Saudi Arabia is possibly able to stabilize int’l energy market – expert
Jeck Deocampo • September 16, 2019 • 365
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 — Heftier pump prices of fuel products greeted motorists Tuesday(June 30), as prices of gasoline, diesel and kerosene marked another price hike that took effect at 6:00 a.m. today.
In separate advisories, Chevron Philippines Inc., Flying V, Pilipinas Shell Petroleum Corp., and Seaoil Philippines Inc. said they will increase the price of gasoline by P0.70 per liter; diesel by P0.30/L, and kerosene by P0.40/L.
Meanwhile, Cleanfuel, Petro Gazz, Phoenix Petroleum Philippines Inc., PTT Philippines Corp., and Total Philippines Corp. also implemented the same adjustments, except for kerosene which they do not carry.
Other firms are expected to make their announcements anytime within the week.
The price hike was prompted by the movement of fuel prices in the international oil market.
MANILA, Philippines —The Department of Labor and Employment (DOLE) on Friday said it is now preparing for the repatriation of the bodies of Filipino workers who succumbed to novel coronavirus disease (COVID-19) and other causes in several regions of Saudi Arabia.
In a statement, Labor Secretary Silvestre Bello III said their preparations include a set of protocols from the Department of Health on the handling, reception, and domestic transport of those who died from COVID-19.
Bello said they will be repatriating the remains of 152 Filipinos in Saudi Arabia who succumbed to COVID-19 and 149 others who died from various causes.
The labor chief said the bodies will be flown home by early next month after he was able to secure the approval of the Inter-Agency Task Force for the repatriation process.
Based on initial preparations, two chartered planes will separately fly the coronavirus fatalities and those who died of other causes.
The bodies will be transported from various points to Riyadh and Jeddah, and will be flown back to the country by the second week of July.
Bello said the three Philippine Overseas Labor Offices (POLOs) that will be involved in the process will have to abide by the strict guidelines of both the Saudi and Philippine governments in the transport of the remains.
Families will be notified of the arrival of the remains of their loved ones, along with their respective local government units (LGU) to allow their domestic transport, DOLE said.
Upon arrival in the country, the bodies of COVID-19 victims will be transported, with the help of the Department of National Defense, directly to the crematoriums of choice of the family or the LGU.
The remains of those who died of natural or other causes, meanwhile, will be allowed to be fetched at the airport by their respective families.
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