BUSINESS| Oil Drops As OPEC+ Resume Talks On Output Cut Extension After Impasse

Oil prices fell on Thursday as producers including Saudi Arabia and Russia locked horns over the need to extend record production cuts set in place in the first wave of the COVID -19 pandemic.

Brent crude was down 15 cents, or 0,3%, at $48.10 a barrel by 0155 GMT, after gaining 1,8% on Wednesday. U.S oil was down 17 cents, or 0.4%, at $45.11 a barrel, having ended 1.6% higher the previous session.

The Organization of the Petroleum Exporting Countries (OPEC) and Russia are resuming discussion on Thursday to agree on policies for 2021 after earlier talks produced no compromise on how to tackle weak oil demand amid a new coronavirus wave.

OPEC and allies, in the group known as OPEC+, had been widely  expected to roll over oil cuts of 7,7 million barrels per day, or 8 percent of global supplies, at least until March 2021.

But after hopes for a speedy approval of anti – virus vaccines spurred a rally in oil prices at the end of November, some producers questioned the need to tighten oil police, which is supported by OPEC leader Saudi Arabia.

‘Any sign that the group is struggling to reach an agreement could weight on prices’, ANZ Research said in a note.

Britain approved Pfizer Inc’s COVID0`9 vaccine on Wednesday, jumping ahead in a global race to start the most crucial mass inoculation programme in history.

In the United States, crude stckpiles fell last week, while gasoline and distillate inventories rose sharply as refiners slowed production amid weakening demand, the Energy Information Administration said on Wednesday.

Oil stocks fell by 679,000 barrels in the week to Nov.27, by less than the 2.4 million – barrel decline forecast in a Reuters poll of analysts.

Gasoline stock increased by 3.5 million barrels, while distillate inventories were up by3.2 million barrels.

Adding to international supplies, Venezuela’s crude exports almost doubled last month, according to data from the state – run PDVSA and Refinitiv Eikon.

Saudi Energy Minister Sees Demand From Gas – To – Oil Switch At Up To 600,000 BPD

LONDON – Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman said users switching from gas to oil could account for demand of 500,000 – 600,000 barrels per day (bpd), adding that the world was now waking up to shortages in the energy sector. Prince Andulaziz said the potential switch depended on how severe winter … More Saudi Energy Minister Sees Demand From Gas – To – Oil Switch At Up To 600,000 BPD

Riyadh Winter Wonderland Back In Saudi Arabia, 40 Pct Larger Than Previous Season

RIYADH, Saudi Arabia –  Riyadh Winter Wonderland is set to make a comeback in Saudi Arabia’s capital with 40 percent more space during Riyadh Season, with added games, activities, and shows for all age groups. Starting October 26 and lasting until the end of March 2022, Winter Wonderland will include more than 103 games and six areas: Dreamland Carnival, … More Riyadh Winter Wonderland Back In Saudi Arabia, 40 Pct Larger Than Previous Season

Saudi Arabia Advises Citizens Not To Travel To Lebanon – Ministry

PARIS, France – Saudi Arabia has advised its citizens not to travel to Lebanon in light of the latest security events, the foreign ministry wrote on Twitter on Sunday. Lebanon remains on  a Saudi travel list where obtaining prior permission to visit is required. On Thursday, seven people were killed in violence in Beirut  as crowd … More Saudi Arabia Advises Citizens Not To Travel To Lebanon – Ministry

Saudi Arabia’s Crown Prince Launches Strategic Offices For Al – Baha, Al – Jouf, Jazan

JEDDAH, Saudi Arabia – Saudi Arabia’s Crown Prince Mohammed bin Salman announced on Sunday the launch of the strategic offices for the development of al – Baha, al – Jouf, and Jazan regions. According to the Saudi Press Agency (SPA), these offices aim to capitalize on the unique competitive advantages each of the three regions … More Saudi Arabia’s Crown Prince Launches Strategic Offices For Al – Baha, Al – Jouf, Jazan

Saudi Arabia Allows Full Capacity At Sports Stadiums, Facilities

PARIS, France – Saudi Arabia’s Ministry of Sports announced that vaccinated visitors will be allowed into all sports stadium and facilities as they operate at full capacity, the official Saudi Press Agency (SPA) reported Sunday. Visitor entry will be limited to those who are  fully vaccinated against COVID – 19, as per Kingdom’s rules, the … More Saudi Arabia Allows Full Capacity At Sports Stadiums, Facilities

Saudi Arabia Allows Capacity At Mecca’s Grand Mosque As COVID – 19 Rules Eased

PARIS, France – The Grand Mosque in the Muslim holy city of Mecca in Saudi Arabia operated at full capacity on Sunday, with worshippers praying shoulder – to – shoulder for the first time since the coronavirus pandemic began. This comes after Saudi Arabia’s Interior Ministry approved easing the country’s strict COVID – 19 precautionary … More Saudi Arabia Allows Capacity At Mecca’s Grand Mosque As COVID – 19 Rules Eased

Qatar Emir Appoints Two Women To Advisory Council After Men Sweep Polls

DOHA – Qatar’s emir named two women among his new appointment to the Gulf state’s advisory Shura Council on Thursday, after partial elections held for the first time earlier this month saw not one of the more than 20 women candidates a seat. In what was Qatar’s first legislative election, candidates competed for 30 of … More Qatar Emir Appoints Two Women To Advisory Council After Men Sweep Polls

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