G20 ministers struggle to finalise oil output cuts despite US efforts

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G20 ministers struggle to finalise oil output cuts despite US efforts

Riyadh -Top oil producers struggled to finalise production cuts during a virtual summit held by G20 energy ministers, despite US President Donald Trump’s mediation efforts to end a standoff with Mexico.

The final G20 communique appeared to gloss over simmering divisions over energy policy, making no mention of output cuts and pledging simply to ensure oil “market stability” amid the coronavirus pandemic.

Mexico was the lone holdout in a record OPEC-led agreement reached a day earlier that would see output slashed by 10 million barrels per day in May and June followed by a gradual reduction in cuts until April 2022.

The standoff had cast doubt on efforts to bolster oil prices, pushed to near two-decade lows by the demand-sapping pandemic and a Saudi-Russia price war that rattled global markets.

The subsequent G20 meeting — hosted by Riyadh — was expected to seal the deal more widely with non-OPEC countries in the group including Mexico, the United States and Canada.

But there was no sign of an agreement in the group’s final statement.

“We commit to ensure that the energy sector continues to make a full, effective contribution to overcoming COVID-19 and powering the subsequent global recovery,” said the statement released early Saturday.

“We commit to take all the necessary and immediate measures to ensure energy market stability.”

There was no sign that countries such as Canada — the world’s fourth largest producer — had committed to specific cuts, with Natural Resources Minister Seamus O’Regan saying the G20 summit “didn’t discuss numbers”.

Under the OPEC deal, Mexico was expected to cut production by 400,000 barrels per day but it resisted the suggestion.

Mexico’s President Andres Manuel Lopez Obrador said he had reached an agreement with Trump to cut production by only 100,000 bpd.

He added that Trump had agreed to cut US production by 250,000 bpd “as compensation” for Mexico.

Trump later confirmed the deal, saying the United States will “make up the difference” by cutting “some US production”.

The G20 statement was silent on the Mexico-US deal.

The tentative production cut deal, which hinges on Mexico’s consent for it to take effect, marked a possible end of the price war between Russia and Saudi Arabia.

Both oil producers took on the lion’s share of the cuts as they agreed to slash output to around 8.5 million bpd, according to Bloomberg News.

“Our global energy systems, from producers to consumers, is in uncharted territory and it is our responsibility to find the path forward,” Saudi Energy Minister Prince Abdulaziz bin Salman told the G20 gathering.

“Saudi Arabia urges all G20 members, including Mexico, as well as invited countries to take appropriate and extraordinary measures to stabilise market conditions.”

Russian Energy Minister Alexander Novak also urged the G20 ministers to act in a spirit of “partnership and solidarity”, according to a local television station.

https://www.nation.com.pk/15-Sep-2022/participation-of-women-team-in-int-l-event-beginning-of-a-new-era-haroon-malik

OPEC Secretary General Mohammad Barkindo warned the global crude storage capacity would be exhausted before the end of May because of a supply glut and a “jaw-dropping” drop in demand.

“There is a ghostly spectre encircling the oil industry,” Barkindo told the ministers.

“We need to act now, so we can come out of (the) other side of this pandemic with the strength of our industry intact.”

The impact of the tentative deal on prices was not immediately clear as the global oil markets were shut on Friday for the Easter weekend.

But Stephen Innes, an analyst at AxiCorp, said the supply cuts were “less than the market hoped for” given the hit to demand from coronavirus lockdowns throughout the world.

“The deal currently tabled will only partially offset oil price distress,” he said.

“The storm clouds for oil prices will only completely dissipate when lockdowns are lifted.”

Rystad Energy also said the cuts were not enough to restore market equilibrium.

“The proposed 10 million bpd cut for May and June will keep the world from physically testing the limits of storage capacity and save prices from falling into a deep abyss,” the energy research firm said.

“But it will still not restore the desired market balance.”

Oil prices have slumped since the beginning of the year due to the COVID-19 pandemic.

Compounding the problem, Riyadh and Moscow had both ramped up output in a bid to hold on to market share and undercut US shale producers.

