Syrian army denies Israel's involvement in explosions at airbase

Dubai, Mar 9: The eyes of the world will be on the oil markets when the big trading hubs in Europe and North America open following the end of the deal between Saudi Arabia and Russia that has helped to sustain crude at relatively high levels for the past three years.

There were big falls on Friday when ministers from the Organization of the Petroleum Exporting Countries (OPEC) failed to get a deal with non-OPEC members — the so-called OPEC+ — to extend output agreements. Brent oil was down nearly 10 percent at $45.27 going into the western weekend.

Saudi Aramco took immediate action to cut prices after the OPEC+ collapse, offering big discounts for crude deliveries from next month, when the current output restrictions end.

According to a notification sent to customers by Saudi Aramco, seen by Arab News, the Kingdom’s oil giant will cut between $4 and $8 per barrel, with the biggest discounts being offered to buyers in northwest Europe and the US.

Roger Diwan, an oil analyst at consultancy IHS Market, said: “We are likely to see the lowest oil prices of the past 20 years in the next quarter.”

West Texas Intermediate, the US oil benchmark, fell to $28.27 in November 2001.

The move raises the possibility of a “crude war” between the three biggest oil blocs — the US, Russia and the Arabian Gulf. Some analysts believe the American shale industry is more vulnerable to low prices than either the Russians or the Saudis.

Robin Mills, head of the Qamar consultancy, told Arab News: “I don’t think this was premeditated but Saudi Arabia has clearly swung quickly into action to put the Russians under pressure. But the Russians, with low debt and a flexible exchange rate, can cope with a few months of low prices.”

The boom in US shale has made the country the biggest oil producer in the world, but with high financing costs. Lower global prices would put a lot of shale companies out of business.

On the other hand, American motorists, and President Donald Trump, would be pleased to see lower fuel prices in an election year.

In Moscow, one prominent financier with ties to the Kingdom played down the long-term significance of the Vienna fallout.

Kirill Dmitriev, chief executive of the Russian Direct Investment Fund, told Arab News: “Saudi Arabia is our strategic partner, and cooperation between our two countries will continue in all areas. We will also continue to work within the framework of the Russia-Saudi Economic Council.”

One Russian official, who asked not to be named, added: “There is a good relationship between Alexander Novak, Russian energy minister, and his Saudi counterpart Prince Abdul Aziz bin Salman, and I am sure they will continue talking to each other less formally.”

Riyadh, Mar 26: The video summit of the G20 leaders slated for Thursday will unite the global response to the coronavirus pandemic, Saudi Arabia's King Salman said.
"As the world confronts the COVID-19 pandemic and the challenges to healthcare systems and the global economy, we convene this extraordinary G20 summit to unite efforts towards a global response. May God spare humanity from all harm," tweeted King Salman, who will chair the summit.
The summit will be held today via video conference with an aim to advance a coordinated global response to the COVID-19 pandemic and its human and economic implications, the Kingdom had said yesterday in a statement.
India is a member nation of the G20 group. Prime Minister Narendra Modi, who will take part in the summit, said that the Group of 20 (G20) has an important role to play in the fight against coronavirus.
He said: "The G20 has an important global role to play in addressing the #COVID19 pandemic. I look forward to productive discussions tomorrow at the G20 Virtual Summit, being coordinated by the Saudi G20 Presidency."
The other members of the group include Argentina, Australia, Brazil, Canada, China, Germany, France, India, Indonesia, Italy, Japan, Mexico, the Russian Federation, Saudi Arabia, South Africa, South Korea, Turkey, the UK, the US, and the European Union.
Several international organisations -- including the United Nations, World Bank, the World Health Organization and the World Trade Organization will take part.

Leaders from the Food and Agriculture Organization, the Financial Stability Board, the International Labour Organization, International Monetary Fund, the Organization for Economic Cooperation and Development -- will also be the part of the conference.

Regional organisations will be represented by: Vietnam, the Chair of the Association of Southeast Asian Nations (ASEAN); South Africa, the Chair of the African Union (AU); the United Arab Emirates, the Chair of the Gulf Cooperation Council (GCC); and Rwanda, the Chair of the New Partnership for Africa's Development.

Jeddah, May 3: Saudis and expats who spread rumors on social media could be jailed for up to five years and fined SR3 million ($800,000) under measures to counter false information regarding the coronavirus pandemic.

The move follows warnings by Saudi Arabia’s Ministry of Health, Ministry of Interior, General Presidency of the Two Holy Mosques and other government entities that people should rely on trusted news sources and not third parties for information on the Kingdom’s handling of the COVID-19 outbreak.

The Saudi Public Prosecutor warned that legal action will be taken against individuals who spread misinformation and rumors.

On Saturday, media spokesman for the Riyadh region police, Col. Shakir Al-Tuwaijri, highlighted a video circulating on social media in which a person spreads rumors about steps taken to curb the spread of the coronavirus.

Other false claims include a planned change in curfew hours, warnings of food shortages, and a suggestion that health authorities are deliberately concealing the number of cases in the Kingdom.

In a recent case, a Riyadh resident claimed to know when worshippers will be allowed to return to the Grand Mosque.

All suspects have been arrested and face legal action, police said.

Dimah Al-Sharif, a Saudi legal counsel and member of the International Association of Lawyers, urged people to be responsible regarding content they access on social media.

“Receivers should not save such content or share it with others, and should delete it if possible since they, too, will be liable,” she said.

“Under Saudi laws to counter cyber-crime, we are not allowed to produce, prepare, send or save any unauthorized content or rumors.”

Individuals who breach regulations can be jailed for up to five years and face fines of SR3 million, as well as confiscation of the device(s) used in the crime, she said.

In addition, the judicial ruling will be published in newspapers at the offender’s expense.

The Kingdom’s Public Prosecution Office took to social media to warn users about the consequences of spreading rumors and misinformation.

@bip_ksa tweeted: “Receiving information from its official sources is a moral obligation and commitment, and legal responsibility. Do not fall victim to malicious rumors and news from anonymous sources that violate the procedures and effort, and cause terror regarding the Coronavirus, in order to avoid strict criminal accountability in this regard.”