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OPEC Considers 500,000 Bpd Cut In Emergency Meeting – OilPrice.com

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OPEC+ Considers 500,000 Bpd Cut In Emergency Meeting | OilPrice.com

Tsvetana Paraskova

Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews. 

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OPEC and its key ally in the OPEC+ coalition, Russia, are set to convene an extraordinary meeting of a joint technical committee on Tuesday or Wednesday this week, to discuss the continued decline in oil prices since the coronavirus outbreak in China, a source close to OPEC told AFP on Sunday.  

The OPEC+ group of producers are said to be considering deepening the cuts by another 500,000 bpd, due to depressed oil demand amid the virus outbreak, OPEC and industry sources told Reuters on Monday.

There’s also growing speculation that OPEC may move up the meeting scheduled for March 5-6 to February.

OPEC and its allies are now considering moving the meeting to February 14 and 15, three weeks earlier than initially planned, an OPEC source told Reuters today.

Since the start of the virus outbreak last month, more than 360 people have died in mainland China so far, while oil prices have dropped by around 15 percent in two weeks.  

Early on Monday, oil prices were also depressed, weighed down by continued fears that the travel restrictions and the slowdown in China’s economy will have taken a toll on oil demand not only in China, but also in wider Asia. Related: Oil Bankruptcies Are Reaching Worrying Levels

Despite last week’s assurances from OPEC’s leader and largest producer, Saudi Arabia, that OPEC+ has “the capability and flexibility needed to respond to any developments,” and despite the United Arab Emirates (UAE) chiming in to downplay what it called a “market over-reaction,” OPEC is now facing a tough dilemma how to proceed with its price-fixing policies, considering that the market is so bearish on demand that it is totally ignoring a huge loss of supply from Libya.

OPEC is inclined to extend the ongoing production cuts at least through June and could discuss deeper cuts if need be, OPEC sources told Reuters last week, as oil prices continued to slide on fears that the coronavirus outbreak will impact oil demand.

Russia is ready to react and doesn’t see any problem meeting with its OPEC allies earlier than planned, Russian Energy Minister Alexander Novak said on Friday, noting that it’s too early to say how hard the virus is hitting oil demand.   

By Tsvetana Paraskova for Oilprice.com

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Quebec company looks to help open up Canada to Bare Knuckle Fighting Championship

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With an ownership stake in the Bare Knuckle Fighting Championship, Quebec’s Allrem Sports & Entertainment has a vested interest in seeing the promotion flourish in Canada.

BKFC has held two cards to date in Canada, both at the River Cree Resort and Casino in Enoch, Alta. — an Indigenous-owned venue on Treaty 6 territory. But it has to convince provincial regulatory bodies elsewhere to sanction the sport.

And that’s where Allrem comes in.

Allrem president Erik de Pokomandy is targeting first Quebec and then Ontario, saying there have already been discussions with Quebec’s Régie des alcools, des courses et des jeux, the provincial regulatory board overseeing combat sports.

“Typically the UFC paved the way for amending regulations,” de Pokomandy said in an interview. “Since BKFC is more relatable to boxing, we think it’s going to happen. It’s just a matter of time.”

The UFC followed a similar path with Marc Ratner, a former executive director of the Nevada State Athletic Commission who is now the UFC’s senior vice-president of regulatory affairs, leading the fight for mixed martial arts to secure official sanctioning from local commissions.

“Our goal is to work with all the provinces, to make sure that we comply with the regulations. We know it’s a journey. We’re aware of that,” said de Pokomandy. “They’re doing their job.”

“We believe we have a good case,” he added, saying he expects progress in eight months to a year.

Allrem is working with a consultant who previously helped the UFC open up Canadian jurisdictions to MMA.

Clearly there is work to do, as shown by this statement from the Office of the Athletics Commissioner, which oversees pro combat sports in Ontario, when asked about the status of bare-knuckle fighting.

“There are only three professional combative sports regulated under the Athletics Control Act by the Office of the Athletics Commissioner — boxing, kickboxing and mixed martial arts,” said the statement, provided to The Canadian Press. “Currently, bare-knuckle boxing is illegal in Ontario.”

BKFC has held shows in 17 states, including California and New York, as well as Canada, England, Mexico, Bulgaria and Thailand.

And BKFC is on the move, having staged 23 shows already this year. Next up is an Oct. 12 card in Marbella Spain, with BKFC 67 to follow Oct. 25 in Denver.