Trump has expressed optimism about the prospects for an agreement after a conference call with Russian President Vladimir Putin and Saudi Crown Prince Mohammed bin Salman on Thursday.

Putin discussed energy developments separately with Trump and Prince Mohammed again on Friday, the Kremlin said.

While the US is not in the OPEC or the wider OPEC+ groups, it is supportive of a reduction in supply in order to stabilise prices and breathe new life into its shale industry.

Shale has transformed the US into the world’s top producer, but the industry cannot sustain its high cost base as prices collapse.



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PCMEA wants committee formation to assess export industry situation
LAHORE – The Pakistan Carpet Manufacturers and Exporters Association (PCMEA) on Saturday called for constituting a committee comprising stakeholders and experts to assess export sector’s losses in the prevailing situation and formulate a policy accordingly for revival of the.

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Fed policymakers working to limit damage as pandemic puts US economy on pause

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Fed policymakers working to limit damage as pandemic puts US economy on pause

WASHINGTON -The U.S. economy was on a strong footing before the coronavirus pandemic and Federal Reserve officials are working to help the economy rebound quickly once businesses that were shuttered because of the virus begin to reopen, two policymakers said.

Economic numbers could get “very ugly” in the near term because of that halt to activity, but policymakers are doing what they can to support the businesses and consumers affected the most, Cleveland Fed President Loretta Mester said.

“What public policy needs to do, and this includes the Fed, is to help ensure that the shutdown in activity that is being felt doesn’t cause lasting damage to the economy,” Mester said during a virtual forum organized by the City Club of Cleveland. “And to make sure that we give aid and relief to the employees and workers and the businesses that are bearing the brunt of that shutdown.”

Close to 17 million Americans filed for unemployment benefits in the last three weeks, according to data released Thursday by the Labor Department, revealing the scale of the shock reverberating through the U.S. economy as businesses across the country shuttered to slow the spread of the virus.

The U.S. economy “has been placed in hibernation. Its temperature has been brought down. It can be revived without permanent damage,” Federal Reserve vice chair Randal Quarles said in a web presentation hosted by the University of Utah. “The measures we have taken in conjunction with the Treasury and additional measures that Congress has put in place are designed to ensure that the hibernation period we can go through with the least amount of damage, and I believe we will do that.”

Congress and the Fed have acted rapidly over the course of a few weeks to approve trillions of dollars in benefits and loans meant to reach every household and business in the country. Fed officials slashed rates to zero, launched open-ended bond purchases and introduced a suite of emergency lending tools.

However, the roll-out for some of the federal aid programs has been rocky. State unemployment insurance systems have struggled to process claims from the millions of newly unemployed, and the Small Business Administration has been overwhelmed with applicants for small business loans.

On Friday, Mester said the process for returning to work will be determined by health officials and that it will need to happen in stages. Until then, the Fed is working to make sure markets are functioning smoothly and that the households and businesses in need of credit can access it, she said.

Quarles said it would probably be two to three weeks before the Fed’s own new “Main Street” lending program, which will offer loans to medium-sized businesses, would be up and running.

“We are putting together the mechanisms for that credit to be distributed through the banks,” Quarles said of the program that would make up to $600 billion in loans available to mostly mid-sized companies. Final details are “probably two to three weeks away,” Quarles said.



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Byco Refinery resumes production due to improved POL demand

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Byco Refinery resumes production due to improved POL demand

LAHORE -Pakistan’s premier oil refining company, Byco Petroleum Pakistan Limited (BPPL) has informed that it has resumed production. In late march, the Ministry of Energy had issued an order to stop all import of petroleum products to all oil marketing companies to ensure that domestic refineries products are fully consumed. Fayaz Ahmad Khan, Vice President of Commercial at BPPL said: “Due to improved POL demand across the country, Byco has resumed production at its oil refinery.”

