Saudi Arabia says higher oil output driven by demand

Updated 09 June 2015
0

Saudi Arabia says higher oil output driven by demand

LONDON: Saudi Arabia's Oil Ministry said on Tuesday the rise in its oil production over the past three months was a result of increased global demand and the needs of its customers, and was not designed to compensate for lower oil prices.

The world's biggest oil exporter has ramped up production to around 10.3 million barrels per day (bpd) — its highest rate on record.
That level was first reached in March, and eclipsed its previous peak of 10.2 million bpd in August 2013, according to records going back to the early 1980s.
The Saudi oil minister said in April the country's output would likely remain at around 10 million bpd.
The Oil Ministry, in a rare statement, said the Kingdom's oil policy did not reflect personal views and was formulated by an integrated team of experts and specialists in oil market economics, based at the ministry's offices in Riyadh.
"It is done in coordination with oil-producing countries, especially OPEC countries, so as to serve the Kingdom's interests in the short and medium terms. It is also reviewed by the country's senior leadership. The integrated team of experts and advisers supports the decision makers," the official said.
The ministry said the statement was issued after the Wall Street Journal published a story last week about the Kingdom's oil policies, which it said it considered to be inaccurate.
A former climate change and environmental issues adviser to the Oil Ministry, Mohammad Al-Sabban, was among the names mentioned in the article, in which he gave his views on Saudi oil policy.
The Oil Ministry statement said Al-Sabban "was not on the specialized economic team assigned to study global oil market conditions and the Kingdom's foreign petroleum policy".
It said his term had ended in mid-2013 and that "the statements he makes to Arab and international media, and his journalistic writings, represent only his personal point of view and do not ... reflect the Kingdom's official position on petroleum issues".
On Friday, oil group OPEC agreed to stick by its policy of unconstrained output for another six months, setting aside warnings of a second lurch lower in prices as some members such as Iran look to ramp up exports.


US intelligence says Huawei funded by Chinese state security: report

Updated 20 April 2019
0

US intelligence says Huawei funded by Chinese state security: report

  • The accusation comes at a time of trade tensions between Washington and Beijing
  • Huawei dismissed the allegations

US intelligence has accused Huawei Technologies of being funded by Chinese state security, The Times said on Saturday, adding to the list of allegations faced by the Chinese technology company in the West.
The CIA accused Huawei of receiving funding from China’s National Security Commission, the People’s Liberation Army and a third branch of the Chinese state intelligence network, the British newspaper reported, citing a source.
Earlier this year, US intelligence shared its claims with other members of the Five Eyes intelligence-sharing group, which includes Britain, Australia, Canada and New Zealand, according to the report.
Huawei dismissed the allegations in a statement cited by the newspaper.
“Huawei does not comment on unsubstantiated allegations backed up by zero evidence from anonymous sources,” a Huawei representative told The Times.
The company, the CIA and Chinese state security agencies did not respond immediately to requests for comment.
The accusation comes at a time of trade tensions between Washington and Beijing and amid concerns in the United States that Huawei’s equipment could be used for espionage. The company has said the concerns are unfounded.
Authorities in the United States are probing Huawei for alleged sanctions violations.
Meng Wanzhou, Huawei’s chief financial officer and daughter of its founder, Ren Zhengfei, was arrested in Canada in December at the request of the United States on charges of bank and wire fraud in violation of US sanctions against Iran.
She denies wrongdoing and her father has previously said the arrest was “politically motivated.”
Amid such charges, top educational institutions in the West have recently severed ties with Huawei to avoid losing federal funding.
Another Chinese technology company, ZTE Corp. , has also been at the center of similar controversies in the United States.
US sanctions forced ZTE to stop most business between April and July last year after Commerce Department officials said it broke a pact and was caught illegally shipping US-origin goods to Iran and North Korea. The sanctions were lifted after ZTE paid $1.4 billion in penalties.
Reuters reported earlier this week that the United States will push its allies at a meeting in Prague next month to adopt shared security and policy measures that will make it more difficult for Huawei to dominate 5G telecommunications networks.