Latest news with #AmarpreetSingh
Free Malaysia Today
6 days ago
- General
- Free Malaysia Today
Woman charged in Johor with trafficking, exploiting kids
At the Johor Bahru sessions court today, Haliza Palok was charged under Section 14 of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007 with trafficking in children. (Facebook pic) PETALING JAYA : A woman was charged in the Johor Bahru sessions court today with trafficking and exploiting a boy and a teenage girl in December last year. Haliza Palok, 55, pleaded not guilty after the charges were read to her before judge Thalha Bachok @ Embok Mok, Harian Metro reported. Haliza is accused under Section 5(1)(c) of the Children and Young Persons (Employment) Act 1966 of trafficking a boy, aged between 10 and 12 years old, and a teenage girl between 13 and 15 years old, by exploiting them for illegal activities. Haliza was also charged under Section 14 of the Anti-Trafficking in Persons and Anti-Smuggling of Migrants Act 2007 with trafficking in children, having allegedly committed the offence at Jalan Kargo 2, Senai Airport City, Senai, Johor, at 6.54pm on Dec 19, 2024. For the first charge, she faces up to a year's imprisonment, a RM5,000 fine or both, if convicted. On the second charge, she faces up to 30 years in jail and whipping, if found guilty. The prosecution was led by immigration department deputy public prosecutor Tan Yen Thung, while lawyer Amarpreet Singh represented the accused. The court allowed bail of RM17,000 for both charges with two sureties, and ordered Haliza to report to the Johor immigration department once a month, surrender her passport to the court and refrain from tampering with the prosecution witnesses. It set Aug 27 for further mention of the case and discovery of documents.
Arabian Business
05-05-2025
- Business
- Arabian Business
Oil prices plunge over $2 as OPEC+ accelerates output hikes
Oil prices were down more than $2 a barrel in Asian trade on Monday, on the back of rising concerns over an uncertain demand outlook due to supply overhang in the market in the wake of OPEC+'s move to further speed up oil output hikes. Brent crude futures dropped $2.21, or 3.61 per cent, to $59.08 a barrel, while US West Texas Intermediate crude was at $56.00 a barrel, down $2.29, or 3.93 per cent. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd), Reuters reported. The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 per cent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. 'The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,' Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, the report said, citing unnamed OPEC+ sources. Saudi Arabia is reportedly pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. The 6-month Brent price spread flipped to a contango of 11 cents a barrel for the first time since December 2023, with oil cheaper now than in future months, reflecting expectations that the market is amply supplied. Barclays and ING have also lowered their Brent crude forecasts following the OPEC+ decision. Barclays reduced its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 a barrel for 2026, while ING expects Brent to average $65 this year, down from $70 previously. 'We now expect OPEC+ to phase out the additional voluntary adjustments by October 2025 but also expect slightly slower US oil output growth,' Barclays analyst Amarpreet Singh said in a note. The net impact of the higher OPEC+ output and lower US output has increased Barclays' estimate of supply in 2025 by 290,000 bpd for 2025 and 110,000 bpd for 2026, he said. ING analysts led by Warren Patterson said the global oil balance is expected to move deeper into surplus throughout 2025. 'The oil market has been dealing with significant demand uncertainty amid tariff risks. This change in OPEC+ policy adds to uncertainty on the supply side,' they added. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport.
Jordan News
05-05-2025
- Business
- Jordan News
Oil Drops Over $2 per Barrel - Jordan News
Oil Drops Over $2 per Barrel Oil prices fell by more than $2 per barrel at the start of Asian trading on Monday, as the OPEC+ alliance moved toward accelerating its pace of production increases. اضافة اعلان Brent crude futures dropped by $2.04, or 3.33%, to $59.25 per barrel by 22:40 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude fell by $2.10, or 3.60%, to $56.19 per barrel. Both benchmarks touched their lowest levels since April 9 at the market's open on Monday, after OPEC+ agreed to increase oil production for the second consecutive month. Output in June will rise by 411,000 barrels per day (bpd). This June increase brings the total additions for April, May, and June to 960,000 bpd, marking a 44% reduction from the original 2.2 million bpd cuts agreed upon in 2022, according to Reuters calculations. Tim Evans, founder of Evans on Energy, stated in a note: 'The May 3 decision by OPEC+ to raise production quotas by 411,000 bpd for June strengthens market expectations that the global supply-demand balance will shift to a surplus.' OPEC+ sources told Reuters the group may fully phase out voluntary cuts by the end of October if member states fail to comply with their production quotas. The sources also said Saudi Arabia is pushing OPEC+ to accelerate the rollback of previous production cuts as a form of punishment for Iraq and Kazakhstan, who have failed to adhere to their quotas. Barclays cut its Brent crude price forecast by $4 to $66 per barrel for 2025, and by $2 to $60 per barrel for 2026, citing OPEC+'s move to accelerate the phasing out of production cuts, according to analyst Amarpreet Singh. Meanwhile, tensions in the Middle East have escalated, after Israeli Prime Minister Benjamin Netanyahu vowed to respond to Iran following a missile launched by the Iran-backed Yemeni Houthi group that landed near Israel's main airport. Iranian Defense Minister Aziz Nasirzadeh said Sunday that Tehran would respond forcefully if attacked by the United States or Israel. — (Reuters)
