Oil plunges about 30% after Saudi Arabia slashes prices, opens taps

first_imgOil fell by the most since 1991 on Monday after Saudi Arabia started a price war with Russia by slashing its selling prices and pledging to unleash its pent-up supply onto a market reeling from falling demand because of the coronavirus outbreak.Brent crude futures fell by as much as US$14.25, or 31.5 percent, to $31.02 a barrel. That was the biggest percentage drop since Jan. 17, 1991, at the start of the first Gulf War and the lowest since Feb. 12, 2016. It was trading at $35.75 at 0114 GMT.US West Texas Intermediate (WTI) crude fell by as much as $11.28, or 27.4 percent, to $30 a barrel. That was also the biggest percentage drop since the first Gulf War in January 1991 and the lowest since Feb. 22, 2016. It was trading at $32.61. Saudi Arabia, Russia, and other major producers last battled for market share like this between 2014 and 2016 to try to squeeze out production from the United States, now the world’s biggest oil producer as flows from shale oil fields doubled the country’s output during the last decade.“Saudi Arabia and Russia are entering into an oil price war that is likely to be limited and tactical,” Eurasia Group said in a note.“The most likely outcome of this crisis is entrenchment into a painful process that lasts several weeks or months, until prices are low enough to … some form of compromise on resumed OPEC+ production restraint,” Eurasia said.Saudi Arabia has opened the war by cutting its official selling prices for April for all crude grades to all destinations by between $6 to $8 a barrel.China’s efforts to curtail the coronavirus outbreak has disrupted the world’s second-largest economy and curtailed shipments to the largest oil importer.The spread to other major economies such as Italy and South Korea and the burgeoning cases in the United States has increased the concerns that oil demand will slump this year.Major banks such as Morgan Stanley and Goldman Sachs have cut their demand growth forecasts, with Morgan Stanley predicting China will have zero demand growth in 2020 while Goldman is seeing a contraction of global demand of 150,000 barrels per day.In other markets, the dollar was down sharply against the yen, Asian stock markets were set for big falls and gold rose to the highest since 2013 as investors fled to safe havens.Topics : Saudi Arabia, the world’s biggest oil exporter, is attempting to punish Russia, the world’s second-largest producer, for balking on Friday at production cuts proposed by the Organization of the Petroleum Exporting Countries (OPEC).OPEC and other producers supported the cuts to stabilize falling prices caused by the economic fallout from the coronavirus outbreak.Saudi Arabia plans to boost crude output above 10 million barrels per day (bpd) in April after the current supply deal between OPEC and Russia, – known as OPEC+ – expires at the end of March, two sources told Reuters on Sunday.Brent crude oil prices collapse by most since 1991 as ‘OPEC+’ disintegrates. (Reuters/-)last_img read more

Deltamarin unveils LNG-fueled multipurpose inland vessel design

first_imgDeltamarin, part of AVIC Group, unveiled an LNG-fueled multipurpose inland vessel called the DeltaBreaker. Deltamarin’s office in Gdansk developed the multipurpose inland vessel as a response to the increasing utilization of inland waterways, especially in Central Europe.The DeltaBreaker design combines the features of tug, icebreaker and pusher with some added functionalities.The hull shape has low resistance and the ability to break ice up to 0.6 meters thick. This way, the inland navigation season can be extended in various parts of the world.The current design allows operations on waterways of international (CEMT) class IV, however, Deltamarin added that smaller versions of this design can also be developed.The DeltaBreaker design implements of the Articulated Tug-Barge (ATB) system connection. It allows the pushing of compatible barges on inland and coastal waters.This opens up the possibility to further develop an efficient design for such barges that can be used for carrying bulk cargo, containers, oil/products, accommodation modules and as LNG transportation/bunkering facilities.A special place for two 20ft containers has been reserved on the aft deck. Additional functions like firefighting, oil-spill cleaning or environmental measurements may, therefore, be easily incorporated into the design.last_img read more

