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OPEC Meeting Ends With Major Surprise Cut From Saudi Arabia – OilPrice.com

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OPEC+ Meeting Ends With Major Surprise Cut From Saudi Arabia | OilPrice.com


Julianne Geiger

Julianne Geiger

Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.

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After another round of drama and a stalling of the talks on Monday, the Tuesday extension of the OPEC+ meeting concluded at long last with a solution upon which all OPEC+ members agreed.

But it didn’t end the way anyone thought it would.

Tuesday’s meeting saw the groups agree to lift oil production by 75,000 barrels per day over January levels, according to OPEC’s post-meeting press release.

But Saudi Arabia’s late announcement after the meeting sent oil prices soaring—that Saudi Arabia would voluntarily cut an additional 1 million barrels per day in February and March above its current quota—all while OPEC’s allies get to ramp up production.

The OPEC+ agreed not only for the production levels for February but for March as well. March’s production level will see an additional increase of 120,000 barrels per day over February levels, or 195,000 bpd over January levels.

With March’s production quotas already set, the February meeting, therefore, will set production quotas for April.

The previous meeting held in December adjusted the total production cuts to 7.2 million bpd for January, from 7.7 million bpd before.

But with Saudi Arabia’s additional voluntary cuts, February’s total production cuts will be 8.125 million bpd, and March’s will total 8.05 million bpd.

For Saudi Arabia, there are no changes to its official output quota for either February or March. Neither are there changes to the UAE’s quotas or Iraq’s. In fact, for OPEC, there are no changes for February to the individual quotas. All the production increases, therefore, go to the non-OPEC members, not surprisingly to Kazakhstan and Russia.

Russia’s February production quota increase from 9.119 million bpd in January to 9.184 million bpd. For March, Russia’s production quota again increases to 9.249 million bpd.

That the non-OPEC group was the only group afforded increases in production over the next two months, with OPEC, therefore, shouldering more of the burden for the market’s production cuts highlights OPEC’s waning influence in the market as a lone player, and Russia’s growing influence over the oil markets.

Regardless of how the deal shook out between the members, the oil market cheered. Oil prices rallied in the afternoon, with WTI rallying more than 5% and Brent rallying just under 5%.

By Julianne Geiger for Oilprice.com

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2 people in their 20s in Calgary zone among Alberta’s COVID-19 fatalities Saturday – Global News

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Two people in their 20s with no known pre-existing conditions were added to Alberta’s COVID-19 fatality list on Saturday.

Alberta recorded a total of 13 additional deaths Saturday, including a woman and a man in their 20s, both in Calgary zone. Neither had known co-morbidities, Alberta Health said.

Officials said the man died on Jan. 16, while the woman’s death was recorded Jan. 18.

Read more:
Coronavirus: London-Middlesex reports death of teen – youngest in the region

The province also added 573 new cases of the disease. The active case numbers in the province now sit at 9,727, with 820 new recoveries outweighing the new cases and deaths.

The positive cases come from 10,894 new tests, giving a provincial positivity rate of just over five per cent.

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Hospitalizations are also down, with 676 people currently in hospital, 114 of whom are in intensive care.

Dr. Deena Hinshaw, Alberta’s chief medical officer of health, said on social media Saturday that even as numbers drop, the province needs to continue to follow health orders to keep them trending downwards.

According to the provincial numbers, 1,022 Albertans received vaccine doses on Jan. 22.

Read more:
What to know about 2nd doses of COVID-19 vaccine in Alberta as shortages persist

Alberta has been affected by shortages of COVID-19 vaccine supply that have led to a pausing of first doses and delays for some second doses in the province, although Hinshaw said this week that she believes there is enough vaccine to distribute second doses.

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“At the moment, we don’t anticipate needing to push our second dose appointments past the 42 days,” she said Tuesday.


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What to know about 2nd doses of COVID-19 vaccine in Alberta as shortages persist

Of the 13 deaths reported Saturday, only five were connected to outbreaks at long-term care homes.

The rest were people who were not in care.

In the Edmonton zone, three men in their 80s with pre-existing conditions who were connected to the outbreak at Youville Home, the outbreak at Terra Losa Lifestyle Options, and the outbreak at Rivercrest Care Centre died.

A woman in her 60s in Edmonton zone with comorbidities died.

In the Calgary zone, along with the two fatalities of people in their 20s, a man in his 70s with pre-existing conditions who was linked to the outbreak at Academy of Aging also died.

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The North zone saw four fatalities recorded, A man in his 60s with pre-existing conditions died in the William J.Cadzoe – Lac La Biche Healthcare Centre outbreak.

Also in North zone, a man and woman in their 70s and a woman in her 80s, all with comorbidities but none connected to outbreaks, died.

Two men in their 50s died in Central zone. Neither had any known pre-existing conditions.

© 2021 Global News, a division of Corus Entertainment Inc.

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2 Albertans in their 20s among the 13 COVID-19 deaths reported Saturday – CTV Edmonton

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EDMONTON —
Two Albertans in their 20s are among the 13 COVID-19 fatalities the province reported on Saturday. 

The deaths of one man and one woman both occurred in the Calgary Zone, which is significantly bigger than the city itself. 

Neither death involved any confirmed comorbidities. Fourteen people under the age of 40 have now died due to COVID-19, including seven under the age of 30.

The province’s death toll now stands at 1,525 people.

The province reported 573 new cases of the coronavirus on Saturday as active cases fell for a seventh straight day. Its total case count also rose above the 120,000 mark to 120,330.

Hospitalizations continue a general downward trend as the number of COVID-19 patients fell by 27, to 676. The number of patients in intensive care units fell by one to 114. 

The province administered 10,894 tests with a 5.32 per cent positivity rate.

More than 98,000 doses of COVID-19 vaccine have been given to Albertans.

Alberta’s Chief Medical Officer of Health, Dr. Deena Hinshaw, will return for an in-person update on Monday. 

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WestJet cancels Boeing 737 MAX flight moments before takeoff | Venture – Daily Hive

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WestJet cancelled a Boeing 737 MAX flight after it had already left its gate at Calgary International Airport on January 22.

A spokesperson for the airline confirmed to Daily Hive that WestJet flight WS658, which was supposed to travel to Toronto, had to return to its gate after push off on Friday morning.

“After a normal engine start, a standard function of the health monitoring system indicated a potential fault that needed to be verified and reset,” said Lauren Stewart, a media relations manager at WestJet.

“This process takes time and requires a subsequent engine run, which we do not perform with guests on board.”

The flight, as well as its Toronto to Calgary return, were cancelled in the interest of passenger’s time. Guests were rebooked on the next available flight.

Stewart stressed that the decision to cancel the flight was only made because there was space on a Toronto-bound Dreamliner flight.

Had passengers not already been on their way, the WS658 flight would have operated as normal following the all-clear by a maintenance team, she said. The plane has since been inspected and will return to operation on January 24.

“There was no safety risk to our guests and this was unrelated to any previous matter,” Stewart said.

In March 2019, Transport Canada grounded Boeing 737 MAX planes across the country following a pair of deadly crashes that killed 346 people.

The aircraft’s return-to-service was approved on January 18, 2021. WestJet began flying the planes on January 21, the first airline in Canada to do so in nearly two years.

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