We will work with major producers to offset oil supply shortage — Saudi Energy Minister

Saudi Energy Minister Khalid al-Falih. (Reuters)
Updated 10 May 2018
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We will work with major producers to offset oil supply shortage — Saudi Energy Minister

DUBAI: Saudi Arabia’s Energy Minister Khalid Al-Falih said on Wednesday the Kingdom will work closely with major OPEC and non-OPEC producers as well as key oil consumers to lessen the impact of any supply shortages after US withdrawal from the Iran nuclear deal.
“Following the US withdrawal from Iran (nuclear) deal, I would like to confirm our commitment to oil market stability for the benefit of producers & consumers,” Falih wrote on his official twitter account.
“I am in close contact with OPEC’s presidency, Russia and the US, and will be contacting other producers and major consumers over the next few days to ensure oil market stability.”
On Tuesday, US President Donald Trump abandoned a nuclear deal with Iran and announced plans for the “highest level” of sanctions against the OPEC member.
Earlier on Wednesday, an OPEC source familiar with Saudi Arabia’s thinking said that the Kingdom is monitoring the impact on the oil market from the US withdrawal from the Iran nuclear deal and is ready to offset any potential shortage but it will not act alone to fill in the gap.
Iran is the third-largest OPEC oil producer, after Saudi Arabia and Iraq.
“People shouldn’t take it for granted that Saudi Arabia will produce more oil single-handedly. We need to assess first the impact if there is any, in terms of disruption, in terms of a reduction of Iran’s production,” the OPEC source told Reuters on Wednesday.


Apple’s Cook to China: keep opening for sake of global economy

Updated 23 March 2019
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Apple’s Cook to China: keep opening for sake of global economy

  • Cook’s comments come as Apple weathers sinking sales in China
  • Despite official pledges and repeated assurances that China would continue to open its markets

BEIJING: Apple chief executive Tim Cook nudged China on Saturday to open up and said the future would depend on global collaboration, as the United States and China remained locked in a bitter trade dispute.
“We encourage China to continue to open up, we see that as essential, not only for China to reach its full potential, but for the global economy to thrive,” Cook said at a China Development Forum in Beijing.
Despite official pledges and repeated assurances that China would continue to open its markets, some analysts worry that its reform project has slowed or even stalled under President Xi Jinping, who has sought greater control over the economy and a bigger role for state-owned firms at the expense of the private sector.
Cook’s comments come as Apple weathers sinking sales in China because of a contracting smartphone market, increasing pressure from Chinese rivals, and slowing upgrade cycles. The company reported a revenue drop of 26 percent in the greater China region during the quarter ending in December.
Before those results came out, in a January letter to investors, Cook blamed the company’s poor China performance on trade tension between the United States and China, suggesting that pressure on the economy was hurting sales in China.