Oil market will take time to stabilize, says Al-Naimi

Updated 18 January 2016
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Oil market will take time to stabilize, says Al-Naimi

RIYADH: Minister of Petroleum and Mineral Resources Ali Al-Naimi said on Sunday it would take “some time” to restore stability to the global oil market in the midst of a glut, but he remained optimistic about the future.
Al-Naimi's comments come at a time when OPEC member Iran is preparing to raise oil exports after international sanctions were lifted on Saturday. Brent plunged to $28.94 a barrel on Friday, its lowest in 12 years, on the prospect of additional Iranian barrels.
“As you know, the oil market has witnessed over its long history, periods of instability, severe price fluctuations and petro-economic cycles,” Al-Naimi said in a speech at an energy event in Riyadh attended by the Mexican president and energy minister.
“This is one of them. Market forces as well as the cooperation among the producing nations always lead to the restoration of stability. This, however, takes some time,” he said.
“I am optimistic about the future, the return of stability to the global oil markets, the improvement of prices and the cooperation among the major producing countries,” he added.
Al-Naimi made a reference to the Asian financial crisis of 1998-1999 when oil crashed and Riyadh helped organize a production cut with other non-OPEC producers, including Mexico, to support prices, according to Reuters.


Toyota recalls 70,000 vehicles to replace air bag inflators

Updated 12 December 2018
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Toyota recalls 70,000 vehicles to replace air bag inflators

  • Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags
  • Can deteriorate and burn too fast, blowing apart a metal canister

DETROIT: Toyota is recalling about 70,000 Toyota and Lexus brand vehicles in North America to replace air bag inflators that could explode and hurl shrapnel at drivers and passengers.
The recall covers the 2003 to 2005 Corolla, the 2002 to 2005 Sequoia, the 2003 to 2005 Tundra and the 2002 to 2005 Lexus SC.
Takata uses the chemical ammonium nitrate to create a small explosion and inflate the bags. But it can deteriorate and burn too fast, blowing apart a metal canister.
The Toyota and Lexus vehicles were recalled previously and the inflators replaced with new ones that still used ammonium nitrate. In the latest recall, Toyota will use inflators made by another company with a safer chemical.
Owners will be notified early next year. Toyota says it has replacement parts available.
About 65,000 of the recalled vehicles are in the US
Toyota says it’s doing the recall a year ahead of a schedule set by the US National Highway Traffic Safety Administration.
At least 23 people have died worldwide due to the problem caused by inflators made by Takata Corp., resulting in the largest series of auto recalls in US history. They cover 37 million vehicles and about 50 million inflators in the US About 100 million inflators are being recalled worldwide.
The recalls forced Takata of Japan to seek bankruptcy protection.