OPEC, Russia extend record oil cuts to end of July

Agencies
June 7, 2020

Moscow, Jun 7: OPEC, Russia and allies agreed on Saturday to extend record oil production cuts until the end of July, prolonging a deal that has helped crude prices double in the past two months by withdrawing almost 10% of global supplies from the market.

The group, known as OPEC+, also demanded countries such as Nigeria and Iraq, which exceeded production quotas in May and June, compensate with extra cuts in July to September.

OPEC+ had initially agreed in April that it would cut supply by 9.7 million barrels per day (bpd) during May-June to prop up prices that collapsed due to the coronavirus crisis. Those cuts were due to taper to 7.7 million bpd from July to December.

“Demand is returning as big oil-consuming economies emerge from pandemic lockdown. But we are not out of the woods yet and challenges ahead remain,” Saudi Energy Minister Prince Abdulaziz bin Salman told the video conference of OPEC+ ministers.

Benchmark Brent crude climbed to a three-month high on Friday above $42 a barrel, after diving below $20 in April. Prices still remain a third lower than at the end of 2019.

“Prices can be expected to be strong from Monday, keeping their $40 plus levels,” said Bjornar Tonhaugen from Rystad Energy.

Saudi Arabia, OPEC’s de facto leader, and Russia have to perform a balancing act of pushing up oil prices to meet their budget needs while not driving them much above $50 a barrel to avoid encouraging a resurgence of rival U.S. shale production.

It was not immediately clear whether Saudi Arabia, the United Arab Emirates and Kuwait would extend beyond June their additional, voluntary cuts of 1.18 million bpd, which are not part of the deal.

BULGING INVENTORIES

The April deal was agreed under pressure from U.S. President Donald Trump, who wants to avoid U.S. oil industry bankruptcies.

Trump, who previously threatened to pull U.S. troops out of Saudi Arabia if Riyadh did not act, spoke to the Russian and Saudi leaders before Saturday’s talks, saying he was happy with the price recovery.

While oil prices have partially recovered, they are still well below the costs of most U.S. shale producers. Shutdowns, layoffs and cost cutting continue across the United States.

“I applaud OPEC-plus for reaching an important agreement today which comes at a pivotal time as oil demand continues to recover and economies reopen around the world,” U.S. Energy Secretary Dan Brouillette wrote on Twitter after the extension.

As global lockdowns ease, oil demand is expected to exceed supply sometime in July but OPEC has yet to clear 1 billion barrels of excess oil inventories accumulated since March.

Rystad’s Tonhaugen said Saturday’s decisions would help OPEC reduce inventories at a rate of 3 million to 4 million bpd in July-August. “The quicker stocks fall, the higher prices will get,” he said.

Nigeria’s petroleum ministry said Abuja backed the idea of compensating for its excessive output in May and June.

Iraq, with one of the worst compliance rates in May, agreed to extra cuts although it was not clear how Baghdad would reach agreement with oil majors on curbing Iraqi output.

Iraq produced 520,000 bpd above its quota in May, while overproduction by Nigeria was 120,000 bpd, Angola’s was 130,000 bpd, Kazakhstan’s was 180,000 bpd and Russia’s was 100,000 bpd, OPEC+ data showed.

OPEC+’s joint ministerial monitoring committee, known as the JMMC, will meet monthly until December to review the market, compliance and recommend levels of cuts. JMMC’s next meeting is scheduled for June 18.

OPEC and OPEC+ will hold their next scheduled meetings on Nov. 30-Dec. 1.

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News Network
July 3,2020

Islamabad, Jul 3: The US embassy here in a statement on Friday said the Trump administration through the US Agency for International Development (USAID) “donated a shipment of 100 brand-new, state-of-the-art ventilators” to Pakistan.

The ventilators arrived in Karachi on July 2 and will be sent to hospitals across Pakistan.

“This donation delivers on President Donald Trump’s generous offer of these critically-needed supplies and supports Pakistan’s urgent response to the pandemic,” the embassy said.

Made in America, the ventilators are valued at about $3 million and reflect the latest in cutting-edge medical design and technology, it said.

They are compact, easily deployable, and will enable Pakistan to more effectively treat patients suffering from Covid-19.

The US-Pakistan health partnership to curb the spread of the novel coronavirus is helping to improve and expand laboratory testing, disease monitoring, case tracking, infection prevention and control and patient care, the embassy said.

The US has contributed nearly $27 million in new funding so far to this vital partnership that is growing every day. "We are also thankful for Pakistan's contribution of medical supplies to help fight coronavirus in the US," the embassy said in the statement.

Ambassador Paul Jones said, “The US stands with Pakistan in its fight against the coronavirus. These American-made ventilators will help Pakistani patients in the most acute need of medical care."

The announcement comes days after Pakistan said it had started producing locally designed ventilators.

Pakistan reported 78 more deaths from the coronavirus in the past 24 hours, raising virus-related fatalities to 4,551 while the total number of confirmed cases has increased to 221,896.

On Friday, the health authorities said 1,13,623 persons have recovered from the coronavirus, surpassing the number of active Covid-19 infections in the country for the first time.

