OPEC+ said to discuss further easing of oil cuts from August

OPEC+ said to discuss further easing of oil cuts from August
Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as OPEC+ begins discussions on raising oil production. (AFP)
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Updated 23 June 2021

OPEC+ said to discuss further easing of oil cuts from August

OPEC+ said to discuss further easing of oil cuts from August
  • Group is aiming to gradually unwind last year’s record oil output curbs

DUBAI: OPEC+ is discussing a further easing of oil output cuts from August as oil prices rise on demand recovery, but no decision had been taken yet on the exact volume to bring back to the market, two OPEC+ sources said on Tuesday.

The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, is returning 2.1 million barrels per day (bpd) to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs. OPEC+ meets next on July 1.
“It is highly possible to increase gradually from August,” said one of the sources, adding that no final decision had been made and the exact volumes are yet to be agreed on.

HIGHLIGHTS

• OPEC+, is returning 2.1 million bpd to the market from May through July as part of a plan to gradually unwind last year’s record oil output curbs.

• The talks mean that OPEC and Russia are likely to find common ground again on oil production policy.

• Moscow has been insisting on raising output further to avoid prices spiking.

The talks mean that OPEC and Russia are likely to find common ground again on oil production policy. Moscow has been insisting on raising output further to avoid prices spiking, while key OPEC producers have given no signals on the next step until now.
Russian producers see August as a good time to further ease oil output cuts despite the expected return of Iranian barrels as the market is in deficit, an industry source told Reuters on Tuesday.
“Limping” US production also supports the case for easing the curbs, the Russian source said.
Crude oil prices retreated on Tuesday, after Brent rose above $75 a barrel for the first time since April 2019 and as OPEC+ begins discussions on raising oil production, but a strong demand outlook underpinned prices.


Sipchem begins hydrogen supply to Aramco firm

Sipchem begins hydrogen supply to Aramco firm
Updated 2 min 8 sec ago

Sipchem begins hydrogen supply to Aramco firm

Sipchem begins hydrogen supply to Aramco firm

RIYADH: Sahara International Petrochemical Co. on Monday began supplying hydrogen to Saudi Aramco Shell Refinery Co., Argaam reported citing the company’s bourse filing.

The company attributed the delay in completing the project to the coronavirus pandemic, which further delayed the process of receiving equipment, thus resulting in productivity loss in construction.

The financial impact of this agreement will reflect on the company’s fourth quarter of 2021 financial results.

The agreement will enhance Sipchem’s presence as a reliable supplier in hydrogen production and open up many areas for the company in the gas industry.

According to data compiled by Argaam, Sipchem signed in May 2019 an agreement with SASREF to supply hydrogen gas for a period of 20 years.


At UN, Syria accuses adversaries of using pandemic to ‘settle scores’

At UN, Syria accuses adversaries of using pandemic to ‘settle scores’
Updated 27 September 2021

At UN, Syria accuses adversaries of using pandemic to ‘settle scores’

At UN, Syria accuses adversaries of using pandemic to ‘settle scores’
  • FM Faisal Mekdad pledges to continue to fight to rid country of ‘terrorists’
  • Denounces use of chemical weapons despite their use by Assad regime to quell revolution

NEW YORK: Syria’s Foreign Minister Faisal Mekdad has accused the country’s adversaries of using the coronavirus disease pandemic as an opportunity to attack Syria, and issued a warning to the US, Turkey, and the Syrian Democratic Forces that the Assad regime will use “all possible means” to expel them from the country.

Speaking on Monday, the final day of the UN General Assembly, Mekdad said that “the world has experienced unprecedented circumstances, where hospitals reached full capacity, millions of lives were lost, economies contracted” as a result of COVID-19.

But, he continued, “some used the pandemic to settle political scores. Others selfishly ignored the needs of others, choosing to believe they are alone on this Earth.”

