Saudi Arabia cuts oil prices for Asia amid China lockdowns

News Network
May 8, 2022

Riyadh, May 8: Saudi Arabia cut oil prices for buyers in Asia as coronavirus lockdowns in China weigh on demand, countering uncertainty around Russia’s supplies as the Ukraine war drags on.

Saudi Aramco is lowering prices for the first time in four months. The state-controlled company dropped its key Arab Light crude grade for next month’s shipments to Asia to $4.40 a barrel above the benchmark it uses, from $9.35 in May. That’s in line with a Bloomberg survey of refiners and traders from late April that forecast a $5 decrease.

Aramco also lowered all grades for the north west Europe region and almost all for the Mediterranean. Prices for US customers were kept unchanged from May.

Saudi Arabia raised its crude to record levels in the past two months after prices surged above $100 a barrel when Russia invaded Ukraine. Russian exports have already fallen and may drop further as the European Union moves closer to formally sanctioning energy supplies from the country.

While the war has tightened the global oil market, Beijing’s Covid Zero strategy has lead to China’s largest demand shock since the early days of the pandemic. Consumption of gasoline, diesel and aviation fuel last month was expected to slide 20% from a year earlier, Bloomberg reported on April 22.

China’s Strategy

Chinese Premier Li Keqiang warned in a statement on Saturday of a “complicated and grave” employment situation as the government tries to contain Covid. China’s leaders doubled down on their strategy last week, warning against any attempts to question the approach even as economic activity contracts amid factory closings and supply-chain disruptions.

Still, the world’s biggest independent oil trader said on Sunday that China’s measures were working as far as stopping the spread of the virus is concerned.

“It’s obviously a terrible situation for citizens of Shanghai and entire parts of Beijing have been told to work from home,” Mike Muller, Vitol Group’s head of Asia, said Sunday on a podcast produced by Dubai-based Gulf Intelligence. “But it hasn’t spiraled or snowballed into something really, really dramatic. Therefore people have not worsened their demand-loss projections from China.”

Aramco’s decision comes days after OPEC+, led by Saudi Arabia and Russia, agreed to continue increasing crude output only gradually, adding 432,000 barrels a day to the market in June. The 23-nation group has struggled to meet even that modest target.

Saudi Arabia sends more than 60% of its crude exports to Asia, with China, Japan, South Korea and India being the biggest buyers.

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News Network
January 20,2026

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KCF, a global socio-cultural organisation of Karnataka expatriates, is actively involved in education, humanitarian initiatives and community well-being across several countries. The awardees were selected following a structured evaluation of nominations by the Annual Council Program Committee, based on the depth, consistency and long-term impact of their social service.

One of the award recipients, Abdul Razak Haji, a prominent UAE-based entrepreneur from the Qamcon Group of Companies, was honoured for his significant contributions to society. Through both his professional journey and personal initiatives, he has supported numerous employees and families, while also extending assistance in education, housing for the underprivileged and various charitable causes, largely carried out quietly over the years. His award was presented earlier during the Annual Council Program held at the KCF Abu Dhabi office.

The second award was conferred on Latheef Kakkinje, a young social worker based in Abu Dhabi, in recognition of his active involvement in community engagement programmes, sports initiatives, talent festivals and family-oriented social activities. His consistent volunteering efforts and commitment to humanitarian causes were highly appreciated by the selection committee.

The award presentation ceremony for Latheef Kakkinje was held at the Zayed Cricket Stadium (Astro Turf Ground) in the presence of Kedumbady Ibrahim Saqafi, President of KCF UAE; Ibrahim, General Secretary; Kabeer Bayambady, President of KCF Abu Dhabi; Ummer Ishwaramangila, General Secretary; along with other members of the KCF Abu Dhabi cabinet.

Congratulating both awardees, KCF leaders reiterated the organisation’s commitment to recognising individuals who selflessly work for social upliftment and community service.

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News Network
January 23,2026

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Prime Minister Narendra Modi, during his visit to Thiruvananthapuram on Friday, January 23, indicated that the Bharatiya Janata Party (BJP) is aiming to expand its political footprint in Kerala ahead of the Assembly elections scheduled in the coming months.

Speaking at a BJP-organised public meeting, Modi drew parallels between the party’s early electoral gains in Gujarat and its recent victory in the Thiruvananthapuram Municipal Corporation. The civic body win, which ended decades of Left control, was cited by the Prime Minister as a possible starting point for the party’s broader ambitions in the state.

Recalling BJP’s political trajectory in Gujarat, Modi said the party was largely insignificant before 1987 and received little media attention. He pointed out that the BJP’s first major breakthrough came with its victory in the Ahmedabad Municipal Corporation that year.

“Just as our journey in Gujarat began with one city, Kerala’s journey has also started with a single city,” Modi said, suggesting that the party’s municipal-level success could translate into wider electoral acceptance.

The Prime Minister alleged that successive governments led by the Left Democratic Front (LDF) and the United Democratic Front (UDF) had failed to adequately develop Thiruvananthapuram. He accused both fronts of corruption and neglect, claiming that basic infrastructure and facilities were denied to the capital city for decades.

According to Modi, the BJP’s control of the civic body represents a shift driven by public dissatisfaction with the existing political alternatives. He asserted that the BJP administration in Thiruvananthapuram had begun working towards development, though no specific details or timelines were outlined.

Addressing the gathering at Putharikandam Maidan, Modi said the BJP intended to project Thiruvananthapuram as a “model city,” reiterating his party’s commitment to governance-led change.

The Prime Minister’s visit to Kerala also included the inauguration of several development projects and the flagging off of new train services, as the BJP intensifies its political outreach in the poll-bound state.

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News Network
January 23,2026

Karnataka Governor Thaawarchand Gehlot read only three lines from the 122-paragraph address prepared by the Congress-led state government while addressing the joint session of the Legislature on Thursday, effectively bypassing large sections critical of the BJP-led Union government.

The omitted portions of the customary Governor’s address outlined what the state government described as a “suppressive situation in economic and policy matters” under India’s federal framework. The speech also sharply criticised the Centre’s move to replace the Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) with the Viksit Bharat–Guarantee for Rozgar and Ajeevika Mission (Gramin) Act, commonly referred to as the VB-GRAM (G) Act.

Governor Gehlot had earlier conveyed his objection to several paragraphs that were explicitly critical of the Union government. On Thursday, he confined himself to the opening lines — “I extend a warm welcome to all of you to the joint session of the State legislature. I am extremely pleased to address this august House” — before jumping directly to the concluding sentence of the final paragraph.

He ended the address by reading the last line of paragraph 122: “Overall, my government is firmly committed to doubling the pace of the State’s economic, social and physical development. Jai Hind — Jai Karnataka.”

According to the prepared speech, the Karnataka government demanded the scrapping of the VB-GRAM (G) Act, describing it as “contractor-centric” and detrimental to rural livelihoods, and called for the full restoration of MGNREGA. The state government argued that the new law undermines decentralisation, weakens labour protections, and centralises decision-making in violation of constitutional norms.

Key points from the unread sections of the speech:

•    Karnataka facing a “suppressive” economic and policy environment within the federal system

•    Repeal of MGNREGA described as a blow to rural livelihoods

•    VB-GRAM (G) Act accused of protecting corporate and contractor interests

•    New law alleged to weaken decentralised governance

•    Decision-making said to be imposed by the Centre without consulting states

•    Rights of Adivasis, women, backward classes and agrarian communities curtailed

•    Labourers allegedly placed under contractor control

•    States facing mounting fiscal stress due to central policies

•    VB-GRAM (G) Act accused of enabling large-scale corruption

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