Equinor sees higher production from fields supported by digital centers

first_img‘Central in reducing CO2 emissions’  In just a few months the digital support centers established to help create higher value, improve safety and reduce emissions from Equinor’s installations on the Norwegian continental shelf (NCS) have led to good results from the first onshore-supported fields, Equinor has said. Kjell Børge-Freiberg (left), petroleum and energy minister, and Arne Sigve Nylund, executive vice president for Development and Production Norway. (Photo: Ole Jørgen Bratland /Equinor)Today, January 7, 2019, two centers were formally opened at Sandsli in Bergen by the Norwegian petroleum and energy minister, Kjell-Børge Freiberg.Equinor has set an ambition of increasing the value creation from NCS fields by more than $2 billion from 2020 to 2025 through measures such as onshore operations support.New this year is that monitoring of the energy consumption to reduce CO2 emissions from NCS operations will be improved by support of the digital centers.By 2021, all Equinor fields on the NCS will be supported by manned onshore centers in Bergen, Stavanger and Stjørdal.Arne Sigve Nylund, executive vice president for Development and Production Norway, said: “So far, we see higher production and earnings from the Grane, Gina Krog and Åsgard fields, which have been supported by the integrated operations support center (IOC) since September. After that the Aasta Hansteen and Norne fields have also been connected to the center. This marks that we have just started phasing in our 40 installations to the IOC, revealing a great potential.”“The good results are achieved by production optimization, improved condition monitoring and operations support for safe offshore operation. IOC will also be relevant for our onshore installations and international activities,” says Nylund. The IOC center will be central in reducing CO2 emissions from the NCS. Equinor has implemented more than 300 energy efficiency measures on NCS installations from 2008 and up to the present, reducing annual CO2 emissions by almost 1.6 million tonnes so far. The company aims to reduce CO2 emissions by 3.2 million tonnes per year by 2030. Further energy efficiency measures and new energy solutions will help reach this goal.“We have set ambitious goals for changing and transforming the NCS to maintain high value creation and low emissions for the next decades. We have improved our operating efficiency, increased production, reduced our CO2 emissions and developed a highly profitable project portfolio. Digitalization, innovation and use of new technology will allow us to recover resources that are not profitable now,” says Nylund.According to Equinor, the IOC will also improve its collaboration with suppliers and partners and increase the transfer of knowledge across the organization.“The IOC gives us new digital tools ensuring faster and better decisions through close interaction between offshore operations and onshore support center. Our main goal is to operate our installations safely and optimally every single day while identifying challenges and preventing shut-downs before they occur,” says Kjetil Hove, head of operations technology on the NCS.Equinor said that the other center to be formally opened on Monday, the Geo Operations Center (GOC), will ensure more efficient and better geoscience control of drilling operations as well as higher cost saving and personnel safety. Monitoring and control of offshore well path drilling will be moved from offshore installations and the various onshore units to a joint geoscience operations center. The GOC is expected to save NOK 270 million per year.“This is a completely new way of working and represents one of the biggest changes we have made in petroleum technology and geology during the last 20 years. The GOC will utilize new technology and help form a digital future, where tasks are carried out and experience gained and shared in smart ways,” says Hove.Opening of the Integrated Operations Center in Bergen. Photo: Ole Jørgen Bratland/Equinorlast_img read more

School search changes to put ‘pupils and teachers’ in danger

first_imgONE News 28 Dec 2012School principals fear they could soon be powerless to confiscate weapons and illicit drugs from pupils, under changes to the Education Act.The Education Amendment Bill, now before Parliament, includes changes to the surrender, retention, search and seizure powers held by schools.Under the proposed changes, teachers would not be allowed to search pupils or their property but would be able to search property owned by the school, such as lockers and desks.Dogs would no longer be allowed to search schools for drugs, and schools would not be able to test pupils for drug use.Schools could suspend pupils for refusing to hand over a weapon or drugs.Wellington College headmaster Roger Moses said the impact of the bill was still unclear, but any move to reduce schools’ ability to search and seize could make them less safe.“If contraband of any kind is brought into the school we want the ability to search for that stuff. It is going to make it more difficult for schools to police internally.”http://tvnz.co.nz/national-news/school-search-changes-put-pupils-and-teachers-in-danger-5305670last_img read more

