Woman pilot removed after ranting over her divorce

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.

Jun 10: Indian-origin California Senator Kamala Harris has joined former vice president and 2020 Democratic presidential nominee Joe Biden to raise USD 3.5 million for the upcoming November elections.

Tuesday's fundraiser is the second-largest single event haul so far for the Biden campaign, which raised USD 4 million at one event earlier this month.

Harris' presence during the virtual mega fund raiser assumes significance as the Democratic Party leaders consider her to be one of the front-runners to be the nominee for vice president. The 55-year-old lawyer-politician was once considered to be a strong opponent of Biden in the 2020 Democratic primaries.

Introducing Harris to the 1,400 supporters present at the event, Biden underlined the history-breaking nature of her past electoral wins.

"For much of her career, she was the only person in the room who looked like she did," he said.

At the start of the campaign last year, Harris was very critical of Biden. She later endorsed him, months after she decided to withdraw herself from the race to the White House.

During the fundraiser, Harris was effusive in her praise for Biden.

Referring to Biden's meeting with George Floyd's family, she said, "He (Biden)is someone who whether one on one or speaking to the nation always has a sense of how people are experiencing this world, and what their needs are...This moment in the history of our country really represents an extraordinary exercise in contrast."

"On the other hand, we have a Donald Trump who had the gall to dispatch the US military to clear the streets so that he could prance down and then, like a prop, hold up the bible for a photo op," Harris said.

The death of African-American Floyd during police confinement in Minneapolis on May 25 has resulted in widespread protests not only in the US but across the world.

"There are so many contrasts between Joe Biden and Donald Trump that really point to the choice that we as Americans have today," Harris said.

California Lt Governor Eleni Kounalakis also joined the fund raiser.

In his remarks, Biden, 77, said the US is reeling in anguish and anger over the brutal killing of Floyd or the systemic racism that still infects every part of the society. "Harris knows better than anybody," he said.

"At the same time, we're facing the worst economic disaster since the Great Depression. American history is not a fairy tale with a guaranteed ending, a happy ending. This is a battle for the soul of the country.

"It's been a constant tug of war between the American ideal that we all are created equal -- and the harsh reality that racism has long torn us apart...I'm going to ask every American to look where we are now and to think, is this who we are? Is this who we want to be?" Biden asked.

Participating in the questions and answers session, Harris said America has still not fully embraced, acknowledged or addressed its history of racism and its current history of racism.

"One can think of this moment as an inflection moment, and it will require bold action and it will require immediate action...This stresses the importance and the immediacy and the urgency of electing Joe Biden," she said.

Replying to a question, Biden said, "Did you see today where the President of the United States while George Floyd was being buried, was condemning the older man who was knocked down with his head bleeding and everyone walking by. Did you see that? I mean, my lord. What have we become if we abide by this? So much we can do and must do."

Harris said the election is going to be rough and tumble.

"There are very powerful forces that thrive off of the hate and division that Donald Trump has been sowing. This is not going to be easy. And we have about just a few months to get this thing done," she said.

Washington, Apr 19: President Donald Trump has expressed his doubts over the official Chinese figures on the number of deaths in their country due to the novel coronavirus pandemic, claiming that the fatalities were way ahead of the US.

Trump's comments come two days after another 1,300 fatalities were added to the official count in the city of Wuhan, where the outbreak started. The revision puts China's overall death toll to more than 4,600.

"We are not number one; China is number one just so you understand," Trump told reporters at a White House news conference on Saturday. "They are way ahead of us in terms of death. It's not even close."

According to Trump, when highly-developed healthcare systems of the UK, France, Belgium, Italy and Spain had high fatality rates, it was O.33 in China.

The president asserted that the actual number was much more than the official Chinese death toll figures, which he said were "unrealistic".

"You know it, I know it and they know it, but you don't want to report it. Why?" he asked. "You will have to explain that. Someday I will explain it."

He also highlighted that on a per-capita basis, the mortality rate in the US was far lower than other nations of Western Europe.