November 17, 2020

Oil slumps below $30 a barrel as coronavirus spreads, OPEC rancor remains elevated

first_imgOil prices fell below US$30 a barrel on Monday after the worldwide coronavirus outbreak worsened over the weekend, exacerbating fears that government lockdowns to contain the spread of the disease would spark a global recession.Saudi Aramco reiterated plans to boost output to record levels to boost its share of the global market. Top global oil producers Saudi Arabia and Russia started a price war after failing to agree on a plan to curb supply as the global economic slowdown destroys oil demand.The coming flood of supply from Saudi Arabia and other producers could result in the largest surplus of crude in history, said global information provider IHS Markit. With Saudi Arabia and Russia pledging to boost production, IHS Markit estimates that oversupply of oil could come to 800 million to 1.3 billion barrels — double or triple what existed in late 2015 to early 2016, when the Organization of the Petroleum Exporting Countries pumped more oil to combat the growing US shale industry.“The last time that there was a global surplus of this magnitude was never. Prior to this, the largest six-month global surplus this century was 360 million barrels. What is coming will be twice that or more,” said Jim Burkhard, vice president and head of oil markets at IHS Markit.An OPEC and non-OPEC technical meeting planned for Wednesday in Vienna has been called off as attempts to mediate between Saudi Arabia and Russia made no progress, sources said.Central banks globally took action over the weekend to try to quell economic fallout of the pandemic, but the measures did little to strengthen stock markets in freefall, as investors anticipate a sharp contraction in demand in coming weeks anyway.The US Federal Reserve on Sunday slashed its key rate to near zero, triggering an unscheduled rate cut by the Reserve Bank of New Zealand to a record low as markets in Asia opened for trading this week.The Bank of Japan later stepped in by easing monetary policy further, while Gulf central banks also cut interest rates.In China, where the virus began, daily refinery throughputs dropped 4.8 percent in the first two months of the year, sliding to the lowest level since December 2018, data from the National Bureau of Statistics showed on Monday.Brent’s premium to WTI narrowed to less than $1 during Monday’s session, falling to its lowest since 2016, making US crude oil uncompetitive in international markets.Numerous US oil companies have swiftly cut spending, with analysts anticipating consolidation or restructurings. US crude output has grown in recent years to nearly 13 million bpd, making it the world’s largest producer.“Some of them (US shale oil companies) may not survive prolonged low oil prices, and in this event US production would decrease. Less crude availability in the US is likely to reduce the WTI discount to Brent,” Societe Generale analysts in a note to clients.US President Donald Trump said on Friday Washington would take advantage of low oil prices and fill the US emergency crude oil reserve. The move is aimed to help energy producers struggling from the price plunge.The United States could begin purchasing domestically produced crude oil for the Strategic Petroleum Reserve as soon as two weeks from now, and fill it in several months, an Energy Department source said on Monday. However, the purchases are not seen as likely to offset the drop in demand nor the increase in supply, Energy Aspects said in a note.“The impact on weekly crude supply shifts could be as much as 4-5 million barrels starting in a couple of weeks,” Jim Ritterbusch, president of Ritterbusch and Associates, said in a report. “However, we will note that such supply represents a drop in the bucket in relation to the amount of oil consumed globally on a daily basis.”US oil output growth from the Permian basin is expected to offset declines in every other shale formation in April, helping push overall production up by about 18,000 barrels per day (bpd) to a record 9.08 million bpd, data showed. Brent crude settled down $3.80, or 11.2 percent, at $30.05 a barrel. The international benchmark fell as low as $29.52 a barrel, its lowest since January 2016.US West Texas Intermediate (WTI) crude fell $3.03, or 9.6 percent, to end at $28.70 a barrel, its lowest since February 2016.Saudi Aramco is likely to sustain higher oil output in May, Chief Executive Amin Nasser said, signaling the top oil-producing company is prepared to live with low prices for a while.The coronavirus outbreak, which has infected at least 174,000 people and killed around 6,700, already has caused oil prices to plummet by 50 percent this year. Many forecasters have lowered estimates on crude demand, as the virus disrupts business activity, travel and daily life.center_img Topics :last_img read more

