Oil rises on ongoing OPEC-led supply cuts, fall in US rig count

High drilling activity last year resulted in a more than 2 million bpd rise in US production, to 12.1 million bpd reached this February. (Reuters)
Updated 12 March 2019
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Oil rises on ongoing OPEC-led supply cuts, fall in US rig count

  • ‘Downward revisions in global growth forecasts by OECD and ECB have capped bullish gains’
  • Oil markets have generally been supported this year by ongoing supply cuts led by OPEC and some non-affiliated allies

SINGAPORE: Oil prices rose on Monday, lifted by comments from Saudi oil minister Khalid Al-Falih that an end to OPEC-led supply cuts was unlikely before June and a report showing a fall US drilling activity.
US West Texas Intermediate (WTI) crude oil futures were at $56.39 per barrel at 0323 GMT, up 32 cents, or 0.6 percent from their last close.
Brent crude futures were at $65.04 per barrel, up 30 cents, or 0.5 percent.
Despite the gains, markets were somewhat held back after US employment data raised concerns that an economic slowdown in Asia and Europe was spilling into the United States, where growth has so far still been healthy.
“Downward revisions in global growth forecasts by OECD and ECB have capped bullish gains,” said Benjamin Lu of Singapore-based brokerage Phillip Futures.
Oil markets have generally been supported this year by ongoing supply cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and some non-affiliated allies like Russia — known as the OPEC+ alliance. OPEC+ has pledged to cut 1.2 million barrels per day (bpd) in crude supply since the start of the year to tighten markets and prop up prices.
The group will meet in Vienna on April 17-18, with another gathering scheduled for June 25-26, to discuss supply policy.
Saudi oil minister Khalid Al-Falih said on Sunday it would be too early to change OPEC+ output policy at the group’s meeting in April.
“We will see what happens by April, if there is any unforeseen disruption somewhere else, but barring this I think we will just be kicking the can forward,” Al-Falih said.
Prices were also supported by US energy services firm Baker Hughes’ latest weekly report showing the number of rigs drilling for new oil production in the United States fell by nine to 834.
High drilling activity last year resulted in a more than 2 million bpd rise in production, to 12.1 million bpd reached this February, making the United States the world’s biggest producer of crude oil ahead of Russia and Saudi Arabia.
The slowdown in drilling points to more timid output growth going forward, but because the overall drilling level remains relatively high despite the recent decline, many analysts still expect US crude output to rise above 13 million bpd soon.
“This is the third straight week of decline ... after a number of oil producers trimmed their spending outlooks for 2019,” ANZ bank said on Monday.


King Salman issues royal decree to appoint investigative lieutenants at Public Prosecution

Updated 4 min 56 sec ago
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King Salman issues royal decree to appoint investigative lieutenants at Public Prosecution

RIYADH: King Salman issued a royal decree on Saturday to appoint 261 investigative lieutenants at the Ministry of Justice’s Public Prosecution, Saudi Press Agency reported.

Attorney General Sheikh Saud bin Abdullah Al-Mujib thanked the king for the royal decree and said it reflected the support provided by the King Salman and Crown Prince Mohammed bin Salman for the ministry and its departments, SPA added.

Al-Mujib praised the commitment to advancing the development and prosperity of the justice ministry in alignment with the Kingdom’s Vision 2030.


Sadiq Khan, Pakistani immigrant bus driver’s son, makes history by winning third term as London mayor

Updated 25 min 11 sec ago
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Sadiq Khan, Pakistani immigrant bus driver’s son, makes history by winning third term as London mayor

  • Khan, an official with global renown, became the first Muslim mayor of a Western capital when elected in 2016
  • Born in London in 1970, he grew up in public housing the Tooting area and slept in a bunk-bed until he was 24

