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Saudi oil giant Aramco's profits dip after record 2022
Deutsche Welle
11 Mar 2024, 17:48
The world's largest oil exporter reported 2023 profit equivalent to $121.25 billion in a stock market filing. It's a reduction of almost 25% compared to 2022, when Russia's invasion of Ukraine drove up oil prices.
The Saudi Arabian Oil Group, often referred to simply as Aramco, on Sunday reported a 24.7% decline in profits for 2023 compared to the previous year, when Russia's invasion of Ukraine had driven oil prices well above current levels.
Net income reached 454.7 billion Saudi riyals (roughly $121 billion or €111 billion) compared to profits in excess of $160 billion in 2022, the oil giant said in a filing with the Saudi stock market.
"The decrease mainly reflects the impact of lower crude oil prices and lower volumes sold, and weakening refining and chemical margins," Aramco said.
Record 2022 amid Russia's invasion of Ukraine
In the aftermath of Russia's full-scale invasion of Ukraine in late February of 2022, already rising oil prices were pushed higher still.
Benchmark Brent crude spent much of 2022 at more than $100 per barrel and peaked at almost $130 per barrel in early March. By comparison a barrel cost less than $100 for the entirety of 2023, and the price generally sat at or near this Sunday's price of just under $82 per barrel.
Nevertheless, the state-owned company noted 2023's performance was eclipsed only by the previous year's.
"In 2023 we achieved our second-highest ever net income," Aramco CEO Amin H. Nasser said in a statement. "Our resilience and agility contributed to healthy cash flows and high levels of profitability, despite a backdrop of economic headwinds."
The OPEC group of oil exporting countries tried to stimulate higher prices in 2023 by reducing production levels. First announced last April, the output reduction by Saudi Arabia, Russia and others had only a moderate and fairly fleeting impact.
Oil revenue still key to Saudi pivot plans
Aramco's record 2022 profits had given Saudi Arabia its first budget surplus in years.
Profits from the kingdom's vast natural reserves, which are cheap to extract as they are located close to the desert surface, are crucial to Crown Prince Mohammed bin Salman's projects seeking to pivot away from oil sales, including major construction projects like his futuristic desert city called Neom.
The record revenues of recent years have also drawn criticism from activists, given concerns about the burning of fossil fuels accelerating climate change.
On Thursday this week, Prince Mohammed transferred another 8% of Aramco shares to the country's prominent sovereign wealth fund, known as the Public Investment Fund (PIF).
The Al Saud royal family owns the vast majority of the company, with a small share traded on the Tadawul stock market.
By revenue, Aramco is the world's second-largest company after US retail giant Walmart.
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Canopy collapse at New Delhi airport after heavy rain
A section of the canopy at New Delhi's Indira Gandhi International Airport collapsed early Friday during heavy pre-monsoon rains, killing one person and injuring eight others, officials said.
'Eight people have been injured, one person is dead,' Atul Gard, director of Delhi Fire Services told AFP news agency.
Flights disrupted
All flight departures from Terminal 1 in India's capital city were temporarily suspended until 2 p.m. (0830 GMT/UTC), as rescuers cleared debris and searched for anyone trapped, the airport authority said.
An airport authority statement said the canopy and some support beams fell in the domestic departure area of Terminal 1 around 5 a.m. (2330 GMT/UTC), damaging cars in the pickup and drop-off area.
'There are injuries reported and emergency personnel are working to provide all necessary assistance and medical aid to those affected,' the statement from the airport posted on X said.
Visuals from local news showed a taxi trapped under a collapsed pillar.
Other terminals were operating as normal, as were arrivals at Terminal 1, it added. The Delhi airport is the busiest in India.
The injured were taken to the hospital.
Carbon fiber metro train unveiled
China has unveiled the world's first commercially operational metro train built with carbon fiber materials, marking a significant leap in eco-friendly urban transportation technology.
