Tishwash: Official sources: Al-Kazemi has finalized his government and will be announced next week
Apr 22, 2020
The official newspaper “Al-Sabah” revealed, on Wednesday, the final touches on the cabinet formation of the government in charge of Prime Minister Mustafa Al-Kazemi, indicating that the formation will be presented to parliament next week.
“The Prime Minister-designate Mustafa Al-Kazemi has almost finished preparing his cabinet and his government program, and he will present them to vote during the coming days, and the matter may be decided next week as a maximum,” the newspaper quoted its issue issued today and seen by him / the information.
Al-Aujaibi added, “The negotiations are taking place in full swing in order to end Al-Kazemi’s ministerial formation, despite the fact that matters have not been resolved yet, and consultations on names are still to be presented to Parliament in a session called by the Presidency.”
He explained, “There is no permanence in Parliament, and the deputies are waiting for the formation of the government in order to hold an emergency session,” noting that “Parliament did not start its legislative term yet, which should have started last March, and because of the health conditions and the spread of the Corona epidemic, the legislative term was postponed. link
Harambe: CNBC: Meltdown in oil continues as Brent plunges 14% … to $16.55 per barrel.
Oil prices continued to plummet Wednesday as concerns over limp demand and limited remaining storage capacity lingered.
In the afternoon of Asian trading hours, international benchmark Brent crude futures 14% to $16.55 per barrel. Meanwhile, the June contract for West Texas Intermediates hed all of its earlier gains as it fell 6% to $10.82 per barrel. The July contract for WTI dipped and last traded below $19 per barrel.
Per Magnus Nysveen, senior partner and head of analysis at Rystad Energy, warned that the situation in the oil markets is “going to be worse.”
“The world is running out of place to store the oil,” Nysveen told CNBC’s “Street Signs Asia” on Wednesday, adding that storage acts as “a kind of buffer.”
“When the supply and demand balance is positive or negative, then you can build or draw from storage,” he said. “But when the storage gets full, then there is no buffer for this very strong imbalance that we’re seeing.”
Pictet Wealth Management’s Jean-Pierre Durante agreed with Nysveen’s assessment of the situation, commenting in a Wednesday note that the “world is overflowing in oil” despite a recent decision by the Organization of the Petroleum Exporting Countries and its allies — known collectively as OPEC+ — to cut oil supply.
“World storage capacity will rapidly reach saturation point,” said Durante, who is head of applied research at Pictet Wealth Management.
Global demand for oil has fallen dramatically, with major economies worldwide effectively frozen as a result of coronavirus-induced lockdowns imposed by authorities scrambling to contain the spread of the disease.
Wednesday’s moves in oil followed recent sharp declines in the sector. The May contract for WTI, which expired Tuesday, plunged below zero for the first in history before clawing its way back into positive territory. The June WTI contract plunged more than 40% on Tuesday while international benchmark Brent dropped from levels above $24 per barrel.