Saudi Arabia is possibly able to stabilize int’l energy market – expert
Jeck Deocampo • September 16, 2019 • 264
Saudi Arabia is possibly able to stabilize the international energy market, said a Saudi analyst on Sunday in Riyadh, capital city of the country.
Saudi Arabian oil facilities were attacked on Saturday, causing half of the kingdom’s oil production capacity disrupted.
Yemen’s Houthi rebels claimed responsibility for the attacks, saying 10 drones targeted state-owned Saudi Aramco oil facilities in Abqaiq and Khurais.
During an interview with China Central Television (CCTV), Abdul-Rahman Al-Murshed, the analyst, said the attack will not only have an impact on the international crude oil market but also complicate the already tense situation in the Gulf.
Murshed pointed out that this attack will not only have an impact on the Saudi national economy but also bring instability to the world economy.
However, thanks to production cuts to prop up prices in recent years, Saudi Arabia now has some spare oil capacity, and with nearly 200 million barrels of oil in reserve, Aramco has the ability to minimize the impact of the attack on the international energy market.
“As the world’s leading exporter of crude oil, Saudi Arabia has the strength and ability to stabilize the market. When the production of some oil-producing countries such as Iraq and Iran declined before due to different reasons, Saudi Arabia has taken measures to make up for the shortage of supply within a short period of time, mainly thanks to the Saudi spare capacity and huge oil reserve,” he said.
The U.S. put forward a plan to establish a Middle East Security Alliance in September 2018 to members of the Gulf Cooperation Council as a measure against Iran, thus aggravating the regional situation, said Murshed.
The attack is likely to prompt Saudi Arabia to join the alliance, and in turn, the various forces in the region would show more intense confrontation, he said.
“Saudi Arabia stands with any initiative that will preserve the security and integrity of the region and banish the specter of war and confrontation with Iran. Saudi Arabia, therefore, supports any initiative that promotes peace in the region in any way. So I’m sure there will be many understandings and many alliances that will enhance security and peace in this region,” he said. (REUTERS)
MANILA, Philippines — Local prices of petroleum products will be adjusted anew this week.
In separate advisories, Pilipinas Shell Corp. and SEAOIL Philippines Inc. said they will reduce the price of gasoline by P0.10 liter while hiking the prices of diesel by P0.40 and kerosene by P0.30 a liter.
Petro Gazz, Cleanfuel, and Phoenix Petroleum Inc. also announced the implementation of the same charges except for kerosene which they do not carry.
The adjustment in pump prices will take effect on Tuesday, January 7.
MANILA, Philippines – The last tranche of excise tax on fuel will take effect from January to April next year.
This means that the price of gasoline will have an additional P1.12/L; additional P1.68/L on diesel; additional P1.12/L on kerosene and P1.12/L on liquefied petroleum gas (LPG).
In line with this, the Department of Energy (DOE) has previously advised oil companies to submit their respective inventory reports on or before December 31 to make sure that the provisions regarding excise tax on fuel products are properly enforced.
Likewise, the DOE warned oil retailers that they can only impose the second round of the tax hike “on new inventories imported or produced from local refineries in 2019.”
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