OPEC+, Russia Oil News: Vladimir Putin Orders Support - Bloomberg:
Russian President Vladimir Putin gave his government until June 15 to come up with a plan to support the country’s oil industry while output is slashed under an agreement among the world’s main producers.
Putin ordered ministers to work out “special rates” that pipeline operator Transneft PJSC and Russian Railways JSC will charge for transporting crude and petroleum products while the OPEC+ agreement is in effect, according to a document published on the Kremlin website. Igor Sechin, chief executive officer of Rosneft PJSC, Russia’s biggest oil producer, has called for an adjustment of transportation rates to bring them into line with market prices.
Large oilfield servicing companies could also be included in the government’s list of systemically important companies, making them eligible for state support. As output falls, orders for servicing companies may fall as much as 40%, and even more in some cases, Energy Minister Alexander Novak told Putin last month.
Saturday 23 May 2020
Fearing fiscal collapse, Iraq requests Gulf funds - Arabianbusiness
Fearing fiscal collapse, Iraq requests Gulf funds - Arabianbusiness:
Iraq's new finance minister was in Saudi Arabia on Saturday seeking emergency funds to stave off an impending financial crisis brought on by collapsing oil prices.
In his first trip abroad since becoming minister, Ali Allawi met the Saudi finance, energy and foreign ministers in Riyadh on Friday, Iraqi state media reported.
In an interview with state television before his departure, Allawi said his priority would be to secure funds to plug gaps in Iraq's budget.
Iraq's new finance minister was in Saudi Arabia on Saturday seeking emergency funds to stave off an impending financial crisis brought on by collapsing oil prices.
In his first trip abroad since becoming minister, Ali Allawi met the Saudi finance, energy and foreign ministers in Riyadh on Friday, Iraqi state media reported.
In an interview with state television before his departure, Allawi said his priority would be to secure funds to plug gaps in Iraq's budget.
#Dubai expected to reopen gyms, cinemas, public beaches on Tuesday - Arabianbusiness
Dubai expected to reopen gyms, cinemas, public beaches on Tuesday - Arabianbusiness:
Dubai is expected to reopen 70% of activities on Tuesday, the third day of Eid al-Fitr, in the city’s latest move to ease Covid-19-related restrictions, Arabian Business understands.
According to sources familiar with the matter, this will include the reopening of gyms, cinemas and public beaches, which have been closed since March.
Last week Arabian Business reported licensed restaurants located in and outside hotels in Dubai will again be allowed to serve alcohol starting Sunday, on the condition that the beverages only be served alongside meals, with the service limited to tables.
Dubai is expected to reopen 70% of activities on Tuesday, the third day of Eid al-Fitr, in the city’s latest move to ease Covid-19-related restrictions, Arabian Business understands.
According to sources familiar with the matter, this will include the reopening of gyms, cinemas and public beaches, which have been closed since March.
Last week Arabian Business reported licensed restaurants located in and outside hotels in Dubai will again be allowed to serve alcohol starting Sunday, on the condition that the beverages only be served alongside meals, with the service limited to tables.
Etihad Airways targeting 'meaningful' return to flying in July, says CEO - Arabianbusiness
Etihad Airways targeting 'meaningful' return to flying in July, says CEO - Arabianbusiness:
Etihad Airways is targeting mid-July for a 'meaningful' return to regular passenger flights, according to CEO Tony Douglas.
The Abu Dhabi carrier had previously pencilled in May 16 as a date for a return to flying, but the airline has since suspended sales of tickets on flights before June 16.
Speaking on CNN’s Quest Means Business, Etihad Airways CEO Tony Douglas said the airline has managed to get a “skeleton network” of flights using 25 of its Boeing 787 Dreamliners, primarily for cargo in the aircraft’s bellyhold, but also for repatriation of citizens back home and bringing residents back to the UAE.
Etihad Airways is targeting mid-July for a 'meaningful' return to regular passenger flights, according to CEO Tony Douglas.
The Abu Dhabi carrier had previously pencilled in May 16 as a date for a return to flying, but the airline has since suspended sales of tickets on flights before June 16.
Speaking on CNN’s Quest Means Business, Etihad Airways CEO Tony Douglas said the airline has managed to get a “skeleton network” of flights using 25 of its Boeing 787 Dreamliners, primarily for cargo in the aircraft’s bellyhold, but also for repatriation of citizens back home and bringing residents back to the UAE.
Boom to bust in the US shale heartlands | Financial Times
Boom to bust in the US shale heartlands | Financial Times:
US oil and gas producers entered 2020 under the cosh — out of favour with investors and wilting under heavy debt loads. The Russian and Saudi oil price war was swiftly followed by Covid-19 and the subsequent collapse in global crude demand. Prices plunged, with West Texas Intermediate trading in negative territory for the first time in April.