The Star
05-05-2025
- Business
- The Star
Oil tumbles as OPEC+ accelerates output hikes, surplus looms
SINGAPORE: Oil prices fell more than US$2 a barrel in Asian trade on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook. Brent crude futures dropped US$2.21, or 3.61%, to US$59.08 a barrel by 0653 GMT while U.S. West Texas Intermediate crude was at US$56.00 a barrel, down US$2.29, or 3.93%. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day (bpd). The June increase from the eight will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44% unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. "The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus," Tim Evans, founder of Evans on Energy said in a note. The group could fully unwind its voluntary cuts by the end of October if members do not improve compliance with their production quotas, OPEC+ sources told Reuters. OPEC+ sources have said Saudi Arabia is pushing OPEC+ to accelerate the unwinding of earlier output cuts to punish fellow members Iraq and Kazakhstan for poor compliance with their production quotas. The 6-month Brent price spread flipped to a contango of 11 cents a barrel for the first time since December 2023, with oil cheaper now than in future months, reflecting expectations that the market is amply supplied. Barclays and ING have also lowered their Brent crude forecasts following the OPEC+ decision. Barclays reduced its Brent forecast by US$4 to US$66 a barrel for 2025 and by US$2 to US$60 a barrel for 2026, while ING expects Brent to average US$65 this year, down from US$70 previously. "We now expect OPEC+ to phase out the additional voluntary adjustments by October 2025 but also expect slightly slower U.S. oil output growth," Barclays analyst Amarpreet Singh said in a note. The net impact of the higher OPEC+ output and lower U.S. output has increased Barclays' estimate of supply in 2025 by 290,000 bpd for 2025 and 110,000 bpd for 2026, he said. ING analysts led by Warren Patterson said the global oil balance is expected to move deeper into surplus throughout 2025. "The oil market has been dealing with significant demand uncertainty amid tariff risks. This change in OPEC+ policy adds to uncertainty on the supply side," they added. Meanwhile, tensions flared in the Middle East after Israeli Prime Minister Benjamin Netanyahu vowed to retaliate against Iran for the Tehran-backed Houthi group firing a missile that landed near Israel's main airport. Iran's Defence Minister Aziz Nasirzadeh said on Sunday that Tehran would strike back if the United States or Israel attacked. - Reuters
Arab News
05-05-2025
- Business
- Arab News
Oil Updates — crude tumbles as OPEC+ accelerates output hikes, surplus looms
SINGAPORE: Oil prices fell more than $1 a barrel on Monday as OPEC+ is set to further speed up oil output hikes, spurring concerns about more supply coming into a market clouded by an uncertain demand outlook, according to Reuters. Brent crude futures dropped $1.34, or 2.19 percent, to $59.95 a barrel by 10:17 a.m. Saudi time while US West Texas Intermediate crude was at $56.87 a barrel, down $1.42, or 2.44 percent. Both contracts touched their lowest since April 9 at Monday's open after OPEC+ agreed to accelerate oil production hikes for a second consecutive month, raising output in June by 411,000 barrels per day. The June increase from the eight producers in the OPEC+ group will take the total combined hikes for April, May and June to 960,000 bpd, representing a 44 percent unwinding of the 2.2 million bpd of various cuts agreed on since 2022, according to Reuters calculations. 'The May 3 OPEC+ decision to raise production quotas another 411,000 bpd for June adds to the market expectation that the global supply/demand balance is moving to a surplus,' Tim Evans, founder of Evans on Energy said in a note. The premium between the front-month Brent contract and that for delivery in six months was 4 cents a barrel, narrowing from 47 cents in the previous session. However, the spread flipped to a discount, known as a contango structure, of 11 cents a barrel earlier on Monday, for the first time since December 2023, reflecting expectations that the later-dated market is amply supplied or demand may drop. Barclays and ING have also lowered their Brent crude forecasts following the OPEC+ decision. Barclays reduced its Brent forecast by $4 to $66 a barrel for 2025 and by $2 to $60 for 2026, while ING expects Brent to average $65 this year, down from $70 previously. 'We now expect OPEC+ to phase out the additional voluntary adjustments by October 2025 but also expect slightly slower US oil output growth,' Barclays analyst Amarpreet Singh said in a note. The net impact of the higher OPEC+ output and lower US output has increased Barclays' estimate of supply in 2025 by 290,000 bpd for 2025 and 110,000 bpd for 2026, he said. ING analysts led by Warren Patterson said the global oil balance is expected to move deeper into surplus throughout 2025. 'The oil market has been dealing with significant demand uncertainty amid tariff risks. This change in OPEC+ policy adds to uncertainty on the supply side,' they added.
