India's May oil imports hit lowest since 2011 over drop in demand: Report

India's oil imports in May hit the most reduced since Oct 2011 as purifiers with overflowing stockpiling cut buys after a nonstop decrease in fuel request, starter information got from industry sources appeared.
In May, India imported 3.18 million barrels for every day (bpd) of oil, a decrease of about 31% from April and about 26% from a year prior, the information appeared.
Hit by a startling fall sought after because of lockdown measures to contain the novel coronavirus, Indian purifiers in April filled tanks with less expensive oil, sold extra cargoes to the national government for vital holds and proclaimed power majeure on rough imports.
The purifiers, which typically book cargoes one-to-two months ahead of time, likewise conceded some term cargoes planned for lifting in April.
In May, Saudi Arabia was the top oil provider to India for a second continuous month, in spite of the fact that provisions from the realm declined by almost 28% from April, the information appeared.
India's oil imports from Iraq fell by 43% to around 554,000 bpd, the most reduced since Oct 2016, the information arranged by Reuters appeared.
The admission of Venezuelan oil in May tumbled to the most reduced since June 2011. Dependence Industries , administrator of the world's greatest refining perplexing, got 2 million barrels of oil from Venezuela.
Another private purifier Nayara Energy, part-claimed by Russian oil major Rosneft , didn't import from the Latin American country in May, under tension from the U.S. sanctions against Venezuelan national oil organization PDVSA.
Venezuela and other delivering countries in a gathering known as OPEC+ have concurred yield slices to attempt to balance out worldwide oil markets.
Oil from the Organization of the Petroleum Exporting Countries (OPEC) as a portion of India's imports tumbled to an unequaled low of 71.3%, while the portion of U.S. oil hit a record high of almost 8% in May.

India's oil imports in June are set to recoup as purifiers have raised unrefined handling and request is recuperating with the progressive resumption of transport and modern movement.

Goldman Sachs cuts Brent forecasts to $30 on price war, Coronavirus impact

Current Affairs
Goldman Sachs cut its second-and second from last quarter Brent value gauges to $30 per barrel, refering to the oil value war among Russia and Saudi Arabia and a huge breakdown in oil request due to the coronavirus that has killed more than 3,500 universally.
Oil fell by the most since 1991 on Monday after Saudi Arabia began a value war with Russia by cutting its selling costs and vowing to release its repressed stock onto a market reeling from falling interest on account of the infection episode.
"The forceful slice to Saudi's Official Selling Prices and Russia's hesitance to be driven into an arrangement on Friday point to a low likelihood of a prompt (OPEC+) understanding," Goldman said in a note dated March 8.
A three-year agreement between the Organization of the Petroleum Exporting Countries (OPEC) and Russia finished in bitterness on Friday after Moscow would not bolster further oil cuts and OPEC reacted by expelling all cutoff points on its own creation. "While we can't preclude an OPEC+ bargain in coming months, we additionally accept that this understanding was naturally imbalanced and its creation cuts financially unwarranted," the bank said.
Goldman's base case is presently for no such arrangement, it said.
Lower oil costs will begin making intense budgetary pressure and declining creation from shale just as other significant expense maker, the bank said.

There will be a unimportant reaction from U.S. shale makers in the subsequent quarter, yet yield will fall in the second from last quarter by 75,000 barrels for every day (bpd) and a further 250,000 bpd in the final quarter of 2020, the bank said....Read More

Saudi Arabia to offer tourist visas for the first time to diversify economy

International News
Saudi Arabia said Friday it will offer tourist visas for the first time, opening up the ultra-conservative kingdom to holidaymakers as part of a push to diversify its economy away from oil.
Kickstarting tourism is one of the centrepieces of Crown Prince Mohammed bin Salman's Vision 2030 reform programme to prepare the biggest Arab economy for a post-oil era.The announcement comes just two weeks after devastating attacks on Saudi Arabia's oil infrastructure -- blamed by Washington on Iran -- which roiled global energy markets."Opening Saudi Arabia to international tourists is a historic moment for our country," tourism chief Ahmed al-Khateeb said in a statement.
"Visitors will be surprised... by the treasures we have to share -- five UNESCO World Heritage Sites, a vibrant local culture and breathtaking natural beauty." Saudi Arabia will open applications for online tourist visas to citizens of 49 countries on Saturday, Bloomberg News quoted Khateeb as saying.
Khateeb said the kingdom will also ease its strict dress code for foreign women, allowing them to go without the body-shrouding abaya robe that is still mandatory public wear for Saudi women.
The austere kingdom, which forbids alcohol and has a strict social code, is seen by many as a hard sell for tourists.Prince Mohammed is seeking to change that through a sweeping liberalisation drive that has brought new cinemas, mixed-gender concerts and sporting extravaganzas to Saudi Arabia.

