News Briefs (09-11-2020)

OPEC would miss 'friend Trump', wary of strains under Biden

LONDON/DUBAI, Nov 08 : Key members of OPEC are wary that strains in the OPEC+ alliance could reemerge with Joe Biden as US President, sources close to the organisation said, and would miss President Donald Trump who went from criticising the group to helping bring about a record oil output cut. Biden could modify US diplomatic relations with three members of OPEC - de facto leader Saudi Arabia, and sanctioned countries Iran and Venezuela, as well as with key non-OPEC producer Russia. Russia is the leader of oil producers allied with OPEC, a group known as OPEC+. Strict enforcement of US sanctions on Iran and Venezuela has kept millions of barrels of oil per day off the market, and if Biden should relax measures on either in years to come an increase in production could make it harder for OPEC to balance supply with demand.

— Reuters

Passenger flights reduced by more than half in Arab region

DUBAI, Nov 08 : Passenger flights dropped by more than 50 per cent in the first half of 2020 across the Arab region compared to 2019, a UN economy report found. The closure of land borders - due to the COVID-19 global pandemic - has widely restricted the movement of people and goods. Maritime transfer of good, however, has remained fairly consistent despite disruptions, a report by the United Nations Economic and Social Commission for Western Asia (ESCWA) titled 'Impact of COVID-19 on Transport in the Arab Region' found. Revenue losses of airline companies in the region are estimated at $38 billion this year, which is only 53 per cent of 2019's revenue, the report said, adding that global air travel is not expected to return to pre-pandemic levels before 2023. ESCWA Executive Secretary Rola Dashti urged Arab Governments to implement support measures for the transport and logistics sector, including financial support, tax rebates, other duties exemptions, and subsiding workers' salaries and training. — Arab News