LONDON: Sadiq Khan, who was Saturday re-elected for a record third term as London mayor, rose from humble roots to spar with world leaders and bring consequential change to the British capital.
The 53-year-old Labor party politician – a former human rights lawyer brought up on a London public housing complex – comfortably defeated Conservative rival Susan Hall for a third stint at City Hall.
He now overtakes predecessor Boris Johnson as the longest-serving holder of the post, which notably has powers over the emergency services, transport and planning in the city of nearly nine million.
Victory continues a remarkable journey for the Pakistani immigrant bus driver’s son, who became the first Muslim mayor of a Western capital when initially elected in 2016.
As mayor, he has made a name for himself as a vocal critic of Brexit and successive Conservative prime ministers, including Johnson, as well as for a feud with former US president Donald Trump.
The pair became embroiled in an extraordinary war of words after Khan criticized Trump’s travel ban on people from certain Muslim countries.
Trump then accused Khan of doing a “very bad job on terrorism” and called him a “stone cold loser” and a “national disgrace.”
The mayor in turn allowed an infamous blimp of Trump dressed as a baby in a nappy to fly above protests in Parliament Square during his 2018 visit to Britain.
“He once called me a stone cold loser. Only one of us is a loser, and it’s not me,” Khan told AFP during his 2021 campaign.
But Khan’s own tenure has not been without its controversies, particularly over last year’s expansion of an Ultra-Low Emission Zone into the largest pollution-charging scheme in the world.
The daily toll on the most-polluting vehicles prompted a fierce backlash in outer boroughs of Greater London, with anger at the extra financial burden during a cost-of-living crisis.
Khan has also been criticized for failing to get to grips with high levels of knife crime and since last year, his handling of large weekly pro-Palestinian protests.
Born in London in 1970 to parents who had recently arrived from Pakistan, Khan was the fifth child out of seven brothers and one sister.
He grew up in public housing in Tooting, an ethnically mixed residential area in south London, and slept in a bunk-bed until he was 24.
His modest background plays well in a city that is proud of its diversity and loves a self-made success story.
Khan still regularly recalls how his father drove one of London’s famous red buses, and his mother was a seamstress.
He is a handy boxer, having learnt the sport to defend himself in the streets against those who hurled racist abuse at him, and two of his brothers are boxing coaches.
He initially wanted to become a dentist, but a teacher spotted his gift for verbal sparring and directed him toward law.
He gained a law degree from the University of North London and started out as a trainee lawyer in 1994 at the Christian Fisher legal firm, where he was eventually made a partner.
He specialized in human rights, and spent three years chairing the civil liberties campaign group Liberty.
He represented Louis Farrakhan, leader of the Nation of Islam movement, and Babar Ahmad, a mosque acquaintance who was jailed in the United States after admitting providing support to the Taliban regime in Afghanistan.
Khan joined Labor aged 15 when Conservative prime minister Margaret Thatcher was in her pomp.
He became a local councilor for Tooting in the Conservative-dominated Wandsworth local borough in 1994, and its member of parliament in 2005.
He still lives in the area with his lawyer wife Saadiya and their two teenage daughters.
Labor prime minister Gordon Brown made him communities minister in 2008 and he later served as transport minister, becoming the first Muslim minister to attend Cabinet meetings.
In parliament, he voted for gay marriage – which earned him death threats.
As mayor, he vowed to focus on providing affordable homes for Londoners and freezing transport fares, but – like many in power around the world – saw his agenda engulfed by the pandemic.
He is London’s third mayor after Labor’s Ken Livingstone (2000-2008) and Johnson (2008-2016), with widespread speculation he could eventually try to follow in his predecessor and become prime minister.


Israeli forces kill five Palestinians in overnight raid near West Bank’s Tulkarm

Updated 29 min 9 sec ago
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Israeli forces kill five Palestinians in overnight raid near West Bank’s Tulkarm

  • The health ministry said it had identified four of the five who died during the raid in Deir Al-Ghusun
  • The Israeli military said an officer from a special police unit was wounded in the operation and hospitalized

TULKARM, West Bank: Israeli forces killed five Palestinians in an overnight raid in a village near the city of Tulkarm in the occupied West Bank, the Palestinian health ministry and the Israeli military said on Saturday.
The health ministry said it had identified four of the five who died during the raid in Deir Al-Ghusun. Israeli forces took some of the dead bodies, according to the official Palestinian news agency Wafa and a Reuters reporter at the scene.
The Israeli military said an officer from a special police unit was wounded in the operation and hospitalized. It said its forces retaliated using live ammunition and shoulder-fired missiles after they were fired on.
Saturday’s operation near the flashpoint city of Tulkarm was the latest in a series of clashes in the occupied West Bank between Israeli forces and Palestinians that has been escalating for more than two years but which has picked up in intensity since the Hamas-led attack on Israel last October.
According to Palestinian Health Ministry records, 492 Palestinians have been killed by Israeli forces or Jewish settlers in the West Bank or East Jerusalem since Oct. 7. Many have been armed fighters but stone-throwing youths and uninvolved civilians have also been killed.
Palestinians want the West Bank and Gaza, which Israel captured in the 1967 Middle East war, as the core of an independent state with East Jerusalem as its capital.
US-backed talks to reach an agreement between Israel and the Palestinians have been stalled for the past decade but the Gaza war has raised pressure for a revival of efforts to reach a two-state solution.
More than 34,000 Palestinians have been killed in Israel’s seven-month-old assault on the Gaza Strip, say health officials in the Hamas-ruled enclave. The war began when Hamas militants attacked Israel on Oct. 7, killing 1,200 people and abducting 252 others, of whom 132 are believed to remain in captivity in Gaza, according to Israeli tallies.


