(Bloomberg) — The United Arab Emirates sent a fresh signal it will make up for pumping too much oil in the past two months, as crude prices come under renewed pressure from sagging energy demand and rising coronavirus infections.
Abu Dhabi National Oil Co., which produces almost all the UAE’s crude, has indicated to refiners and traders that reductions in oil shipments for October will continue through November.
Adnoc will cut 25% of supplies based on volumes customers ask to receive in November, according to a statement seen by Bloomberg. All four of Adnoc’s grades of crude — Murban, Umm Lulu, Das and Upper Zakum — will be affected. It follows Adnoc slashing contracted allocations for October by 30%.
The company, owned by the Abu Dhabi government, usually informs long-term buyers of its supply plans around the 27th day of each month. Its decision to issue a statement early could be an attempt to flag its commitment to output reductions agreed by the Organization of Petroleum Exporting Countries and partners including Russia at the height of the pandemic in April.
Adnoc declined to comment to Bloomberg.
The UAE is the third-biggest crude producer in OPEC and pumped above its quota of 2.6 million barrels a day in July and August. The International Energy Agency said the Gulf nation produced 3.1 million barrels daily in August and 2.9 million the month before that. Other organizations that track oil exports had lower figures, but still estimated the UAE over-produced.
The so-called OPEC+ alliance will meet virtually on Thursday to assess its success in bolstering oil prices and the outlook for the market. Weak demand caused Brent crude to drop below $40 a barrel last week for the first time since June. The benchmark has rallied almost 4% this week to $41.40.
The UAE is traditionally a loyal partner of OPEC’s de facto leader Saudi Arabia. UAE Energy Minister Suhail Al Mazrouei said earlier this month his country had breached its quota in August by roughly 100,000 barrels a day and would “compensate for this temporary increase.”
The UAE’s overproduction is likely to be short-lived, Ole Hansen, head of commodities strategy at Saxo Bank A/S, said on Wednesday.
“They’re in lockstep with Saudi Arabia when it comes to sending signals to the oil market,” he said. “It will come back in line over the coming months.”
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Miami-Dade announces new safety changes as county enters Phase 3. Here is how it affects you
A day after Florida Gov. Ron DeSantis announced the state will be moving into the third and final phase of its reopening plan, Miami-Dade County Mayor Carlos Gimenez announced how the new phase will affect the county.
DeSantis has now allowed for restaurants to immediately reopen at full capacity and for bars, nightclubs and strip clubs to resume business.
As in all other orders issued by DeSantis, counties are allowed to modify the new changes put in place.
Here is how Florida’s Phase 3 plan will affect South Florida:
How are bars, nightclubs and restaurants operating?
After DeSantis lifted restrictions, Broward County Mayor Dale Holness announced restaurants would be allowed to reopen bar counters, but with new rules.
In Broward, alcohol won’t be served at the counter, customers will need to be six feet apart and plexiglass must be installed. Restaurants will also be seeing some old favorites allowed again like live performances. Masks are still required in restaurants and can only be removed while sitting and eating.
Late Saturday night, Miami-Dade County Mayor Carlos Gimenez announced how the county will be affected by Phase 3.
“Throughout this pandemic, Miami-Dade County has taken measured steps guided by the Centers for Disease Control, the Florida Department of Health and our local medical experts that include epidemiologists and infectious disease specialists,” Mayor Carlos A. Gimenez said. “As our infection rates continue to drop below 5 percent and our hospitalizations continue to decline, I am proud of the community’s response in helping tamp down the spread of this virus.”
While restaurants are still mandated to have a 50% capacity limit, establishments that have enough space to accommodate more tables while also keeping a six-foot separation between tables will be allowed to reach 100% capacity.
However, the maximum seating per table indoors or outside continues – no more than six people per table or up to 10 if they are in the same party.
Like in Broward, bars are also allowed to open again. In Miami-Dade, bars that are only counter service will be allowed to reach 50% capacity with seating separated as far as possible.
Clubs that include dancing must require masks be worn on the dance floor. Also, eating and drinking must be confined to tables only.
As in the previous phases, employees and the public will still need to wear masks in all buildings.
What does this mean for sports events?
Gov. DeSantis said Friday he wants to show the NFL that Tampa, scheduled to host the Super Bowl in February, will be safe for fans (and, by implication, the disposable income they’ll bring). And, Saturday, the Tampa Bay Buccaneers announced they’ll allow 25% capacity at Raymond James Stadium for their Oct. 18 home game against Green Bay.
The Dolphins allowed 20% capacity of Hard Rock Stadium, 13,000 out of 65,326, for last week’s home opener against Buffalo, and a spokesman said Saturday there would be no change for next week’s home game against Seattle.
Official attendance at Hard Rock Stadium last Sunday: 11,703.
As for what the University of Miami will be doing in regards to sporting events, Director of Athletics Blake James said, “We will continue to evaluate and announce any changes when decisions are made based on direction and guidance from health experts and government officials.’‘
Are curfews still in effect?