BKFC bouts are contested in a ring with five two-minute rounds. Fighters are permitted to wrap and tape the wrist, thumb and mid-hand, but no gauze or tape can be within 2.5 centimetres of the knuckles. Punches are the only strike allowed.

Without the benefit of gloves, cuts are common. And they can lead to doctor-mandated stoppages, which prevent the losing fighter from taking more damage.

Both Canadian cards to date, in March and August, were so-called “Prospect” shows featuring new talent, although the March event featured Quebec’s Jade Masson-Wong, the No. 1 contender in the flyweight division who lost a decision to champion Christine (Misfit) Ferea earlier this month at BKFC 65 in Salt Lake City.

In August, Edmonton welterweight Drew (Wild Boy) Stuve defeated Sonny (The Savage) Smith, a former member of the United Kingdom Special Forces,by second-round TKO in the main event.

“There’s a lot of BKFC fans in Canada and they want to see it live,” said de Pokomandy.

Based in the Montreal area, Allrem is also involved in the NASCAR Canada Series, Nissan Sentra Cup, zMax CARS Tour, and has an investment in Les Pétroliers de Laval of the North American Hockey League (LNAH), a semi-pro circuit known for its pugilistic nature.

“The fan is the same,” said de Pokomandy. “The demographic of the fan is the same in NASCAR Canada, is the same in BKFC — and is the same in NASCAR U.S. — as well and is the same as the North American Hockey League.”

“We call it our eco-system of sports properties,” he added.

Evirum, a sister company involved in waste management and recycling, is a presenting partners, along with Pinty’s, of the NASCAR Canada Series.

Allrem has already began cross-promotion with the BKFC logo on the hood of its NASCAR Canada entry, which he says has proved to be popular with fans.

“Funnily enough, they want to take a picture not with the car or the driver, they want to take a picture with the hood,” said de Pokomandy.

Triller, a social media company that expanded into fight promotion, acquired a “majority stake” in BKFC in early 2022. McGregor Sports and Entertainment, run by former UFC champion Conor McGregor, subsequently became a part-owner.

In a February interview, BKFC founder and president David Feldman said viewership numbers in Canada have been “really good,” with BKFC looking to strike a deal for a bigger platform (a three-year worldwide broadcast deal was announced with the DAZN streaming service last week, slated to kick off with next month’s show in Spain).

“Canada’s a great market,” he said. “I think that bare-knuckle fighting can really resonate with Canadians, really probably more than anyone — I said this from when I started it — because of the hockey, because of the hockey culture. Throwing off the gloves and getting into good old-fashioned bare-knuckle fights.”

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This report by The Canadian Press was first published Sept. 20, 2024

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West Fraser indefinitely curtails Lake Butler, Fla., sawmill

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VANCOUVER – West Fraser Timber Co. Ltd. says it’s indefinitely curtailing its sawmill in Lake Butler, Fla., by the end of the month.

The Vancouver-based company says the decision is because of high fibre costs and soft lumber markets.

West Fraser says the curtailment will affect about 130 employees, though it will mitigate the impact by providing work opportunities at other locations.

The company says high fibre costs at Lake Butler and the current low-price commodity environment have made it difficult to operate the mill profitably.

It expects to take an impairment charge in the third quarter associated with the curtailment.

At the beginning of this year, West Fraser said it was closing a sawmill in Maxville, Fla., and indefinitely closing another in Huttig, Ark.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:WFG)

The Canadian Press. All rights reserved.

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Canada Goose to get into eyewear through deal with Marchon

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TORONTO – Canada Goose Holdings Inc. says it has signed a deal that will result in the creation of its first eyewear collection.

The deal announced on Thursday by the Toronto-based luxury apparel company comes in the form of an exclusive, long-term global licensing agreement with Marchon Eyewear Inc.

The terms and value of the agreement were not disclosed, but Marchon produces eyewear for brands including Lacoste, Nike, Calvin Klein, Ferragamo, Longchamp and Zeiss.

Marchon plans to roll out both sunglasses and optical wear under the Canada Goose name next spring, starting in North America.

Canada Goose says the eyewear will be sold through optical retailers, department stores, Canada Goose shops and its website.

Canada Goose CEO Dani Reiss told The Canadian Press in August that he envisioned his company eventually expanding into eyewear and luggage.

This report by The Canadian Press was first published Sept. 19, 2024.

Companies in this story: (TSX:GOOS)

The Canadian Press. All rights reserved.

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