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Lion Air Group lays off 2,600 contract workers as flight traffic nosedives

first_imgPrivately owned Lion Air Group has laid off 2,600 contract employees at its subsidiary airlines Lion Air, Wings Air and Batik Air amid declining flight traffic, an official has said.The group’s spokesperson, Danang Mandala Prihantoro, told The Jakarta Post Thursday that the management had decided not to extend the work contract of the 2,600 employees, which accounted for around 9 percent of the company’s total workforce.“Our [permanent] employees are not being terminated. We downsized our workforce by terminating our contract workers,” he said via text message. In an official statement, Lion Air Group said it was currently operating at just 10 to 15 percent of its normal capacity of between 1,400 and 1,600 flights per day, which had battered the company’s finances.“The COVID-19 pandemic has put the airline industry in a state of coma. Meanwhile, the company still needs to pay large expenses, which creates a great challenge for us,” the statement reads.Besides terminating contracts, the company’s employees and management board have had their wages cut since March until further notice.“We need to make the difficult decisions to ensure our business survives through operational downsizing, cost reduction and organizational restructuring amid the current airline industry situation that hasn’t return to normalcy,” the statement added.Lion Air is the latest airline to announce employee cuts. In June, Garuda Pilot Association (APG) chairperson Muzaeni told the Post that national flag carrier Garuda Indonesia had laid off 180 contract pilots as the company was struggling financially amid the slump in demand for air travel.The COVID-19 outbreak has forced Garuda to park 100 of its 142 aircraft as its daily flights dropped 70 percent due to the government’s large-scale social restrictions (PSBB). Consequently, the airline recorded a 30.1 percent annual drop in its total revenue in the first quarter, the company’s financial report shows.The International Air Transport Association (IATA) also estimated that Indonesia’s aviation industry would suffer a 49 percent passenger drop and an $8.2 billion fall in revenue this year compared to last year.Topics :last_img read more

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Freddie Ljungberg sends message to Arsenal fans after replacing sacked Unai Emery

first_img Emery defends Arsenal team’s performance after Frankfurt lossTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 6:03FullscreenEmery defends Arsenal team’s performance after Frankfurt losshttps://metro.co.uk/video/emery-defends-arsenal-teams-performance-frankfurt-loss-2059112/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.After the trip to Norwich, Arsenal host Brighton on Thursday evening, before a London derby against similarly out of sorts West Ham.Ljungberg will, assuming a permanent replacement for Emery hasn’t been appointed, will take charge of Arsenal’s final Europa League group stage match against Standard Liege where the Gunners need to avoid a 5-0 defeat in order to progress.Emery had been given a vote of confidence following the defeat at Leicester prior to the international break, but with no sign of an improvement forthcoming the board was forced to take emergency action on Friday morning.More: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing ArsenalSpeaking on behalf of the Arsenal board Josh Kroenke said: ‘Our most sincere thanks go to Unai and his colleagues who were unrelenting in their efforts to get the club back to competing at the level we all expect and demand.‘We wish Unai and his team nothing but future success.’Who should be Unai Emery’s permanent replacement at Arsenal?Freddie Ljungberg0%Mauricio Pochettino0%Mikel Arteta0%Carlo Ancelotti0%Nuno Espirito Santo0%Share your resultsShare your resultsTweet your resultsMORE: Granit Xhaka accused of lying to Arsenal boss Unai Emery about injuryMORE: Granit Xhaka accused of lying to Arsenal boss Unai Emery about injury Advertisement Freddie Ljungberg sends message to Arsenal fans after replacing sacked Unai Emery Freddie Ljungberg has replaced Unai Emery on an interim basis as Arsenal manager following the sacking of Unai Emery (Picture: Getty)Freddie Ljungberg insists he will do everything within his power to put smiles back on the faces of Arsenal supporters after he was appointed as the club’s interim manager following the sacking of Unai Emery.The Spaniard was given his marching orders on Friday morning following a disastrous run of results, culminating in last night’s miserable defeat against Eintracht Frankfurt in the Europa League in front of a half empty Emirates Stadium.Club legend Ljungberg, who was promoted to Emery’s first team coaching set-up in the summer, has been placed in charge on an interim basis and will pick the team for Sunday’s Premier League match against Norwich at Carrow Road.AdvertisementAdvertisementAhead of his first match in charge, Ljungberg said: ‘However long I oversee Arsenal for I will give everything, I have to put smiles on faces again.ADVERTISEMENT‘We have a busy few weeks ahead and the team needs your support. Let’s get to work!’ Comment Metro Sport ReporterFriday 29 Nov 2019 1:25 pmShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link445Shares Advertisementlast_img read more