Robbing the poor

first_img Tweet 27 Views   no discussions Sharing is caring! Share NewsRegional Robbing the poor by: – April 30, 2012center_img Melanius Alphonse is a management and development consultant. He is an advocate for community development, social justice, economic freedom and equality; the Lucian People’s Movement (LPM) critic on youth initiative, infrastructure, economic and business development.The Throne Speech written by the Labour (and liberal) government of Saint Lucia and delivered by Her Excellency on April 24, 2012, was an excellent delivery of the obvious and the admission by an administration endowed in Greek civilization “to become a tragedy like Helen of Troy.”The catch is this: “All things are ready if our minds be so.” This is a fine line, but myopic in thought and action, due to the fact that the reality is not balanced with a growth-supporting measures, but rather just another fine deal, made for smart messaging.Until now, to savor the victory, the Labour (and liberal) government has moved from “STEP” to “NICE” to retain its grip on power with empty political rhetoric. The Labour (and liberal) government to date has grown the recurrent estimates of expenditure by $68 million in five months — and it is clear by now that someone did not get the memo.In the meantime, as they cleverly ask the citizens of Saint Lucia to tie their waist and pull up their boot straps, it is very clear that only a few will benefit from their reckless borrowing and spending. The Labour (and liberal) government seems not interested in their own messaging to make tough choices and commit to real fiscal discipline. It’s equally true that the habit of reckless tax and spend, and to make the deep economic and political cuts that are required for a sustainable fiscal footing is not going to happen.The real struggle is a variable between better days, Greek civilization and the need for more time, because, “All things are ready if our minds be so.”But let’s not forget that the Labour (and liberal) government of Saint Lucia is by nature a miserable administrator of the public purse. Their perceive strength is political rhetoric and perception to STEP, LEAP and now, NICE. So, who’s benefit? “YEP” let’s see how “BIG” this will impact the greatest number.Talk about robbing the poor by raising taxes with language such as “no other choice” — is no doubt an autocratic approach to avoid spending cuts.The news has been predictable, the outlook is bleak — STEPPIN’ to LEAP and now — YEP, BIG, and NICE, will not cut it. A quick look at world markets reflects this. With $35 million allotted to NICE, the task, the mission at hand is to relieve the chronic employment shortage (so they stay). Are they for real? Could this be just another version of short term employment, the same kind that has kept poor people in abject poverty?And, then there is “SMILE” — SMILE about what? Maybe a Labour (and liberal) government of acronyms.Never mind the political opportunism, the financial crisis remains unfavourable, with sluggish growth and fiscal imbalance. In the main, the fate of Saint Lucia is glossed upon with fancy acronyms, as its people are led towards the abyss of despair.In all likelihood, new stimulus to trade and to grow domestic demand in agriculture while reducing the food import bill and increasing manufacturing output is fundamental for the delivery of a long term reform.Additionally, to solve the debt and job crisis, one solution is to create the environment for the private sector to create jobs, (rather than a NICE liberal distribution of public funds), reduce government spending, pay down the debt and balance the budget.While the throne speech called for the people to come together, the Labour (and liberal) government is not in step with the citizens but on their own vibe to be nice with their comrades.While our house of faith is centered on God and country, others prefer, “faith in ourselves, in our country, in God.” While civil society, business and person should direct government, others prefer to “engage as government to civil society.”Indeed, “we need to engage each other in proactive and responsible ways. Let us not shout across the fence of divided opinion but sit in the circle of mutual respect and the kind of willing compromise that shapes the best solutions for the greatest number.”But, then again, while this is inspiring philosophy the Labour (and liberal) government, autocratic rule is the order of the day.Simply because, while citizens make ends meet, the Labour (and liberal) government lives up and talks down citizens of not being “strangers to hardship.”Ouch, that hurts.Many may have thought that our fore-parents left these on the plantation fields, I guess we were mistaken — and so, this amplifies the need for a progressive analysis to citizen engagement, and a new world order.In closing, I refer to the following quotations from the throne speech:“My government is committed to participation democracy that embraces all sectors of society.”“This is a time to search for the common good. My government urges citizens to share their thoughts, ideas and solution.”“Fellow Saint Lucians, this pretence works only in the mind, so it is there that we must start our transformation.”Certainly, I yield.By: Melanius Alphonse Share Sharelast_img read more