Pakistan’s deputy PM, Saudi foreign minister discuss Muslim world issues at OIC summit

Updated 38 min 22 sec ago
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Pakistan’s deputy PM, Saudi foreign minister discuss Muslim world issues at OIC summit

  • Ishaq Dar stresses the significance of ceasefire in Gaza during his meetings with the Kuwaiti, Qatari and Egyptian FMs
  • He also calls for more investment for his country and greater employment opportunities for Pakistanis in the Middle East

ISLAMABAD: Pakistan’s newly appointed Deputy Prime Minister Ishaq Dar met with Saudi Foreign Minister Prince Faisal bin Farhan and other Arab officials on the sidelines of the Organization of Islamic Cooperation (OIC) summit in Gambia on Saturday, emphasizing collective action to address the problems confronting the Muslim world.
The OIC summit is being held against a backdrop of widespread anger over Israel’s military actions in Gaza, which have resulted in the death of nearly 35,000 Palestinians along with a massive destruction of hospitals, schools and residential neighborhoods in the area.
There has been a clear uptick in Islamophobic sentiments and incidents in different parts of the world, particularly since the outset of the conflict last year in October.
The Pakistani deputy prime minister arrived in Gambia on Wednesday to present his country’s perspective on a wide range of issue, including the war in Gaza and the rights situation in the Indian-administered Kashmir.
“Deputy Prime Minister and Foreign Minister Mohammad Ishaq Dar @MIshaqDar50 today met Foreign Minister of Saudi Arabia H.R.H. Prince Faisal bin Farhan Al Saud @FaisalbinFarhan in Banjul, The Gambia,” the foreign office said in a social media post.
“They discussed strengthening strategic and economic relations between Pakistan and Saudi Arabia and enhancing economic cooperation and investment,” it continued. “They called for a ceasefire in Gaza and emphasized the importance of OIC’s role in addressing challenges concerning the Muslim Ummah including Islamophobia and the situations in Palestine and Kashmir.”


Dar also held separate meetings with the foreign ministers of Kuwait, Egypt and Qatar.
During his conversation with Abdullah Ali Al Yahya of Kuwait, he discussed the possibility of further strengthening bilateral cooperation.
He noted the government wanted to transform the “traditionally fraternal ties with Kuwait into a mutually beneficial economic partnership.”
Dar also discussed further consolidation in trade and investment with Qatar’s Sheikh Mohammed bin Abdulrahman Al Thani while seeking more employment opportunities for young Pakistanis.
He emphasized on an immediate ceasefire in Gaza during his interactions for all Arab officials, commending Egypt’s role in supporting international humanitarian assistance for Palestine in his meeting the Egyptian Foreign Minister Sameh Hassan Shoukry.


Verstappen wins sprint race at Miami Grand Prix

Updated 40 min 39 sec ago
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Verstappen wins sprint race at Miami Grand Prix

  • The reigning three-times world champion and current championship leader led from pole and was never challenged after a chaotic opening lap
  • Verstappen’s team-mate Sergio Perez was third as the world champions gave themselves a points boost ahead of qualifying later on Saturday

MIAMI GARDENS, United States: Red Bull’s Max Verstappen cruised to victory in the Miami Grand Prix’s sprint race on Saturday finishing a full 3.3 seconds ahead of Ferrari’s Charles Leclerc.
The reigning three-times world champion and current championship leader, who is looking for a third straight Grand Prix victory at Miami on Sunday, led from pole and was never challenged after a chaotic opening lap.
Verstappen’s team-mate Sergio Perez was third as the world champions gave themselves a points boost ahead of qualifying later on Saturday.
Dutchman Verstappen held off Leclerc’s strong start to secure his place at the front but there was plenty of action and incident in the middle of the pack.
Haas’s Kevin Magnussen and Mercedes’ Lewis Hamilton jousted hard but in the end the Dane picked up three penalties, adding 25 seconds to his time, after frequently leaving the track and gaining advantage.
Hamilton also received a penalty, leaving him outside the points positions in 16th after speeding in the pit lane.
The safety car was brought out after the first lap which saw a start line incident involving Hamilton, Fernando Alonso, Lance Stroll and Lando Norris.
But away from those skirmishes, it was business as usual for Verstappen, who adds another eight points to his season tally with the victory.
“I think my engine wasn’t good in the start and so then I had to speed it a bit, luckily everything worked out in turn one,” said Verstappen.
“Then we had the safety car just to calm things down a bit after that. Steadily we could increase the gap a little bit, but it wasn’t entirely perfect so we still have a bit of work to do,” he added.
“We can still fine tune the car a little bit, so hopefully we can improve for later on in qualifying and especially for tomorrow in the race.”