Mask-clad Muslims circled Islam's holiest site along socially distanced paths on Sunday, as Saudi authorities partially resumed the year-round umrah pilgrimage amid extensive health precautions after seven-month coronavirus hiatus.
After a ten-year hiatus, the South African Department of Agriculture announced the opening of the market for Paraguayan abattoirs to export beef and meat products. According to the Paraguayan foreign ministry, the reopening of this market by the African country was possible through joint work with the Animal Health and Quality Service (Senacsa).
Saudi Arabia said on Monday it had asked oil giant Aramco to cut an additional one million barrels per day from June, to support prices that have crashed during the coronavirus crisis.
The holy month of Ramadan began on Friday with Islam's holiest sites in Saudi Arabia and Jerusalem largely empty of worshippers as the coronavirus crisis forced authorities to impose unprecedented restrictions.
US crude fell about 20% to below US$15 a barrel on Monday, its lowest level in about two decades, as a coronavirus-triggered collapse in demand eclipsed a deal to cut output. West Texas Intermediate, the US benchmark, fell 18.7% to US$14.84 a barrel. Brent crude, the international benchmark, was off 1.5% at US$27.64 a barrel.
Saudi Arabia said on Monday it will raise its oil exports to a record 10.6 million barrels per day starting from May despite a global supply glut, escalating a price war with Russia. Oil prices are languishing at 17-year lows as the coronavirus pandemic threatens a painful global recession that could further sap demand.
Oil rose over 3% on Tuesday after the U.S. Federal Reserve said it would take steps to bolster the economy and on growing hopes the United States will soon reach a deal on a US$ 2 trillion coronavirus economic package.
Russia, hit by falling oil prices and the coronavirus outbreak, has announced the formation of a US$4 billion fund as part of a package of measures to support the economy.
World oil prices crashed on Monday, fuelling a vicious selloff on stock markets that were already buckling from the spreading coronavirus outbreak. Stocks tanked as the global oil market nosedived 30% at one stage after top exporter Saudi Arabia slashed the prices it charges customers following a bust-up with Russia over crude production cuts.
Oil prices plunged 30% in early trading after OPEC’s failure to strike a deal with its allies regarding production cuts caused Saudi Arabia to slash its prices as it reportedly gets set to ramp up production, leading to fears of an all-out price war.