Qatar has made great progress in reforming its labour system | Letters | World news | The Guardian:
Pete Pattisson’s article (Migrants claim recruiters lured them into forced labour at top Qatar hotel, 29 October) fails to acknowledge the progress Qatar has made in reforming its labour system and attempts to portray Qatar as ambivalent to the plight of our migrant workforce. This is simply not true. The State of Qatar has been working to overhaul our labour system so that all employees in Qatar are protected by the best possible employment laws and regulations. To put this into figures, in the first half of 2018 the State of Qatar carried out over 19,000 labour inspections, banned almost 12,000 companies due to not addressing the laws, and added almost 230,000 electronic contracts to prevent against contract substitution. In addition, Qatar is working with the International Labour Organisation and countries of origin to eliminate employment fees at source. In the coming months, Qatar will open 20 visa processing centres in eight countries as part of these efforts.
October also saw the removal of exit permits for the majority of overseas workers – another major step in our reform process. Despite these changes, Qatar understands that we will need to be vigilant in enforcing our new laws, and where violations of the law occur, workers are encouraged to report these and have multiple mechanisms to do so. This is why we viewed the claims made in the article with such concern and Qatar’s Ministry of Administrative Development, Labour and Social Affairs has announced an investigation into these claims.
Thamer Al Thani
Media attaché for the UK, Government communications office of the State of Qatar
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Friday 2 November 2018
Oil market passes cyclical peak: John Kemp | Reuters
Oil market passes cyclical peak: John Kemp | Reuters:
The recovery in oil prices since the downturn of 2014/15 looks a lot like the upward adjustments that followed the slumps of 2008/09 and 1997/98, which could provide clues about what happens next.
The oil market is strongly cyclical, and although no two cycles are the same, they often show similar characteristics (“Cyclical behavior of oil prices”, Reuters, June 4, 2018).
Spot prices and calendar spreads exhibit cyclical movements that correlate closely with the market, alternating between periods of under- and over-supply (tmsnrt.rs/2CXAFBR).
The recovery in oil prices since the downturn of 2014/15 looks a lot like the upward adjustments that followed the slumps of 2008/09 and 1997/98, which could provide clues about what happens next.
The oil market is strongly cyclical, and although no two cycles are the same, they often show similar characteristics (“Cyclical behavior of oil prices”, Reuters, June 4, 2018).
Spot prices and calendar spreads exhibit cyclical movements that correlate closely with the market, alternating between periods of under- and over-supply (tmsnrt.rs/2CXAFBR).
Oil drops 1 percent as U.S. allows Iran sanctions waivers | Reuters
Oil drops 1 percent as U.S. allows Iran sanctions waivers | Reuters:
Oil prices fell about 1 percent on Friday and notched a weekly loss of over 6 percent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.
U.S. Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.
Brent crude futures LCOc1 fell 6 cents to settle at $72.83 a barrel. U.S. crude CLc1 declined 55 cents to end the session at $63.14 per barrel, a 0.86 percent loss.
Oil prices fell about 1 percent on Friday and notched a weekly loss of over 6 percent, as investors worried about oversupply after the United States said it will temporarily spare eight jurisdictions from Iran-related sanctions.
U.S. Secretary of State Mike Pompeo announced the decision in a conference call. The waivers could allow top buyers to keep importing Iranian oil after economic penalties come back into effect on Monday.
Brent crude futures LCOc1 fell 6 cents to settle at $72.83 a barrel. U.S. crude CLc1 declined 55 cents to end the session at $63.14 per barrel, a 0.86 percent loss.
Russia vows to help Iran counter US oil sanctions | Financial Times
Russia vows to help Iran counter US oil sanctions | Financial Times:
Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington.
The US will reimpose sanctions aimed at curbing Iranian oil exports from Monday and the Trump administration has warned Moscow against any actions that could help the Islamic Republic evade the measures.
But Russia is looking to “continue developing” its trading of Iranian oil, which it sells to third countries under a 2014 oil-for-goods deal, regardless of the sanctions, energy minister Alexander Novak told the Financial Times.
Russia has vowed to help Iran counter US attempts to throttle its oil sales when sanctions come into effect next week, saying it will continue trading Tehran’s crude in defiance of Washington.
The US will reimpose sanctions aimed at curbing Iranian oil exports from Monday and the Trump administration has warned Moscow against any actions that could help the Islamic Republic evade the measures.
But Russia is looking to “continue developing” its trading of Iranian oil, which it sells to third countries under a 2014 oil-for-goods deal, regardless of the sanctions, energy minister Alexander Novak told the Financial Times.
Iran braces for oil sanctions after currency crash, protests
Iran braces for oil sanctions after currency crash, protests:
Iran is bracing for the restoration of U.S. sanctions on its vital oil industry next week, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment.
The oil sanctions, set to take effect on Monday, will target the country’s largest source of revenue in the most punishing action taken since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions.
The United States has already restored sanctions on Iran targeting financial transactions involving U.S. dollars, Iran’s automotive sector and the purchase of commercial airplanes and metals, including gold.
Iran is bracing for the restoration of U.S. sanctions on its vital oil industry next week, as it grapples with an economic crisis that has sparked sporadic protests over rising prices, corruption and unemployment.
The oil sanctions, set to take effect on Monday, will target the country’s largest source of revenue in the most punishing action taken since the Trump administration withdrew from the 2015 nuclear agreement in May, and will also affect Iranian shipping and financial transactions.
The United States has already restored sanctions on Iran targeting financial transactions involving U.S. dollars, Iran’s automotive sector and the purchase of commercial airplanes and metals, including gold.