Re-ignited tensions between Washington and Beijing have already halted a nascent price rebound and the US oil benchmark is trading below $32 a barrel — barely half its level in early January and well beneath the break-even price needed by many producers.
For the shale oil companies, which pumped almost 13m barrels a day earlier this year and helped make the US the biggest crude oil producer in the world, the sector is now seizing up. The five charts below highlight a much-changed landscape. As operators idle rigs, sack workers and shut in wells, most in the business agree: the US’s worst oil downturn in decades is now under way.
US oil and gas producers entered 2020 under the cosh — out of favour with investors and wilting under heavy debt loads. The Russian and Saudi oil price war was swiftly followed by Covid-19 and the subsequent collapse in global crude demand. Prices plunged, with West Texas Intermediate trading in negative territory for the first time in April.
Re-ignited tensions between Washington and Beijing have already halted a nascent price rebound and the US oil benchmark is trading below $32 a barrel — barely half its level in early January and well beneath the break-even price needed by many producers.
For the shale oil companies, which pumped almost 13m barrels a day earlier this year and helped make the US the biggest crude oil producer in the world, the sector is now seizing up. The five charts below highlight a much-changed landscape. As operators idle rigs, sack workers and shut in wells, most in the business agree: the US’s worst oil downturn in decades is now under way.
#UAE announces Sunday as first day of #EidAlFitr 2020 - Arabianbusiness
UAE announces Sunday as first day of Eid Al Fitr 2020 - Arabianbusiness:
The UAE will celebrate the first day of Eid al-Fitr on Sunday May 24, after a meeting of the UAE's moon-sighting committee.
The state news agency WAM, said the moon-sighting committee announced the news after its meeting tonight at the Abu Dhabi Judicial Department.
Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice, and chairman of the committee, said the committee, after exhausting the sharia methods of sighting the crescent and making the necessary contacts with neighbouring countries, could not detect the Shawal month crescent moon on Friday evening, and therefore declares that tomorrow, Saturday, the 23rd of May, is the last day of Ramadan 1441, and that Sunday, the 24th of May, is the first day of Eid al-Fitr.
The UAE will celebrate the first day of Eid al-Fitr on Sunday May 24, after a meeting of the UAE's moon-sighting committee.
The state news agency WAM, said the moon-sighting committee announced the news after its meeting tonight at the Abu Dhabi Judicial Department.
Sultan bin Saeed Al Badi Al Dhaheri, Minister of Justice, and chairman of the committee, said the committee, after exhausting the sharia methods of sighting the crescent and making the necessary contacts with neighbouring countries, could not detect the Shawal month crescent moon on Friday evening, and therefore declares that tomorrow, Saturday, the 23rd of May, is the last day of Ramadan 1441, and that Sunday, the 24th of May, is the first day of Eid al-Fitr.
Can I Travel During Coronavirus? Tourism-Dependent Countries Are Hoping You Do
Can I Travel During Coronavirus? Tourism-Dependent Countries Are Hoping You Do:
Chances are you don’t have many summer vacation plans for 2020, and even if you do, they probably won’t look anything like past excursions to far-off lands.
When and where people will be able to travel again—if they feel comfortable doing so—is unclear, but countries that depend on tourism are devising strategies to welcome foreign visitors amidst the coronavirus pandemic. Luring guests may not be easy and providing arrangements that protect both tourists and locals will be a logistical feat.
These efforts come as the trillion-dollar international tourism industry is poised for its worst performance since 1950, according to a United Nations World Tourism Organization report. Tourist trips globally could drop this year 58% to 78% compared with 2019 and destinations could lose up to $1 trillion in tourism income—ending a decade of continuous growth. Figures for the first quarter of the year show that tourism is on track for the organization’s ominous scenarios, with trips down 57% in the month of March alone and a total of $80 billion in income already lost.
Chances are you don’t have many summer vacation plans for 2020, and even if you do, they probably won’t look anything like past excursions to far-off lands.
When and where people will be able to travel again—if they feel comfortable doing so—is unclear, but countries that depend on tourism are devising strategies to welcome foreign visitors amidst the coronavirus pandemic. Luring guests may not be easy and providing arrangements that protect both tourists and locals will be a logistical feat.
These efforts come as the trillion-dollar international tourism industry is poised for its worst performance since 1950, according to a United Nations World Tourism Organization report. Tourist trips globally could drop this year 58% to 78% compared with 2019 and destinations could lose up to $1 trillion in tourism income—ending a decade of continuous growth. Figures for the first quarter of the year show that tourism is on track for the organization’s ominous scenarios, with trips down 57% in the month of March alone and a total of $80 billion in income already lost.
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