Here’s how Ronaldo’s camp played down Barcelona transfer speculations

first_img Promoted Content6 Incredibly Strange Facts About Hurricanes14 Hilarious Comics Made By Women You Need To Follow Right NowShocking Robots That Exist And Function Very Similar To HumansWhat Disney Princesses Would Look Like In Modern Day RealitiesBig Actors Who Started Off With A Part In A Soap OperaBest Car Manufacturers In The WorldTop 10 Most Romantic Nations In The WorldAmazing Bridal Looks From Around The World10 Of The Best Places Around The World To Go StargazingThe Highest Paid Football Players In The WorldInsane 3D Spraying Skills Turn In Incredible Street ArtPlaying Games For Hours Can Do This To Your Body “The reason why Cristiano Ronaldo has been linked to PSG is not so much that PSG are thinking of getting him, it is because Jorge Mendes has been given instructions to find a team for Ronaldo,” Balague told BBC Radio 5 Live. read also:Ronaldo offered to Barcelona “We’ve seen this in the last six months, he was linked to Real Madrid. “They said no chance, he’s not coming back. “And there’s been talks about the MLS because Juventus want to get rid of that wage. “It is as drastic as that. He’s been offered everywhere, including Barcelona.” FacebookTwitterWhatsAppEmail分享 Loading… center_img Cristiano Ronaldo has been linked with a shock Barcelona move – but those reports have been quickly played down by his inner circle. Spanish football expert Guillem Balague claimed that Ronaldo’s agent, Jorge Mendes, has put his name out there with Barcelona amongst those contacted. The speculation led to excitement over a potential link-up between Ronaldo and Lionel Messi, arguably the two greatest players of all-time. But, according to AS, Ronaldo’s camp have rubbished those rumours and claimed Ronaldo and his family are “very happy” in Turin. They say he has no intention to leave the club, who he has just helped to a ninth straight Serie A title, with his contract running until 2022. The 33-year-old is eyeing a sixth Champions League crown with Juventus and will have Andrea Pirlo at the helm after the sacking of Maurizio Sarri last week.Advertisementlast_img read more

BSB Manufacturing renews awards in six IMCA divisions

first_imgWELLINGTON, Kan. – Drivers in six IMCA divisions earn shares of a generous BSB Manufacturing awards program again this season. BSB Manufacturing also returns as title sponsor of the Northern SportMod Race of Champions during the IMCA Speedway Motors Super Nationals fueled by Casey’s and will provide a portion of the $1,000 purse to be paid for that race. Drivers in those divisions must compete with four BSB-manufactured shocks, display two BSB decals on their race car and return a completed signup form to the IMCA home office. “BSB Manufacturing has supported a variety of divisions for the duration of their sponsorship with IMCA,” noted Kevin Yoder, director of marketing for IMCA. “Their support of IMCA and our racers has been outstanding and we are privileged to work with them again in 2020.” Product certificates valued at $300, $200 and $100, respectively, go to top three eligible drivers in each Modi­fied, Stock Car and Hobby Stock region, and in national standings for Northern SportMods and Southern SportMods. And designated place finishers at 30 Modified, 10 Late Model, 15 Stock Car, 15 SportMod and 10 Hobby Stock specials all receive $50 product certificates.  Top three drivers in national Late Model standings receive product certificates worth $250, $200 and $150.  Information about BSB products and repair services is available by calling 620 326-3152, at the www.bsbgofast.com and bsbshocks.com web­sites and on Facebook. The Wellington, Kan., high performance parts manufacturer and 12-year sponsor gives $10,000 in product cer­tificates to IMCA Modified, IMCA Sunoco Late Model, IMCA Sunoco Stock Car, IMCA Sunoco Hobby Stock, Karl Kustoms Northern SportMod and Smiley’s Racing Products Southern SportMod competitors.last_img read more

