Aramco to increase crude oil supply to 13 million barrels per day

The news comes after a statement on Tuesday that said Aramco would increase its crude oil supply to 12.3 million bpd in April. (File/AFP)
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Updated 12 March 2020
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Aramco to increase crude oil supply to 13 million barrels per day

  • The output had already been increased to 12.3 million on Monday

DUBAI: Saudi Aramco, the world’s largest oil company, announced on Wednesday that it had received a directive from the Ministry of Energy to increase its output from 12 million to 13 million barrels per day (bpd).

The news comes after a statement on Tuesday that said Aramco would increase its crude oil supply to 12.3 million bpd in April – an increase of approximately 2.5 million bpd on the previous month.

The announcement - coming in the middle of unprecedented volatility in global energy markets - was preceded by a brief suspension of its shares on the Tadawul (the Saudi stock exchange), at its own request, as is required when a listed company is about to announce a “material event.”

The increase in crude production to record levels is in a bid to win market share in the global tussle over energy prices.

The move to increase output dramatically follows notification to customers that Aramco would offer big discounts around the world, and further ratchets up the pressure on global energy markets.

Tuesday’s announcement was followed by an immediate response by Russia, the world’s second biggest producer, with its own output increase.


Pakistan, Saudi Arabia to take ‘concrete measures’ to boost bilateral trade — PM Sharif

Updated 39 sec ago
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Pakistan, Saudi Arabia to take ‘concrete measures’ to boost bilateral trade — PM Sharif

  • Statement came after Shehbaz Sharif’s meeting with Saudi Commerce Minister Majid Al-Qasabi on WEF sidelines
  • The WEF has convened a special meeting in Riyadh on global collaboration, growth and energy for development

ISLAMABAD: Prime Minister Shehbaz Sharif on Monday said Pakistan and Saudi Arabia would be taking “concrete measures” to boost the volume of bilateral trade between the two countries, Pakistani state media reported.

The statement came after PM Sharif’s meeting with Saudi Minister of Commerce Majid Al-Qasabi on the sidelines of a special meeting of the World Economic Forum in Riyadh.

Sharif informed the Saudi minister about the role of the Special Investment Facilitation Council (SIFC), set up in June, in promoting and facilitating the foreign investment.

“The Saudi minister told the prime minister that on the directives of Saudi Crown Prince and Prime Minister Mohammed bin Salman, the Kingdom was prioritizing trade and investment in Pakistan,” the state-run APP news agency reported.

“The Saudi minister said that the targets were being set to take the bilateral ties to a new height within one or one-and-half years.”

On the occasion, PM Sharif noted that Pakistani nationals had played a significant role in the progress and prosperity of Saudi Arabia, according to the report.

The Saudi commerce minister stressed the need to further promote Pakistan-Saudi Arabia ties among the youth.

Sharif arrived in Riyadh on Saturday to attend the WEF summit on global collaboration, growth and energy on April 28-29. The conference has convened more than 700 participants, including key stakeholders from governments and international organizations, business leaders from the WEF partner companies as well as young global leaders, experts and innovators.

The prime minister will address the closing plenary of the summit being held in Riyadh and meet a number of top Saudi officials.

On Sunday, Sharif attended a Special Dialogue and Gala Dinner hosted by Crown Prince Mohammed bin Salman where they discussed bilateral ties as well as regional issues including the war in Gaza.

Sharif’s meeting with the crown prince took place less than a week after a high-powered delegation, headed by Saudi Foreign Minister Faisal bin Farhan, visited Pakistan to discuss investments.

“To continue the discussion, the Prime Minister said that he has brought with him a high-powered delegation to Riyadh, including key ministers responsible for investment, so that follow-up meetings could take place between relevant officials,” the Pakistani Prime Minister’s Office said.

Sharif reiterated his invitation to the Saudi crown prince for an official visit to Pakistan at his earliest convenience, the PMO added.

Pakistan and Saudi Arabia enjoy strong trade, defense and cultural ties. The Kingdom is home to over 2.7 million Pakistani expatriates and serves as the top source of remittances to the cash-strapped South Asian country.

Both Pakistan and Saudi Arabia have been closely working to increase bilateral trade and investment deals, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion.


Saudi Arabia, Kazakhstan added to FIBA 3x3 World Tour

Updated 12 min 52 sec ago
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Saudi Arabia, Kazakhstan added to FIBA 3x3 World Tour

  • 13th edition of the FIBA 3x3 World Tour — the top competition on the 3x3 pro circuit — will take place in 18 cities around the world
  • 3x3 will be part of the NEOM Beach Games, a major international sports event in the heart of the city

The International Basketball Federation has announced Almaty (Kazakhstan) and NEOM (Saudi Arabia) as the latest additions to the 3x3 World Tour.

The 13th edition of the FIBA 3x3 World Tour — the top competition on the 3x3 pro circuit — will take place in 18 cities around the world.

Almaty will host the first-ever visit of the World Tour to Kazakhstan, while NEOM, in hosting the event for the first time, will build upon its established track record of holding a Super Quest in 2022 then a Challenger in 2023.

3x3 will be part of the NEOM Beach Games, a major international sports event in the heart of the city.

