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
May 17,2024

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Hamas says the Israeli regime’s bombing of the Gaza Strip, which is enduring a genocidal Israeli war, has killed 70 percent of the Zionist captives, who have been held by the Palestinian resistance movement since an October operation.

Khalil al-Hayya, deputy chief of Hamas’ Political Bureau, announced the information in an interview with Lebanon’s al-Manar television network on Thursday.

“The Zionist enemy wants to recover the remaining captives by force, killing them by bombing,” he said.

Around 250 people were taken captive on October 7 last year during Al-Aqsa Storm, a retaliatory operation by Gaza’s resistance groups.

At least 35,272 Palestinians have died in an Israeli war of genocide that began following the operation.

Hamas released 105 of the captives during a week-long truce in late November.

Hamas recently agreed to another truce proposal enabling cessation of the Israeli aggression and release of the rest of the captives. The Israeli regime, however, rejected the proposal.

The Hamas’ official said, “The latest proposal presented to us comes very close to our demands, but the enemy has not respected the proposal or the mediators.”

Al-Hayya reiterated the movement’s demands, saying any potential truce agreement had to mandate a complete and comprehensive cessation of the Israeli aggression, withdrawal of all Israeli forces from Gaza, and then a captive exchange deal.

‘Victory is our ally’

The Hamas’ official pointed to the Israeli regime’s failure to realize its war goals, including defeating the resistance.

“After eight months of aggression, the enemy has failed to eradicate the resistance in Gaza despite all the actions of the occupation,” he said.

“The resistance has rebuilt itself and can adapt its capabilities to face the occupation,” the official said, asserting, “The resistance is capable of enduring for many months and will continue to defend its people as long as the battle is ongoing.”

“The resistance has the ability to continue because it is right, and victory is our ally, while the enemy will face defeat.”

Thanking regional resistance

Elsewhere in his remarks, al-Hayya expressed gratitude towards the regional resistance groups for the pro-Palestinian operations that they have been carrying out against Israeli targets and those associated with the occupying regime.

“The fronts in Yemen, Lebanon, and Iraq support Gaza and link the cessation of [their] operations to the end of aggression on Gaza,” he said.

“When we meet with the resistance forces in the region, we affirm that the battle is one.”

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News Network
May 12,2024

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In an intriguing turn of events, authorities have levied a fine against an actress for breaching traffic regulations depicted within a television serial.

In the 14th episode of the popular serial ‘Seetha Raama’ a Kannada language drama series airing on Zee Kannada, a scene featuring two individuals riding a scooter caught the attention of viewers. While the rider adhered to safety protocols by wearing a helmet, the actress on the pillion did not.

Jayaprakash Yekkur, a vigilant resident of Mangaluru, took swift notice of this discrepancy and promptly lodged a complaint with the Mangaluru City Police Commissioner. Yekkur underscored the concern that such portrayals of traffic violations by actors and actresses could potentially convey misleading messages to viewers, particularly those who are impressionable. He urged authorities to take decisive legal action against the actress, the serial’s director, and the broadcasting channel.

In response to Yekkur’s complaint, the Commissioner of Police forwarded the matter to the Mangaluru Traffic Police station. Subsequently, notices were issued to the owner of the two-wheeler featured in the scene and the serial’s director. Upon investigation, it was revealed that the scene had been filmed in Nandini Layout, Bengaluru, and was referred to the Rajajinagar police station for further scrutiny.

On May 10, after thorough inquiries, the Rajajinagar police station imposed a fine of Rs 500 on both the actress and the owner of the two-wheeler. Furthermore, the production manager of the serial committed to adhering strictly to traffic regulations in future episodes.

Expressing his contentment with the resolution, Jayaprakash Yekkur commented that the prompt response from the police, coupled with the imposition of a fine, serves as a valuable lesson and contributes significantly to enhancing public awareness.

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News Network
May 5,2024

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Bengaluru, May 5: In a major development, the Special Investigation Team (SIT) probing the sex video scandal involving JD-S MP Prajwal Revann on Saturday arrested his father and JD-S MLA H.D. Revanna following the rejection of his anticipatory bail plea in a victim kidnapping case by the People’s Representative Court in Bengaluru.

H.D. Revanna was taken into custody from the residence of his father and former Prime Minister H.D. Deve Gowda in Bengaluru’s Padmanabhanagar locality.

First, he was taken to the SIT office on the premises of the Criminal Investigation Department (CID). After preliminary questioning, the former JD-S minister was taken to the Bowring Hospital for a medical check-up.

Sources said he will be produced before the magistrate at the latter's residence later.

Commenting on the development, Chief Minister Siddaramaiah told mediapersons that he won’t interfere in the matter.

“Action should be initiated as per the law,” he said.

Deputy Chief Minister D.K. Shivakumar said, “We will not interfere in anything related to this matter. Let them get protection from the court under the law."

Shivakumar also said that let the proceedings follow the manner suggested by former CM H.D. Kumaraswamy.

Quoting a Kannada proverb, Kumaraswamy had said that those who commit crime must be punished.

The SIT officers reached the former PM’s residence soon after the court turned down his anticipatory bail plea in a case related to the kidnapping of a woman who was allegedly sexually assaulted by his son Prajwal Revanna, the sources said.

Earlier on Saturday, the SIT traced the kidnapped woman to the farmhouse of Rajashekar, the personal assistant (PA) to H.D. Revanna, at Kalenahalli village in Mysuru district.

In the court, Special Public Prosecutor B.N. Jagadish submitted that the case is about saving the life of a poor woman.

Jagadish argued that H.D. Revanna did not turn up before the authorities even after being served three notices.

Senior counsel Muthy D. Naik, appearing for H.D. Revanna, argued that the only allegation against his client is a statement that he had called the victim to his residence.

Barring this, there is nothing to prove the role of H.D. Revanna in this case, he argued, adding that the statement was made by an accused in the case, with whom his client has no connections.

He also claimed that the SIT has deliberately added IPC Section 364A, which attracts life imprisonment and capital punishment, to ensure that his client’s bail plea is rejected.

The other IPC Sections invoked in the case — 363 and 365 — attract imprisonment of less than seven years. Therefore, to prove the innocence of H.D. Revanna, he should be granted bail, Naik submitted.

Meanwhile, the woman, who had gone missing on April 29, was found locked up in the farmhouse when the SIT officers reached there following a tip-off.

Sources said Rajashekar is absconding ever since the SIT traced the missing woman to his farmhouse.

The woman is being brought to Bengaluru where her statement will be recorded.

On Friday, Karnataka Police registered an FIR against H.D. Revanna in connection with the kidnapping of the woman, believed to be one of the victims of the sex video scandal involving his son Prajwal Revanna.

The woman’s son had registered a kidnap case naming H.D. Revanna as the prime accused in the case.

His relative Satish Babu was named as the second accused in the FIR, whom the police arrested from Mysuru district on Friday.

The woman’s son alleged that his mother went missing after the surfacing of a purported sex video in which Prajwal Revanna could be seen sexually assaulting her.

He also alleged that his mother was locked up in an undisclosed location, as he pleaded with the police to initiate legal action against H.D. Revanna and Satish Babu.

Prajwal Revanna, the sitting JD-S MP from Hassan, has reportedly fled from the country.

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