Developed by CRRC Qingdao Sifang and Qingdao Metro, the CETROVO 1.0 train boasts reduced weight and energy consumption, paving the way for a greener future for subways.
The innovative train utilizes carbon fiber composites, revolutionary materials known for their strength-to-weight ratio.
"By using this 'king' of new materials, the train achieves an impressive 11 percent weight reduction compared to traditional metal models," said Liu Jinzhu, a senior designer at CRRC Qingdao Sifang.
That translates to a lighter body, with the weight savings directly translating into a 7 percent reduction in energy consumption, leading to an annual decrease of 130 metric tons of carbon emissions. The environmental benefit is equivalent to planting roughly 6.7 hectares of forest.
Despite its lighter frame, the carbon fiber construction doesn't compromise on strength. Liu said the components offer superior resistance to impact and fatigue compared to traditional metals, ultimately extending the train's life span. The reduced weight also translates to less wear on wheels and rails, minimizing maintenance requirements.
The CETROVO 1.0 also incorporates advanced digital twin technology through an intelligent operation platform called SmartCare. The system enables the train to self-diagnose and detect potential problems, ensuring safe and efficient operation while minimizing maintenance costs, which are projected to be 22 percent lower over the train's life cycle.
Lyu Xiaojun, another senior designer at CRRC Qingdao Sifang, highlighted the critical role of minimizing energy consumption and carbon emissions in China's urban rail sector.
"Lightweight vehicles are a key technology for developing eco-friendly and low-carbon rail vehicles," Lyu said, adding that carbon fiber, with its light weight and high strength, as well as its fatigue and corrosion resistance, is an ideal material for the purpose.
"The introduction of the new train marks a significant shift from metal to carbon fiber composite materials, breaking through the limitations of traditional structures and advancing China's metro train technology to new heights," Lyu said. "This innovation is crucial for promoting the green transformation of urban rail transit and achieving the industry's dual carbon goals."
Source: CD
Paris Olympics: Seine river still to meet safety standards
The water quality of the Seine river is still not good enough to serve as the venue for swimming competitions at the Olympics, a report said. The opening ceremony is also set to take place on the river.
Pollution levels in the Seine River in Paris remain well above what is allowed for bathing, according to a water quality report released on Friday.
The report, completed last week and released by the Paris mayor’s office, comes less than a month before the Olympic Games, in which the French capital's iconic waterway is set to see athletes dive into the waters for swimming events.
"Water quality continues to be impaired due to unfavourable hydrological conditions — rainfall, high flow velocity, low solar radiation, temperatures below the seasonal norm and pollution in the upper reaches of the river," the report stated.
What is the level of contamination?
The data showed that bacteria such as enterococci and E. coli remained well above legal limits at all four test sites along the river on Sunday.
At the Alexandre III bridge, one of the venues for the swimming leg of a triathlon event, enterococci exceeded a concentration of 1000 colony-forming units (cfu)/100 ml on Sunday. That is more than double the limit of 400 cfu/100ml set by European law. E. coli was also almost four times higher than allowed.
French authorities have invested €1.4 billion ($1.5 billion) in wastewater treatment plants and sewer system in the greater Paris area. The French capital is trying to clean up the Seine so people can swim in it again, as they did during the 1900 Paris Olympics.
City hoping for better weather
The Paris mayor's office said on its website that water pollution levels spike during periods of heavy rain, as has been the case in recent weeks.
At higher temperatures and lower water levels, disease-causing viruses and bacteria can be broken down more quickly, according to city officials. So they are now hoping for better weather.
"We had a period of historic rainfall in May and a lot of rainfall in June. But that didn't worry us, because we knew that with a significant improvement in weather conditions, we'd get back to summer-like levels," Pierre Rabadan, the Paris deputy mayor in charge of sport and the Olympic games, told Reuters news agency.
