Saudi Aramco to boost oil output capacity by 1 million barrels per day

News Network
March 11, 2020

Mar 11: Energy giant Saudi Aramco on Wednesday said it plans to raise its crude production capacity by one million barrels per day to 13 million bpd as a price war with Russia intensifies.

"Saudi Aramco announces that it received a directive from the ministry of energy to increase its maximum sustainable capacity from 12 million bpd to 13 million bpd," the company said in a statement to the Saudi Stock Exchange.

The decision comes a day after the world's top exporter, Saudi Arabia, decided to hike production by at least 2.5 million bpd to a record 12.3 million from April.

The Saudi moves come after the collapse of an oil production reduction agreement between OPEC and non-OPEC producers, including Russia.

The deal proposed by Saudi Arabia called for additional output cuts of 1.5 million bpd to cope with the severe economic impact of the coronavirus which has sharply reduced world demand for crude.

Boosting production capacity normally takes a long time and requires billions of dollars of investment.

Several years ago, the kingdom had shelved plans to boost its crude production capacity beyond 12 million bpd after demand for OPEC oil declined in the face of stiff competition from North American shale oil and other sources.

Russia on Tuesday said it was open to renewing cooperation with the OPEC cartel even as its kingpin Saudi Arabia escalated a price war with Moscow by announcing it would flood markets with new supplies.

The oil price war broke out after OPEC and a group of non-member countries dominated by Russia -- the world's second largest producer -- on Friday failed to agree on production cuts.

Saudi Arabia responded by announcing unilateral price cuts. This prompted the oil price to plummet and fuelled huge falls on stock markets around the world on Monday.

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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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News Network
April 26,2020

Dubai, Apr 26: Saudi Arabia reported 1223 new cases of coronavirus, bringing the total number of infections in the country to 17522, the Ministry of Health announced on Sunday (April 26).

Meanwhile, the ministry reported 142 recoveries today, with total recoveries in the kingdom at 2357. There are 115 cases in intensive care.

The ministry also confirmed 3 deaths, bringing the total number of deaths in the kingdom to 139.

Saudi King Salman Bin Abdul Aziz has ordered the partial lifting of a curfew imposed due to the new coronavirus across the country while keeping a 24-hour lockdown in the holy city of Mecca, the Saudi news agency SPA reported Sunday. The partial lifting of the restriction started Sunday from 9am until 5pm and will continue until May 14, the agency added.

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News Network
June 12,2020

Beirut, Jun 12: Angry Lebanese protesters blocked roads across the country with burning tyres, debris and their vehicles, incensed over the local currency's depreciation by more than 25 percent in just two days.

The demonstrations from northern Akkar and Tripoli to central Zouk, the eastern Bekaa Valley, Beirut and southern Tyre and Nabatieh on Thursday were some of the most widespread in months of upheaval over a calamitous economic and financial crisis.

Protesters set ablaze a branch of the Central Bank, vandalised several private banks and clashed with security forces in several areas. At least 41 people were injured in Tripoli alone, according to the Lebanese Red Cross.

"I'm really pissed off, that's all. If politicians think they can burn our hearts like this the fire is going to reach them too," unemployed computer engineer Ali Qassem, 26, told Al Jazeera after pouring fuel onto smouldering tyres on a main Beirut thoroughfare.

Tens of thousands of Lebanese have lost jobs in the past six months and hundreds of businesses have shuttered as a dollar shortage led the Lebanese pound to slide from 1,500 to $1 last summer - where it was pegged for 23 years - to roughly 4,000 for each US dollar last month.

But the slide turned into a freefall between Wednesday and Thursday when the pound plummeted to roughly 5,000 to $1 on black markets, which have become a main source of hard currency. There was widespread speculation the rate hit 6,000 or even 7,000 pounds to the dollar, though most markets stopped trading.

Protesters began amassing on streets across the country before sunset and increased into the thousands across the country as the night fell.

Prime Minister Hassan Diab cancelled all meetings scheduled for Friday to hold an emergency cabinet session at 9:30am and another at 3pm at the presidential palace to be headed by President Michel Aoun.

The pound's collapse is the perhaps the biggest challenge yet for Diab's young cabinet, which gained confidence in February after former prime minister Saad Hariri's government was toppled by an unprecedented October uprising that had the country's economic crisis at its core.

Economy Minister Raoul Nehme told Al Jazeera that there was "disinformation" being circulated about the exchange rate on social media and said he was investigating possible currency manipulation.

"I don't understand how the exchange rate increased by so much in two days," he said.

Many protesters have pitted blame on Central Bank governor Riad Salameh, nominally in charge of  keeping the currency stable. But they have also called on the government to resign.

"If people want reform between dawn and dusk, that's not going to work, and if someone thinks they can do a better job then please come forward," Nehme said.

"But what we can't have is a power vacuum - then the exchange rate won't be 5000, it'll be a catastrophe."

'Everyone paying the price'

When protesters set a large fire in Beirut's Riad al-Solh Square, which lies at the foot of a grand Ottoman-era building that serves as the seat of government, firefighters did not intervene to extinguish it.

It later became clear why: Civil Defence told local news channel LBCI they had run out of diesel to fuel their firetrucks.

Basic imports such as fuel have been hit hard by the currency crisis, making already-weak state services increasingly feeble.

A half-dozen or so police officers with Lebanon's Internal Security Forces observed the scene unfolding in front of them in the square.

"Why do you destroy shops and things and attack us security forces - do you think we're happy? Go and f****** break that wall or go to the politicians' houses," one police officer told Al Jazeera, referring to a large concrete barrier separating protesters from the seat of government.

"In the end we are with you and we want the country to change. Don't you dare think we're happy. My salary is now worth $130," the officer said.

The currency's spectacular fall seems to have pushed many Lebanese to put common interests above their differences.

Large convoys of men on motorbikes from Shia-majority areas of southern Beirut joined the demonstrations on Thursday, though they have clashed with protesters many times before - including at a protest on Saturday.

Some chanted sectarian insults, leading to brief clashes in areas that were formerly front lines during the country's devastating 15-year civil war.

Instead, the motorbike-riding demonstrators on Thursday chanted: "Shia, Sunni, F*ck sectarianism."

"We are Shia, and Sunnis and Christian are our brothers," Hisham Houri, 39, told Al Jazeera, perched on a moped with his fiancee behind him just a few metres from a pile of burning tyres.

The blaze sent thick black smoke into the sky towards an iconic blue-domed mosque and church in downtown Beirut.

"Politicians play on these sectarian issues and sometimes succeed, but in the end, they'll fail because all the people have been hurt," he said. "The dollar isn't just worth 6,000 for Shias or for Sunnis, everyone is paying that price."

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