LONDON: The fog has cleared ahead of OPEC’s next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, said the OPEC secretary-general.
OPEC, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January.
The pact runs to March 2018 and they are considering extending it.
Saudi Arabia’s Crown Prince Mohammed bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin.
“OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” OPEC’s Mohammed Barkindo told Reuters on the sidelines of a conference.
“Together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30,” he said.
Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from the comments by the Saudi crown prince for extending OPEC-led output cuts created a floor.
Oil hit $59.55 on Thursday, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June.
US crude prices have been capped by rising US production.
Oil prices have been hovering near their highest levels for this year amid recent signs of a tightening market, talk of an extension of production cuts and tensions in Iraq.
Friday’s announcement of a cease-fire between Iraqi forces and the Peshmerga from the country’s autonomous northern Kurdish region eased some concerns.
“Yesterday we saw the expiry of Brent options, and like last month it pushed up prices near $60 — now it’s just correcting lower,” Olivier Jakob of Petromatrix consultancy said, adding that the market reacted slowly to bullish Saudi comments.
— Reuters
Saudi Arabia and Russia ‘clear fog’ before OPEC meeting
Saudi Arabia and Russia ‘clear fog’ before OPEC meeting
Turkiye convicts former pro-Kurdish party officials over Kobani protests
The court has not yet ruled on the HDP co-leader Selahattin Demirtas
ANKARA: A Turkish court convicted former leading officials from the pro-Kurdish HDP party, including co-leader Figen Yuksekdag, on Thursday for instigating 2014 protests triggered by a Daesh attack on the Syrian Kurdish town of Kobani.
The verdict was likely to fuel political tensions in Turkiye around the Peoples’ Democratic Party (HDP), which is facing potential closure in a separate court case and has been succeeded in parliament by another pro-Kurdish party.
In total, Yuksekdag was sentenced to more than 30 years in prison. The court has not yet ruled on the HDP co-leader Selahattin Demirtas.
Thirty-seven people died in the 2014 protests, which were triggered by accusations that Turkiye’s army stood by as the ultra-hard-line Daesh militants besieged Kobani, a Syrian border town in plain view of Turkiye.
Those convicted were among 108 defendants, including senior HDP figures, charged with 29 offenses including homicide and harming the unity of the Turkish state. The HDP denied the charges.
Makkah scouts train to use digital quick-response tech to help pilgrims
- Scouts trained on smart application that provides route planning, navigation and guidance to pilgrims at holy sites
- Digital approach helps to protect the environment by eliminating the need for paper maps and signs
RIYADH: Saudi scouts are being taught how to use digital technology and quick-response codes on their smartphones to better help Hajj pilgrims with guidance, on-site navigation and route planning at the Kingdom’s holy sites.
The course, run by the Ministry of Education through the Saudi Arabian Scouts Association, began a 10-day training program in Makkah on Wednesday for scouts to help pilgrims during the annual Hajj, the Saudi Press Agency reported.
Thirty-two trainees from four scout vanguards are currently enrolled to receive training.
A smart application that provides route planning, navigation and guidance to pilgrims at the holy sites will be used.
Explaining the benefits of using digital technology and QR codes during scout trips to holy sites, scout leader Abdullah Alharthi said that this approach helps to protect the environment by eliminating the need for paper maps and signs, and avoiding visual clutter in sacred spaces.
Additionally, the digital system ensures the encryption of scouts’ messages.
SASA, which works with the Ministry of Hajj and Umrah to help pilgrims each year, plays an important role during Hajj season when, every year, scouts from all corners of the Kingdom gather to assist pilgrims during Hajj.
Regardless of age or gender, these volunteers devote their time and energy to enable pilgrims to fulfill the Hajj rituals with ease.
The scouts affiliated with the Ministry of Hajj and Umrah primarily focus on assisting lost pilgrims by providing guidance and directions, ensuring they reach their designated camps safely.
Last year, according to SASA, 3,500 scouts were stationed around the holy sites in Makkah.
The SASA volunteers told Arab News they are classified into two age groups: the advanced scout category and the ranger category. The advanced scout category is made up of scout members aged between 15 and 17. The ranger category comprises those from 18 to 22, including scout leaders (150 of whom last year were women) and friends and pioneers of SASA.
Edgbaston Stadium to transform into ‘Fan Park’ for India-Pakistan T20 World Cup clash
- Edgbaston Stadium to live stream India-Pakistan T20 World Cup clash on June 9 for thousands of fans on a giant screen
- Millions across the world are expected to tune in on June 9 to watch cricket’s most fiercest rivalry take centerstage in New York
ISLAMABAD: England’s famous Edgbaston Stadium will transform into a “huge Fan Park” on June 9 where thousands of spectators from India and Pakistan will watch their teams battle it out in New York in a T20 World Cup clash, the Warwickshire County Club said this week.
The June 9 T20 World Cup clash in New York between arch-rivals India and Pakistan is one of the most anticipated cricket matches this year. Millions are expected to tune in worldwide to watch one of the sports’ fiercest rivalries take centerstage in New York.
The Edgbaston Stadium, one of the leading venues in world cricket, has been the home of Warwickshire County Cricket Club since 1885. For over 100 years, it has hosted first-class and international cricket in Birmingham.
Warwickshire County Club announced on Wednesday that over 8,000 fans are expected to gather at the Edgbaston Stadium to catch the action live on a giant screen.
“For the first time ever the ICC are giving UK fans an opportunity to watch it live from Edgbaston Stadium where the piazza will be turned into a family festival of cricket,” Warwickshire County Club said in a press release.
