OPEC, Russia approve 'historic' oil cuts amid coronavirus

News Network
April 13, 2020

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".

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News Network
June 15,2020

Beijing, Jun 15: China is locking now ten more neighbourhoods in Beijing to try and contain the spread of a new coronavirus outbreak linked to a food market, authorities announced Monday.

City official Li Junjie said at a press conference that fresh cases had been found in a second wholesale market in northwestern Haidian district, and as a result, the market and nearby schools would be closed, and people living in ten communities around it placed under lockdown.

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Agencies
February 4,2020

The death toll in China's coronavirus rose sharply to 425 with 64 deaths on Monday alone while 3,235 new confirmed cases were reported, taking the number of those infected with the deadly disease to 20,438, Chinese health authorities said on Tuesday.

The 64 people who died on Monday were all from the Hubei province, the epicentre of the virus, China's National Health Commission said.

Also, 3,235 new confirmed cases of novel coronavirus infection were reported, a big increase in a day.

Another 5,072 new suspected cases were reported on Monday, said the commission, adding that 492 patients became seriously ill.

The commission said that 2,788 patients remained in severe condition and 23,214 people were suspected of being infected with the virus, a pointer that it is increasingly turning virulent.

The overall confirmed cases on the Chinese mainland had reached 20,438 by the end of Monday, the commission said, noting that a total of 425 people had died of the disease.

A total of 632 people had been discharged from hospital after recovery, state-run Xinhua news agency reported As the virus spreads from human to human, 221,015 close contacts had been traced, with 171,329 others still under medical observation.

By the end of Monday, 15 confirmed cases had been reported in Hong Kong, eight in the Macao and 10 in Taiwan.

The Philippines reported the first overseas death from the virus on Sunday while 148 cases have been reported from abroad.

India has reported three cases of the coronavirus. All the three patients from Kerala recently returned from the affected Wuhan city.

Currently, 647 Indians and seven Maldivians who have been evacuated from Wuhan and Hubei are in 14-day quarantine at a medical camp in Manesar, near Delhi.

As the virus continued to spread at an alarming rate, Chinese President Xi Jinping on Monday warned officials of punishment if they shirked responsibility in tackling the virus outbreak.

On Monday, China has opened a 1,000-bed hospital built in record nine days in Wuhan city and started trials for new drug to contain the virus and is set to open another 1,300 bed hospital next to it on Wednesday.

The ruling Communist Party of China on Monday held its political bureau meeting presided by President Xi to review the steps being taken on various fronts to halt the spread of the deadly virus.

The outcome of the epidemic prevention and control directly affects people's lives and health, the overall economic and social stability and the country's opening-up, Xi said.

"Those who disobey the unified command or shirk off responsibilities will be punished," Xi was quoted as saying by the state-run Xinhua news agency.

Xi said that the party and government leaders supervising them would also be held accountable in severe cases.

Chinese armament firms, including those building aircraft carrier and military aircraft, have postponed planned work in order to concentrate on controlling the risk of coronavirus, state-run Global Times reported.

Noted Chinese health expert Zhong Nanshan has said that based on the fresh evidence, the novel coronavirus, which is spreading rapidly in China and the world, may reach its peak in the next 10 to 14 days, contrary to earlier estimates of climaxing sooner.

This means that the cases would drastically increase in the next two weeks before slowing down.

Also, China has begun clinical trials to test a drug to treat the patients of the coronavirus which till now has no cure.

Currently, patients are being treated with a combination of antivirals and other measures, as scientists race to find a vaccine.

Some reports said drugs to treat HIV too was being tried to treat the patients.

The experimental antiviral drug, Remdesivir, to be tested in field trials is developed by US-based Gilead Sciences. It is aimed at treating infectious diseases such as Ebola and SARS, South China Morning Post reported.

It was given to the first US patient last week - a 35-year-old man whose condition appeared to improve within a day, it said.

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Agencies
February 16,2020

Wuhan, Feb 16: The death toll from China's coronavirus epidemic has climbed to 1,665 after 142 more people died, mostly in the worst-hit Hubei Province, and the confirmed cases jumped to 68,500, officials said on Sunday, as top WHO experts scramble to assist Beijing contain the virus spread.

China's National Health Commission confirmed 2,009 new cases across the country.

Hubei and its provincial capital Wuhan, where the virus first emerged in December, reported 1,843 of the new cases. The latest report brought the total confirmed cases in Hubei to 56,249 cases.

Of the new deaths, 139 were in Hubei, two in Sichuan, and one in Hunan, the state-run Xinhua news agency reported.

The number of new cases, however, appears to have started dropping and a top Chinese health official has said efforts to control the outbreak have reached the “most crucial stage".

The report said 9,419 infected patients had been discharged from hospital after recovery so far.

The coronavirus has posed a severe threat to the medical staff as more than 1,700 Chinese health officials have been infected by the virus while treating the patients and six of them have died.

Experts from the World Health Organisation are expected in Beijing on Sunday to join Chinese health authorities in containing the virus, which has spread to several other countries forcing them to temporarily stop tourist arrivals from China.

The health commission said a joint mission with WHO experts will pay field visits to China's three provincial-level regions to learn the effectiveness of the epidemic control measures.

One task of the mission will be to come up with standard medicine to cure the disease, according to the health commission.

Several antiviral drugs are under clinical trials and Chinese researchers have narrowed down their focus to a few existing drugs, including Chloroquine Phosphate, Favipiravir and Remdesivir, said Zhang Xinmin, director of the China National Centre for Biotechnology Development.

Experts have asked people to frequently wash hands and face, and wear masks.

Authorities have begun quarantining large quantity of bank notes and coins in the affected areas and sanitising them with UV light before releasing them back into circulation to stop the virus from spreading.

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