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MacGregor home sells for triple what it was purchased for two years ago

first_imgThe bathroom at 433 Mains Rd, MacGregor.The agent said there were a number of parties who were interested in the property, however they were mostly businesses.“Most families would not pay that price,” Mr Zhang said.He said the new owners planned on renovating the existing building.Video Player is loading.Play VideoPlayNext playlist itemMuteCurrent Time 0:00/Duration 7:28Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -7:28 Playback Rate1xChaptersChaptersDescriptionsdescriptions off, selectedCaptionscaptions settings, opens captions settings dialogcaptions off, selectedQuality Levels576p576p480p480p256p256p228p228pAutoA, selectedAudio Tracken (Main), selectedFullscreenThis is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.This is a modal window. This modal can be closed by pressing the Escape key or activating the close button.Close Modal DialogThis is a modal window. This modal can be closed by pressing the Escape key or activating the close button.PlayMuteCurrent Time 0:00/Duration 0:00Loaded: 0%Stream Type LIVESeek to live, currently playing liveLIVERemaining Time -0:00 Playback Rate1xFullscreenPrestige property with Liz Tilley07:29 The home at 433 Mains Rd, Macgregor, has sold for $1.2m.THIS MacGregor property has sold for more than triple what the sellers purchased it for just two years ago.According to CoreLogic data, the residence at 433 Mains Rd was purchased in June 2016 for $360,000, before selling again recently for $1,200,000. The kitchen and dining room.More from newsDigital inspection tool proves a property boon for REA website3 Apr 2020The Camira homestead where kids roamed free28 May 2019Yong Real Estate sales associate Tom Zhang said the property sold to an investor planning to operate a home business from the site.“They are planning to take advantage of the traffic that passes by,” he said.Mr Zhang said rental prices at nearby shopping centres were becoming too expensive for businesses, with many opting to purchase properties that could double as investments.“You can only rent (in nearby shopping centres) and the rent is always increasing so that has pushed some of those businesses out on to Mains Rd,” he said.last_img read more

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Trelleborg Bags Flowline Protection Contract from CNOOC

first_imgTrelleborg has been awarded a contract by China National Offshore Oil Corporation (CNOOC) to supply 18 kilometers of Tri-Strakes for the risers and flowlines on the Lingshui offshore gas development in China.  The strakes will be placed on various sizes of pipelines attached to semi-submersible floating platforms and are suitable for both J-Lay and S-Lay scenarios.Joshua Chadwick, product group manager at Trelleborg’s offshore operation in Skelmersdale, said: “We are really proud to have been awarded this prestigious contract and be able to support such a key development. Throughout the tendering process we worked alongside CNOOC, China Offshore Oil Engineering Company and Ashburn International, to ensure we provided the best solution for these companies. This contract award helps to cement our position as an innovative market leader in the supply of subsea ancillaries for critical applications in demanding environments.”Lingshui 17-2 is a deepwater offshore gas field development, located offshore of China in the South China Sea, approximately 150 kilometers from Hainan Island in water depths of 1,500 meters.Owned and operated by CNOOC, it is the first independent ultra-deepwater discovery made in the region.last_img read more

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EPL: Salah, Mane net as Liverpool cruise past Sheffield United

