OPEC committee calls for output cut over coronavirus fears
February 9, 2020, 9:42 am

OPEC committee calls for output cut over coronavirus fears

A committee appointed by the OPEC club of oil-producing countries and its allies to study the effects of coronavirus recommended additional output cuts on Saturday, Algeria’s energy minister said.

“The coronavirus epidemic has had a negative impact on economic activity, notably in transport, tourism, and industry, particularly in China,” Mohamed Arkab, who is also president of the conference of the Organization of the Petroleum Exporting Countries, said in a statement.

Delegates of OPEC and other oil producers including Russia – together known as OPEC+ – have been in a “joint technical committee” meeting in Vienna this week to discuss cutting production, amid fears of the coronavirus situation in oil consumer China affecting the market.

The new coronavirus has spread to more than 20 countries after emerging in December in China, where it has killed more than 400 people and infected 20,000.

As the world’s leading importer and consumer of oil, China is a key player in the market.

OPEC and its allies in December extended an existing agreement to curb crude oil production to prop up prices.

The joint technical committee “recommended extending until the end of 2020 the current production reduction agreement... and proceeding with an additional reduction in production until the end of the second quarter of 2020,” Arkab said.

Arkab added that he supported the conclusions of the committee, which would continue consultations among OPEC+ states to seek mutually agreeable solutions “to quickly stabilize the oil markets and face the current crisis.”

Crude prices have tumbled since the deadly outbreak in the world’s second-biggest economy. The US benchmark oil contract, WTI, has fallen by around 18 percent over the past month.

There is no military solution in Libya: African Union Commission Unilateral Israeli steps to annex West Bank land will endanger US support: Envoy

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has announced its sponsorship of the “Innovation and Sustainable Technology Solutions Competition (GU - IST Solutions), hosted by Gulf University at its main campus.
This strategic sponsorship reflects BENEFIT’s active role in advancing technological innovation and fostering sustainable solutions to future challenges. It also seeks to empower Bahraini youth by enhancing their skills, capabilities, and competitiveness in innovation and solution development—contributing meaningfully to the broader goals of sustainable development across all sectors.
As part of BENEFIT’s active involvement in the competition, the company has announced that Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication, will serve on the competition’s supervisory committee. Her upcoming participation reflects BENEFIT’s forward-looking commitment to championing academic and professional excellence.
Commenting on the occasion, Hanan Abdulla Hasan, Senior Manager of Public Relations and Communication at BENEFIT, said, “We are privileged to support this pioneering initiative, which aligns seamlessly with BENEFIT’s enduring commitment to fostering innovation and nurturing the potential of Bahrain’s youth. Our participation is rooted in a deep sense of social responsibility and a firm belief in the pivotal role of innovation in shaping a sustainable future. Through such platforms, we seek to empower the next generation with the knowledge, skills, and foresight required to develop impactful solutions that address future challenges, in line with the United Nations Sustainable Development Goals 2030.”
Dr. Aseel Al Ayash Dean of the College of Engineering in Gulf University commented, “We extend our sincere gratitude to BENEFIT for their generous sponsorship and support of the Innovation and Sustainable Technology Solutions Competition. This contribution plays an instrumental role in helping us achieve the strategic goals of this initiative, namely, cultivating a culture of innovation and sustainability, encouraging efforts that address the imperatives of sustainable development, and enhancing the practical and professional capabilities of our students and participants.”
The event will bring together a diverse spectrum of participants, including secondary school students, university undergraduates, engineers, industry professionals, entrepreneurs, academic researchers, and subject matter experts representing a wide range of disciplines.
The competition seeks to inspire participants to develop and present innovative, sustainable technologies aimed at addressing pressing environmental, social, and economic challenges. It encourages the formulation of business models that integrate advanced technological solutions with core principles of sustainability. Moreover, it serves as a platform for emerging leaders, entrepreneurs, and innovators to contribute to the advancement of the Sustainable Development Goals, promote the ethos of responsible technology, and demonstrate its transformative potential across various sectors.
Attendees will have the opportunity to view a series of project presentations submitted by participants, covering diverse areas such as eco-friendly product design, smart and sustainable innovations, renewable energy technologies, water conservation and management, waste minimisation and recycling, green architectural solutions, and sustainable transportation systems. Outstanding projects will be formally recognised and awarded at the conclusion of the event.