Updated 2024 season:

Utsunomiya Opener (April 27-28)
Marseille Masters (May 31-June 1)
Ulaanbaatar Masters (June 8-9)
Chengdu Masters (June 22-23)
Edmonton Masters (July 6-7)
Almaty Masters (July 13-14)
Lausanne Masters (Aug. 16-17)
Debrecen Masters (Aug. 31-Sept. 1)
Shanghai Masters (Sept. 21-22)
Wuxi Masters (Oct. 6-7)
Amsterdam Masters (Oct. 12-13)
Macau Masters (Oct. 19-20)
Abu Dhabi Masters (Oct. 26-27)
Manama Masters (Nov. 1-2)
NEOM Masters (Nov. 7-9)
Shenzhen Masters (Nov. 16-17)
Hong Kong Masters (Nov. 23-24)
World Tour Final (December)

The location and dates of the FIBA 3x3 World Tour Final will be announced at a later stage.


Ukraine’s Zelensky urges US to speed up weapons deliveries

Updated 13 min 2 sec ago
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Ukraine’s Zelensky urges US to speed up weapons deliveries

KYIV: President Volodymyr Zelensky said on Monday that vital US weapons were starting to arrive in Ukraine in small amounts and that the process needed to move faster as advancing Russian forces were trying to take advantage.
Zelensky told a joint news conference in Kyiv alongside visiting NATO chief Jens Stoltenberg that the situation on the battlefield directly depended on the speed of ammunition supplies to Ukraine.
“Timely support for our army. Today I don’t see anything positive on this point yet. There are supplies, they have slightly begun, this process needs to be sped up,” he said.


Scotland’s Humza Yousaf quits in boost to Labour before UK vote

Updated 23 min ago
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Scotland’s Humza Yousaf quits in boost to Labour before UK vote

  • Yousaf quit after a week of chaos triggered by his scrapping of a coalition agreement with Scotland’s Greens
  • He then failed to secure enough support to survive a vote of no confidence against him expected later this week

LONDON: Scotland’s leader Humza Yousaf resigned on Monday, further opening the door to the UK opposition Labour Party regaining ground in its former Scottish heartlands during a national election expected to be held later this year.
Yousaf said he was quitting as head of the pro-independence Scottish National Party (SNP) and first minister of Scotland’s devolved government after a week of chaos triggered by his scrapping of a coalition agreement with Scotland’s Greens.
He then failed to secure enough support to survive a vote of no confidence against him expected later this week.
Resigning little over a year after he replaced Nicola Sturgeon as first minister and SNP leader, Yousaf said it was time for someone else to lead Scotland.
“I’ve concluded that repairing our relationship across the political divide can only be done with someone else at the helm,” Yousaf said, adding he would continue until a successor was chosen in an SNP leadership contest.
Yousaf abruptly ended a power-sharing agreement between his pro-independence SNP and the Green Party after a row over climate change targets. The SNP’s fortunes have faltered over a funding scandal and the resignation of Sturgeon as party leader last year. There has also been infighting over how progressive its pitch should be as it seeks to woo back voters.
Caught between defending the record of the coalition government and some nationalists’ demands to jettison gender recognition reforms and refocus on the economy, Yousaf was unable to strike a balance that would ensure his survival.
The SNP is losing popular support after 17 years of heading the Scottish government. Earlier this month, polling firm YouGov said the Labour Party had overtaken the SNP in voting intentions for a Westminster election for the first time in a decade.
Labour’s resurgence in Scotland adds to the challenge facing British Prime Minister Rishi Sunak’s Conservative Party which is lagging far behind Labour in UK-wide opinion polls.
The Scottish parliament now has 28 days to choose a new first minister before an election is forced, with former SNP leader John Swinney and Yousaf’s former leadership rival Kate Forbes seen as possible successors.
If the SNP is unable to find a new leader to command support in parliament, a Scottish election will be held. Yousaf, the first Muslim head of government in modern Western Europe, succeeded Sturgeon as first minister in March 2023. Once hugely popular, Sturgeon has been embroiled in a party funding scandal with her husband, who was charged this month with embezzling funds. Both deny wrongdoing.


Pakistan central bank holds key policy rate at 22 percent

Updated 38 min 21 sec ago
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Pakistan central bank holds key policy rate at 22 percent

  • Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet IMF conditions
  • Reforms under IMF program have complicated task of keeping price pressures in check, however, inflation has slowed

KARACHI: Pakistan’s central bank kept its key interest rate unchanged at 22 percent for the seventh straight policy meeting, it said on Monday, hours before the International Monetary Fund executive board will meet to discuss the approval of $1.1 billion in funding for Pakistan.

Battling inflation and limited foreign exchange reserves, the cash-strapped South Asian nation is trying to navigate a path to economic recovery under a $3 billion standby arrangement with the IMF secured last summer to avert a sovereign default, and is hoping to sign a longer term program.

Pakistan’s key rate was last raised in June to fight persistent inflationary pressures and to meet one of the conditions set by the IMF for securing the bailout. 

Reforms under the program have complicated the task of keeping price pressures in check. Inflation, however, has slowed its pace primarily due to high base effect.

Pakistan’s consumer price index (CPI) for March was up 20.7 percent from the same month last year, the lowest reading in nearly two years and below the finance ministry’s projections for the month.