Neom close to revealing latest grand plans for city project

Neom close to revealing latest grand plans for city project
Neom close to revealing latest grand plans for city project

Thank you for reading the news about Neom close to revealing latest grand plans for city project and now with the details

Jeddah - Yasmine El Tohamy - LONDON: OPEC wants to extend current oil output cuts until at least June, with the possibility of deeper reductions on the table if oil demand in China is significantly affected by the spread of a new coronavirus, OPEC sources said.

The quick slide in oil prices over the past few days has alarmed OPEC officials, the sources say, as the new virus found in China and several other countries raised concerns about a hit to economic growth and oil demand.

Oil futures were on course for a sixth day of losses with Brent crude staying below $60 per barrel. On Monday it hit a three-month low of $58.50, as the virus outbreak triggered a global selloff of riskier assets.

Saudi Arabia, OPEC’s de-facto leader, joined by key oil producers such as the United Arab Emirates, Algeria and Oman, sought to calm market jitters on Monday — urging caution against gloomy expectations on the impact of the virus on the global economy and oil demand.

But OPEC officials have also started weighing their options and intensified internal discussion on how best to respond to the price slump, the sources said.

“A further extension is a strong possibility and a deeper cut is a possibility,” said one OPEC source, adding that the impact of the China virus outbreak on oil demand would be clearer over the coming week.

“Extension is highly possible until June,” another source said, adding that an additional preferable option is to extend the oil producers’ pact until end of 2020 and that a deeper cut was “possible” if there was a need for it.

A source familiar with Russian thinking, said that although Moscow had been keen earlier to exit from price cuts, it would stay on board if oil prices continued to trade below $60 a barrel

OPEC+, which includes Russia, has been reducing oil supply to support prices, agreeing in December to hold back 1.7 million barrels per day (bpd) of output until the end of March.

Russia had insisted it wanted the current deal to last only until March, while Saudi Arabia has been keener for the deal to last longer, according to OPEC+ sources.

This year, OPEC expects its world market share to fall further as output booms in non-OPEC rivals including the US, Brazil, Canada, Australia, Norway and Guyana while global demand is rising.

These were the details of the news Neom close to revealing latest grand plans for city project for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Arab News and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Egypt, Cyprus officials intensify talks over joint gas pipeline project