The minister, who assumed office less than a year ago, denounced countries who allegedly “took advantage of the pandemic to scale up their unilateral coercive economic measures against those countries and people who differ from them.”

The Syrian representative did not name any state explicitly, but the US has implemented a sanctions regime against Syria and its leadership due to crimes committed over the course of the country’s brutal civil war — including the repeated use of chemical weaponry and other human rights abuses.

Mekdad also pledged that the Assad regime would continue the country’s fight against “terrorists” in Syria, and said those that “continue to support and invest in terrorists will be doomed to fail.”

Throughout his speech, he railed against the US, Turkey, and Israel, taking the opportunity to denounce Israel’s occupation of Syria’s Golan Heights, which was recognized as Israeli territory by the administration of the former US president, Donald Trump, but is considered Syrian by the UN.

He also accused both Turkey and the US of looting Syrian resources and occupying territory within the country. 

“Just as we managed to wipe out terrorists from the majority of Syrian territories, we will work to end the occupation with the same resolve and determination, using all possible means under international law,” said Mekdad.

In a thinly veiled threat against the US-backed Syrian Democratic Forces, a Kurdish-led militia convened by the US to fight Daesh, Mekdad said: “As for the few seeking secession in northeast Syria, we warn them against harboring such illusions. By pursuing such ends, they align themselves with those plotting against Syria’s unity — and they will be dealt with accordingly.”

Mekdad also used his speech to rally against the use of chemical weapons, calling them “reprehensible and completely unacceptable under any circumstances by anyone, anywhere at any time.”

He explained that, for this reason, Syria signed up to multilateral conventions against the use of the weapons, and “fulfilled its obligations in record time.”

In 2013, a chemical weapon attack in rebel-held Ghouta, Damascus, attributed to the Syrian government, killed hundreds of people, with some estimates putting the death toll at over 1,500. 

The Organization for the Prohibition of Chemical Weapons also noted as recently as August this year that Syria still has not fulfilled all of its obligations under the chemical weapons treaties — including the requirement to declare what chemical weapons the regime still has stockpiled and where they are being held.

Syria has also ignored requests by the UN body to issue a visa for a team leader in its command post in the country, OPCW said, “which left the command post with only support staff from UNOPS (United Nations Office for Project Services) for the second time this year.”


Omani FM calls for more global attention on Yemen

Omani FM calls for more global attention on Yemen
Updated 27 September 2021

Omani FM calls for more global attention on Yemen

Omani FM calls for more global attention on Yemen
  • Al-Busaidi says that a cease-fire must be called on all sides to “fully resume” all humanitarian efforts “to provide for the needs of our brothers in Yemen
  • The foreign minister praised “the success of the reconciliation efforts led by the brotherly state of Kuwait”

LONDON: Oman’s Foreign Minister Sayyid Badr bin Hamad bin Hamood Al-Busaidi has told the UN General Assembly that the sultanate is focussed on ending the war in Yemen in cooperation with Saudi Arabia.

Al-Busaidi said that Oman is continuing “its tireless endeavors and working with the brotherly Kingdom of Saudi Arabia, the UN, the US envoys for Yemen, and all the concerned Yemeni parties in order to end the war through a comprehensive and permanent cease-fire.”

The foreign minister added that a cease-fire must be called on all sides to “fully resume” all humanitarian efforts “to provide for the needs of our brothers in Yemen, in particular the areas of medicine, health care, food, fuel and housing.” 

Al-Busaidi said that Oman “joined our voice with everyone who believes in a comprehensive political settlement to the existing crisis in a way that restores stability and security while retaining the security of the countries of the region.”

He addressed regional security, referring to the AlUla summit last year, stressing that the sultanate “has welcomed and supported the positive developments that resulted from the AlUla summit that was held in the Kingdom of Saudi Arabia.”

The foreign minister praised “the success of the reconciliation efforts led by the brotherly state of Kuwait.”

