Day: July 4, 2021

DUBAI, UNITED ARAB EMIRATES – The UAE on Sunday criticized the current oil production deal among OPEC+ alliance members as “unfair”, offering to extend the agreement only if its production is reviewed.

In a row that could put at risk the energy market’s post-coronavirus recovery, the UAE’s push to increase its production baseline is reported to have derailed last week’s meeting of the alliance of oil-producing countries.

The current deal “would prolong the UAE’s unfair reference production baseline until December 2022, from the existing agreement end date of April 2022”, the energy and infrastructure ministry said, quoted by state news agency WAM.

“The UAE is willing to extend the agreement further, if required, but requests that baseline production references be reviewed to ensure that they are fair to all parties as/when an extension is agreed to.”

Videoconference talks were held Friday between the 13 members of OPEC proper led by Saudi Arabia, followed by a technical meeting and discussions between the 23 members of OPEC+.

The wider grouping includes Russia, the world’s second-largest oil producer.

The hitch in discussions came “due to the UAE raising a last-minute objection to the Russian-Saudi Arabia deal reached earlier”, according to analysts from Deutsche Bank.

“The UAE, which has raised its production capacity since 2018 when the individual baselines were set, insisted on having its baseline lifted by 0.6 million barrels per day (bpd) to 3.8 million bpd, thereby allowing them a unilateral production increase within the current quota framework,” according to Ole Hansen from Saxobank.

“Negotiations… will be difficult as OPEC+ knows that if the UAE is allowed to produce from a different base, other members may protest,” said Louise Dickson from Rystad.

OPEC said the meeting had been adjourned and would reconvene on Monday at the cartel’s Vienna headquarters.

Source: Voice of America

Dozens of COVID-19 patients died in Indonesia over the weekend when a hospital in Yogyakarta ran out of oxygen.

The Dr. Sardjito General Hospital tried switching oxygen cylinders during the outage but failed to save 63 of its COVID patients as cities across the country are facing a surge in coronavirus cases.

“The hospital switched to oxygen cylinders, including the 100 cylinders donated by the Yogyakarta regional police. However, all efforts were too late,” hospital director Rukmono Siswishanto said in a statement Sunday morning.

Siswishanto said that he had informed multiple authorities including the minister of health that the hospital was due to run out of oxygen on Saturday evening.

The surge of daily new cases in Indonesia has pushed hospitals to build makeshift intensive care units and dedicate new quarantine centers. At least three new cemeteries for those who had COVID-19 have been set up in the capital of Jakarta.

In one neighborhood of Jakarta, residents in need of oxygen line up as early as 6 a.m. to fill tanks for their loved ones.

Over the past week, Indonesia has seen its highest number of new cases and deaths from the coronavirus. The country recorded 3,298 deaths over the past week, according to the Johns Hopkins Coronavirus Resource Center.

In India, officials have announced that thousands of residents have been given fake vaccines. Officials say the shots were given in fake vaccine camps set up in several cities, including Mumbai and Kolkata. Officials say six people, so far, have been arrested in connection with the fake shots.

India’s health ministry said Sunday that it had recorded more than 43,000 new COVID-19 cases in the previous 24-hour period.

In Iran, officials are shutting down a number of businesses as the Delta variant continues to spread and vaccination rates continue to lag. Barely a third of Iran’s population has been vaccinated against the virus.

Meanwhile, Britain, which has fully vaccinated nearly half of its population, is expected to announce an end to mask requirements.

British media reported Sunday that Prime Minister Boris Johnson’s plans for “Freedom Day” on July 19th will scrap legal mask requirements, in addition to fully opening businesses and social interactions currently restricted.

Source: Voice of America