Saudi Arabia is possibly able to stabilize int’l energy market – expert
Jeck Deocampo • September 16, 2019 • 693
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 — The House Committee on Ways and Means put the proposal to suspend the imposition of additional excise taxes on fuel as the first order of business ahead of the resumption of Congress on Monday (November 8).
House Speaker Lord Allan Velasco said part of the agenda in the resumption of sessions in Congress is the prioritization of measures that will support the reopening of the economy amid the pandemic, following the series of price hikes on petroleum products.
The agenda includes the ratification of the 2022 national budget and the issue of fuel excise taxes.
Velasco said that while the country prepares for an expansive reopening of businesses, authorities must ensure that economic recovery is not impeded by other factors such as the price increases of petroleum products.
“As we prepare for the wider reopening of businesses, we must ensure that our economic recovery will not be hampered by unwelcome disruptions, such as the unimpeded sharp rise in the cost of fuel,” Velasco said.
The House panel is expected to come up with a substitute bill within the week that will guarantee an imposition of taxes on fuel products.
Excise taxes are provided for by law under the Tax Reform for Acceleration and Inclusion (TRAIN) law. —/mbmf (from the report of UNTV Correspondent Nel Maribojoc)
A 24-year-old man dressed as the Joker character from the Batman comics attacked passengers on a Tokyo subway on Sunday (October 31), injuring at least 17 passengers and sending people scrambling to escape.
The suspect reportedly stabbed a passenger then attempted to set the train on fire. Some of the passengers climbed through the train’s windows to get away from the attacker. The incident happened in Keio Line train near Kokuryo Station in the city of Tokyo.
Twitter posts showed a video of passengers running through carriages away from the fire. Media reports say the suspects was immediately arrested.
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