Al-Busaidi continued on the theme of regional security by expressing Oman’s hope that “the Vienna talks on the Iranian nuclear program will lead to the desired consensus among all parties because we firmly believe that this will be in the interest of the region and the world.” 

Following his comments on Iran and its nuclear program, the foreign minister referred to the need to “ensure freedom of maritime navigation” to “enhance economic growth opportunities.”


Saudi Arabia registers 5 COVID-19 deaths, 59 new cases

Saudi Arabia registers 5 COVID-19 deaths, 59 new cases
Updated 27 September 2021

Saudi Arabia registers 5 COVID-19 deaths, 59 new cases

Saudi Arabia registers 5 COVID-19 deaths, 59 new cases
  • The Kingdom says 78 patients had recovered from the virus in the past 24 hours
  • Over 41.7 million doses of the coronavirus vaccine have been administered to date across KSA

JEDDAH: Saudi Arabia confirmed five new COVID-19 related deaths on Monday, raising the total number of fatalities to 8,704.
The Ministry of Health confirmed 59 new cases reported in the Kingdom in the previous 24 hours, meaning 546,985 people have now contracted the disease. Of the total number of cases, 244 remain in critical condition.
According to the ministry, the highest number of cases were recorded in the capital Riyadh and Jeddah with 10 cases each, followed by Hafar Al-Batin with four, and Madinah and Makkah confirmed three cases each.
The health ministry also announced that 78 patients had recovered from COVID-19, bringing the total number of recoveries in the Kingdom to 536,028.


Over 41.7 million doses of the coronavirus vaccine have been administered in the Kingdom to date through 587 centers.
The ministry renewed its call on the public to register with the Sehhaty app to receive the vaccine, and adhere to the measures and abide by instructions.
Meanwhile, the Ministry of Islamic Affairs reopened one mosque after temporarily evacuating and sterilizing it in Al-Jawf after one person tested positive for coronavirus, bringing the total number of mosques closed and reopened after being sterilized to 2,031 within 230 days.
The coronavirus pandemic has affected over 232 million people globally and the death toll has reached around 4.76 million.


Saudi Arabia to introduce rules to promote continued education, says minister

Saudi Arabia to introduce rules to promote continued education, says minister
Updated 55 min 42 sec ago

Saudi Arabia to introduce rules to promote continued education, says minister

Saudi Arabia to introduce rules to promote continued education, says minister

RIYADH: Saudi Arabia is considering introducing new rules to facilitate and encourage the culture of continued education, said Saudi Education Minister Hamad Al-Alsheikh.

He was addressing a conference in Riyadh on Monday launched under the auspices of the Human Capability Development Program, which was recently launched by Crown Prince Mohammed bin Salman.

The program’s strategy will be built on three pillars: Developing a resilient and strong educational base, preparing for the future labor market locally and globally, and providing lifelong learning opportunities.

The education minister said the government is taking measures to ensure that graduates find suitable openings in relevant field within 12 months of their graduation.

He also said by 2030 the Saudization percentage in high-skilled positions will increase to 40 percent.

Referring to the national capability development plan, the minister said it aims to develop a guidance system for high school students to help them make career choices based on their aptitudes.

He said efforts are underway to introduce regulations to attract global educational institutions in the Kingdom, which will boost competition between the local and foreign universities.

Ahmad Al-Faheed, governor of the Technical and Vocational Training Corp., said the government in partnership with the private sector will design training programs to increase employment rates and enhance competitiveness among Saudi graduates.

Minister of Human Resources Ahmed Al-Rajhi said that a primary goal of the program is to match talent with demand in the market, and in case of failure of matching candidates with available jobs, the program will upgrade their skills.

Industry Minister Bandar Alkhorayef said the aim of the program launched by the Saudi crown prince is to transform the Kingdom’s industrial sector along modern lines. He said the Kingdom has no dearth of talent and the local companies have the potential to compete with their global counterparts.

The minister stressed the importance of adopting modern technology for strong industrial growth.