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Jumat, 20 Maret 2020 - 17:47:11 WIB
Kingdom Arab Saudi Policy. To Covid-19
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Kingdom Arab Saudi Policy To Covid-19
By Mas ud HMN*)
Arab Saudi take important step policy (1) to closed international flight. border for all.
1 Mean while Kingdom pump has to 12,3 million barrel perday to share market oil. This policy to keep economic implication on result virus corona or Covid-19 Kingdom Saudi Arabia give solution corona virus and positive contribution to world economy.
No any country ready on coronavirus happening include Indonesia. These are extraordinary times. The coronavirus used to be something that was happening far away in China or maybe South Korea.
Yes.It had big ramifications for the global economy because China is such an important part of the world supply chain. Factories across the globe had to manage without important spare parts. Some of them had to reduce their hours of operations, while others had to close down..
This Fewer goods being shipped resulted in less oil consumption, which was reflected in a continuously weakening oil price.
The virus spread to other east Asian countries and then hit Iran with full force. Still, it was far away from Europe and the US and even the Gulf Cooperation Council (GCC) countries.
And then Saudi Arabia closed its borders to some neighbors a week ago and suspended all international flights later in the week. The Kingdom is probably one of the best-prepared countries in as much as pandemic protocols were already in place for the Hajj and Umrah pilgrimages. (Arab News,March,16,2020)
The virus spread quickly to Europe, with Italy fast-becoming the new hotspot for the COVID-19 disease. Spain, France, Germany, Austria and Switzerland were badly affected. Some regions and even whole countries went into lockdown.
On March,16, 2020, the impact of the virus started to hit equity markets with full force. The crash was lso fueled by the inability of OPEC to reach agreement with Russia to curb oil production by a recommended 1.5 million barrels per day (bpd) above and beyond the 2.1 million already in place through March 31.
The war for market share was on, with Saudi Arabia aiming to pump 12.3 million bpd while announcing hefty discounts to several countries.
Influence is, The Dow Jones was down some 15 percent between Monday’s market opening and its lowest point on 2 day later, not helped by US President Donald Trump’s ban on flights to and from Europe. The oil price was in freefall. Brent temporarily lost 30 percent, its steepest decline in history. Friday’s rally, after Trump announced emergency relief measures, was astounding. While the index was up 8.7 percent on the day closing at 23,186, the exuberance was short lived.