Saudi Arabia cuts oil output to lowest in 2 years, pledges more reductions

January 13, 2017

Abu Dhabi, Jan 13: Saudi Arabia has cut oil output to its lowest in almost two years, Energy Minister Khalid Al-Falih said on Thursday, as the world’s largest oil exporter leads OPEC’s drive to eradicate a global glut and prop up prices.

Saudi

Al-Falih said output had fallen below 10 million barrels per day — more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers.

Al-Falih, speaking at the Atlantic Council Global Energy Forum in Abu Dhabi, said output was “not significantly below” 10 million bpd currently and the Kingdom planned to make even deeper cuts in February.

This means Saudi Arabia has cut oil production by more than the 486,000 bpd it agreed to late last year under a global deal to curb production and stem a fall in oil prices.

Al-Falih also said he expected the oil market to tighten in two to three years, aided by the agreement of OPEC and non-OPEC producers late last year to curb production.

“We have been moving toward rebalancing the markets for some time,” Falih said.

“Even better, the pace of rebalancing will be accelerated by recent production agreements within OPEC and outside. I have confidence in these agreements to bring stability to the global markets.”

Falih predicted oil demand would grow by over 1 million barrels a day this year.

“I am confident that the combination of capping production by 25 countries and growth of demand will continue to balance and prices will respond accordingly,” he added.

OPEC and non-OPEC producers last month reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million bpd to help stem a fall in oil prices and ease a supply glut.

While Al-Falih said he did not have a specific oil price target, Iraqi oil minister Jabar Ali Al-Luaibi told reporters at the same event Iraq wanted to see prices of around $65 a barrel.

Brent crude prices were up 77 cents at $55.87 a barrel by 1230 GMT.

Al-Luaibi said Iraq had slashed its exports by 170,000 bpd and was cutting them further by 40,000 bpd this week. He said Iraq was committed to the success of the production-cut agreement “even though it should have been exempted.”

OPEC expects global oil inventories to fall by the second quarter of this year in response to the agreement, OPEC Secretary-General Mohammed Barkindo said.

Kuwait has cut its oil exports by more than 133,000 bpd mainly to customers in North America and Europe while maintaining full exports to Asia, Kuwaiti Oil Minister Essam Al-Marzouq said.

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Agencies
May 2,2020

Doha, May 2: Twenty-three staff at a hospital in Qatar were injured when tents being used to boost capacity in response to coronavirus collapsed in a fierce storm, local media reported Friday.

Winds of up to 72 kilometres per hour (45 miles per hour) caused two temporary tent annexes at Hazm Mebaireek General Hospital in Qatar's Industrial Area to collapse on Thursday, the Gulf Times reported.

No patients were hurt and most injuries to staff at the facility, 20 kilometres south west of central Doha, were minor, the daily added, citing the health ministry.

During the gale-force winds on Thursday, a Qatar Airways Boeing 787 on the ground was blown into a nearby Airbus A350 at Doha's Hamad airport causing minor damage but no injuries, the airline said in a statement.

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The Industrial Area is a gritty, densely-populated district that is home to mostly migrant labourers and has been the epicentre of Qatar's outbreak. 

Tens of thousands of residents were quarantined in the area after cases of the novel coronavirus were confirmed among the community in mid-March.

Qatar -- home to hundreds of thousands of foreign labourers working on projects linked to the 2022 World Cup -- has reported 12 deaths and 14,096 cases of the Covid-19 respiratory disease.

The hospital's executive director Hussein Ishaq said the incident was being treated "very seriously" and that an investigation had been launched.

Hospital staff had "helped ensure that no patients were injured and were safely transferred to other hospitals", he said, quoted in the Gulf Times.

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News Network
July 28,2020

Dubai, Jul 28: A heart-broken father who lost his 19-year-old son in a tragic car accident during Christmas last year has sponsored the repatriation costs of 61 Indians stranded in the UAE.

 The special flydubai repatriation flight, chartered by the All Kerala Colleges Alumni Federation (Akcaf) volunteer group, of which he is a member of, departed from Dubai to Kochi on July 25 carrying 199 passengers.

 On this particular flight, I sponsored 55 air tickets," said TN Krishnakumar, a sales and marketing director. He had lost his son Rohit Krishnakumar in a car accident, which also claimed the life of the teen's friend, Sharat Kumar (21).

"All passengers who were registered with the Indian missions were also asked to register on the Akcaf volunteer group website. Each passenger was further vetted, after which we made home visits to ensure that all the applicants were genuinely in need of financial support and repatriation," he said.

Commenting on what inspired him to dedicate himself to community work, Krishankumar said: "When a situation like this comes up, you realise there is no meaning in money. I invested everything I made into my son, and that had crashed in front of my eyes. He was a third-year medical student at the University of Manchester in the UK and had returned home for a vacation when the accident took place. Since then, I have been involved in a lot of social activities. If I do not do this, there is no meaning to my existence."

Since the outbreak of the Covid-19 pandemic, Krishnakumar said the group has supported thousands of individuals in need of help. "We supported unemployed people with several hundred bags of grocery kits and other necessary items. We also supported Covid-19 patients by transferring them to the medical facility in Warsan, etc.," he said.

"I come from a very middle-class family. I got a scholarship to study in college, and I studied with the help of taxpayers' money. I have always wanted to give back to society. I have grown immensely in life and now is my time to give back.," he added.

Krishnakumar also sponsors the education of over 1,000 academically gifted school children in Kerala's government-aided schools. He is a life trustee at the College of Engineering Trivandrum Alumni Galaxy Charitable Trust and an active participant towards various educational causes.

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Agencies
August 4,2020

Beirut, Aug 4: A massive explosion has shaken the Lebanese capital of Beirut, with a very high number of casualties expected.

A warehouse at the Beirut Port caught fire on Tuesday afternoon, triggering a huge explosion, Lebanon’s official National News Agency (NNA) reported.

Several smaller explosions were heard before the bigger one occurred.

Abbas Ibrahim, the head of Lebanon’s General Security, said that “highly explosive materials” confiscated earlier had been stored at the site.

Footage shared on social media captured the moment of the bigger explosion, with a colossal shock wave seen traveling fast across several hundreds of meters and shrouding the area in thick smoke.

The blast left enormous material damage to the surrounding buildings and structures. But it was not immediately known how big an area was affected.

There was also no immediate casualty count. Graphic amateur video from the scene showed bodies strewn on the ground, with their clothes blown off.

The NNA said rescue operations were underway. Ambulances were seen heading toward the scene in central Beirut.

Lebanese LBC television channel quoted Lebanon’s Health Minister Hamad Hasan as saying that the blast had caused a “very high number of injuries” and “extensive damage.”

Beirut Governor Marwan Abboud said an unspecified number of firefighters dispatched to extinguish the initial fire had been killed in the explosion.

“As they were putting out the fire, the explosion took place and we’ve [lost them],” he said, breaking down on live TV.

The explosion comes at a time when the Arab country is passing through its worst economic and financial crisis in decades, and amid rising tensions with Israel.

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