Khan praised the Ministry of Energy in its efforts to support the domestic refining industry: “We request the government to kindly abolish the IFEM, deregulating the pricing of petroleum products. This will allow market players to compete on prices and services, and save consumers money. Byco thanks the Ministry of Energy for its strong support to the E&P and refining sectors by halting the import of petroleum products since April 1st. Byco is hopeful that the Ministry can continue to facilitate improving demand for products so that we can raise our capacity utilization through firm consistent orders from OMC’s.”

Demand for petroleum products had earlier dwindled in Pakistan as a result of the closure of all schools in the country and the subsequent nationwide lockdowns. The Ministry of Energy therefore took the measure of banning import of all petroleum products. Byco had put its refinery in “cold circulation” earlier due to drying up of demand. Byco stands tall with the nation in showing resilience in the face of the pandemic and is confident Pakistan will emerge stronger as we eventually recover from this crisis.



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Petroleum Div extends its unfailing support to govt

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Petroleum Div extends its unfailing support to govt

ISLAMABAD-Petroleum Division (Ministry of Energy) has extended its unfailing support to government of Pakistan in the fight to curb COVID-19 pandemic in country.

The SNGPL (Sui Northern Gas Pipeline Limited Co.) has allocated Rs38 million for relief activities across the country. The Board of Company has directed the company to deposit Rs19 million in Prime Minister’s Relief Fund for Pandemic and committed Rs 19 million to NDMA for procurement of medical supplies.

OGDCL, Oil and Gas Development Company Limited has already deposited the amount of Rs 53 million in Prime Minister’s Relief Fund for Pandemic COVID-19.

Pakistan Petroleum Limited (PPL) has released a handout of Rs10 million for four districts of Sindh with spirit of cash-support for procurement of necessary equipment in the province against COVID-19 pandemic.

Pakistan State Oil (PSO) has also extended support of Rs 50 million in Prime Minister’s Relief Fund for Pandemic COVID-19 with spirit of national responsibility in this challenging time.

Both gas utilities, SNGPL and SSGCL have undertaken immediate measures to facilitate the people during the Covid-19 Pandemic. SNGPL Bill App, recently launched by company, help the public to view their gas bills and pay the same through the mobile application. Same mobile App will be made available by SSGC soon. Moreover, gas bills of next crucial months can be paid through three easy installments amid COVID-19 crisis.

In addition to above, the prices of petroleum products have already been reduced by Rs.15 to provide relief to the common man and was part of the economic relief package announced by the PM.



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Huawei Tech again becomes top corporate patent filer

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Huawei Tech again becomes top corporate patent filer

LAHORE -According to the World Intellectual Property Organization (WIPO) data, China’s Huawei Technologies, the world’s biggest maker of telecoms equipment, has become the top corporate patent filer for the third consecutive year. Hence, in a first, China knocks US from top spot in global patent race.

WIPO, which oversees a system for countries to share recognition of patents, said 58,990 applications were filed from China last year, beating out the United States which filed 57,840.

According to WIPO’s Head, Francis Gurry, China’s success was “down to a very deliberate strategy on the part of Chinese leadership to advance innovation and to make the country a country whose economy operates at a higher level of value.” “It is working, and intellectual property is certainly part of that strategy. I would put it down to that broad movement towards becoming a higher-value economy,” he said.

China was the biggest source of applications for international patents in the world last year, pushing the United States out of the top spot it has held since the global system was set up more than 40 years ago, the U.N. patent agency said.

China’s figure was a 200-fold increase in just 20 years, it said. The United States had filed the most applications in the world every year since the Patent Cooperation Treaty system was set up in 1978. More than half of patent applications – 52.4 % – now come from Asia, with Japan ranking third, followed by Germany and South Korea.

Ownership of patents is widely seen as an important sign of a country’s economic strength and industrial know-how.



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15.59pc surplus witnessed in Pak-Italy trade: SBP

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15.59pc surplus witnessed in Pak-Italy trade: SBP

ISLAMABAD-Pakistan’s goods and services trade with Italy witnessed surplus of 15.59 percent during first eight months of ongoing fiscal year as compared to the corresponding period of last year.

The overall exports to Italy were recorded at $524.612 million during July-February (2019-20) against exports of $508.363 million during July-February (2018-19), showing positive growth of 3.19 percent in first eight months of current fiscal year, according to SBP.

