Oil slides 1% on fears over higher OPEC supply, slower China demand

The chimneys of the Total Grandpuits oil refinery, southeast of Paris, France. (Reuters)
Updated 02 March 2021
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Oil slides 1% on fears over higher OPEC supply, slower China demand

Oil prices slid more than 1 percent on Tuesday as expectations that OPEC would agree to raise oil supply in a meeting this week weighed on sentiment, already hit by concerns over slowing Chinese demand.
Brent crude dropped 80 cents, or 1.3 percent, to $62.89 a barrel in early London trading, after losing 1.1 percent the previous day. US West Texas Intermediate (WTI) crude fell 69 cents, or 1.1 percent, to $59.95 a barrel, having lost 1.4 percent on Monday.
They both touched the lowest in more than 6 days, extending losses that started late last week.
Expectations that the Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, would boost oil output from April are pushing prices lower, said Satoru Yoshida, a commodity analyst with Rakuten Securities.
“Concerns over an increase in OPEC+ supply and an end of Saudi Arabia’s voluntary cut of 1 million barrels per day (bpd) this month weighed on oil prices,” he said.
The group meets on Thursday and could discuss allowing as much as 1.5 million barrels per day (bpd) of crude back into the market.
OPEC oil output fell in February as a voluntary cut by Saudi Arabia added to reductions agreed to under the previous OPEC+ pact, a Reuters survey found, ending a run of seven consecutive monthly increases.
Russian oil and gas condensate output fell to 10.1 million bpd in February from 10.16 million bpd in the previous month, despite plans to boost it, according to Reuters calculations based on an Interfax report citing official data.
OPEC+ is monitoring global inventories and the rate of drawdowns will be a factor discussed on Thursday.
“Oil prices may stay under pressure as investors are making position adjustments ahead of the OPEC meeting,” said Hiroyuki Kikukawa, general manager of research at Nissan Securities.
Market sentiment was also dampened by weak manufacturing data out of China, Kikukawa said.
China’s factory activity growth slipped to a nine-month low in February, which may curtail Chinese crude demand and pressure oil prices.


Daesh group gunmen kill politician in Pakistan

Updated 4 min 30 sec ago
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Daesh group gunmen kill politician in Pakistan

  • Attackers escaped after shooting the Islamist politician in Bajaur district, near the border with Afghanistan where militants remain active

PESHAWAR, Pakistan: Gunmen from the regional branch of the Daesh group have killed a politician in northwest Pakistan, police and the militants said Friday.
“Jamaat-e-Islami Bajaur leader Sufi Hameed was leaving the mosque after offering prayers after sunset (Thursday) when two masked men on a motorcycle opened fire on him,” senior police official Waqar Rafiq said.
The official said the attackers escaped after shooting the Islamist politician in Bajaur district, near the border with Afghanistan where militants remain active.
Islamic State Khorasan (IS-K) said its “soldiers shot an official of the apostate political party,” in a message on Telegram.
The local chapter of the Daesh group accuses religious political parties of going against strict religious preachings and supporting the country’s government and the military.
IS-K has recently carried out several attacks against political parties, including a suicide bomb blast at a rally in Bajaur last year which killed at least 54 people including 23 children.
“In this year alone, they have killed at least 39 people in targeted attacks and bomb explosions” in Bajaur, a senior local security official said on the condition of anonymity.
In both Khyber Pakhtunkhwa province, where Bajuar is located, and Balochistan province in the southwest, armed Islamist or separatist groups regularly target security forces and state representatives.
Militants operating in Pakistan include Tehreek-e-Taliban Pakistan (TTP), the country’s homegrown Taliban group.
Pakistan has seen a sharp rise in militant attacks in regions bordering Afghanistan since the Taliban returned to power in the country in 2021.


