Oil prices rise amid optimism over production cuts

December 28, 2016

London/New York, Dec 28: Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday.

Oilpro

Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC producers to lower production by almost 1.8 million barrels per day (bpd).

Brent crude was up 17 cents at $55.33 a barrel at 1340 GMT. The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. US crude gained 30 cents to $53.32.

Trading was thin on Tuesday, with less than one-third of the usual volume in futures contracts in West Texas Intermediate crude oil.

“Some of the doubts (in OPEC) people are showing are going to have to be put to rest,” said Phil Flynn, analyst at Price Futures Group in Chicago. “There is a strong possibility that we are going to rally into the end of the year.”

The members of an OPEC and non-OPEC committee formed to monitor the market may meet on Jan. 13, two sources said. Oil rallied further after news of the meeting, which may give an early indication of compliance with the deal.

“From January, we will start to have a better idea about the level of OPEC production,” said Olivier Jakob, oil analyst at Petromatrix.

“To go above $60 is going to be difficult. We are already close to the top rather than the bottom of the range right now,” he said.”

Russian oil producer Gazprom Neft said on Tuesday it planned to increase oil production by 4.5 to 5 percent next year, less than intended before Russia joined the supply cut deal.

Major OPEC members such as Saudi Arabia and Iraq have informed customers of lower supplies. But Libya and Nigeria — which are exempt from reductions because conflict has curbed their output — have been increasing production.

Products markets outpaced crude on Tuesday, as the price of reformulated blendstock gasoline gained 2.4 percent to $1.6652 a gallon, while heating oil gained 2.9 percent to trade at $1.71 a gallon. Those contracts expire Friday; options on those contracts are expiring Tuesday.

Venezuela said on Tuesday it would cut 95,000 barrels-per-day of oil production in the New Year.

“Without prejudicing its international contractual obligations, from Jan. 1, 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions,” the Energy Ministry said.

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Agencies
July 26,2020

Jeddah, Jul 26: The city of Makkah is opening its arms again to welcome pilgrims for the annual Hajj — although only a handful compared with previous years.

Because of the COVID-19 pandemic, this year’s event is limited to about 1,000 pilgrims, all from inside Saudi Arabia, about 700 of whom are expatriates.

Abdullah Al-Kathiri, an Emirati and a recovered COVID-19 patient, postponed his pilgrimage last year because it coincided with his wedding plans. “I’ve heard from many who’ve performed the pilgrimage in past years that it was always a smooth process, even with the massive numbers,” he said. “So you could imagine how it would be with the limited number of pilgrims this year. Surely it will be a great experience.”

Khadija, a Bulgarian expatriate, was overcome with tears when she heard she would be performing Hajj this year. “I didn’t expect they’d accept,” she said. “I’m sure this year’s Hajj will be an exceptional one in all respects.”

Dr. Haifa Yousef Hamdoon, a Tunisian physician in Qassim, is another who did not expect to be accepted because of the low numbers this year. “When I received confirmation of my request, I was overjoyed and couldn’t believe it,” she said.

Mu’taz Mohamed, a Sudanese pilgrim who also lives in Qassim region, praised the preventive and precautionary health measures taken in order to ensure his safety and that of other pilgrims, to enable them to perform the rituals safely.

After completing their arrival procedures, the pilgrims were taken to their accommodation in Makkah, supervised by the Ministry of Hajj and Umrah. They will stay there for four days before beginning their pilgrimage on July 30.

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Agencies
May 31,2020

Riyadh, May 31: Over 90,000 mosques in Saudi Arabia reopened their doors to worshippers on Sunday morning after over a two-month closure as part of an ease in the curfew restrictions to prevent the spread of the novel coronavirus.

The worshipers were allowed to enter the mosques, except the mosques in Makkah, from Fajr prayers today morning (Shawwal 8) with a limit of 40 per cent capacity.

The reopening of mosques was be undertaken in accordance with the guidance of Minister of Islamic Affairs, Dr Abdullatif Al Asheikh, and in line with advice issued by the Senior Council of Ulemas.

The ministry has embarked on a vigorous media campaign to urge all worshippers to abide by preventive measures for their own safety to curb the spread of Covid-19.Among the instructions are doing ablution at home, hand-washing and using sanitisers before going out to the mosque and after coming back home.

On Saturday, the Custodian of the Two Holy Mosques King Salman has approved opening the Prophet's Mosque in Madinah in stages to the public.

The elderly and those with chronic diseases are advised to perform their prayers at home. Reading and reciting the Holy Quran online is advised, too, from one's own mobile phone or at least reading from a privately owned copy of the Holy Quran.

Bringing one's prayer mat to perform prayers in mosques is highly recommended as well as keeping a two-metre distance between one another prayer.

Accompanying children under the age of 15 to the mosques is prohibited. Putting on a face mask and avoiding shaking hands and other contact is also recommended.

Meanwhile, the ministry managed, during the closure of mosques, to undertaking a massive cleaning, sanitising and maintenance drive in all mosques Kingdom-wide, according to world-class standards and best known practices. This included sanitising over 10 million mosques, 43 million copies of several sizes and volumes of the Quran, more than 600,000 Holy Quran cupboards, in addition to repairing and maintaining about 176,000

water closets, annexed to mosques.

 

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News Network
May 21,2020

Dubai, May 21: Around 10,000 Iranian health workers have been infected with the new coronavirus, the semi-official ILNA news agency quoted a deputy health minister as saying on Thursday.

Health services are stretched thin in Iran, the Middle East country hardest hit by the respiratory pandemic, with 7,249 deaths and a total of 129,341 infections. The Health Ministry said in April that over 100 health workers had died of COVID-19.

No more details on infections among health workers were immediately available.

Earlier on Thursday, Health Minister Saeed Namaki appealed to Iranians to avoid travelling during the Eid al-Fitr religious holiday later this month to avoid the risk of a new surge of coronavirus infections, state TV reported.

Iranians often travel to different cities around the country to mark the end of the Muslim holy fasting month of Ramadan, something Namaki said could lead to a disregard of social distancing rules and a fresh outbreak of COVID-19.

"I am urging you not to travel during the Eid. Definitely, such trips mean new cases of infection...People should not travel to and from those high-risk red areas," Namaki was quoted by state television as saying.

"Some 90% of the population in many areas has not yet contracted the disease. In the case of a new outbreak, it will be very difficult for me and my colleagues to control it."

A report by parliament's research centre suggested that the actual tally of infections and deaths in Iran might be almost twice that announced by the health ministry.

However, worried that measures to limit public activities could wreck an economy which has already been battered by U.S. sanctions, the government has been easing most restrictions on normal life in late April.

Infected cases have been on a rising trajectory for the past two weeks. However, President Hassan Rouhani said on Wednesday that Iran was close to curbing the outbreak.

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