first_imgAfrican superstars Mohamed Salah and Sadio Mane got the new year off to a fine start after guiding Premier League leaders Liverpool to victory over Sheffield United.Advertisement Loading… Jurgen Klopp was forced to make a change shortly before kick off as Guinea international Naby Keita picked up a knock in the warm-up and was withdrawn for James Milner. Read Also: Liverpool suffer injury setback ahead of Sheffield clashWith one eye on Sunday’s Mersyside derby against Everton, Klopp withdrew Mane for Divock Origi with just over 15 minutes remaining in the second half, while Mohammed Besic replaced Oliver Norwood for Sheffield.The visitors should have pulled a goal back in the 86th minute but Oliver McBurnie failed turn home Jack O’Connell’s teasing cross at the far post, as the Reds clinched three points and a clean sheet.FacebookTwitterWhatsAppEmail分享 center_img The Reds got off to the perfect start as George Baldock’s slip allowed Andrew Robertson to break free down the left and pick out Salah, who slotted into the bottom corner.The hosts continued to dazzle in the final third, but the likes of Salah and Wiljdnaldum were unable to add to the tally in the opening 20 minutes after some impressive build-up play.Sheffield, meanwhile, initially showed a little fight after going behind, but they began to fade in the final 10 minutes of the half as the front trio were left frustrated against the Reds defence.The hosts picked up from where they left off in the first half but they had to wait until the 64th minute for the second goal as Mane exchanged passes with Salah before firing home from close range after his initial effort was saved. Promoted ContentWhat Happens To Your Brain When You Play Too Much Video Games?8 Superfoods For Growing Hair Back And Stimulating Its GrowthThese Are The Best Stargazing Locations You Can Find On Earth7 Mind-Boggling Facts About Black HolesTop 7 Best Car Manufacturers Of All Time7 Black Hole Facts That Will Change Your View Of The UniverseCouples Who Celebrated Their Union In A Unique, Unforgettable WayThe Very Last Bitcoin Will Be Mined Around 2140. Read MoreMind-Bending Technology That Was Predicted Before It Appeared2020 Tattoo Trends: Here’s What You’ll See This YearWhich Country Is The Most Romantic In The World?9 Facts You Should Know Before Getting A Tattoolast_img read more

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NBI summons Mocha Uson for ‘fake news’

first_imgThe National Bureau of Investigation (NBI) has issued Wednesday a subpoena to Overseas Workers Welfare Administration Deputy director Esther Margaux “Mocha” Uson for allegedly posting “fake news” on her social media accounts. This was not the first time that Uson drew flak for posting “fake news” through her Mocha Uson Blog Facebook page./PN Lorenzo, however, clarified that Uson was just invited as part of NBI’s investigation on the complaint and there is still no complaint filed against her. “The investigation process includes summoning Uson to get a statement from her, and explain the social media post,” Lorenzo said. “The NBI investigates fake news and online threats against all officials, especially if there are formal complaints filed.” Uson later apologized for her erroneous post as she claimed the picture was lifted from a newspaper website and thanked the netizens for calling her attention on her wrong post.center_img ABS-CBN NEWS In the said Facebook post last month, Uson posted a picture of personal protective equipment (PPE) allegedly purchased and distributed by the Department of Health but it turned out that the pictures were PPE donated by a private company. NBI Cybercrime Division Chief Vic Lorenzo said a private citizen filed a complaint against Uson for her Facebook post with a misleading photo, which is a violation of the Bayanihan To Heal As One Act.last_img read more

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More stranded Bacolodnons arrive home

first_imgThis will be done during the quarantine and they will be sent home after two weeks if their reverse transcription-polymerase chain reaction (RT-PCR) test turns negative for Covid-19. They comprise the fourth batch of the “Malasakit Voyage” passengers who have returned to Bacolod since April 28. The third batch came from Cebu on May 13 and is also quarantined at the ETCS-I extension campus. The first batch was from Iloilo while the second batch came from Manila. Councilor Israel Salanga, chair of the Action Team on Returning OFWs, welcomed the group and facilitated their transportation to a hotel, where they will undergo a 14-day mandatory quarantine. The city government also has a quarantine facility at the Mariano G. Medalla Integrated School, where eight students of the University of the Philippines-Visayas spent their 14-day quarantine before they were sent home on Monday afternoon. (With a report from PNA/PN) The teams of the city government for both returning OFWs and non-OFWs facilitated the transport of the arriving residents to the various quarantine facilities. The city government is committed to strictly observe the health protocols on handling returning OFWs, he said. “They get a free swab test once they arrive in Bacolod,” Salanga said. On Thursday, at least 16 overseas Filipino workers (OFWs) on board 2GO Group’s St. Therese of Child Jesus arrived in this city. They make up the fourth batch of non-OFW residents of Bacolod who came home this month. BACOLOD City – Stranded in Metro Manila and Palawan for nearly two months, two groups of Bacolodnons were able to come home.   In the afternoon, 38 Bacolodnons, who traveled from Palawan via Dumangas, Iloilo arrived aboard the Montenegro Lines’ M/V Mari Lolita and were brought to the patient care facility at the Education and Training Center (ETCS)-I extension campus to undergo a 14-day mandatory quarantine.last_img read more

