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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.
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BENEFIT Sponsors BuildHer...
- April 23, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”
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