Saudi Arabia decides to cut oil output as producers discuss price dip

Agencies
November 12, 2018

Nov 12: Saudi Arabia, the world's top crude exporter, said on Sunday it will cut oil output from next month, as major producers held a key meeting to discuss shoring up sliding prices. Saudi Energy Minister Khalid al-Falih announced the kingdom was cutting its supplies by 500,000 barrels per day from December.

But Falih said ahead of the meeting of OPEC and non-OPEC key producers that there was not yet consensus on a broader output cut.

Oil prices have shed a fifth of their value in just one month after surging to a four-year high in early October, driven by a combination of factors centred on higher supply and fears of sluggish demand.

The meeting of the Joint Ministerial Monitoring Committee in Abu Dhabi will not take decisions, ministers said, but will propose recommendations for a crucial ministerial meeting in Vienna early in December.

Among those attending were Russian Energy Minister Alexander Novak, Oman's Oil Minister Mohammed al-Rumhi and the energy minister of host UAE Suheil al-Mazroue.

Falih told reporters ahead of the meeting that Saudi Arabia's "crude exports for December will be 500,000 bpd lower than November".

The world's top oil exporter has been pumping 10.7 million bpd since October, he said.

The Saudi minister acknowledged that so far there was no fresh agreement on reducing production among OPEC and non-OPEC producers, who struck a deal in late 2016 to cut output by 1.8 million bpd to remedy an oversupply crisis.

"There is no consensus yet among oil producers about cutting production," Falih said at the gathering.

He insisted it was "premature to talk about a specific action", when asked about the possibility of an output cut.

"We have to study all the factors," Falih said.

Brent crude dropped below USD 70 a barrel on Friday for the first time since April while the New York's West Texas Intermediate (WTI) sank below USD 60 a barrel, a nine-month low.

In his speech at the start of the meeting Falih said the recent sharp drop in prices has "surprised us".

He said the market sentiment has shifted from one of fearing shortages to one worried about oversupply.

He also attributed the sharp drop in prices to "microeconomic uncertainties", and signs of a build-up in crude inventories.

The UAE's Mazrouei said that the goal of the OPEC and non-OPEC cooperation was to strike a balance in the market, adding that recommendations for possible action will be made to next month's ministerial conference.

The latest price slump comes as the United States has upped production of shale oil, while Saudi Arabia, Russia and others have raised supplies of crude amid signs of slowing demand.

There have also been signs of a softer-than-expected impact from US sanctions on Iranian oil exports.

"Prices have been falling amid a continued rise in crude supplies from big producers, such as Saudi Arabia, Russia and the US, more than compensating for lost Iranian barrels," Forex.com analyst Fawad Razaqzada told AFP.

"With the Iranian sanctions not being as severe as initially feared, officials from the OPEC and non-OPEC producers may discuss at the weekend the need to bring compliance back down... or risk another 2014-style slide in prices." Producers implemented large cuts starting at the beginning of 2017 and managed to push up oil prices from below USD 30 a barrel to over USD 85 in October, strongly improving their revenues.

But the producer nations eased the output cuts in June after signs of a tighter market and higher prices, allowing hundreds of thousands of extra barrels to hit the market.

Commerzbank, Germany's second-largest lender, said Friday oil producers must act to prevent a free fall of prices.

"If they fail to signal any intention to reverse the latest increase in production, oil prices threaten to slide further," the bank said in a note.

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News Network
February 4,2020

Feb 4: Amid the agitations against Citizenship Amendment Act, National register of Citizens and National Population Registration across the country, Prime Minister Narendra Modi on Monday said that there is a "political design" behind all these protests including in Delhi's Jamia and Shaheen Bagh to ruin the harmony of the nation.

"Be it Seelampur, Jamia or Shaheen Bagh, protests held over the past several days regarding the Citizenship Amendment Bill. Is this just a coincidence? No. This is an experiment," said Prime Minister Narendra Modi in his first election rally for Delhi polls at Karkardooma.

"There is a political design behind all these protests including Jamia and Shaheen Bagh. These protests are a conspiracy to divide India. These protests are going to ruin the harmony of the nation," he asserted.

Lambasting the opposition parties including Congress and Aam Aadmi Party for supporting the ongoing protests, he said: "But AAP and Congress are provoking people. Constitution and tricolor are being kept in front and attention is being diverted from the real conspiracy."

"These people were doubting the ability of our forces during surgical strikes. Do citizens of Delhi want such people in power? These people are saving those who want to break India into pieces," he added.

People have been protesting at Jamia and Shaheen Bagh against CAA, NRC and NPR. Members of the Opposition have deemed CAA "discriminatory and anti-Constitution" while the Centre has maintained that the new law has no effect on Indian citizens.

Recently, two firing incidents took place near Jamia Millia Islamia University.On Sunday night, the firing incident was reported near gate number five at the university following which people including some students of the varsity gathered outside the Jamia Nagar police station. They returned from the Jamia Nagar police station after their complaint was registered.

Earlier, a student sustained injuries after a young man fired at the protestors near Jamia.

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abdullah
 - 
Tuesday, 4 Feb 2020

Once again incorrect statement and only to divert people attention.  Every one knows who is ruining image of our nation.   this govt has completely failed in all aspects and trying to survive by misguiding the citizens.  Economy is reaching zero and GDP is coming down day by day, Banks and industries on getting closed. youths are unemployed due to no chance.   However, Govt is giving false statement that nothing to worry and our economy if growing.   this govt has brought black bills of CAA and MPR only to divide the society and keep them engaged and forget the falling economy.   If this situation continues, our nation will be one of the poorest countries in the world.   This govt is trying to sell all Govt hold units like Railway, Insurance, etc to private companies only to help the industrialists and to get commission from them.    LIC was running in profit till 4 to 5 years back, but now its running in loss.   Huge amount of money from LIC is taken by Govt to hide the downfall of economy.   Only God can save our country from the hands of present looters + decoits.  