Argentina is about to unleash a wave of lithium in a global glut
For all the money that's poured into Argentina's giant lithium deposits, the country has seen just one new mine come on stream in almost a decade. That’s about to change.
Four new projects will finally begin to churn out lithium in the weeks and months ahead, according to a yet-to-be released federal government time-line seen by Bloomberg News. That will almost double production capacity in Argentina, whose growth potential has long lured the attention of battery makers around the world.
The projects — built on salt lakes nestled in the Andes mountains in South America’s so-called lithium triangle — are a boon for new President Javier Milei, who desperately needs more export dollars to lift currency controls that are stifling Argentina’s crisis-prone economy.
Yet for global lithium markets, the extra production comes at a time when buyers are already well supplied, with inventories piling up amid the gloomy outlook for electric vehicle demand. Spot prices of lithium carbonate in China have slid to the lowest since August 2021.
Despite a flurry of prospecting and development, only three operations in Argentina currently export lithium. That's still enough to have established the country as a major producer behind Australia, neighboring Chile and China. Of the three, only one is a newcomer — Minera Exar, which is majority owned by Ganfeng Lithium Group Co.
Now, Argentina is taking a genuine leap, with four new projects ready to begin full-scale operations and ramp up annual capacity by 79% to the equivalent of 202,000 metric tons, according to a Bloomberg breakdown of the unreleased government data.
The first of the new projects will be Eramet SA and Tsingshan Holding Group Co.'s Centenario Ratones, which is scheduled to hold an inauguration event next week, a Mining Department spokesperson confirmed. The others are: Posco Holdings Inc.’s Sal de Oro; Zijin Mining Group Co.'s Tres Quebradas; and Ganfeng’s Mariana.
While the new capacity won't all be used straight away, it nevertheless represents a significant overhang in a market in which global production is estimated by Bloomberg Intelligence to total 1.4 million tons this year.
Rio Tinto Group is also aiming to have a 3,000-ton starter plant ready by the end of the year at its Salar del Rincon project, according to a presentation delivered by Santiago Cicchetti, Rio Tinto's external affairs manager in Argentina, at a conference in Buenos Aires this week.
The June 26-27 conference was a hive of activity attended by top producers, prospectors, technology providers and provinces that have a big say over if and how natural resources in their territory get unearthed.
So far in Argentina, the lithium industry has centered on the provinces of Jujuy, Salta and Catamarca. But La Rioja, just to the south, is now making a push to tempt prospectors, Walter Gomez, president of provincial mining outfit Emse, said in an interview. La Rioja passed a controversial law last year allowing it to rescind mining acreage from any owners it deems to be land speculators uninterested in exploration.
The conference took place against the backdrop of much-awaited federal approval for Milei's sweeping reforms, including a program of tax, currency and customs benefits for industrial investments that will benefit lithium developers.
Source: Mining
Court allows pregnant women in Idaho to access emergency abortion care
Pregnant people in Idaho should be able to access abortion in a medical emergency in Idaho, at least for now.
The Supreme Court formally dismissed an appeal over Idaho’s strict abortion ban on Thursday, blocking enforcement of the state’s law where it conflicts with federal law. With Thursday’s decision, the state would not be allowed to deny an emergency abortion to a pregnant person whose health is in danger, at least while the case makes its way through the courts.
On Wednesday, the decision was mistakenly posted on the US Supreme Court website, and was first reported by Bloomberg News. The final opinion on Thursday was a sigh of relief, but doctors and legal experts acknowledged it’s a temporary reprieve.
Idaho’s strict ban criminalizes performing most abortions and does not allow a doctor to perform an abortion if the patient’s health is in danger from the pregnancy itself in most circumstances. The Biden administration argued that the law violates the federal Emergency Medical Treatment and Labor Act, also known as EMTALA.
EMTALA requires all US hospitals that have received Medicare money — essentially nearly all of them — to screen everyone who comes into their emergency rooms to determine whether the person has an emergency medical condition without regard for their ability to pay for those services.