There’s still one from 11 p.m. to 6 a.m. in Miami-Dade.
Violators will be cited with a second-degree criminal misdemeanor that has a maximum $500 fine and up to 180 days in jail.
Although DeSantis suspended all fines and penalties for violating the county’s COVID-19 public health orders, Miami-Dade County will continue to issue civil citations to people not wearing masks and will process fines and penalties as permitted.
How are schools changing?
While some Florida businesses have been given clear instructions on what Phase 3 means to them, what this means for education is still up in the air.
A Miami-Dade County Public Schools spokesperson said the state’s reopening guideline says education in Phase 3 is under ongoing considerations.
“We are awaiting guidance from the Department of Education as to what the change in phase will mean for schools,” the spokesperson said. “In the meantime, we will continue to follow CDC guidelines and enforce the use of facial coverings in our schools. There is Board policy on this issue. It is going for final reading in October.”
Broward County Public Schools will vote Oct. 6 whether to open schools also on Oct. 14 only for specific groups of students. The school system has not yet made public how Phase 3 will be affecting them.
Will theme parks be going “back to normal”?
A condition for many major theme parks in Florida to reopen in June and July was to implement many strict safety guidelines.
These guidelines, which include reduced capacity, temperature checks and mandatory checks, have been in effect since each park reopened to the public, even when Universal Orlando Resort reached maximum capacity in its three theme parks on Sept. 19.
Many guests have said on social media that the strict safety guidelines were one of the reasons they felt safe coming back to the park, but under Florida’s Phase 3 plan theme parks no longer have to adhere to most of those guidelines.
The state’s current plan states, “Theme parks may return to normal operations with limited social distancing protocols.”
Although theme parks have been given the OK to roll back protocols, none of publicly said they would.
A spokesperson for Walt Disney World Resort said, “We received the Governor’s executive order and are evaluating it to determine what it may mean for our business. We are not making any immediate changes. As a reminder, face coverings are still required at Walt Disney World Resort.”
A spokesperson for LEGOLAND Florida Resort made a similar statement. LEGOLAND says they will be evolving safety procedures.
“Since our reopening on June 1, LEGOLAND Florida Resort has safely welcomed families to play in our parks and stay in our resorts with enhanced health and safety measures…,” a LEGOLAND spokesperson said. “Our Resort and company leadership will continue to evolve these procedures and capacity management to remain in line with state and local government recommendations so families can continue to have the confidence to play safely at our Resort.”
Universal Orlando Resort and SeaWorld Entertainment did not respond to questions on whether their parks would be changing policies.
Progressive group buys Amy Coney Barrett internet domain to protest nomination
A progressive activist group has purchased the internet domain name www.amyconeybarrett.com in an attempt to fight what they say is Donald Trump’s takeover of the US judicial system.
The site features a large photo of Amy Coney Barrett, who Mr Trump is expected to name as his choice to replace former Justice Ruth Bader Ginsburg on the US Supreme Court. Next to the photo is a warning that Ms Barrett must be stopped.
“Amy Coney Barrett would threaten your health care and your reproductive freedom. We have to stop her,” the site reads.
At the top of the site, a bold, white header reads “Honor Ruth Bader Ginsburg,” whose reported final wish was that her position not be filled until after the 2020 US election.
“We have to protect Ruth Bader Ginsburg’s legacy. This vacancy should not be filled until after inauguration day,” the site says.
Demand Justice claims that Ms Barrett is “exactly who Donald Trump said he would pick as a Supreme Court justice: someone who could be counted on to overturn Roe v. Wade and end the Affordable Care Act.”
According to the group, Ms Barrett has “repeatedly indicated that she would strike down the Affordable Care Act” and that by doing so the Supreme Court would be “ending protections for people with preexisting conditions.”
The group also warns that Ms Barrett would be an advocate for overturning Roe v. Wader, the Supreme Court decision that allows abortions to take place legally in the US.
“She is also one of the favorite judges of people who want to overturn Roe v. Wade, because they know she will be a reliable vote to roll back reproductive freedom.”
The group calls on visitors to email their senators about the situation, to sign their petition, and to donate to the group’s activist campaigns.
Mr Trump is expected to name Ms Barrtett as his choice to replace Justice Ginsburg on Saturday.
In a Washington Post editorial, O Carter Snead, a professor of law at the University of Notre Dame and a 15 year friend and colleague of Ms Barrett claimed that progressives and liberals should not fear her taking a seat on the Supreme Court.
“There is no need to fear Barrett’s faith. To the contrary, her commitment to treating others with respect grows directly out of her religious convictions,” the author wrote. “But Barrett’s love of neighbor goes beyond merely treating others with dignity. In all the time I have known her, I have never once seen Barrett place her needs above those of others.”
Still, Democrats fear that a 6-3 conservative majority Supreme Court would spell the end of programs like the Affordable Care Act, the DACA immigrant work program, and an overturn of abortion laws.
In 2018, Demand Justice also opposed the confirmation of then-judge Brett Kavanaugh to the Supreme Court.
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