Saudi Arabia to cut crude oil exports in April

Agencies
March 11, 2019

Dubai, Mar 11: Saudi Arabia plans to cut its crude oil exports in April to below 7 million barrels per day (bpd), while keeping its output "well below" 10 million bpd, a Saudi official said on Monday, as the kingdom seeks to drain a supply glut and support oil prices.

State-owned Saudi Aramco's oil allocations for April are 635,000 bpd below customers' nominations -- requests made by refiners and clients for Saudi crude, the Saudi official said.

"Despite very strong demand from international waterborne customers at more than 7.6 million bpd, customers were allocated less than 7 million bpd," the official said.

March's oil exports will also be below 7 million bpd, the official said.

The April allocations by Aramco show "a deep cut of 635,000 bpd from customer requests for its crude oil," he added.

"This will keep production well below 10 million bpd in April," the official said, adding that this is also below the 10.311 million bpd that the kingdom has agreed as its production target under an OPEC-led supply cut agreement.

The Organization of the Petroleum Exporting Countries (OPEC) and other producers such as Russia, colloquially known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1 for six months.

"Saudi Arabia is demonstrating extraordinary commitment to accelerating market rebalancing," the Saudi official said, adding that the kingdom expects all other OPEC+ countries to show similar levels of contributions and high conformity.

Saudi Energy Minister Khalid al-Falih said on Sunday that March oil production was 9.8 million bpd and that the country, OPEC's biggest producer, plans to keep its April output at the same level.

Saudi Arabia's oil production in February fell to 10.136 million bpd, a Saudi industry source told Reuters on Friday, down from 10.24 million bpd in January.

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News Network
April 14,2024

New Delhi, Apr 14: In response to the escalating tensions between Israel and Iran, ministry of external affairs (MEA) on Sunday issued a statement expressing serious concern over the potential threat to regional peace and security.

"We are seriously concerned at the escalation of hostilities between Israel and Iran which threatens the peace and security in the region," the MEA said in the statement.

The ministry called for an immediate de-escalation of the situation, emphasizing the importance of exercising restraint and refraining from further violence. 

Stressing the need for diplomacy to prevail, India urged both parties to step back from confrontation and seek peaceful resolutions to their differences.

"We call for immediate de-escalation, exercise of restraint, stepping back from violence and return to the path of diplomacy," the MEA said. 

India, closely monitoring the evolving situation, assured that its embassies in the region are actively engaging with the Indian community, providing support and assistance as needed.

"We are closely monitoring the evolving situation. Our Embassies in the region are in close touch with the Indian community," the MEA affirmed.

Highlighting the significance of maintaining security and stability in the region, India reiterated the importance of all parties involved prioritizing peaceful dialogue and cooperative measures. "It is vital that security and stability are maintained in the region," the MEA said.

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News Network
April 17,2024

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Russian President Vladimir Putin says Iran’s “tactful and wise” response to Israeli aggression on its consulate in Syria was the best way to punish the aggressor.

Putin made the remarks in a phone conversation with President Ebrahim Raeisi on Tuesday.

“What the Islamic Republic of Iran did in response to what happened criminally and in the light of the inaction of the [UN] Security Council, was the best way to punish the aggressor and represented the tactfulness and rationality of Iran's politicians,” Putin said.

The Russian president said the Israeli regime’s “terrorist act” against the Iranian consulate in Damascus was against all international standards and rules.

He also strongly criticized the United States and certain Western countries for creating tension in the region. “We believe that the Islamic Republic of Iran is one of the main pillars of stability and security in the region.”

“We firmly declare that we will respond to any action against Iran's interests with greater force and broader and more painful than the previous [response],” President Raeisi said in the phone call.

The Iranian president also said Tehran's response to the Israeli regime was within the framework of international law, saying Israel’s terrorist act was a clear violation of international law and a serious threat to global peace.

“The destructive role of the US and some western countries and the inaction and inefficiency of international institutions, including the United Nations and the Security Council, in dealing with the aggressive action of the Zionist regime in attacking the Iranian consulate in Syria caused the Islamic Republic of Iran to exercise its right to self-defense.”

Raeisi further thanked Moscow for its “principled and constructive” stance against the Israeli aggression in Damascus. 

He appreciated the diplomatic efforts of the Russian government to thwart the conspiracies of the United States and certain Western countries in the UN Security Council.

“To those countries that have adopted double standards in the face of the crimes of the Zionist regime and express concerns about escalating tensions in the region, we advise them to rather stop supporting the Zionists genocide and crimes against the oppressed Palestinian people to preserve peace and stability in the region,” Raeisi said.

Iran’s Islamic Revolution Guards Corps (IRGC) launched extensive missile and drone strikes against the occupied territories late on April 13 in response to Israel’s missile attack on the consular section of the Iranian embassy in Damascus.

Operation True Promise has inflicted damage on Israeli military bases across the occupied territories. The extent of damage is yet to be specified. 

Brigadier General Mohammad Reza Zahedi, a commander of the IRGC Quds Force, his deputy, General Mohammad Hadi Haji Rahimi, and five of their accompanying officers were assassinated in the Israeli attack on Iran’s diplomatic mission.

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News Network
April 21,2024

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Austrian police authorities have arrested the director of a Palestinian news agency based in the Gaza Strip, which is aligned with the Hamas resistance movement, following spurious allegations and intense pressure from the Tel Aviv regime’s officials.

Gaza Now News Network wrote in a post published on the social media platform X, formerly known as Twitter, that “the occupying Israeli regime is trying hard to prosecute anyone connected to the Palestinian media as part of attempts to silence the voice of wounded Gaza and stop disclosure of the Palestinian nation’s sufferings and the massacres being committed against women, children and the elderly.”

It added, “The latest of such attempts was the prosecution of Palestinian-born journalist Mustafa Ayyash. Austrian police stormed his house, tampered with his personal belongings, confiscated electronic devices, arrested him and his wife, and took him for interrogation.”

Gaza Now noted that the Austrian police hacked its WhatsApp account, which is followed by 300,000 users, and closed it down. They also shut the news network’s Facebook pages and accounts, which are followed by some eight million users.

It underscored that Israeli officials threaten Ayyash from time to time with prosecution and assassination, and hamper the activities of the news network on social media platforms.

This comes as the Israeli military had earlier targeted Ayyash's family and killed scores of his relatives in a series of airstrikes in late November ahead of a temporary ceasefire.

The Permanent Observer of Palestine at the United Nations Salah Abdel-Shafi and Chairman of Hamas Political Bureau Ismail Haniyeh mourned the death of his family.

Back on March 27, US and UK authorities unveiled sanctions against two people and three companies related to Gaza Now over alleged fundraising efforts “in support of Hamas.”

The Treasury Department said in a statement that Gaza Now, whose popular Telegram channel has more than 1.8 million followers, and its founder started fundraising for Hamas after the movement’s Operation al-Aqsa Storm against Israel on October 7.

The US also slapped sanctions against Aozma Sultana, the director of two companies that allegedly gave “thousands of dollars to Gaza Now and advertised Gaza Now as a partner during a joint fundraiser shortly after the large-scale surprise attack.”

Separately, the UK Treasury announced a full asset freeze against two individuals suspected of providing financial support for Gaza Now.

“All funds and economic resources in the UK belonging to or controlled by Sultana and Ayyash have been frozen,” they added.

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