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Perspective: Oil and natural gas producers don’t want tariffs
There are multiple reasons the oil and natural gas industry does not want the government to enact harmful trade measures like tariffs or quotas.
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U.S.-Saudi Oil Accord One Idea Discussed, Energy Secretary Says
“There are many, many ideas that are floated around the policy space, that is one of them,” he said in an interview with Bloomberg Television on Monday. “I don’t know that it is going to be presented in any formal way.”
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In oil market standoff with Saudi Arabia, weakened rouble helps Russia
In Russia’s battle for oil market share with Saudi Arabia, a sharp fall in the rouble has handed the Russians one advantage – they can now produce cheaper than the Saudis, according to Reuters calculations.The Russian currency has lost nearly a fifth of its value against the U.S. dollar – the currency of oil – since their talks on coordinated output cuts collapsed on March 6.
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Pakistan’s first coronavirus death exposes nation’s vulnerability
The number of confirmed cases in Pakistan has soared to more than 750 from 22 last week, largely driven by a wave of pilgrims returning from Iran who Pakistani authorities said were inadequately tested and improperly isolated. At least four people have died from the disease in Pakistan in the past week.
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Oil Finds Firmer Ground on Hopes for U.S.-Saudi Price Detente
Futures in New York gained as much as 4.1%, after advancing 3.2% in Monday’s session. U.S. Energy Secretary Dan Brouillette said that a joint U.S.-Saudi oil alliance is one idea under consideration to steady the market after the worst crash in a generation.
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The 2020 Olympic Games In Tokyo Will Be Delayed By One Year Due To The Coronavirus
The 2020 Summer Olympics and Paralympics in Tokyo, Japan, will be postponed by one year due to the global coronavirus outbreak, officials announced Tuesday, amid fears that the large gathering of athletes, coaches, and spectators from around the world could further spread the deadly virus. The Games had been scheduled to begin on July 24.
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Commentary: Add coronavirus to other crises, and the Middle East faces a catastrophe
And it is not only oil exporters who are hit. Many of the poorer countries in the Middle East are labor exporters. In Egypt, Jordan and Lebanon, the wages that citizens working overseas send back represents about 10 percent of those economies. With much lower oil prices, those remittances will crash and skilled workers will return, unemployed, to markets that can’t provide for them.
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Despite OPEC+ deal collapse, Saudi oil exports yet to rise-sources
The kingdom plans to ship more than 10 million barrels per day (bpd) from May following the collapse of a supply-cut pact by the Organization of the Petroleum Exporting Countries and other producers led by Russia, known as OPEC+. So far, exports in March are running significantly below that rate, the sources said, showing little change from February. This could reflect lower demand from customers, such as China following the coronavirus outbreak.
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Saudi Arabia pre-qualifies 49 bidders in 1.2-GW solar tender
Saudi Arabia has shortlisted 49 companies and consortia that will move ahead to bid in a tender targeting 1.2 GW of solar photovoltaic (PV) capacity. The competition is the third round of the country’s National Renewable Energy Programme (NREP) and will allow bidding in two categories. The first one will be open to smaller companies and covers the 80-MW Layla and the 120-MW Wadi Al Dawaser solar projects, while the 300-MW Saad and the 700-MW Ar Rass schemes will be offered in the other category.
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Saudi banks should embrace fintech strategies and collaborate
One thing clearly emerging is that local Saudi banks are now open to the idea of evaluating how fintech solutions can help them rather than seeing them as a threat and investing in-house technologies as in the past. Banks are now rapidly looking at embedding the adoption of fintechs in their overall business and digital strategies.
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