Saudi Arabia calls ‘urgent’ meeting of oil producers

A flame from a Saudi Aramco oil installion known as "Pump 3" is seen in the desert near the oil-rich area of Khouris, 160 kms east of the Saudi capital Riyadh, on June 23, 2008. (AFP)
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Updated 03 April 2020

Saudi Arabia calls ‘urgent’ meeting of oil producers

  • Crude prices jump after move, which Kingdom says is part of efforts ‘to support global economy in these exceptional circumstances’

DUBAI: Saudi Arabia has called an urgent meeting of the Organization of Oil Exporting Countries and other oil exporters, to discuss restoring the “desired balance” in global energy markets.

The move — which prompted a big jump in the price of oil on global markets — is part of the Kingdom’s “constant efforts to support the global economy in these exceptional circumstances, and in appreciation of the request of the President of the USA, Donald Trump, and the request of friends in the USA,” according to a statement published by the official Saudi news agency.

Global oil prices reacted immediately. Brent crude, the Middle East benchmark, increased by 20 percent, taking it back above $30 a barrel.

The price of crude has been under pressure as a result of collapsing demand due to the coronavirus crisis, and Saudi Arabia’s determination to win market share from American and Russian producers.

During an OPEC meeting in Vienna last month, the Kingdom offered to implement further cuts in oil production but Russia refused to participate.

“Saudi Arabia would like to underscore its efforts during the past period to restore balance in the oil market, as it drew support for that from 22 counties of the OPEC+, but it was not possible to reach an agreement or get consensus,” according to the official Saudi statement.

Oil industry expert Daniel Yergin said: “This represents a recognition of how much the world has changed for oil in a single month as demand falls away so dramatically, and the impact of Donald Trump becoming personally engaged.”

The Saudi call for talks came after a hectic round of communications between the US, Russia and the Kingdom.

In a message posted on Twitter after the Saudi announcement, Trump wrote: “I just spoke to my friend Mohammed bin Salman, crown prince of Saudi Arabia, who spoke with President Putin and I expect and hope that they will be cutting back approximately 10m barrels, and maybe substantially more, which will be great for the oil and gas industry.”

However, officials in Riyadh downplayed any suggestion of a commitment to specific reductions in the levels of oil output. There is no indication yet of when the “urgent” meeting of OPEC and others might happen, nor what will be on the agenda, they said.

President Vladimir Putin denied that he had spoken to the crown prince about the price of oil. Novosti, the official Russian news agency, said there was no such conversation, but added that the president had discussed falling oil prices with other OPEC members and with the US.

“The Americans are worried because of their profitability for shale oil production,” said Putin. “This is also a difficult test for the American economy.”

This week, Saudi Arabia produced more oil in a single day than at any time in its history, with 12 million barrels flowing from pumps at Saudi Aramco, the world’s biggest oil company.


Global organizations commend Saudi Arabia’s role in e-learning

Updated 9 min 31 sec ago

Global organizations commend Saudi Arabia’s role in e-learning

JEDDAH: Six international organizations have completed two studies on e-learning in the Kingdom and praised its efforts in providing a rapid response, multiple options and continuous improvement during the coronavirus pandemic.
The studies involved the participation of 342,000 respondents and were conducted under the supervision of the Kingdom’s National Center for e-Learning.
The center said that the global organizations completed two comprehensive studies on the experience of public and higher education in Saudi Arabia during the pandemic, with the aim of documenting and studying the reality of the experience and coming up with initiatives to develop e-learning practices in accordance with current global practices and standards.
The studies were conducted with the participation of students, faculty members, teachers, parents and school leaders.
The number of participants in the public education study reached 318,000, while the number of participants in the higher education study reached 24,000.
The first study was prepared by the Online Learning Consortium (OLC), with the participation of the International Society for Technology in Education (ISTE), Quality Matters (QM), the UNESCO Institute of Information Technologies in Education (IITE), the National Research Center for Distance Education and Technological Advancements (DETA) in the US.
The second study was prepared by the Organization for Economic Co-operation and Development (OECD) with the cooperation of the Harvard Graduate School
of Education.
In the studies, reference comparisons were made with more than 193 countries. The two studies showed the Kingdom’s distinction in the diversity of options, including, for example, electronic content and satellite channels available for e-learning in public education.

NUMBER

342k

The studies on e-learning involved the participation of 342,000 respondents and were conducted under the supervision of the Kingdom’s National Center for e-Learning.

The percentage of countries that succeeded in providing these at the national level was only 38 percent.
The study conducted by the OECD and the Harvard Graduate School of Education included a comparison of the Kingdom’s response to education during the COVID-19 pandemic with 37 member states.
The results showed the Kingdom’s progress in 13 out of 16 indicators on the average of
these countries.
The study also revealed that teachers received significant support to overcome obstacles to e-learning.
The study of public education indicated that there was a clear strategy for the Ministry of Education to reopen schools in the Kingdom and address any issues.
OLC hailed the efforts of the Saudi Ministry of Education in dealing with the crisis by providing a variety of options for e-learning, and the quick response to the pandemic and immediate shift to remote instruction.
The two studies recommended 71 proposed development initiatives for public education and 78 proposed development initiatives for higher education.
The National Center for e-Learning is working in coordination with the Ministry of Education to present the initiatives and begin their implementation.
The center announced that the organizations that conducted the studies would publish their results and complete the second phase at the end of the current semester.

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