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saudi attacks threaten global economy! what come next?

in the early hours of last saturday morning, key oil plants and facilities in saudi arabia were severely attacked. the explosions have caused significant damage and raised fears of a new middle east conflict.

what happened?

on september 14 at around 3:30 am local time, loud explosions erupted at khurais oilfield and abqaiq processing facility, both owned by saudi aramco, the country’s state-owned oil company.

saudi attacks threaten global economy! what come next?

over 10 automated, aerial, combat drones launched the attacks, which knocked out half of the country’s oil capacity, more than 5 million barrels per day of crude production, about 5% of the world’s daily global oil supply.

it is no surprise that oil prices shot up. on monday, oil prices were boosted by nearly 15%, and they pulled back slightly but remained at lofty levels.

yemen’s anti-government houthi movement, an ally of iran, claimed responsibility for the attack that cut the kingdom’s production in half and fanned fears of retaliation in the middle east.

however, donald trump, u.s. president, implied on monday that iran may have been responsible for the attacks. iran was rejected u.s. charges it was behind the drone strikes on saturday.

why should i care?

oil and gas industries are the lifeblood of the global economy. drone attacks which damaged critical oil production assets in saudi arabia will alter global crude trade flows.

once oil prices begin soaring, raw material prices and transportation costs will increase next. due to production and operating costs increasing, it becomes harder for companies to manage their business.

saudi arabia is the world’s biggest crude exporter and one of the top producers, as well as the holder of nearly all the world’s spare oil capacity.

since the beginning of 2019, around 6.4 million barrels of saudi arabian crude oil has been imported around the world daily. the majority of these volumes have been absorbed by asian importers, including china, japan, and south korea.

although the exposure of japan and south korea to saudi arabia has been much bigger, these two countries have been increasing volumes imported from the u.s., so they will be less affected.

however, most chinese buyers have been avoiding us barrels due to the ongoing trade war, which means that china is heavily relying on saudi arabia.

countries such as india have also been heavily relying on middle eastern gulf barrels, with 18% of volumes imported by india since early 2019 coming from saudi arabia. therefore any further disruption in the regions near saudi arabia, such as iraq, would cause severe insecurity for the country.

these countries will probably start looking to import more from other regions as well, even if price differentials are not that supportive.

what come next?

consumers around the world could see costs rise for products ranging from gasoline and diesel to home heating costs and airfares, after saudi oil attack caused a spike in global oil prices.

as the costs of transportation rise, that could mean shipments of other goods, such as groceries, could also increase in the coming months.

according to the reports, the u.s. has more than 640 million barrels of oil in reserve that could offset tighter supply as a result of the saudi attacks. u.s. president donald trump said on sunday he authorized the release of oil from the u.s. strategic petroleum reserve (spr) if needed in a quantity to be determined.

but as we said above, chinese buyers have been avoiding u.s. barrels so that the attacks still threaten chinese oil price hikes.

the attacks also come amid tensions between tehran and washing after the u.s. pulled out of a global nuclear pact and imposed fresh sanctions against iran to force it to curb its ambitions to create a nuclear-weapons program.

trump said he did not want to go to war. but it is hard to tell whether the incident will lead to a military conflict and increase risks of the global economy.

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source | reuters/cnn

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2 good news about morocco! direct flight is set to open!

recently morocco has announced good news for anyone who is going to travel or take a business trip. let’s check!

exit & entry forms are not needed

the directorate general of national security (dgsn) has announced that it no longer requires travelers to fill in exit and entry forms cards at moroccan airports from monday, september 16 onwards.

2 good news about morocco! direct flight is set to open!

it is reported that the change not only applies to airports but also the land borders at ceuta and melilla.

the change comes as part of efforts to increase efficiency in moroccan airports as traffic through them continues to increase.

before the day, travelers need to find a pen and fill out dozens of details such as profession and maiden name, among others. the form must be handed to border police before proceeding to baggage collection or customs.

direct flight morocco-china is coming

in a statement last wednesday, september 11, royal air maroc said that for the first time, there will be a direct flight between morocco and china. the flight will take less than 13 hours.

ram’s ceo has said that this route will “enable us to respond to a strong need expressed by business operators from the two countries and will participate in further strengthening trade and economic cooperation between morocco and china.”

flights from casablanca will be scheduled every monday, thursday, and saturday at 17:00 p.m. local time.

flights from beijing will be scheduled every tuesday, friday, and sunday at 13:55 p.m.

you can book the tickets now!

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source | morocco world news

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alcohol is a must in college! seriously?

do you ever try to sneak sips out of a flask in the back row of your classroom? in most cases, food and drink, especially alcohol, are not allowed in the class. however, a college in china offers a course to let students drink.

raise a glass!

xianyang normal university is the place to go to learn about alcohols. students are going to taste different kinds of wines, including red wine, white wine, whiskey, beer, and cocktail.

alcohol is a must in college! seriously?

it has caused a wide discussion on the internet. many people really like the course and say that if they take it they would get a very good result.

some joke that they could get a master degree of it, even be a professor.

the course is kind of cool but controversial. as others concern, people probably want to relax and grab a drink at the end of the day, but it doesn’t seem appropriate to drink in the class.

actually, the full name of the course is drinks and bars management, which means that tasting is certainly part of the course, but students also learn about everything about wine.

according to the teacher, the course is intended to introduce characteristics of different varieties of wine, toasting etiquette, and wine culture. although students learn about them through tasting and sampling, drinking is not encouraged.

courses on alcohols

it is not the only college offering course on alcohol. students of harbin institute of technology can take a course on beer culture as an elective course, to feel the charm of beer and learn about the brewing techniques.

university of california-davis also offers a beer course. students take what they have learned from the course, create their own recipe, and brew a batch of beer to be judged by professional brewers from large and small companies.

in university of central florida-orlando, students enrolled in its wine-exploring class taste six wines from regions around the globe each week, discussing grape varieties and food pairing as they go.

if you are a student of algonquin college-ontario, you can explore scotch whiskey, american bourbon, tennessee whiskey, and canadian rye whiskey, and learn about the history and unique distillation practices of each area.

fun courses

there are more and more interesting courses in colleges in these years. college students can literally drink liquor, eat food, or watch movies, and get credit for it.

in guangdong university of finance and economics, students can learn about the characteristics of different cuisines and table manners in the course of chinese and foreign food cultures.

what’s more, students of southwest jiaotong university and university of electronic science and technology of china can even learn how to cook.

there is also a cooking course for teachers in some colleges. foreign teachers can learn about chinese cuisines.

in sun yat-sen university, harry potter and genetics is one of the most popular courses. students learn about genetics by examples of series of books harry potter.

central south university and huazhong university of science and technology both offer courses combining science with japanese comics detective conan.

have you had any interesting and unforgettable course? please leave a comment below and share your idea!

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source | 中新网/men’s journal

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pay with your face to take metro at these station!

it is reported that guangzhou has adopted facial recognition technology since last monday in two of its metro stations, allowing for fast and easy entrance.

new method of payment

instead of using tickets or swiping their smartphones, passengers can smile at a screen to unlock the electric gates in about half a second after completing a real-name registration on guangzhou metro’s official mini-program or on the “guangzhou metro” mobile app.

the fee will be deducted from the payment methods that metro riders previously register and validate through their mobile phones.

where can i use it?

the system has been installed at canton tower station on line 3 and apm, and tianhe smart city station on line 21 before being expanded for use across the city in the future.