Pak to buy more Malaysian palm oil to compensate for India's withdrawal

The total number of global COVID-19 cases was nearing 9 million, while the deaths have increased to over 467,000, according to the Johns Hopkins University.

By Monday morning, the total number of cases stood at 8,927,195, while the fatalities increased to 467,636, the University's Center for Systems Science and Engineering (CSSE) revealed in its latest update.

With 2,279,306 cases and 119,967 deaths, the US continues with the world's highest number of COVID-19 infections and fatalities, according to the CSSE.

Brazil comes in the second place with 1,083,341 infections and 50,591 deaths.

In terms of cases, Russia ranks third (583,879), and was followed by India (410,461), the UK (305,803), Peru (251,338), Spain (246,272), Chile (242,355), Italy (238,499), Iran (204,952), France (197,008), Germany (191,272), Turkey (187,685), Mexico (180,545), Pakistan (176,617), Saudi Arabia (157,612), Bangladesh (112,306) and Canada (103,078), the CSSE figures showed.

The other countries with over 10,000 deaths are the UK (42,717), Italy (34,634), France (29,643), Spain (28,323), Mexico (21,825) and India (13,254).

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".

Washington, Jan 9: The U.S. and Iran stepped back from the brink of possible war Wednesday as President Donald Trump signaled he would not retaliate militarily for Iran's missile strikes on Iraqi bases housing U.S. troops. No one was harmed in the strikes, but U.S. forces in the region remained on high alert.

Speaking from the White House, Trump seemed intent on deescalating the crisis, which spiralled after he authorized the assassination of Iran's top general, Qassem Soleimani. Iran responded overnight by firing more than a dozen missiles at two installations in Iraq, its most direct assault on America since the 1979 seizure of the U.S. Embassy in Tehran.

Trump's takeaway was that “Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world.”

The region remained on edge, however, and American troops including a quick-reaction force dispatched over the weekend were on high alert. Hours after Trump spoke, an ‘incoming’ siren went off in Baghdad's Green Zone after what seemed to be small rockets “impacted” the diplomatic area, a Western official said. There were no reports of casualties.

Iran's Supreme Leader Ayatollah Ali Khamenei said the overnight strike was not necessarily the totality of Iran's response. “Last night they received a slap,” Khamenei said. “These military actions are not sufficient (for revenge). What is important is that the corrupt presence of America in this region comes to an end.”

The strikes had pushed Tehran and Washington perilously close to all-out conflict and left the world waiting to see whether the American president would respond with more military force. Trump, in his nine-minute, televised address, spoke of a robust U.S. military with missiles that are “big, powerful, accurate, lethal and fast.'' But then he added: “We do not want to use it."

Iran for days had been promising to respond forcefully to Soleimani's killing, but its limited strike on two bases--one in the northern Iraqi city of Irbil and the other at Ain al-Asad in western Iraq--appeared to signal that it too was uninterested in a wider clash with the U.S. Foreign minister Mohammad Javad Zarif tweeted that the country had “concluded proportionate measures in self-defence.”

Trump said the U.S. was “ready to embrace peace with all who seek it.” That marked a sharp change in tone from his warning a day earlier that “if Iran does anything that they shouldn't be doing, they're going to be suffering the consequences, and very strongly.”

Trump opened his remarks at the White House by reiterating his promise that “Iran will never be allowed to have a nuclear weapon.” Iran had announced in the wake of Soleimani's killing that it would no longer comply with any of the limits on uranium enrichment in the 2015 nuclear deal crafted to keep it from building a nuclear device.

The president, who had earlier pulled the U.S. out of the deal, seized on the moment of calm to call for negotiations toward a new agreement that would do more to limit Iran's ballistic missile programmes and constrain regional proxy campaigns like those led by Soleimani.

Trump spoke of new sanctions on Iran, but it was not immediately clear what those would be.