SINGAPORE: Oil prices fell on Monday as a continued surge in coronavirus globally forced a series of renewed lockdowns, including strict new measures in Southern California.
Brent crude oil futures were down 16 cents, or 0.3%, at $49.09 a barrel by 0117 GMT, while West Texas Intermediate oil futures fell 19 cents, or 0.4%, to $46.07 a barrel. Both benchmarks gained for a fifth consecutive week last week.
“Crude pared earlier vaccine roll-out gains after Los Angeles county had another record high in coronavirus cases and South Korea raised their alert level,” said Edward Moya, senior market analyst at OANDA.
“COVID restrictive measures and lockdowns across the globe seem poised to keep crude prices heavy in the short-term.”
The restrictions in California call for bars, hair and nail salons and tattoo shops to close again.
The southern German region of Bavaria announced on Sunday that it will impose a tougher lockdown from Wednesday until Jan. 5, while South Korean authorities said they will impose heightened social distancing rules for the capital Seoul and surrounding areas that will last until at least the end of the month.
Also weighing on prices, US energy firms last week added oil and natural gas rigs for the 11th time in 12 weeks as producers return to the wellpad even as most are cutting spending this year and next.
Iran, meanwhile, has instructed its oil ministry to prepare installations for production and sale of crude oil at full capacity within three months, state media said on Sunday.
“Adding to the pressure on oil prices is the potential Iranian increase to production in three months. Iran is optimistic the US will ease restrictions if they return back to the 2015 nuclear deal,” Moya added.
Oil prices fall as surging virus cases force more lockdowns
https://arab.news/4ay7a
Oil prices fall as surging virus cases force more lockdowns
- California faces strict new coronavirus lockdowns
- Iran prepares to raise exports if sanctions eased-state media
Saudi Arabia opens 3rd round of Exploration Empowerment Program
RIYADH: Saudi Arabia’s Ministry of Industry and Mineral Resources, in collaboration with the Ministry of Investment, has opened applications for the third round of the Exploration Empowerment Program, part of ongoing efforts to accelerate mineral exploration in the Kingdom, reduce early-stage investment risks, and attract high-quality investment from local and international mining companies.
The third round of the Exploration Empowerment Program offers a comprehensive support package targeting exploration companies and mineral prospecting license holders.
The initiative aims to lower investment risks for projects and support a faster transition from prospecting to development.
"The program provides coverage of up to 70 percent of the total salaries of Saudi technical staff, such as geologists, during the first two years, increasing to 100 percent thereafter, in line with program requirements.
This support aims to develop talent, build national capabilities in mineral exploration, promote job localization, and facilitate the transfer of geological knowledge.
The application for the third round opened on Jan. 14, allowing participants to benefit from the Kingdom’s attractive investment environment, its stable legal framework, and streamlined regulatory structures, as well as integrated infrastructure that supports the transition from mineral resources to operational mines.
The ministry has set the timeline for the third round, with the application period running from Jan. 14 to March 31.
This will be followed by the evaluation, approval, and signing of agreements from April 1 to May 31, with the eligible projects set to be announced between June 1 and July 31 of the same year.
The program stages include submitting exploration data during the reimbursement and payment phase from Sept. 1 to Nov. 30, followed by technical and financial verification of work programs and approval of the disbursement of support funds in January 2027.
The exploration data will then be published on the National Geological Database in April 2027.
The ministry emphasized that the EEP focuses on supporting the exploration of strategically important minerals with national priority. It also contributes to enhancing geological knowledge by providing up-to-date data that meets international standards, helping investors make informed decisions and supporting the growth of national companies and local supply chains.
The ministry urged companies to apply early to benefit from the program’s third round, which coincided with the fifth edition of the International Mining Conference, which was held from Jan. 13 to 15.