On the other hand, the imports from Italy into the country during the period were recorded at $398.036 million against $398.867 million last year, showing nominal decrease of 0.20 percent in first eight month of current fiscal year.

The trade surplus during the period under review was recorded at $126.576 million against $109.496 million during same period of last year, showing 15.59 percent growth.



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Tell us: how have you been affected by the coronavirus?

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Tell us: how have you been affected by the coronavirus?

This is the place to share your experiences, information or news tips with the Guardian. People have been affected by coronavirus in myriad ways and we’d like to hear your stories.

If you’ve been affected and would like to share your experience or news tips, anonymously if you prefer, direct with our journalists then please do so via the form below. You can also get in touch via WhatsApp by clicking here or adding the contact +44(0)7867825056.

Your responses are secure as the form is encrypted and only the Guardian has access to your contributions. One of our journalists may be in contact for more information.

The Guardian’s community team is trialling Serelay Idem, an image and video verification tool for users, which can help journalists verify the authenticity of content faster and at scale. If you would like to take part, you can share your images and video by downloading the Serelay app, via this link. Here is the privacy policy.

If you’re having trouble using the form, click here. Read terms of service here.

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Tales of survivors: ‘Isolation, not coronavirus, was my worst nightmare’ | The Express Tribune

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Tales of survivors: ‘Isolation, not coronavirus, was my worst nightmare’ | The Express Tribune


GILGIT:

I’ve lived my worst nightmare. It wasn’t the coronavirus, but the prolonged treatment [read: observation] in isolation that made it a hellish experience. Imagine being confined to a tiny room with no social interaction whatsoever for almost a month. Doctors and nurses were the only visitors, who, too, would check on me once or twice a day.

If you’re sick, you need your loved-ones around you. The sense of having someone who cares about you gives you strength to fight illness. Conversely, social isolation makes you more vulnerable to sickness. Your immune system doesn’t respond properly in isolation and it takes you longer to heal.

In my case, it wasn’t me alone; my wife also shared the isolation ordeal at Mohammadabad Hospital, in Danyore, Gilgit-Baltistan. Interestingly, she didn’t have any symptoms, but tested positive for the virus. We both were in the isolation ward, while our five kids were at home – alone and worried.

The ordeal started after a trip to Iran. My wife and I went in a group of 22 pilgrims to visit the holy shrines in Iran. We mostly stayed in Qom, though our pilgrimage also took us to Mashhad, and to neighbouring Iraq.

Tales of survivors: ‘Never before had I seen doctors dressed up like aliens’

On Feb 22, we were preparing to return to Pakistan when we heard about the outbreak of some contagious disease in Qom. Until then, I didn’t know much about the coronavirus.

On Feb 25, we took a flight for Lahore. At Tehran airport, they didn’t allow anyone to board the flight without screening. Neither of us was sick. At Lahore airport, we were screened again. We drove to Rawalpindi where we stayed for two days. While fellow pilgrims dispersed, we took a bus for Gilgit on Feb 28 and reached our village Nomal, some 15km from Gilgit city, in the evening.

In the night I felt feverish. I took it for travel fatigue, took over-the-counter fever reducers from my neighbour and tried to sleep. It didn’t help. I started having chills.

Next morning, I called up the District Headquarters Hospital Gilgit and told medics about my travel and fever. A team of doctors immediately came to see me and my wife. We were then driven to the DHQ hospital in an ambulance. They took samples to test us for the novel coronavirus, while we were shifted to the Civil Hospital Basin. The samples were sent to National Institute of Health (NIH) in Islamabad for PCR test because the facility wasn’t available in Gilgit-Baltistan. I lost my appetite but I tried to force-feed myself so that I could gather some energy to fight off my illness. After a couple of days, our test reports were received from NIH: both of us were positive for COVID-19.