Naismith: Europe a ‘learning curve’

first_img A return to European football was debilitating for their domestic form, but the Scotland international thinks the short-term pain will produce long-term gain. The Toffees are currently on their best run in 12 months after a third successive Premier League victory – two of which have come following their exit from the last 16 of the Europa League. Many of the crowd were school children taking advantage of the Easter break and Naismith said such events were vital in helping grow the next generation of supporters. “It was nice to get on the Goodison pitch and it is a little bit different with it not being a weekend game and it gives us a chance to give the fans an insight into what we do week to week and see how intense training is,” he added. “It is massive for the kids. It is a totally different situation to coming on a match day when it is a bit more tense and there is more riding on it. “This is more light-hearted and they can see what we work on and hopefully get the bug to come back and watch us week in, week out.” Press Association To put it in perspective, Roberto Martinez’s side won just six league matches up to mid-March, which briefly raised the spectre of relegation, but nine points in a row has lifted them to 11th place. Their early-season problems means a top-10 finish is now the height of their ambitions when a year ago they were dreaming of qualifying for the Champions League. “Last season we were fighting for fourth quite late in the season and we would ideally like to be doing that again but we’ve had the European campaign and that has been a learning curve,” he told Press Association Sport at the club’s annual open training event for fans at Goodison Park. “To get the club to the next level you have to be able to maintain league and European form and we’ve not handled that as best we could this season but in the coming years hopefully we will be better for it. “We’ve also had injuries to key players which have not helped as well so there are few things which have contributed but we will not use any of those as an excuse. “Overall we have done well the last three weeks to get good results and it has put us in a much healthier position in the league and we can build on that in the coming weeks. “The first goal has to be to get into the top half of the league and from there we will push on.” Around 4,000 fans were present at Goodison to watch Martinez put the squad – minus striker Romelu Lukaku who is still recovering from a hamstring injury sustained before the international break – through their paces in the 90-minute session. Forward Steven Naismith admits targeting a top-10 finish is not where Everton wanted to be in the final six weeks of the season but believes the experience of this campaign will prove vital in moving the club forward. last_img read more

Jose Mourinho believes Chelsea’s struggles will not cost him job

first_img “Somebody will be out (of the top four). Do I think it’s Chelsea? No,” Mourinho said. Mourinho says he brought up the prospect of his sacking – he broached it in a seven-minute monologue in a live television interview – in anticipation of the question coming. The statement was issued two days later, but Mourinho, whether he was genuinely concerned or not, had been appeased by then. He says the statement was issued to “close your (the media’s) mouth”. “For me the important thing is the owner and the board’s message to myself,” Mourinho said. “Before the statement came out, I was having the feedback from the owner and the board. So the statement was not something new for me. “I met the owner before dinner so, when I went to dinner, I knew. “But even before that, I knew what brought me here. I know the conversation we had two years ago. “I know what made me sign a new contract, and the reasons why the owner and the board decided to give me a new contract. “They didn’t have to. I had still two more years, so they didn’t have to give me a new contract. “After a bad result – which is not the first bad result of the season, it’s one more bad result – obviously I was not happy, far from it. But I never thought about that (being sacked).” Chelsea enter Saturday’s match at home to Aston Villa 16th after four defeats in the opening eight games. Mourinho called for the backing of the Chelsea board after the October 3 loss to Southampton and a first vote of confidence of Roman Abramovich’s 12-year ownership was issued. Chelsea have dispensed with numerous managers, often when when Champions League qualification is in doubt. But Mourinho says he will not be sacked even if Chelsea are adrift in the race for the top four. Asked if he would still be in charge if Chelsea finish in mid-table, Mourinho said “Yes”, before added: “No. I was not told that because we don’t expect to finish mid-table.” Following the Saints loss, Mourinho, who has won three Premier League titles over two spells, suggested the Blues would be sacking the best manager they ever had if he was fired. Now Abramovich’s approach to his managers is different, according to the Portuguese, who was reappointed in June 2013. “It’s different for many reasons, since the moment I came back in 2013, when I had my first conversation with the owner and the board in 2013,” he said. The competition in the Premier League means Chelsea could miss out on the top four this term, as Manchester United and Liverpool have done in recent seasons. The Blues are seven points adrift and 10 behind leaders Manchester City. Jose Mourinho expects to still be the Chelsea manager even if the defending Premier League champions finish in mid-table. Press Associationlast_img read more

