Showing posts with label saudi arabia. Show all posts
Showing posts with label saudi arabia. Show all posts

Wednesday, April 13, 2011

IEA warns oil price rally may lead to global slowdown

The agency said preliminary data for January and February suggested that high oil prices may have started to dent demand growth.

Sky-high oil prices are beginning to dent oil demand growth, the International Energy Agency (IEA) said on Tuesday adding prices could ultimately moderate through a global economic slowdown.

“Most analysts see a more formal OPEC policy response as unlikely... That leaves a less palatable route to price moderation -- namely economic slow-down and weaker demand growth,” the agency said in its monthly report.

“There are real risks however that a sustained, $100 per barrel plus price environment will prove incompatible with the currently expected pace of economic recovery,” it added.

The agency said preliminary data for January and February suggested that high oil prices may have started to dent demand growth. It, however, kept its 2011 global oil demand growth forecast unchanged at 1.4 million barrels per day or 1.6%.

The IEA said tight global supply was its another major concern as the global oil output fell by around 0.7 million barrels per day in March to 88.27 million bpd due to civil war in Libya. OPEC crude supply fell by 0.88 million bpd alone.

“Hypothetically, if global supply were to chug along at March levels for the rest of 2011, OECD inventory could slip to near five-year lows by December,” it said.

However, the IEA said it believed OPEC spare capacity stood at a comfortable level of 3.91 million bpd, with Saudi Arabia accounting for 3.2 million alone.


Tuesday, March 22, 2011

Bahrain: University students attacked as violence escalates

EI has condemned the suspension of higher education in Bahrain as the brutal repression of pro-democracy protesters demanding political reforms within the kingdom continues.

The protesters have been inspired by the recent uprisings in Tunisia and Egypt, whose long-serving presidents were forced from power after weeks of demonstrations. Despite the king reshuffling his cabinet he has not replaced the prime minister of more than 40 years, Sheikh Khalifah ibn Salman al-Khalifah.

After eight weeks of protests, more than 1,000 troops from the Kingdom of Saudi Arabia and 500 from the United Arab Emirates have arrived in Bahrain at the invitation of the government. It is not clear whether soldiers from other Gulf states are taking part in the crackdown, but there are indications that the Saudi troops are being kept in reserve. This is the first time that an Arab government has called for outside military help during the wave of protests sweeping the region.

The Shi’a-led opposition platform has declared as ‘unacceptable’ all intervention by the armed forces of neighbouring countries of the Gulf Co-operation Council, a six-nation regional grouping which includes Bahrain, Saudi Arabia, Kuwait, Oman, Qatar and the United Arab Emirates.

With a population with a median age of 30 years, and a literacy rate of 91 per cent, Bahrain is a country with a successful educational record. Despite this, youth unemployment levels stand at 19.6 per cent.

Bahrain’s Shi’a Muslim majority has long complained of economic hardship, lack of political freedom and discrimination in jobs in favour of Sunni Muslims by the kingdom’s ruling Sunni Muslim minority. It has also called for the evolution of their nation from an absolute to a constitutional monarchy.

The General Federation of Bahrain Trade Unions (GFBTU) has called for a general strike on 15 March after a spate of violent attacks on university students, and the excessive use of force by riot police in the financial centre of the capital, Manama.

On Tuesday, at least two people were killed in clashes and more than 200 were injured. A trade union source reported: “Security forces have used both rubber bullets and live ammunition against the demonstrators. Men armed with knives, batons and revolvers, claiming to be government supporters, have stopped cars at crossroads and several trade union members have been beaten. The premises of political parties have been burnt down and we fear that there will be an attack on our own premises.”

A three-month state of emergency has been declared by King Hamad ibn Isa al-Khalifa. The academic year of university institutions has also been suspended and the government has imposed a curfew and banned all demonstrations.

Riot police entered Manama's Salmaniya Medical Centre on Wednesday, as doctors reported that they were being prevented from reaching the hospital or treating patients.

One doctor stated that she and her colleagues were hiding from troops who had taken over the building and were shooting at people inside the hospital and threatening the doctors with live ammunition.

"They are all around us with their guns and they are shooting anybody," she said.

Monday, March 7, 2011

Global experts at AMU's conference on chemistry

Aligarh: Hundreds of delegates from India and abroad will gather here for a two-day 'international conference on chemistry' being organized by theAligarh Muslim University (AMU) on Saturday.

The conference is being organized as part of AMU's centenary celebrations.

The International Conference on Chemistry:Frontiers and Challenges will see the participation of delegates from the US, Poland, Saudi Arabia andMalaysia. Scientists from India and abroad will also deliver lectures. Around 500 delegates shall present their papers during the conference.

The inaugural function will be held at Kennedy auditorium, organizing committee Chairman Syed Ashfaz Nabi said. Padma Vibhushan awardee, former governor and former AMU Chancellor A.R. Kidwai, will be the chief guest.

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