Exit strategy of global cuts to be discussed before June

Saudi Arabian Energy Minister Khalid al-Falih, Russian Energy Minister Alexander Novak, Kuwaiti Oil Minister Essam al-Marzouq and OPEC Secretary General Mohammad Barkindo attend a meeting of the 4th OPEC-Non-OPEC Ministerial Monitoring Committee in St. Petersburg, Russia, in this July 24, 2017 photo. (REUTERS)
Updated 11 December 2017
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Exit strategy of global cuts to be discussed before June

KUWAIT: OPEC and other oil producers will study before June the possibility of an exit strategy from the global oil supply-cut agreement, Kuwait’s oil minister Essam Al-Marzouq said on Sunday.
“There are still meetings every couple of months for the ministerial monitoring committee, and there will be a study formed for the possibility of an exit strategy ... before June,” he told reporters.
Both OPEC and non-OPEC producers led by Russia have agreed to extend oil output cuts until the end of 2018 as they try to clear a global oil glut while signaling a possible early exit from the deal if the market overheats.
OPEC meets next in June, while the next meeting for the ministerial monitoring committee, known as the JMMC, is due to be held in January in Oman.
Russia, which this year reduced production significantly with OPEC for the first time, has been pushing for a clear message on how to exit the cuts so the market doesn’t flip into a deficit too soon, prices don’t rally too fast and rival US shale firms don’t boost output further.
Moscow needs much lower oil prices to balance its budget than OPEC’s leader Saudi Arabia, which is preparing a stock market listing for national energy champion Aramco next year and would hence benefit from pricier crude.
Russian Energy Minister Alexander Novak said on Wednesday that it was too early to talk about a possible exit from the global deal to cut oil production, and the eventual withdrawal from the agreement should be gradual.
Novak said the process of exiting the deal may take between three and six months, depending on how the global oil market has recovered by then, and on the scale of oil demand.
Under the current deal the producers are cutting supply by about 1.8 million barrels per day.
— Reuters


Arab News KSA female staff ratio up to 32% in 2017

Saudi media personality Muna AbuSulayman, center, with Arab News staff, from left, Huda Bashatah, Deema Al-Khudair, Lulwa Shalhoub Ana and Aseel Bashraheel. (AN photo: Ghazi Mehdi)
Updated 10 min 39 sec ago
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Arab News KSA female staff ratio up to 32% in 2017

  • Arab News aims to become the first Saudi “gender-balanced” newspaper by 2020
  • The initiative known as “50:50 by 2020” will aim to cover all the newspaper’s bureaus and areas of operation

RIYADH: Arab News, the Saudi Arabia-based newspaper, boosted the ratio of female staff and contributors working in the Kingdom in 2017 to almost a third — compared to just 13 percent the previous year.

The results of Arab News’ “Gender equality meter” are published today as part of the newspaper’s stated aim to become the first Saudi “gender-balanced” newspaper by 2020.

In 2016, 87 percent of the newspaper’s staff and contributors in Saudi Arabia were men. Last year the number of women working for the paper within the Kingdom hit 32 percent.

The ratio of women working across the newspaper’s global editorial operations — including editorial staff in the Saudi, London and Dubai bureaus, regular Opinion writers, foreign correspondents and freelancers — stood at 31 percent in 2017. 

There is no global comparison for 2016 because the London and Dubai operations did not exist, and the Opinion section included much syndicated content. Overall comparative figures, and numbers for Arab News’ Southeast Asia bureau, will be published next year.

Arab News earlier this month outlined its aim to become the first newspaper in Saudi Arabia to have a gender-balanced newsroom — and it intends to achieve this goal in less than two years. The drive — referred to internally as the “50:50 by 2020” initiative — will aim to cover all the newspaper’s bureaus and areas of operation. It will involve active recruitment, training and career guidance which the paper will provide.