“Fans will be able to watch the action on a big screen and enjoy the build-up as comedian and cricket commentator Aatif Nawaz takes to the stage alongside former India and Pakistan players.”
Edgbaston Chief Executive Stuart Cain said the stadium was the only venue in England chosen by the ICC as a T20 World Cup fan zone, terming the development as “amazing.”
“It’s an opportunity for our local communities to really feel part of the T20 World Cup experience and I’m sure it will be a fantastic occasion,” Cain said.
“Pakistan and India fans generated an electric atmosphere here in the 2019 Cricket World Cup and I’ve no doubt we can get close to replicating that in the Fan Zone.”
Apart from watching the match on the large screen with live commentary, fans will also be able to access a large family picnic area with activities including cricket skill challenges and cultural performances from both Indian and Pakistan communities, the press release said.
“Fan parks are an important part of bringing World Cups to more people across the globe,” ICC’s Head of Events Chris Tetley said.
“I am sure there will be a great atmosphere on the day and based on previous India and Pakistan matches that have taken place at Edgbaston it will be an occasion not to be missed.”
Gates are scheduled to open for fans at 1:00 p.m. GMT before the live feed of the match starts at 3:0 p.m. GMT.
Fans can buy tickets at t20worldcupfanpark.edgbaston.com.
Greece rescues 42 migrants off Crete, searches for three missing
- The migrants were rescued by commercial vessels and a Greek navy helicopter some 27 nautical miles southwest of Crete
- It was not clear what happened to their boat
ATHENS: Greece rescued 42 migrants off the island of Crete and was looking for three believed to be missing after their boat sent a distress signal while at sea, the Greek coast guard said on Thursday.
A coast guard official said the migrants were rescued by commercial vessels and a Greek navy helicopter some 27 nautical miles southwest of Crete.
It was not clear what happened to their boat, the official told Reuters on condition of anonymity, adding that a search and rescue operation for the missing was under way.
The island of Crete and its tiny neighbor Gavdos, Europe’s southernmost tip, have seen a surge in arrivals of migrants looking to cross to Europe from Libya in recent months.
The Greek government has pledged money and staff to help the ill-equipped islands handle the situation.
Greece has been a favored gateway to the European Union for migrants and refugees from the Middle East, Africa and Asia since 2015 when nearly 1 million people landed on its islands, causing an unprecedented humanitarian crisis. Thousands of others have died at sea.
Until recently, migrants had preferred islands further east near Turkiye over Crete and Gavdos.
Closing Bell: TASI closes in green to reach 12,198 points
RIYADH: Saudi Arabia’s Tadawul All Share Index rose on Thursday, gaining 95.24 points, or 0.79 percent, to close at 12,198.44.
The total trading turnover of the benchmark index was SR7.15 billion ($1.9 billion) as 81 stocks advanced, while 144 retreated.
Similarly, the MSCI Tadawul Index increased by 17.75 points, or 1.17 percent, to close at 1,530.05.
However, the Kingdom’s parallel market Nomu dipped by 182.13 points, or 0.68 percent, to close at 26,484.03. This comes as 21 stocks advanced, while as many as 33 retreated.
The best-performing stock of the day was Allied Cooperative Insurance Group, with the company’s share price surging by 6.5 percent to SR21.30.
Other top performers included ACWA Power Co. and MBC Group Co., whose share prices soared by 6.19 percent and 4.69 percent, to stand at SR459.6 and SR53.6, respectively.
The worst performer was BinDawood Holding Co. whose share price dropped by 9.98 percent to SR8.03.
Other subdued performers were Al-Babtain Power and Telecommunication Co. as well as Al-Baha Investment and Development Co., whose share prices dropped by 7.67 percent and 7.14 percent to stand at SR42.75 and SR0.13, respectively.
On the announcements front, MBC Group Co. announced its interim financial results for the period ending March 31, with revenues amounting to SR1.23 million and net profits reaching SR121,28.
The group does not have comparative figures for the current reporting period, as it was incorporated on April 20, 2023, which is subsequent to the comparative reporting period.
BinDawood Holding Co. also announced its financial results for the same period with revenues amounting to SR1.47 billion, up from SR1.38 billion in the first three months of 2023.
In a statement on Tadawul, the company said: “This growth was driven by exceptional performances from both retail brands (BinDawood and Danube) where sales for BinDawood stores increased by 8.5 percent compared to Q1 2023, while Danube stores increased by 7.1 percent compared to Q1 2023.”
It added that the improvement in performance was fueled by enhanced preparations for the pre-Ramadan season and the ongoing success of the loyalty program.
Its net profits also rose in this period reaching SR60.54 million, marking a 15.9 percent year-on-year increase, due to the rise in sales and gross margin.
In another development, Qassim Cement Co.’s revenues in this period surged by 18.8 percent to SR196.41 million compared to SR174.07 million in the first quarter of 2023. This increase was attributed to the rise in sales volume as well as the increase in the average selling price.
The company’s net profit surged to SR74.22 million compared to SR54.93 million in the corresponding period last year. The reason for the increase was attributed to the increase in sales value and volume, despite the increase in the general and administrative expenses.
Arabian Centers Co.’s revenues saw a slight increase of 1.56 percent to SR585.8 million in the first quarter of this year, compared to SR576.8 million in the corresponding period in 2023.
The rise was mainly attributed to a 21.9 percent increase in media sales and a 48.0 percent increase in other revenue.
Its net profit decreased by 52.1 percent from SR388 million in the first quarter of 2023 to reach SR185.6 million in the corresponding period this year.