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Agencies
June 10,2020

Houston, Jun 10: George Floyd was fondly remembered Tuesday as “Big Floyd” — a father and brother, athlete and neighborhood mentor, and now a catalyst for change — at a funeral for the black man whose death has sparked a global reckoning over police brutality and racial prejudice.

More than 500 mourners wearing masks against the coronavirus packed a Houston church a little more than two weeks after Floyd was pinned to the pavement by a white Minneapolis police officer who put a knee on his neck for what prosecutors said was 8 minutes and 46 seconds.

Cellphone video of the encounter, including Floyd’s pleas of “I can’t breathe,” ignited protests and scattered violence across the U.S. and around the world, turning the 46-year-old Floyd — a man who in life was little known beyond the public housing project where he was raised in Houston’s Third Ward — into a worldwide symbol of injustice.

“Third Ward, Cuney Homes, that’s where he was born at,” Floyd’s brother, Rodney, told mourners at the Fountain of Praise church. “But everybody is going to remember him around the world. He is going to change the world.”

The funeral capped six days of mourning for Floyd in three cities: Raeford, North Carolina, near where he was born; Houston, where he grew up; and Minneapolis, where he died. The memorials have drawn the families of other black victims whose names have become familiar in the debate over race and justice — among them, Eric Garner, Michael Brown, Ahmaud Arbery and Trayvon Martin.

After the service, Floyd’s golden casket was taken by hearse to the cemetery in the Houston suburb of Pearland to be entombed next to his mother, for whom he cried out as he lay dying. A mile from the graveyard, the casket was transferred to a glass-sided carriage drawn by a pair of white horses. A brass band played as his casket was taken inside the mausoleum.

Hundreds of people, some chanting, “Say his name, George Floyd,” gathered along the procession route and outside the cemetery entrance in the mid-90s heat.

“I don’t want to see any black man, any man, but most definitely not a black man sitting on the ground in the hands of bad police,” said Marcus Brooks, 47, who set up a tent with other graduates of Jack Yates High School, Floyd’s alma mater.

In the past two weeks, amid the furor over Floyd’s death, sweeping and previously unthinkable things have taken place: Confederate statues have been toppled, and many cities are debating overhauling, dismantling or cutting funding for police departments. Authorities in some places have barred police from using chokeholds or are otherwise rethinking policies on the use of force.

Dozens of Floyd’s family members, most dressed in white, took part in the four-hour service. Grammy-winning singer Ne-Yo was among those who sang.

The mourners included actors Jamie Foxx and Channing Tatum, J.J. Watt of the NFL’s Houston Texans, rapper Trae tha Truth, Rep. Sheila Jackson Lee, Houston Police Chief Art Acevedo and Houston Mayor Sylvester Turner, who brought the crowd to its feet when he announced he will sign an executive order banning chokeholds in the city.

“I know you have a lot of questions that no child should have to ask, questions that too many black children have had to ask for generations: Why? Why is Daddy gone?” former Vice President Joe Biden, the Democratic presidential candidate, said, addressing Floyd’s 6-year-old daughter in a video eulogy played at the service. “Now is the time for racial justice. That’s the answer we must give to our children when they ask why.”

Biden made no mention of his opponent in November. But other speakers took swipes at President Donald Trump, who has ignored demands to address racial bias and has called on authorities to crack down hard on lawlessness.

“The president talks about bringing in the military, but he did not say one word about 8 minutes and 46 seconds of police murder of George Floyd,” said the Rev. Al Sharpton, the civil rights activist. “He challenged China on human rights. But what about the human right of George Floyd?”

Most of the pews were full, with relatively little space between people.

“So much for social distancing today,” the Rev. Remus Wright told mourners, gently but firmly instructing those attending to wear face masks.

Texas has no limit on how many people can gather in places of worship during the pandemic, though Republican Gov. Greg Abbott has encouraged churches to follow federal health guidelines.

Although the church service was private, at least 50 people gathered outside to pay their respects.

“There’s a real big change going on, and everybody, especially black, right now should be a part of that,” said Kersey Biagase, who traveled more than three hours from Port Barre, Louisiana, with his girlfriend, Brandy Pickney. They wore T-shirts printed with Floyd’s name and “I Can’t Breathe.”

Floyd served nearly five years in prison for robbery with a deadly weapon before becoming a mentor and a church outreach volunteer in Houston. He moved to Minnesota several years ago through a program that tried to change men’s lives by helping them find work in new settings.

At the time of his death, Floyd was out of work as a bouncer at a Minneapolis club that had closed because of the coronavirus outbreak. He was seized by police after being accused of passing a counterfeit $20 bill at a convenience store.

Four Minneapolis officers were arrested in his death: Derek Chauvin, 44, was charged with second-degree murder. J. Alexander Kueng, Thomas Lane and Tou Thao were charged with aiding and abetting. All four could get up to 40 years in prison.

Some of the mostly peaceful demonstrations that erupted after Floyd’s death were marked by bursts of arson, assaults, vandalism and smash-and-grab raids on businesses, with more than 10,000 people arrested. But protests in recent days have been overwhelmingly peaceful.

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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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