With 2nd season over, Flanagan believes Syracuse ice hockey will continue to improve

first_img Published on March 9, 2010 at 12:00 pm Comments Heading into last weekend, Syracuse ice hockey head coach Paul Flanagan talked about his young program taking steps as it grows older. About improving as the program expands beyond its first two seasons.Last year, the Orange finished fourth in the College Hockey America conference and won nine games in its inaugural season, leading to a first-round exit in the conference tournament.Just a year later, SU finished third in the CHA and doubled its win total. The Orange was nationally ranked for the first time, coming in at No. 10 in both polls in the middle of the season. And last weekend in the CHA tournament, Syracuse won its first-ever playoff game before suffering a 3-1 loss to Mercyhurst in the championship.Now, with the second season in the books, Flanagan said he thinks the team could continue to grow next year. Syracuse (18-17-1, 8-8 CHA) will lose three key players from its defensive unit, including goalie Lucy Schoedel, who has started every game in the Orange’s history. But none of the forwards are seniors this year, meaning everyone on the offensive end will be back from a vastly improved offense.Flanagan believes that the experience the team gained this year will be a huge help for Syracuse when next season begins.AdvertisementThis is placeholder text‘I think the big thing probably is, collectively, just getting that experience, getting into some playoff games and learning how to fight for a championship,’ he said in a phone interview Tuesday. ‘Overall, we had the eighth-toughest strength of schedule in the country. We played some pretty good teams. … I think that we battled pretty much all year, and I think that really helped us, too.’This year, Syracuse’s roster was filled with freshmen and sophomores making major contributions. Arguably its best-scoring line was composed of two freshmen, Isabel Menard and Holly Carrie-Mattimoe, and a sophomore, Lisa Mullan. Menard finished the year with the most points on the team (37) and Carrie-Mattimoe and Mullan ranked fourth and fifth, respectively.That line may be one of the most dynamic in the country come next year, should Flanagan keep them together. And now they have a full year of game experience that includes a couple game-winning goals, among other highlight-reel scores.‘It’s good to find a line, especially with two freshmen,’ Mullan said earlier this year. ‘Hopefully we can carry that on for the next three years.’All that experience and chemistry that the young players built up this year will help Syracuse take the next step in Flanagan’s plan. He wants the Orange to get to 20 wins and work its way into the NCAA tournament conversation.But in order to do that, he said, there is a smaller step SU has to take — winning close games. Eleven of Syracuse’s 17 losses this year came by one-goal margins. Although the new faces were a key part of the Orange’s improvement, a more experienced team may have been able to turn some of those close games into victories.‘We’ve got to learn how to win those one-goal games,’ Flanagan said. ‘I mean, we won quite a few games, too, by one goal, but that’s the big thing, winning the one-goal games. … If we can take half of those one-goal losses and turn those into victories, now you’re into 20-plus wins, hopefully.’Winning close games could be tough, though, with the loss of the three seniors. Replacing Schoedel and defensive leaders Brittaney Maschmeyer and Gabby Beaudry could be a daunting task.But Schoedel said earlier in the year that this season’s success was all about the younger players.‘They’ve been amazing,’ she said. ‘They’ve had some pretty influential games. Without their performance in those games, our success, the Top 10 wouldn’t have happened — hands down. They’ve made some huge differences for us this year.’And Flanagan feels that his team can get even better next year, especially with another season together under its belt.‘I would think that we’ve made a bit of a name for ourselves and that we’re not just some second-year team that nobody pays any attention to,’ he said. ‘As evidenced by our record and all those one-goal games, I think that indicates that no one’s taking us lightly.’zjbrown@syr.educenter_img Facebook Twitter Google+last_img read more