Saudi Arabia is possibly able to stabilize int’l energy market – expert

Jeck Deocampo   •   September 16, 2019   •   693

Smoke rising from an oil facility in Saudi Arabia after Yemen’s Iran-aligned Houthi group claimed responsibility for an attack on two Saudi Aramco plants. (REUTERS)

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)

House panel tackles proposed measures vs fuel excise tax

Maris Federez   •   November 8, 2021

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)

At least 17 injured after knife attack on Tokyo train

Aileen Cerrudo   •   November 1, 2021

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.

The incident was the the second knife attack on a Tokyo train in three months.

Meanwhile, the Philippine Embassy in Japan confirmed that no Filipino was injured or affected by the incident. AAC

 

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Presyo ng mga produktong petrolyo, muling tumaas

Maris Federez   •   October 26, 2021

MANILA, Philippines — Muli na namang nagpatupad ng oil price hike ang mga kumpanya ng langis ngayong Martes (Oktubre 26).

Epektibo alas dose uno ng madaling araw, unang nagdagdag ng P1.15 sa presyo ng kada litro ng gasolina ang Caltex.

Itinaas naman nito ng P0.45 naman ang presyo ng kada litro ng diesel, at P0.55 naman sa kerosene.

Sunod na nagpatupad ng kaparehong dagdag-presyo sa gasoline, diesel at kerosene ang Shell, Petron, Seaoil at Flying V alas sais ng umaga ngayong araw.

Ang Unioil, Phoenix Petroleum, PTT Philippines, Petrogazz at Total Philippines naman ay nagpatupad din ng P1.15  na pagtaas ng presyo sa kada litro ng gasolina at P0.45 sa kada litro ng diesel.

Ang Cleanfuel naman ay magpapatupad din ng kaparehong dagdag-presyo sa gasolina at diesel simula alas kwatro uno ng hapon.

Ito na ang ika-siyam na sunod na linggo na nagpatupad ng price increase ang mga kumpanya ng langis sa bansa. —/mbmf

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