Fire breaks out at a Spanish nursing home, killing at least 10 people

Updated 14 min 54 sec ago
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Fire breaks out at a Spanish nursing home, killing at least 10 people

  • Authorities were alerted of the blaze early Friday morning in Villa Franca de Ebro
  • Fire took place just weeks after devastating flash floods in Valencia killed more than 200 people

MADRID: At least 10 people died in a blaze at a nursing home in Zaragoza, Spain, before firefighters managed to extinguish it, local authorities reported on Friday.
Authorities were alerted of the blaze early Friday morning in Villa Franca de Ebro, about 30 minutes from the northeastern city.
The cause of the fire was not yet known, local media reported.
Jorge Azcon, head of the regional government of Aragon, whose capital city is Zaragoza, confirmed the deaths and said on X, formerly Twitter, that all government events in the region were canceled for the day.
Spanish Prime Minister Pedro Sanchez also expressed his shock over the fire and deaths.
The fire took place just weeks after devastating flash floods in Valencia killed more than 200 people and destroyed thousands of homes. The floods were the worst natural disaster in Spain’s recent history.


Saudi Arabia fight back to stun Germany in NEOM Beach Soccer Cup 2024

Updated 32 min 15 sec ago
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Saudi Arabia fight back to stun Germany in NEOM Beach Soccer Cup 2024

NEOM: Hosts Saudi Arabia threw off their opening day defeat against England with a 7-6 win over Germany in the second day of action at the NEOM Beach Soccer Cup 2024.

Spurred on by the support of their fans at Gayal Beach, the national beach soccer team took to the sand on Thursday night.

Al-Hamami and Qasem gave Saudi Arabia a 2-0 lead in the first period and the hosts added two more goals to their tally in the second, Salman and Waleed both finding the net. Germany then closed the gap as Peterson scored a brace.

There was even more action in the third period, as four goals from Germany and two from the home side took the match into extra time at 6-6.

It was left to Waleed to score the winner and reward Saudi Arabia with two points on the board following their first win in this year’s competition.

Also in Group A, after securing a first-day victory against Germany, the UAE struck three times in the first 12 minutes against England with goals from Ali, Kamal and Mousab.

England responded well, finding the back of the net three times in the space of two minutes during the second period courtesy of a Robinson brace and one from Lawson. Despite the setback, A. Abbas restored the advantage for his team before the period ended.

Both teams were on target twice in the third and final period, A. Abbas scoring his second and goalkeeper Bahri hitting the target for the UAE. Lawson got his second for England, with Younie also striking home. But it was not enough, and the UAE clinched their second victory of the tournament to put them on maximum points.

The second Group B match of the day saw a repeat of the NEOM Beach Soccer Cup 2023 final as defending champions Brazil took on Japan.

The scores were even at 2-2 by the end of the first period, as Antonio scored two for Brazil, and Oba and Akaguma found the net for Japan. The teams were tied in the second phase of play too, Benjamin Jr. and Oba scoring within six seconds of each other.

Brazil secured victory in the third and final period with a brace from Edson Hulk and a goal from Datinha, although they conceded goals from Akaguma and Oba.

Eight teams are taking place in the men’s tournament during this third edition of the cup. Group A is made up of Saudi Arabia, the UAE, England and Germany, with Brazil, Spain, Japan and China in Group B.

In the women’s competition, defending champions Spain, 2022 participants England and Ukraine, and 2022 champions Brazil will take to the sand.


South Korean opposition leader handed suspended jail term

Updated 40 min 11 sec ago
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South Korean opposition leader handed suspended jail term

  • Case concerns statements Lee Jae-myung made on the campaign trail, when he narrowly lost to incumbent President Yoon Suk Yeol in 2022