 International criticism of the kingdom's human rights record, including the gruesome murder last year of critic Jamal Khashoggi and a crackdown on female activists, could further put off foreign visitors, observers say...READ MORE

Trump backs severe sanctions, says many options short of war for Iran

International News
US President Donald Trump said on Wednesday there were many options short of war with Iran after US ally Saudi Arabia displayed remnants of drones and missiles it said were used in a crippling attack on its oil sites that was "unquestionably sponsored" by Tehran.
"There are many options. There's the ultimate option and there are options that are a lot less than that. And we'll see," Trump told reporters in Los Angeles. "I'm saying the ultimate option meaning go in -- war."
The president struck a cautious note as his Secretary of State Mike Pompeo, during a visit to Saudi Arabia, described the attacks as "an act of war" on the kingdom, the world's largest oil exporter.Trump said on Twitter that he had ordered the U.S. Treasury to "substantially increase sanctions" on Iran, which denies carrying out the attacks, and told reporters the unspecified, punitive economic measures would be unveiled within 48 hours.
Trump's tweet followed repeated U.S. assertions that the Islamic Republic was behind Saturday's attacks and came hours after Saudi Arabia said the strike was a "test of global will".Iran again denied involvement in the Sept. 14 raids, which hit the world's biggest crude oil processing facility and initially knocked out half of Saudi output. Saudi Arabia is the world's leading oil exporter.
Responsibility was claimed by Yemen's Iran-aligned Houthi group, which on Wednesday gave more details of the raid, saying it was launched from three sites in Yemen.

 In a remark that may further strain a tense political atmosphere in the Gulf, the Houthis said they had listed dozens of sites in the United Arab Emirates, Riyadh's top Arab ally, as possible targets for attacks...Read More

US-Iran tensions, Opec's indication of continuing cuts lead to oil surge

International News

Oil rose to multi-week highs on Monday after Organization of the Petroleum Exporting Countries (Opec) indicated it will likely maintain production cuts that have helped support prices this year, while tensions continued to escalate in the Middle East.

Brent crude was up by 96 cents, or 1.3%, at $73.17 a barrel by 0227 GMT, having earlier touched $73.40, the highest since April 26.

U.S. West Texas Intermediate crude was 82 cents, 1.3%, higher at $63.58 a barrel. The US benchmark reached $63.81 earlier, the highest since May 1.

Saudi Energy Minister Khalid al-Falih said on Sunday there was consensus among the Opec and allied oil producers to drive down crude inventories "gently" but he would remain responsive to the needs of a "fragile market".

United Arab Emirates (UAE) Energy Minister Suhail al-Mazrouei earlier told reporters that producers were capable of filling any market gap and that relaxing supply cuts was not "the right decision".
Meanwhile, US President Donald Trump threatened Tehran on Sunday, tweeting that a conflict would be the "official end" of Iran, while Saudi Arabia said it was ready to respond with "all strength" and that it was up to Iran to avoid war.

The rhetoric follows last week's attacks on Saudi oil assets and the firing of a rocket on Sunday into Baghdad's heavily fortified "Green Zone" that exploded near the US embassy.

 "Al-Falih and the UAE both put paid to suggestions of increasing production over the weekend and then President Trump essentially telling Iran to bring it on, was a perfect short-term storm for oil prices," Greg McKenna, strategist at McKenna Macro, told Reuters by email.

Airbus considers legal action against Germany's ban on Saudi arms sales

International News

Airbus is considering suing the German government as its freeze on arms exports to Saudi Arabia means the company is unable to complete a border security system for the Gulf state, two people familiar with the matter said.

In October, Germany decided to reject future arms exports licences to Saudi Arabia over the killing of journalist Jamal Khashoggi, and to freeze deliveries of already approved equipment - a move that infuriated allies and defence companies.

Airbus is looking at taking legal action against Berlin over the security system for the border between Saudi Arabia and Yemen - a contract worth some 3 billion euros ($3.36 billion), of which around 1 billion euros remains open, the sources said.

"We are looking at an action for failure to act," said one source familiar with the matter, speaking on Sunday on condition of anonymity. "We want to force the federal government to decide now."
Airbus declined to comment.

The German government has said it could not comment on any potential corporate compensation claims as a result of the Saudi arms export ban until any materialise.It was not immediately clear where in Germany or when any lawsuit would be filed.

In late March, Germany extended the ban on arms exports to Saudi Arabia until the end of September, with a few exceptions.The border system for Saudi Arabia consists of radars, drones and command posts for guards.


 "We are not talking about an offensive weapon here, but about a border security system," the source said.

US offers $1 mn to find Laden son, calls him 'emerging leader of Al-Qaeda'

Current Affairs:

The United States on Thursday offered a $1 million reward for information on a son of late Al-Qaeda leader Osama bin Laden, seeing him as an emerging face of extremism.

The location of Hamza bin Laden, sometimes dubbed the "crown prince of jihad," has been the subject of speculation for years with reports of him living in Pakistan, Afghanistan, Syria or under house arrest in Iran.

"Hamza bin Laden is the son of deceased former AQ leader Osama bin Laden and is emerging as a leader in the AQ franchise," a State Department statement said, referring to Al-Qaeda.
The State Department said that it would offer $1 million for information leading to his location in any country.

