Saudi Arabia ready to raise oil supply after US pullout from Iran deal

Saudi Arabia currently pumps around 10 million barrels per day, but has capacity of around 12 million bpd — a surplus of two million bpd. (AFP)
Updated 09 May 2018
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Saudi Arabia ready to raise oil supply after US pullout from Iran deal

RIYADH: Saudi Arabia, the world’s largest oil exporter, has said it will take all necessary measures to prevent supply shortages following the US withdrawal from the Iran nuclear deal.
“The Kingdom will work with major oil producers within and outside OPEC, and with major consumers as well to limit the impact of any shortages in supplies,” the Saudi energy ministry said in a statement late Tuesday.
The Kingdom’s assurance came just hours after US President Donald Trump announced the US was withdrawing from the landmark nuclear deal between world powers and Iran.
Trump also reinstated US sanctions which could curtail Iran’s ability to export oil, its mainstay for public revenues.
Before international sanctions were lifted following the nuclear deal in late 2015, Iran’s crude exports stood at just one million barrels per day, mostly to Asia and European countries.
That figure has since soared to 2.5 million bpd.
Saudi Arabia currently pumps around 10 million bpd, but has capacity of around 12 million bpd — a surplus of two million bpd.
“The Kingdom of Saudi Arabia is committed to support the stability of the global oil markets to serve the interests of both producers and consumers and also the sustainability of global economic growth,” the ministry statement said.
Major oil producers from OPEC and non-OPEC members including Russia, the world’s top producer, are linked to a deal until the end of the year to cut output by 1.8 million bpd to support prices.
Oil prices made key gains after Trump’s announcement with Brent crude rising 2.4 percent to over $76.5 a barrel and US crude trading above $70 early Wednesday.


Jet Airways now operating only 41 aircraft, could reduce further: regulator

The debt-laden carrier has delayed payments to banks, suppliers, pilots and lessors. (Reuters)
Updated 19 March 2019
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Jet Airways now operating only 41 aircraft, could reduce further: regulator

  • Jet Airways may reduce the number of aircraft it is flying in coming weeks
  • The debt-laden carrier has delayed payments to banks, suppliers, pilots and lessors
NEW DELHI: India’s aviation regulator said on Tuesday that Jet Airways is currently operating only 41 aircraft, just a third of its original fleet, as the debt-laden carrier struggles to finalize a rescue deal with lenders and its major shareholder Etihad Airways.
The Directorate General of Civil Aviation (DGCA) said in a statement the situation is fluid and that Jet may reduce the number of aircraft it is flying in coming weeks.
Saddled with debt of more than one billion dollars, Jet has delayed payments to banks, suppliers, pilots and lessors — some of whom have ended lease deals with the airline before taking the planes out of the country.
The DGCA also said that pilots, cabin crew and ground staff who have reported any kind of stress should not be put on duty, and the airline should carry out regular maintenance of its aircraft even if they are currently grounded.