The 1986 law requires hospitals, to the best of their ability, to stabilize anyone with an emergency medical condition or to transfer them to another facility that has that capacity. The hospitals must also treat these patients “until the emergency medical condition is resolved or stabilized.”
Pregnant people were singled out in the law in 1989, after reports that some hospitals were refusing to care for uninsured women in labor. Congress expanded EMTALA to specify how it included people who were pregnant and having contractions.
In 2021, the Biden administration released the Reinforcement of EMTALA Obligation, which says a doctor’s duty to provide stabilizing treatment “preempts any directly conflicting state law or mandated that might otherwise prohibit or prevent such treatment,” although it did not specify whether an abortion has to be provided.
In July 2022, the Biden administration’s guidance clarified that EMTALA includes the need to perform stabilization abortion care if it is medically necessary to treat an emergency medical condition.
Supreme Court allows emergency abortions in Idaho
The Supreme Court’s decision means a hospital must provide an abortion if it’s medically indicated in an emergency situation, even in states that have abortion bans or restrictions that don’t provide an exception to protect the health of the mother – at least as the case makes it way through the courts.
But the move would only delay the issue, says Molly Meegan, chief legal officer for the American College of Obstetricians and Gynecologists (ACOG), a professional organization that represents the majority of practitioners in the United States.
“It doesn’t solve the problem at all. In fact, pregnant patients are still trying to obtain care and unable to get it, and physicians are trying to provide care without clear parameters and with draconian criminal penalties hanging over their heads if they get the question wrong,” she said.
Dr. Stella Dantas, president of the American College of Obstetricians and Gynecologists, said that the Supreme Court’s decision shows exactly why clinicians need to be protected from outside interference in their relationship with patients, particularly when they need emergency care. Dantas said a law created by politicians that restricts a doctor’s ability to provide care in an emergency is like having someone who has never flown a plane create restrictions on what a pilot could do during a flight emergency.
“If that person couldn’t do x, y, or z, when they were trained, in a split-second, if something flew into the engine, you wouldn’t feel safe, and it wouldn’t be the best for any of those people flying on a plane,” Dantas said at a news conference on Thursday.
“This case has illustrated for many how critical abortion care is for all of us. For clinicians who care about their patients, for patients who may someday need an abortion and for the people that love them.
Idaho’s abortion law had an immediate effect on hospitals in the state. On January 5, the Supreme Court lifted an injunction so Idaho no longer had EMTALA protections for pregnancy complications. St. Luke’s, the state’s largest provider of emergency services, said in April it had to send six pregnant patients from its emergency department out of state via air transport to protect their health.
The year before, when the injunction was in effect, the hospital had to do this only once.
Meegan said the law hasn’t just hurt patient care. Physicians have told the group that they are leaving the state because they don’t feel that they can practice medicine in a way that’s consistent with their ethical obligations, training and judgment.
Dr. Kara Cadwallader, a doctor who works in Idaho and is a member of the Idaho Coalition for Safe Healthcare, said that even last week, her hospital had to send a pregnant person out of state for care even though they typically could have treated her. She said Wednesday she was “very excited” about the ruling, even if it is a “small step.”
“Beyond all the political reasons, it’s incredibly important for pregnant patients here in Idaho, who now will be able to access emergency care appropriately,” Cadwallader said.
US Department of Health and Human Services Secretary Xavier Becerra said that with this decision, the Biden administration will continue to uphold the law and the right to emergency care. The administration also plans to make it easier for someone who is denied care to be able to file a complaint.
“When the Court overturned Roe v. Wade, it unleashed an unprecedented assault on reproductive rights, and every day we see the consequences,” Becerra said in a statement. “Under President Biden’s leadership, we have worked directly with providers, hospitals, and community leaders across the country to navigate the chaos that the decision introduced.”
