Gulf Air CEO quits

Updated 03 December 2012
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Gulf Air CEO quits

DAMMAM: The board of directors of Gulf Air yesterday accepted the resignation of Chief Executive Officer Samer Majali.
According to an airline spokesperson, the resignation was submitted earlier this year. Majali will remain in his position until Dec. 31.
He joined Gulf Air in 2009 and introduced a restructuring plan to build a national airline that would effectively serve the people and the economy of Bahrain and ultimately ensure its long-term future and success.
In 2010, the airline made significant progress toward commercial sustainability, significantly cutting costs, increasing revenue and reducing operating losses by over 50 million Bahraini dinars despite a difficult operating environment characterized by high-fuel costs and increased competition.
However, in 2011, a combination of local and regional developments and global economic pressures disrupted the airline's financial targets.
The Gulf Air board of directors expressed thanks to Majali for his contribution to Gulf Air and the strong leadership that he provided in the last three years.
The board noted in particular the significant improvements made across the airline specifically in the areas of fleet renewal, service enhancement, operational efficiency and on-time performance. The board also recognized the achievement of Majali in successfully renegotiating the airline's order book resulting in the reduction of the long-term financial liability of the airline by approximately 50 percent.
Majali thanked Bahraini King Hamad bin Isa Al-Khalifa for his leadership, Prime Minister Khalifa bin Salman Al-Khalifa for his support, and Crown Prince Salman bin Hamad Al-Khalifa for his trust, confidence and guidance and finally the members of the Gulf Air board of directors for their counsel.
He also thanked the employees and management of Gulf Air for their support and their hard work toward achieving significant progress during the last three years in a challenging operating environment.


Brent crude oil rises for a sixth day as supplies tighten amid strong demand

Updated 24 April 2018
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Brent crude oil rises for a sixth day as supplies tighten amid strong demand

  • US West Texas Intermediate crude futures were at $68.98 a barrel, up 34 cents
  • The potential of renewed US sanctions against Iran is pushing prices higher

SINGAPORE: Brent crude oil rose for sixth day on Tuesday, passing $75 a barrel, on expectations that supplies will tighten because fuel is rising at the same time the US may impose sanctions against Iran and OPEC-led output cuts remain in place.
Brent crude oil futures climbed to as high as $75.20 a barrel in early trading on Tuesday, the highest since Nov. 27, 2014. Brent was still at $75 a barrel at 0311 GMT up 29 cents, or 0.4 percent, from its last close.
Brent’s six-day rising streak is the most since a similar string of gains in December and it is up by more than 20 percent from its 2018 low in February.
US West Texas Intermediate (WTI) crude futures were at $68.98 a barrel, up 34 cents, or 0.5 percent from their last settlement. On Thursday, WTI rose to as high as $69.56, the most since Nov. 28, 2014.
Markets have been lifted by supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) which were introduced in 2017 with the aim of propping up the market.
The potential of renewed US sanctions against Iran is also pushing prices higher.
Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA said new sanctions against Tehran “could push oil prices up as much as $5 per barrel.”
The US has until May 12 to decide whether it will leave the Iran nuclear deal and re-impose sanctions against OPEC’s third-largest producer, which would further tighten global supplies.
“Crude prices are now sitting at the highest levels in three years, reflecting ongoing concerns around geopolitical tensions in the Middle East, which is the source of nearly half of the world’s oil supply,” ANZ bank said.
“Oil strength is coming from Saudi Arabia’s recent commitment to get oil back up to between $70 to $80 per barrel as well as inventory levels that are back in the normal range,” said William O’Loughlin, investment analyst at Australia’s Rivkin Securities.
OPEC’s supply curtailments and the threat of new sanctions are occurring just as demand in Asia, the world’s biggest oil consuming region, has risen to a record as new and expanded refineries start up from China to Vietnam.
One of the few factors that has limited oil prices from surging even more is US production, which has shot up by more than a quarter since mid-2016 to over 10.54 million barrels per day (bpd), taking it past Saudi Arabia’s output of around 10 million bpd.
As a result of its rising output, US crude is increasingly appearing on global markets, from Europe to Asia, undermining OPEC’s efforts to tighten the market.