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Pique demands drastic action at Barcelona

first_img Loading… Bayern overwhelmed a broken-looking Barca, but Setien’s side collapsed in a manner perhaps never seen. Thomas Muller bagged a brace, with Ivan Perisic, Serge Gnabry, Joshua Kimmich and Robert Lewandowski all on target too, before Coutinho got in on the act with his damaging double. Long-serving defender Pique has won 20 major titles in 12 years at the club, and used all that clout to point fingers at the Barcelona board with his forthright comments. read also:Rivaldo urges Man Utd to consider Barcelona winger Dembele President Josep Maria Bartomeu insisted changes have already been planned for next season, and will be confirmed next week. As well as a likely new manager, Barcelona’s 2021 presidential elections could even be brought forward. “It has been a very, very tough night. I am sorry for the Barca fans and members, for the players, for everyone,” said Bartomeu. “We were not the club that we represent, I am so sorry. FacebookTwitterWhatsAppEmail分享 Promoted Content6 Interesting Ways To Make Money With A Drone6 Extreme Facts About Hurricanes8 Things To Expect If An Asteroid Hits Our PlanetThe Models Of Paintings Whom The Artists Were Madly In Love WithWhich Country Is The Most Romantic In The World?5 Of The World’s Most Unique Theme ParksBest & Worst Celebrity Endorsed Games Ever MadeBirds Enjoy Living In A Gallery Space Created For ThemWho Is The Most Powerful Woman On Earth?A Little Cafe For Animal Lovers That You Will Never Want To Leave7 Non-Obvious Things That Damage Your Phone8 Superfoods For Growing Hair Back And Stimulating Its Growthcenter_img Gerard Pique has called for widespread changes at Barcelona after their “embarrassing” 8-2 Champions League thrashing by Bayern Munich. Manager Quique Setien’s position will most likely prove untenable after Barca suffered their heaviest European defeat in Friday’s quarter-final in Lisbon. Barcelona loanee Philippe Coutinho twisted the knife with a late double against his parent club, on a distressing night for the Catalan giants. “It was a horrible game, the feeling is terrible, embarrassing is the word,” Pique said on the club website. “I think now we have hit rock bottom. “We can’t compete like that, you can’t play like that in Europe. It is not the first time, the second time or the third time, it’s very tough. “I hope it is useful for something. “Now everyone has to have a good look at themselves, the club needs change and I am not talking about the coach or the players, I am not pointing the finger at anyone. “We have to have a real look internally about what is best for the club.”Advertisementlast_img read more

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Ward rewarded with opening night win at Marshalltown

first_imgSteve Meyer got the lead back from Jeff Mueller, then held off Ricky Thornton Jr. for the IMCA Sunoco Stock Car checkers. MARSHALLTOWN, Iowa (April 19) – Tim Ward saw his efforts rewarded with the opening night IMCA Modified feature win Friday at Marshalltown Speedway.  By Joyce Eisele Ward made his way into the lead at lap six, kept it and pulled away in the closing laps to take the comfortable win. Gustin followed from a distance in second, and Cayden Carter came from start­ing 10th to score third place honors. center_img Troy Cordes led the troops when lap one was scored, with Jimmy Gustin hot on his tail and Ward closing the gap quickly as well. The IMCA Sunoco Hobby Stock feature went to Shannon Anderson, who knows victory lane very well at Marshalltown and beyond. Anderson started eighth and snatched the lead on lap six from Mike Kincaid. David Rieks started seventh and chased Anderson much of the distance to finish in se­cond. Jake McBirnie took home the trophy in the Karl Kustoms Northern SportMod feature.  McBirnie, who started sixth, passed Austin Schrage to be scored first at lap five.  McBirnie then put distance be­tween himself and the field to take the comfortable win.last_img read more

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