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News Network
March 12,2020

Miami, Mar 12: The NBA has suspended its season "until further notice" after a Utah Jazz player tested positive Wednesday for the coronavirus, a move that came only hours after the majority of the league's owners were leaning toward playing games without fans in arenas.

Now there will be no games at all, at least for the time being. A person with knowledge of the situation said the Jazz player who tested positive was center Rudy Gobert. The person spoke to The Associated Press on condition of anonymity because neither the league nor the team confirmed the test.

"The NBA is suspending game play following the conclusion of tonight's schedule of games until further notice,'' the league said in a statement sent shortly after 9:30 p.m. EDT. "The NBA will use this hiatus to determine next steps for moving forward in regard to the coronavirus pandemic.''

The test result, the NBA said, was reported shortly before the scheduled tip-off time for the Utah at Oklahoma City game on Wednesday night was called off. Players were on the floor for warmups and tip-off was moments away when they were told to return to their locker rooms. About 30 minutes later, fans were told the game was postponed ``due to unforeseen circumstances."

Shutdown for two weeks?

Those circumstances were the league's worst-case scenario for now -- a player testing positive. A second person who spoke to AP on condition of anonymity said the league expects the shutdown to last a minimum of two weeks, but cautioned that time-frame is very fluid.

"It's a very serious time right now," Miami Heat coach Erik Spoelstra said. "I think the league moved appropriately and prudently and we'll all just have to monitor the situation and see where it goes from here."

The Jazz released a statement saying a player -- they did not identify Gobert -- tested negative earlier Wednesday for flu, strep throat and an upper respiratory infection. That player's symptoms diminished as the day went along, but the decision was made to test for COVID-19 anyway. That test came back with a preliminary positive result.

"The individual is currently in the care of health officials in Oklahoma City," the Jazz said, adding that updates would come as appropriate.

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News Network
April 24,2020

Apr 24: Dubai's Supreme Committee of Crisis and Disaster Management has announced partial easing of restrictions on public movement in the emirate starting from Friday amid the COVID-19 outbreak.

The announcement is in line with the decisions of the Ministry of Health and Prevention and the National Emergency Crisis and Disaster Management Authority (NCEMA), a statement released late on Thursday said.

The move, which coincides with the start of the fasting month of Ramzan, will allow increased freedom of movement while ensuring the continuation of strict precautionary and preventive measures, the statement said.

The Committee has also outlined a new set of guidelines on movement and a list of exempted commercial activities and vital sectors, it added.

The decision to reduce restrictions on movement in Dubai follows a careful assessment of the current situation and analysis of reports from various authorities working to combat the pandemic, the committee said.

Underlining the emirate’s success in countering the spread of the virus, it said that stringent measures undertaken over the last three weeks have significantly helped to mitigate the crisis.

It further stressed that despite the partial easing of restrictions on movement, people will not be allowed to hold public or private gatherings and those who breach the guidelines will face legal action.

The need to ensure the safety and wellbeing of the community cannot be underestimated, the Committee stressed.

"Despite the difficult circumstances the world is facing today, the UAE has set an example for dealing with the crisis. This was also made possible through the commitment of all individuals and institutions both in the private and public sector,” the committee said in the statement.

“All measures undertaken by the country have been driven by the objective of safeguarding everyone’s safety and wellbeing,” it added.

Public transport (bus and metro), restaurants and cafes (except for buffet and shisha), retail sector (malls, high-street outlets and souqs), wholesale sector and maintenance shops will be allowed to operate under certain conditions, it said.

Shopping malls, markets and commercial outlets will be open daily from 12 pm to 10 pm. Restaurants and shops are allowed to operate at a maximum of 30 per cent capacity at shopping malls, it said.

Malls and retail outlets are not allowed to hold entertainment events to avoid congestion and crowding, it added.

Restaurants and cafés too have been allowed to operate but are not permitted to serve shisha and buffet. Dine-in customers are allowed but should occupy only a maximum of 30 per cent of the outlet’s capacity and only single-use cutlery can be used at restaurants and cafes, it said.

However, family entertainment facilities, cinemas, changing rooms and prayer rooms will not be allowed to operate. Hotels will be allowed to operate without opening pools, gyms, sauna and massage parlours.

A maximum of 30 per cent of the workforce of all organisations will be allowed to work from their offices while the rest will be required to work from home.

As part of the first phase of easing of restrictions, the stringent curbs on public movement will now be limited to the period between 10 pm to 6 am. During this period, the public will be allowed to leave their homes only for medical emergencies.

Individuals will be able to leave their homes between 6 am and 10 pm without a permit.

The public will be required to strictly follow precautionary measures which include maintaining physical distance from others as per guidelines and wearing a face mask. Those who do not wear a mask will be subject to a fine of AED 1,000.

Members of the public have also been allowed to exercise outside their homes provided they do not leave their area of residence. They can undertake activities such as walking, running or cycling for 1-2 hours each time. Only a maximum of three people can exercise at the same time.

Permission has also been granted to allow visit first and second degree relatives as long as gatherings are restricted to not more than five people. However, visiting high-risk individuals (individuals above 60 years and those with underlying medical conditions) should be avoided.

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