Saudi Arabia is possibly able to stabilize int’l energy market – expert
Jeck Deocampo • September 16, 2019 • 592
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 pump prices of petroleum products will go up this week as announced by oil companies.
In separate advisories, Pilipinas Shell, Petron, Chevron Philippines (Caltex), Flying V, and Seaoil said they will increase the price of gasoline by P1.05 per liter, diesel by P0.80, and kerosene by P0.75.
Phoenix Petroleum, PTT Philippines, Total Philippines. Petro Gazz, and Cleanfuel also announced the same amount of price changes but only for gasoline and diesel.
The price hike will take effect on Tuesday, August 3.
MANILA, Philippines – Labor Secretary Silvestre Bello III on Monday (July 5) directed Philippine representatives in Saudi Arabia to take immediate action on the case of a Filipina overseas worker who was raped by her foreign recruiter and abused by her employer there.
Specifically, Bello ordered the Philippine Overseas Employment Administration (POEA) and the Philippine Overseas Labor Office (POLO) in Riyadh to initiate appropriate legal steps against the suspects, and impose administrative penalties on the local recruitment agency which deployed the victim.
The OFW identified by the name Michelle was allegedly raped by the owner of the foreign recruitment agency (FDA) and molested by one of her employers before she was repatriated recently.
The Labor Chief directed POLO to take legal action and go after Meshail Mabrook Al Bassani Al Qahtani and employer Abdulaziz Ahlas, owners of Home Comfort Recruitment Office/Home Comfort Manpower Services, for the rape and abuse of the Filipina.
Bello also directed the POEA to penalize the local company SAMA International Recruitment Agency which reportedly ignored Michelle’s complaints and her ordeal in Saudi Arabia.
In his urgent memorandum to Labor Attache Fidel Macauyag, Bello instructed the POLO in Riyadh to work with authorities there for immediate legal action there as the case is cannot be processed in the Philippines “due to lack of jurisdiction.”
“The crime happened outside of the Philippines and the principle of extraterritoriality can’t be applied to the case,” he explained.
Nevertheless, Bello vowed justice to the aggrieved OFW.
“I will do everything possible to help our OFW fight back against her tormentors,” Bello said.
He noted that he already ordered the suspension of the FDA’s accreditation with the POLO.
He also directed Macauyag to coordinate closely with Arab authorities for the filing of criminal cases and prosecution of Al Qahtani and Ahlas.
On the other hand, Bello tasked POEA Administrator Bernard Olalia to probe Ahlas over violations of POEA rules and impose penalties for the sexual abuse committed against the OFW.
The Labor chief also told Olalia to sanction the FDA and Qahtani.
Likewise, he ordered POEA to build up an administrative case against SAMA and suspend the agency to prevent further violation and exploitation of Filipino migrant workers.
Upon her arrival in the country, Michelle went to the Public Attorney’s Office (PAO) where she was given legal assistance in the preparation for her sworn statement.
PAO also conducted forensic tests on the OFW which yielded results indicating sexual abuse and injuries.
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