Still, abortion regulations around the country are murky. Professor Elizabeth Sepper, of the University of Texas at Austin School of Law, said that “in every other state with an abortion ban, confusion will continue to reign.”
“Even where states have ‘health’ exceptions in their laws, they typically are narrower than what EMTALA requires,” Sepper wrote in an email.
Forty-one states have abortion bans in effect with only limited exceptions, and 14 states have total bans. Around the country, doctors are confused about what they are allowed to do, said Amy Hagstrom Miller, founder and CEO of Whole Woman’s Health, a privately owned health care company that provides abortion care.
“So this isn’t only about Idaho. This is really something that all eyes and ears are watching from multiple states across the country to try to figure out what we’re able to do to provide basic health care, even if abortion has been restricted,” Hagstrom Miller said.
“Abortion saves lives. Abortion is absolutely necessary, oftentimes in emergency room settings to protect the health of the pregnant person. I think providers really understand that their hands have been tied post-Roe here, since the Dobbs decision, in numerous states and numerous parts of the country.
Standard care for a woman who needs an emergency abortion does not vary from state to state, said Dr. Nisha Verma, an obstetrician-gynecologist at Emory University in Georgia. However, she said, the kind of care a patient will receive is totally dependent on where she lives.
The Supreme Court’s decision in this case did not address the medical complexities this kind of care requires, and it will lead to confusion, fear and delays in what can be life-saving care, she said.
“What we had really hoped for is the Supreme Court to come down very firmly that doctors should be able to provide care for patients, including in emergency situations where abortion care can often be needed to stabilize patients. I think that working here in Georgia, we are constantly in a state of confusion trying to navigate incredibly confusing laws with exceptions that just don’t make sense on the ground, that don’t take into consideration all of the complexity that we deal with every day,” Verma said.
The ruling does not change the situation in Texas, reproductive legal advocates say. Texas sued the US government over EMTALA guidance, and in 2022 a federal judge allowed the EMTALA to be blocked. The federal government has asked the Supreme Court to review the law. That case could potentially go before the Supreme Court next term.
“We should have never been in a place where states like Idaho, Texas, and others across the country could have state bans that seek to ignore federal law, forcing providers to forfeit their best medical judgment and second guess the care they can provide out of fear of criminalization and other penalties,” Alexis McGill Johnson, president of Planned Parenthood said at a news conference Thursday. She called Thursday’s decision “supreme gaslighting” that will allow the court to come back to the decisions down the road, “perhaps leaving it for when it’s more politically convenient.”
Alexa Kolbi-Molinas, deputy director of the ACLU’s Reproductive Freedom Project, said she sees Idaho as a “very cruel case study” of what happens when the law strips pregnant people of their right to emergency abortion care. She said Wednesday that she was disappointed in the ruling because the court had the opportunity to uphold a law that gives everyone access to care — but failed to do so.
“The right to emergency care is perhaps one of the most basic rights there is,” Kolbi-Molinas said. “We were fighting for scraps in this case, and even with that, a majority of the Supreme Court was not willing to recognize the humanity of pregnant people, that they would be entitled to this basic right to emergency care.”
Source: CNN
Hurricane Beryl: Likely to hit countries with a speed of 179 km
Hurricane Beryl is heading towards the Caribbean in the eastern Atlantic Ocean. It can develop into a major hurricane and its speed is expected to reach 179 km per hour.
Al-Jazeera reported this news on Monday (July 1) citing the US National Hurricane Center (NHC).
According to the report, Barbados, Saint Lucia, Saint Vincent and the Grenadines, Grenada and Tobago were all under hurricane warnings, while tropical storm warnings or watches were in effect for Martinique, Dominica and Trinidad, the NHC said in its latest advisory. Meanwhile, cyclone warning has been issued in these areas.
Hurricane Beryl is located in the Atlantic Ocean about 675 km east of Barbados, according to the NHC report. The cyclone could become a dangerous storm by the time it hits the Windward Islands on Monday (July 1).