Bin Laden, who according to the United States is around 30, has threatened attacks against the United States to avenge the 2011 killing of his father, who was living in hiding in the Pakistani garrison town of Abbottabad, by US special forces.

US intelligence agencies increasingly see t he younger bin Laden as a successor to his father for the mantle of global jihad, especially as the even more extreme Islamic State group is down to its last sliver of land in Syria.

In 2015, bin Laden released an audio message urging jihadists in Syria to unite, claiming that the fight in the war-torn country paves the way to "liberating Palestine."

 And in a message a year later, following in the footsteps of his father, he urged the overthrow of the leadership in their native Saudi Arabia..Read More

How Saudi Prince's visit to India indicates Modi's West Asia policy success

Economy & Policy:

For a moment leave, aside the immediate context that has overshadowed Crown Prince Mohammed bin Salman’s (MBS’s) visit to New Delhi – the Pulwama attack and its Pakistan connection. The visit has actually been very fruitful and is yet another indicator that Prime Minister Narendra Modi’s West Asia policy remains the one area of achievement in an otherwise indifferent record of foreign policy.
That said, it is important to acknowledge that Modi is building on the legacy of his predecessors – Atal Bihari Vajpayee and Manmohan Singh. Balancing relations with Saudi Arabia, Iran, Israel or Qatar is never easy, but New Delhi has managed to do it with considerable success. Instead of torpedoing legacy, as it did in its relationships with China, Pakistan, or for that matter Nepal, the Modi government has built on it.

In some ways this is brought out by the chief guests that India has had for the Republic Day. In 2003 it was President Mohammed Khatami of Iran, in 2006 it was King Abdullah bin Abdul Aziz al-Saud, and in 2017 it was Crown Prince Mohammed bin Zayed al Nahyan.

The reasons for this are not too far to seek. West Asia or the Middle East is the most important external region for India from the point of view of its security and its economy. It is the closest source of hydrocarbons for a country which needs to import them in considerable amounts. Sixty-three per cent of India’s oil imports are from the region, but equally important is that some seven million Indian nationals work in the Saudi peninsula sending back remittances worth $40 billion to the country.


 The strategy of balancing relations in the region were evident in the Vajpayee period, and the UPA government continued the process. In a remarkable interview, one of the first by an Indian prime minister to a Saudi newspaper, Vajpayee described his policy in this way:...Read More

Counter-terrorism, energy security top agenda during Saudi prince's visit

Current Affairs:

Counter-terrorism, including Pakistans role in sponsoring terrorism against India, and energy security are likely to be on top of Indias agenda for discussion during Saudi Crown Prince Mohammed bin Salmans visit starting .

India is expected to take up with the Saudi Crown Prince Pakistan's role in the Pulwama terror attack that killed at least 49 Central Reserve Police Force (CRPF) personnel in Jammu and Kashmir, informed sources said.

India has already started diplomatic efforts to isolate Pakistan internationally with Foreign Secretary Vijay Gokhale briefing envoys of around two dozen nations including those of P-5 and South Asian nations about Pakistan's footprint in the Pulwama attack.

Meanwhile, Saudi Arabia's Ambassador to New Delhi Saud bin Mohammed Al-Saty has said that Mohammed bin Salman's visit to India presents a "historic opportunity" to expand collaboration in all sectors.

Moammed bin Salman is on a three-nation diplomatic tour to Pakistan, India and China.

 He will be on a two-day visit to India staring February 19 and will meet Prime Minister Narendra Modi and Petroleum Minister Dharmendra Pradhan. He is visiting Pakistan before coming to India.

Kerala's tourism footfall in 2018 at half its population: Minister

Economy & Policy:

Kerala collected Rs 36,528.01 crore as revenues from tourism last year: an increase of Rs 2,874.33 crore over last year.

Over 16.7 million tourists, both domestic and foreign, visited Kerala in 2018, compared to 15.76 million the previous year, recording an increase of 5.93 per cent.
Of the total footfalls, 1.09 million were foreign tourists. The share of revenue from foreign visitors touched Rs 8,764.46 crore. There was also a spurt in arrival of domestic tourists to the southern state. United Kingdom (UK) accounted for the largest number of foreign visitors, at 200,000, followed by the United States, France, Germany and Saudi Arabia. The number of visitors from other European countries such as Sweden and Italy also rose during the period.

In the first quarter of calender year 2018, tourist arrivals to the state recorded a 12.3 per cent growth of foreign visitors and a 20 per cent rise of domestic tourists.
The Nipah outbreak in May and the floods in August affected arrivals.
“The number of tourists who visited Kerala in 2018 touched almost half the state’s population. This impressive growth has been achieved against the century’s most severe deluge,” said Kerala's tourism minister Kadakampally Surendran.

"It was through hard work and determination of the Tourism Department, tourism trade and the coordinated efforts of other government departments that the state had been able to achieve this impressive growth,” said Secretary of Kerala Tourism department Rani George.

 Tourism Director Shri P Bala Kiran said tourist arrivals in the state last year had been both inspiring.