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
June 25,2022

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Mumbai, June 25: Maharashtra Chief Minister Uddhav Thackeray, reduced to a minority within the Shiv Sena, the party founded by his father Balasaheb Thackeray, has called a national executive meeting today amid rebellion by his minister Eknath Shinde.

Latest updates

>> The meeting will be held in Shiv Sena Bhavan at 1 pm and Mr Thackeray, who has contracted Covid, will join virtually. On Friday, Mr Thackeray convened a meeting of the district chiefs in which he said that the rebel MLAs wanted to "break the party".

>> "The Sena is not finished" and that people siding with the BJP must be questioned, Mr Thackeray said. "Those who want to leave are free to go openly.... I will create a new Shiv Sena," he added.

>> In a virtual address to party corporators, Mr Thackeray also accused the BJP of trying to finish off the Sena. "Shiv Sena is an ideology... BJP wants to finish it off because they don't want to share the Hindu vote bank with anyone," he said, adding that late Bal Thackeray had initiated the alliance with the BJP only to avoid a split in Hindutva votes.

>> Priyanka Chaturvedi, part of Team Uddhav, hit back at Mr Shinde's claim that the party was diverging from its ideology of Hindutva. "Which Hindutva teaches you to stab your party, which is like a family, in the back?" she said, asserting that ideology is being used as an excuse for the "BJP-backed" rebellion.

>> Sixteen MLAs who have joined rebel leader Eknath Shinde are likely to be served notices by the Deputy Speaker today. The names of these rebel MLAs have already been sent to the Maharashtra Assembly deputy speaker for initiating action of disqualification against them.

>> "We have given notice against 16 MLAs that they should be sacked. Now they will have to answer why action should not be taken against them. Despite issuing a letter to them, none of them attended party meeting on Wednesday in Mumbai," Sena MP Arvind Sawant said.

>> Despite being reduced to a minority, Team Uddhav is confident that it has the powers to issue whip against the MLAs. The party also said that the claims by the Eknath Shinde camp that is "the real Shiv Sena" has no merit. "The Shiv Sena is a registered regional party and Uddhav Thackeray is our chief. We have a Consitution through which party president is selected," Advocate Dharam Mishra from Shiv Sena legal cell said.

>> Mr Shinde, at the centre of rebellion against Mr Thackeray, has said that he has the support of more than 50 MLAs. "Nearly 40 of them are from the Shiv Sena," he told the press in an interview.

>> Mr Shinde, who is camping with the rebels in BJP-ruled Assam, has accused the Sena leadership of being inaccessible to party leaders. On Friday, he put out a video by rebel leader Yamini Jadhav in which she accused the party leadership of not caring for her despite she "suffering from cancer" since October last year. He will chair a meeting with the MLAs today to decide the next strategy.

>> The rebels are camping at a five-star hotel on the outskirts of Assam's main city, Guwahati. A young MP, known to be close to Assam Chief Minister Himanta Biswa Sarma, is the pointsman, sources said, adding at least three Assam BJP ministers are closely overseeing logistical matters at the Guwahati hotel.

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News Network
June 16,2022

Mangaluru, June 16: Three months after the Karnataka High Court ruled that Muslim girl students should abide by the decisions of the college development committees (CDCs) and wear prescribed uniforms without hijab, 19 students of government first grade college at Haleyangadi here have been denied education for refusing to remove headscarves.

The students, who are not ready to fulfil the demand of college authorities to show their hair in classrooms, are now on the verge of dropping out of the college as they were neither allowed to write examinations nor attended classes for the last three months.

Similar issues at university college of Mangalore, government first grade college at Uppinangady were solved after discussions with students and parents.

However, the 19 students at Haleyangadi college are facing loss of education after the college authorities strictly prohibited wearing of hijab inside the institution as per the High Court verdict on March 15.

Though the students say that the High Court order is only applicable to pre-university colleges, the college claims that the order is applicable to all institutions where the CDCs have prescribed specific dress code or uniform.

Some students have made up their mind to discontinue studies though they still have a distant hope that the college authorities will reverse their decision, sources said.

College principal K Sridhar said the 19 girls, who are third year degree students, did not appear for the exams and skipped the new semester classes. Though they tried to convince the students to comply with the High Court order, they are insisting on wearing hijab, he said.

The talks with parents of the students were also disappointing, the principal said, adding it is unfortunate to see the girls, who studied at the college for two years, dropping out suddenly.

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Business Desk
June 21,2022

It is well known that cricket is much more than a sport in India. Cricket attracts viewers and sports enthusiasts from every part of the Indian society. In fact, cricket draws 93% of the sports viewers in the country. Cricket enthusiasts love to engage with the sport in various ways - by watching the sport on television, by betting on cricket matches or simply trying their hand at a game of gully cricket.

The latest and the most modern way to engage with cricket has been through cricket slot machines. Cricket slot machines are essentially casino style slot machines which are based on the theme of cricket.

How do Cricket Slot Machines work?

A cricket slot machine is a gambling game with spinning reels. These reels have symbols or pictures on them. Players place a bet and spin the reels. The reels spin and land randomly on a symbol or picture. If these symbols or pictures line up as per your bet, you win.

In the past these slot machines were mostly mechanical and could be found only in a physical brick and mortar casino. However, due to digital transformation, these cricket slot games can be played online securely and safely. Furthermore, the online cricket slot machines are far more engaging and entertaining. A large number of online slot games can be found at Bollybet Casino in India.

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Cricket slot machines are becoming increasingly popular and these slots feature different legends and cricket themes. Below are some of the most popular and exciting cricket slot machine games available online - 

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Conclusion

In summary, if you are a cricket enthusiast and want some thrilling and exciting experience from the comfort of your couch, online cricket slot machines are your ideal option. You can get started with most cricket slot machines with a minimal deposit and enjoy a secure gaming experience. 

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