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On October 18th, amidst escalating conflict between Saudi Arabia and the Houthi rebels in Yemen, resulting in casualties within Saudi Arabia, the Kingdom Centre, a landmark building in Riyadh, the Saudi capital, mandated that all office staff work remotely until further notice. The Kingdom Centre, located in downtown Riyadh and exceeding 300 meters in height, houses institutions including financial services giant Merrill Lynch, McKinsey & Company, and the International Monetary Fund. AFP, citing an email from the building management, reported that remote work was "mandatory," and all staff were prohibited from going to the office immediately. The management did not specify the exact reason for this requirement.Lebanese Parliament Speaker: We insist that the United Nations Interim Force in Lebanon (UNIFIL) must remain in Lebanon and commit to implementing UN Security Council Resolution 1701, but Israel continues to violate all provisions of the resolution.The Yemeni government has called on the UN Security Council to condemn the Houthi attacks on government facilities and residential areas and to hold them accountable.October 18th - US President Trump stated, "France is burning! Immigrants from a completely different world—these people are filled with hatred—have destroyed that once great nation. Close the borders immediately and take back control, or it will be too late!"On October 18, a Ukrainian defense company reported on social media that the Ukrainian military used FP-1 drones to attack a data center, the Ruch oil depot, and the St. Petersburg oil terminal in Russia early that morning. The company stated that fires broke out in the oil depot and terminal area, and the data center suffered severe damage. The St. Petersburg oil terminal has an annual throughput capacity of 12.5 million tons.

Oil Declines As Investors Watch EU Voting on Ban on Russian Oil

Charlie Brooks

May 09, 2022 09:44

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Oil prices declined in early Asian trade on Monday as investors awaited European Union discussions on a Russian oil embargo, which are anticipated to reduce world supplies.


Brent crude fell 67 cents, or 0.6 percent, to $111.72 a barrel at 0002 GMT, while U.S. West Texas Intermediate crude fell 75 cents, or 0.7 percent, to $109.02 per barrel.


Last week, both contracts increased for the second consecutive week due to supply concerns after the European Commission suggested a phased embargo on Russian oil as part of its toughest-to-date package of measures regarding the conflict in Ukraine. The plan calls for unanimity among EU members.


Bulgaria would veto EU oil sanctions on Russia if it does not receive an exemption from the proposed embargo, according to the country's Deputy Prime Minister.


EU sources said that the European Commission proposed adjustments to its planned embargo on Russian oil on Friday to give Hungary, Slovakia, and the Czech Republic additional time to switch their energy supplies.


"The negotiations will continue on Monday and Tuesday, and a summit of the leaders may be required to finalize them. Our perspective is unambiguous. If there is a derogation for some countries, we wish to receive one as well, "Vassilev stated on BNT national television.


The global financial markets are also pushed down by worries about interest rate hikes, a probable recession, and the impact of China's COVID-19 lockdowns on the second largest economy in the world.


Meanwhile, Saudi Arabia, the world's top oil exporter, reduced crude prices for Asia and Europe for June on Sunday.

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