Hurricane season in the Caribbean typically runs from June 1 to November 30. It will become the second strongest storm to hit the Atlantic Ocean early in the hurricane season. Earlier, the first tropical storm Alberto killed four people.
Meanwhile, cars were seen queuing up at gas stations in Bridgetown, the capital of Barbados, in anticipation of the storm. Apart from this, there was a rush of people to buy food, water and other items in supermarkets and grocery stores.
63rd birthday of Princess Diana / Prince William's 'greatest tribute' to mum Diana
Throughout her life, Diana, 'Princess of Wales' influence was felt all over the world - whether that was through her selfless charity work, her determination to make a difference or her impeccable sense of style.
The late royal was born 63 years ago on 1 July, 1961 and left behind two sons who have made it their life's work to not let their mother's legacy be forgotten as they have backed some of her favourite causes.
As the anniversary of her birthday passes by, a leading royal expert reflects on her personal relationship with the late princess, and how Prince William, in particular, will feel marking the day.
'There have been times in this past year when William has looked incredibly alone, shouldering the responsibility of being a son whose father has cancer, a husband caring for his wife as she also deals with cancer, a father of three young children... and who has no brother or mother to turn to for a bit of TLC,' former BBC royal correspondent Jennie Bond exclusively tells OK.
Reflecting on her private meetings with the princess over the years, Jennie adds: "That was the phrase that Diana used so often, especially in our chats together at Kensington Palace. She always said that she was incredibly good at giving tender loving care, and she obviously would have given that in buckets full to her darling son.
'There are other members of the family who have given William all the support they can, but nothing really replaces a loving mother who will protect and guide you.
"William has now lived without his mother for a great deal longer than he had her at his side. He has often spoken about the loss of a parent and how the pain never really goes away. She is always in his thoughts and that will be true more than ever on the anniversary of her birthday.'
In the 2017 ITV documentary 'Diana, Our Mother' William spoke candidly about the tragedy and revealed how it has influenced who he is today. He said: "It’ll either make or break you. And I wouldn’t let it break me, I wanted it to make me. I wanted her to be proud of the person I'd become.
'I didn't want her worried or her legacy to be, you know, that William and/or Harry were completely and utterly devastated by it.' Elsewhere in the interview, William opened up about stepping outside of Kensington Palace to greet the crowds, see the flowers and read the messages left for his mother.
He said, 'People wanted to grab us, to touch us. They were shouting, wailing, literally wailing at us, throwing flowers, and yelling, sobbing, breaking down, people fainted, collapsed. It was a very alien environment.
'I couldn’t understand why everyone wanted to cry as loud as they did and show such emotion as they did when they didn’t really know our mother. I did feel a bit protective at times about that. You didn’t even know her – why and how are you so upset? Now looking back, I have learnt to understand what it was she gave the world and what she gave a lot of people.'
In the years since her passing, it has become clear that William will work hard to ensure his mother's work and memory lives on in his own children, Prince George, Princess Charlotte and Prince Louis.
'William’s greatest tribute to his mother is his determination to carry on her legacy, particularly on issues such as homelessness and mental health,' Jennie says. 'And he is bringing his children up with the same values that Diana instilled in him.'
'Diana was always in her absolute element when she was dealing with people in trouble or need. She loved to spend time with anyone who was suffering ill health, and I’m sure she would have devoted herself to helping her daughter in law get stronger and making children feel safe. Luckily, they have another granny who is equally devoted – Kate's own mother, Carole.'
On how William will be feeling as the anniversary passes by once again, Jennie explains, 'The anniversary is obviously always a very sensitive time for William and it is such a shame that he cannot share his feelings with the only other human being on earth who really knows what it was like to lose Diana, his brother, Harry.
'But I’m sure the princess would be immensely proud to see how courageously William has faced up to all that has happened in the past few months.'
Source: OK! Magazine