After the diagnosis, they shifted us to the Mohammadabad Hospital, where we were to stay for the next 25 days. Interestingly, by now my fever was gone, while I had no cough, no muscle soreness, no sore throat, and no shortness of breath. My appetite returned to normal [I started eating more than I normally do]. My wife remained asymptomatic throughout all this time.

Tales of survivors: How I became Pakistan’s first COVID-19 patient

I’m a 51-year-old ex-serviceman and my wife is 45. I had heard that the coronavirus could be fatal for people of my age and older. Doctors sought to reassure me. But honestly, I wasn’t scared one bit. It is part of our faith that every living being has to die one day. I knew if I was destined to die, I’d die no matter what. But if my time is not up, this virus can never kill me.

We were tested several times during our 25-day nightmarish sojourn. We had no symptoms, but would still test positive. I’ve heard that my wife’s reports were mixed up with another patient’s at the NIH.

Luckily, the PCR testing facility was made available in Gilgit in the meantime and we were tested locally for the first time. The results were negative and a repeat test a day later confirmed the virus was out of our bodies. It was a huge relief.

We were discharged from the hospital on March 28, but doctors said we should avoid socialising for 14 days. We’ve rented a house in Gilgit city to spend these two weeks here. It’s been five days now and we are counting the days till we are completely in the clear.

My advice to the sick: Don’t dread this virus. Keep your faith in God and power up your will, Inshallah you will defeat it. To everyone else, I say take all precautions possible. If not out of concern for the virus, then think of the ordeal isolation can create.

 (Narrated to Naveed Hussain)



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‘We honour his sacrifice’: Dr Usama’s fight against COVID-19 | The Express Tribune

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‘We honour his sacrifice’: Dr Usama’s fight against COVID-19 | The Express Tribune

It is a national tragedy and we will award him the status of national hero, says G-B CM


GILGIT BALTISTAN:

“We will again see what the issue is, and if they [quarantined pilgrims] need further treatment, they will be shifted to DHQ or city hospital, but if they can be treated here, we will provide treatment to them here.”

These were the last words of young doctor Usama Riaz, heard in a video recorded at a quarantine centre at Sakwar, Gilgit – where he ultimately ended up contracting the novel coronavirus while checking pilgrims returning from Iran and Iraq.

“Usama was continuously on duty and unfortunately was without proper protective gear necessary to handle coronavirus patient,” said a doctor referring to his video in which Riaz is seen wearing an ordinary mask. The video went viral on social media attracting sympathies for the young doctor.

Pakistani volunteers 3D-print ventilators, join war against COVID-19

According to relatives, Riaz returned home on Friday night from duty and went to bed. “But he couldn’t wake up next morning,” said the relative, adding he was rushed to combined military hospital (CMH) and then the district headquarter (DHQ) hospital where a CT scan machine was found to be out of order. The relatives appealed for airlifting him to Islamabad for treatment but that did not materialize either.

The 26-years-old Riaz, who was a resident of Chilas town, was then put on a ventilator at DHQ Gilgit, where he remained for the next three days before passing away on Sunday.

“It’s a national tragedy and we will award him the status of national hero,” Chief Minister Hafeezur Rehman told The Express Tribune.

“He was our frontline defence and we honour his sacrifice.”

Riaz’s death brings the tally of fatalities to five in Pakistan. The country has so far above 800 known cases of the virus. Sindh has reported the highest number of cases.

Mehtabur Rehman, a local journalist, who visited the quarantine centre said, “I visited the centre where Usama was deputed and found the situation deplorable”.

“As far as protective gear, there was no such thing on the ground,” said the journalist who was later put on quarantine on ‘suspicion’ of visiting the centre without following the standard operating procedures. Rehman termed the quarantine as a vendetta for exposing the government’s false claims.

Young doctor screening coronavirus patients dies of COVID-19 in Gilgit

The Pakistan Medical Association of Gilgit-Baltistan (PMA G-B) reacted to Riaz’s death and accused the government of showing negligence towards genuine issues of the doctors.

“Dr Riaz had contracted COVID-19 due to the negligence of government and its health department,” said President PMA G-B Dr Zulfiqar Ali while addressing a press conference in Gilgit.



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