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OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady | The Express Tribune
OPEC says geopolitical developments need close monitoring, no forecast changes yet
A woman passes by a logo of Organization of the Petroleum Exporting Countries (OPEC) during the United Nations climate change conference COP29, in Baku, Azerbaijan November 13, 2024. Photo: Reuters
The Organisation of the Petroleum Exporting Countries (OPEC) said on Wednesday that Saudi Arabia sharply increased oil production in February ahead of US and Israeli strikes on Iran and kept its forecasts for relatively strong global oil demand growth this year.
Saudi Arabia boosted output and exports as part of a contingency plan in case any US strike on Iran disrupted Middle East supplies, sources familiar with the plan said in February. The attack came on February 28 and the ensuing conflict has disrupted oil exports, forced production stoppages and sent prices soaring.
OPEC, in a monthly report on its website, said that Saudi Arabia told the group its February supply to the market was 10.111 million barrels per day, while production reached 10.882m bpd. The kingdom reported January output of 10.10m bpd.
Saudi Arabia has long intervened in oil markets, adding barrels during disruptions or curbing output when it sees oversupply. The February rise echoed a contingency plan last year when it moved more oil to storage, the sources said last month.
OPEC also said output by the wider OPEC+, which includes other producers such as Russia, averaged 42.72m bpd in February, up 445,000 bpd from January, citing secondary sources.
Read More: OPEC+ mulls larger oil output boost
“Supply to market” usually covers exports plus domestic refinery and power-plant use, excluding oil shifted into storage. As such, Saudi Arabia’s February supply to the market stayed close to its OPEC+ quota, even as production ran well above the target.
OPEC left unchanged its forecast that world oil demand will grow by 1.38m bpd this year. Its 2026 demand estimate remains higher than those of other analysts, including the International Energy Agency.
Also Read: Oil crisis: Is world better placed than in 1973?
“Ongoing geopolitical developments warrant close monitoring, although their impact, if any, on the growth forecast may be too early to determine,” OPEC said in the report, referring to economic growth.
The Saudi and OPEC increases in February came despite OPEC+ agreeing to keep output targets steady for the first quarter of the year.
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Intellia Therapeutics says its Crispr-based treatment succeeds in pivotal trial
Intellia Therapeutics, building exterior and company sign, Cambridge, Massachusetts, USA.
Spencer Grant | Universal Images Group | Getty Images
Intellia Therapeutics said its Crispr-based treatment for a rare swelling condition met its goals in a late-stage trial, marking a milestone for the field of gene editing and putting the company on track to seek approval from the U.S. Food and Drug Administration.
The company’s treatment uses Nobel Prize-winning technology Crispr to edit DNA and turn off the gene that controls production of a peptide that’s overactive in people with hereditary angioedema, causing them to experience potentially life-threatening swelling attacks. Intellia’s treatment is administered once through an hourslong infusion, making the edits directly in the liver.
Intellia said the one-time treatment reduced attacks by 87% compared with a placebo, meeting the study’s main goal. Six months after treatment, 62% of patients were free from attacks and weren’t using other therapies, Intellia said.
The company described the safety and tolerability of the treatment as “favorable,” reporting the most common side effects were infusion-related reactions, headaches and fatigue. Analysts were closely watching safety in the trial since a patient in a separate trial of a different treatment from Intellia died. That patient developed a liver injury and ultimately died from septic shock following an ulcer, according to the company.
“When you think about where we started with Crispr, just 12 years ago with some of the fundamental insights, I think there was a lot of talk about what might be possible, and we’ve had reports along the way in terms of milestones, but this is the first Phase 3 data in any indication with in vivo Crispr where you’re actually changing a gene that causes disease,” said Intellia CEO John Leonard.
The only FDA-approved Crispr-based medicine comes from Vertex Pharmaceuticals. Called Casgevy, the gene editing is done outside the body, or ex vivo. The process requires collecting a person’s blood cells, making the edits outside the body, then reinfusing them back into a patient. Intellia’s treatment, meanwhile, makes the edits inside the body, or in vivo.
Intellia said it has started a rolling application with the FDA and plans to complete the filing in the second half of this year. The company expects to launch the treatment in the U.S. in the first half of next year, if it’s approved.
If approved, Intellia’s treatment, lonvoguran ziclumeran, will compete with about a dozen other chronic drugs for HAE. Despite the allure of a one-time treatment, genetic medicines haven’t always been a commercial successes. BioMarin withdrew its gene therapy for Hemophilia A because of weak sales, for example.
Leonard said there are important differences between the two, like the fact that BioMarin’s therapy faced questions about how long the effects would last. In contrast, he said Intellia hasn’t seen a single case in almost six years where the effects diminished over time.
Despite the results, he’s reluctant to call Intellia’s treatment a functional cure.
“I think this is a tipping point for the disease and tipping point for Crispr-based in vivo therapy where you can make a change [and] it’s permanent,” Leonard said. “And, as far as we can tell, we don’t have a single patient in this program or other program where there’s been any waning of the effect of what we did to the gene or the effect of what we’ve seen with the clinical aspects of the disease itself. So it’s pretty exciting.”
Clarification: This story has been updated to clarify that a patient in a separate trial of a different treatment from Intellia developed acute liver injury and ultimately died from septic shock following an ulcer.
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