decision to withdraw its consent for the establishment and operation of the US Consulate General in Chengdu.

This was in response to "unilateral" decision by the US to shut the Houston Consulate. China's decision is legitimate and necessary response to the unreasonable actions of the US, it said.

The US on Wednesday ordered the closure of the Chinese consulate in Houston, a move it said was aimed "to protect American intellectual property and private information."

Reacting strongly to the US move, Chinese Foreign Ministry spokesman Wang Wenbin termed it as an "unprecedented escalation and warned retaliatory measures.

China on Thursday said that "malicious slander" is behind an order by the US government to close its consulate in Houston, Texas, and maintained that its officials have never operated outside ordinary diplomatic norms.

Wang said the order to close the consulate violates international law and basic norms governing international relations, and seriously undermines China-US relations.

This is breaking down the bridge of friendship between the Chinese and American people, Wang said.

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