BUSINESS | Saudi Arabia Cuts March Crude Supply To Some Asian Buyers: Sources

MILAN | ITALY – – The world’s top oil exporter Saudi Arabia has reduced crude supplies to some Asian buyers in March after refines cut output following the coronavirus outbreak and for regular maintenance, four sources with knowledge of the matter said on Wednesday.

The drop in supplies comes after state oil giant Saudi Aramco cut March official selling Prices (OSPs) more than expected.

Buyers’ overall nomination for March-loading cargoes were lower, but so far the virus not had a big impact, a source familiar with Aramco oil exports said, adding that seasonal maintenance in Asia in the second quarter had made more difference.

Two of the sources declined to say how much lower the volumes were at their refineries, but said Saudi Aramco may have allowed some Chinese buyers to reduce their volumes by more than 10% as their situation was an exceptional case.

China’s refiners, including state-owned Sinopec Corp, PetroChina, China National Offshore Oil Company, and independent refiners such as Hengli Petrochemical and those in Shandong have cut their crude processing rate in February.

The spread of the coronavirus in China has killed more than 1,000 people and lowed the world’s second largest economy.

Saudi oil contracts allow the seller or the buyer to adjust loading volumes by plus or minus 10% of contracted volume, depending on demand and shipping logistics under a contractual clause known as operational tolerance.

HEALTH | WHO To Travelers – Keep An Eye On ‘Anywhere And Everywhere’ COVID-19

Geneva – The World Health Organization on Tuesday urged travelers to wear masks on planes and keep themselves informed as COVID-19 cases surge again in some countries, prompting new restrictions in places like Australia. Spokeswoman Margaret Harris urged people not to be cough off-guard by resurgent local epidemics and quarantine measures, saying: ‘If it’s anywhere, … Continue reading HEALTH | WHO To Travelers – Keep An Eye On ‘Anywhere And Everywhere’ COVID-19

BUSINESS NEWS | Kanye West’s Clothing Brand Hollywood Production Companies On Pandemic Loan List

LOS ANGELES – Ventures backed by big-name entertainers Kanye West and Francis Ford Coppola were among those approved for loans under a U.S. government program to help businesses survive the coronavirus pandemic, according to a list released on Monday. Billionaire rapper West’s clothing brand Yeezy received clearance for a loan between $2 million and $5 … Continue reading BUSINESS NEWS | Kanye West’s Clothing Brand Hollywood Production Companies On Pandemic Loan List

BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

RIYADH | SAUDI ARABIA – Unemployment among citizens in the first quarter fell below 12% for the first time in four years, official figures released on Tuesday showed, but they did not capture the impact of the coronavirus crisis. Unemployment fell to 11.8%  from 12% the previous quarter, the General Authority for Statistics said. ‘Data … Continue reading BUSINESS NEWS | Saudi Unemployment Falls In First Quarter, But Before Coronavirus Impact

SOCIAL MEDIA | Pompeo Says U.S. Looking At Banning Chinese Social Media Apps, Including TikTok

NEW YORK – Secretary of State Mike Pompeo said on Monday that the United States is ‘certainly looking at’ banning Chinese social media apps, including TikTok, suggesting it shared information with the Chinese government, a charge it denied. ‘I don’t want to get out in front of President (Donald Trump), but it’s something we’re looking … Continue reading SOCIAL MEDIA | Pompeo Says U.S. Looking At Banning Chinese Social Media Apps, Including TikTok

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