SEOUL: A South Korean court handed the country’s opposition leader a suspended prison sentence Friday for violating election laws — a ruling that may prevent him from running in the next presidential election.
The Seoul Central District Court found Lee Jae-myung, the leader of the main opposition Democratic Party, guilty and handed him a suspended one-year jail term, a court spokesperson told AFP.
The case concerns statements Lee made on the campaign trail, when he narrowly lost to incumbent President Yoon Suk Yeol in 2022.
Prosecutors had asked for a two-year prison sentence, saying Lee made a false statement in a TV interview in December 2021 that made people think he did not know Kim Moon-ki, a key figure in a controversial development project.
Kim had been found dead days earlier, although police found no evidence of foul play.
Lee was also accused of lying during a parliamentary hearing in 2021 in connection with another controversial development in Seongnam, where he was previously mayor.
The court ruled that the fact Lee made false statements on TV “greatly amplified their impact and reach,” it said in the written verdict.
Supporters wept outside the court after the verdict was announced, and Lee immediately vowed to appeal.
“The verdict is very difficult to accept,” he said.
If it is upheld on appeal, Lee will be stripped of his parliamentary seat and prohibited from running for public office for the next five years — which would include the 2027 presidential election.
Lee is seen as a leading contender in South Korea’s upcoming presidential election, due for early 2027, but the 60-year-old faces a slew of legal cases.
His other trials relate to corruption involving the Seongnam development project, an illegal $8 million cash transfer to North Korea, and pressuring a former mayoral secretary to provide false court testimony in his favor.
A former child factory worker who suffered an industrial accident as a teenage school drop-out, Lee rose to political stardom partly by playing up his rags-to-riches tale.
But his bid for the top office has been overshadowed by a series of scandals. He has also faced scrutiny due to persistent rumors linking him to organized crime.
At least five individuals connected to Lee’s various scandals, including late official Kim, have been found dead, many in what appeared to be suicides.
In January, Lee was stabbed in the neck by an attacker — who said he wanted to prevent him from “becoming president.”
Despite strict legal time limits, Lee’s cases are moving slowly through the courts, and public, acrimonious, drawn-out appeals could cause “considerable chaos in the political landscape,” Shin Yul, professor of political science at Myongji University, said.
“The Democratic Party is set to significantly escalate its attacks on the ruling party,” in a bid to convince the public their leader is not guilty, he said.
“However, it is also probable that the South Korean public will not be entirely supportive of Lee Jae-myung. Once a one-year prison sentence is issued, most people are now likely perceive him as guilty.”


US urges sports diplomacy between Pakistan, India following ICC Champions Trophy row

Updated 15 November 2024
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US urges sports diplomacy between Pakistan, India following ICC Champions Trophy row

  • State Department Deputy Spokesperson Vedant Patel highlights the role of sports in “connecting people”
  • India has refused to travel to Pakistan for ICC Champions Trophy slated to be held from Feb-March next year

ISLAMABAD: US State Department Deputy Spokesperson Vedant Patel on Friday encouraged sports diplomacy between Pakistan and India amid a row over New Delhi’s refusal to send its cricket team to neighboring Pakistan for the ICC Champions Trophy.
The ICC informed Pakistan last week India had declined to play any games in Pakistan during the Champions Trophy, which is scheduled to be held from Feb. 19 - March 9. The Pakistan Cricket Board (PCB) has sought clarification from the ICC on the refusal.
“Bilateral relationships are certainly not something for us to get in the middle of but sports is certainly a potent and connecting force,” Patel said during a weekly press briefing. “You have seen the secretary and this department really prioritize the role that sports diplomacy has in connecting people.”
Patel added that bilateral relations between Pakistan and India ought to be discussed between the countries on their own through sports orother means. 
“At the end of the day, sports really connects so many people and is a great way for the human-to-human and people-to-people ties this administration has really prioritized,” he said.
India has not toured Pakistan since 2008 because of soured political relations between the neighbors, who play each other only in global multi-team tournaments. Pakistan hosted the Asia Cup last year but the winners India played all their matches in Sri Lanka under a “hybrid model.”
The PCB has ruled out a similar arrangement for the 2025 Champions Trophy despite the Indian Cricket Board (BCCI) maintaining its stance of not sending a team to Pakistan, citing government advice.