Saudi energy minister: Oil market would balance even without cuts

November 28, 2016

Dhahran, Nov 28: Saudi Arabia's Minister of Energy, Industry and Petroleum Khalid Al-Falih on Sunday said he believed the oil market would balance itself in 2017 even if producers did not intervene, and that keeping output at current levels could therefore be justified.

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Under a preliminary agreement reached in September in Algeria, the Organization of the Petroleum Exporting Countries (OPEC) would reduce its production to between 32.5 million and 33 million barrels per day, its first supply curb since 2008.

OPEC oil ministers meet in Vienna on Wednesday in an effort to finalize that deal; OPEC also wants non-OPEC producers such as Russia to support the intervention by curbing their output.

Falih said on Sunday the Kingdom was sticking to its position on the Algiers agreement that everyone should cooperate.

“We expect the level of demand to be encouraging in 2017, and the market will reach balance in 2017 even if there is no intervention by OPEC. But OPEC intervention aims to expedite this balance and the market recovery at a faster pace,” he said.

Asked whether Saudi Arabia was keeping its output high in November at around 10.6 million barrels per day, however, Falih said: “The level of demand for Saudi crude is still high and very healthy.”

“Regardless of Saudi and its market share, I think if we look at it as an indication of the health and recovery of the oil markets, it is a positive sign that makes us optimistic about the market recovery.”

“I don’t think that we have one path only in OPEC meetings, which is cutting production — I think maintaining production at current levels is justifiable, taking into consideration the recovery of consumption and growth in developing markets and the United States,” he added.

Falih, speaking to reporters at the headquarters of national oil giant Saudi Aramco, did not elaborate on Saudi Arabia’s planned production levels.

A meeting between OPEC and non-OPEC producers was originally due to be held on Monday this week, but it was called off after Saudi Arabia declined to attend; Falih said on Sunday this was because no agreement within OPEC had been reached so far.

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News Network
March 25,2024

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The Israeli military has attacked desperate Palestinians lining up for humanitarian aid in Gaza City, killing at least 19 people and injuring 23 others in a new massacre against aid seekers. 

The Government Media Office in Gaza said in a statement that the carnage took place on Saturday near the al-Kuwait roundabout, southeast of Gaza City.

“The occupation army and tanks opened fire with machine guns at the hungry people who were waiting for bags of flour and aid in a remote place that did not pose a threat to the occupation,” the statement said.

Mahmud Basal, spokesman for the Civil Defense Department in Gaza, said there had been “heavy shooting at civilians” looking for food to help their families and children.

“There were very serious injuries, some of whom were injured by shrapnel. The reality is tragic, difficult, and challenging,” he added, saying the victims were taken to the nearby al-Ahli Arab hospital.

Speaking to Qatar-based Al Jazeera TV network, Alaa al-Khudary, a witness at the scene, said that Israeli forces shot at the crowd, leaving “many dead” and injuring others while they tried to get “a bite to eat” for their children.

However, the Israeli army claimed that the reports of its troops firing on a Gaza aid queue are “incorrect.”

In recent weeks, Israeli soldiers have conducted several deadly attacks on crowds of aid seekers in the besieged Gaza.

In mid-March the Israeli military opened fire on Palestinian civilians who had gathered in Gaza to obtain humanitarian aid, targeting them with gunfire from helicopters, tanks, and drones near the Kuwait roundabout on the outskirts of Gaza City, killing over 60 people and injuring 160 others.

In what is known as the “flour massacre”, the occupation forces killed 118 people and wounded 760 others as they opened fire on hundreds of Palestinians waiting for aid trucks in Gaza City’s al-Rashid Street on February 29.

Earlier this month, the Government Media Office in Gaza said that a total of 400 people have been killed in Israeli attacks on aid seekers since the beginning of Israel’s genocidal aggression against the Palestinian territory.

Israel waged its US-backed war on Gaza on October 7 after the Palestinian Hamas resistance group carried out a historic operation against the usurping entity in retaliation for the regime’s intensified atrocities against the Palestinian people.

So far, the Tel Aviv regime has killed at least 32,142 Palestinians, mostly women and children, and injured 74,412 others.

Israel is intentionally starving the people in Gaza by blocking their access to food, a war crime under the Geneva Conventions and the Rome Statute.

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News Network
March 15,2024

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The leader of Yemen’s Houthis has said that the Yemeni armed forces will continue their retaliatory operations against Israeli-affiliated commercial vessels, preventing the passage of the ships even through the Indian Ocean and through the Cape of Good Hope.  

About 34 Houthi fighters have been killed since the Yemeni armed forces began to attack shipping lanes in solidarity with the people of Palestine under attack in Gaza by Israel, Ansarullah leader Abdul Malik al-Houthi said in a televised speech on Thursday.

Yemeni forces have repeatedly launched drones and missiles against Israeli and Israel-bound ships since mid-November, saying they are acting in solidarity with Palestinians against Israel's war on Gaza.

Al-Houthi said 73 ships have been targeted in Yemeni operations in support of Gaza so far, adding rarely does any ship associated with the Israeli enemy pass through Bab al-Mandab.

“This week, support operations included 12 operations targeting ships and barges, executed with a total of 58 ballistic and cruise missiles and drones in the Red Sea, the Arabian Sea, and the Gulf of Aden,” he said.

“Our operations this time reached unprecedented ranges, with 3 operations reaching the Indian Ocean, by the grace of Allah,” he added. “The total number of targeted ships and barges reached 73.”

Al-Houthi said that the operations will continue as long as the aggression and siege on Gaza persist.

The United States and Britain began striking Yemen in January in order to dissuade the country from targeting Israeli ships which carry arms and logistics for the onslaught on the besieged Gaza Strip.

Al-Houthi said the Americans and the British have received “painful blows” from the Yemeni armed forces in retaliation.

The American-British “aggression will not affect the escalating course of our operations in terms of range, momentum, precision, and strength,” said Al-Houthi.  

“What can stop the Yemeni military’s maritime operations is only the cessation of aggression and siege on Gaza,” he noted.

The American stubbornness and escalation of aggression result in only one outcome: the expansion of the conflict, the widening of the circle of war and events, and the tension of the situation at the regional level in general, he stated.

He went on to say that the Yemeni armed forces will continue and effectively expand the range of the operations to reach areas and locations that the enemy never expected.

Al-Houthi said what insures the navigation security in the Red Sea is for any country not to participate in the Israeli aggression against Gaza.

He said the Americans and those who drag the United States towards the militarization of the Red Sea are the ones who undermine international navigation.

“By the grace of Allah and His assistance, we aim to prevent the passage of ships associated with the Israeli enemy even through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he stated.

“For this important, advanced, and significant step, we have begun to implement our operations related to it through the Indian Ocean and from South Africa towards the Cape of Good Hope,” he said.

There is absolutely no choice for the American and the British but to stop the aggression on Gaza and stop starving the people in Gaza, he declared.

“Our human conscience, our religion, our morals, our dignity, our pride, our belonging to Islam, prohibit us from watching the oppression of Palestine or remaining silent about it,” said Houthi.

He added that the Yemeni military is in continuous development of capabilities and in constant expansion of the stance in its range, effectiveness, and impact.

“The American's actions this week, involving aerial bombings and naval shelling, amounted to 32 bombing raids and strikes, which, as usual, were unsuccessful,” he revealed.

“The impact of the American raids and bombings is negligible regarding our missile and drone capabilities and in terms of continuing operations effectively to counter it, and in preventing ships associated with the Israeli enemy,” he stated.

He concluded by saying that the Yemeni armed forces are continuously escalating, and increasing capabilities to attack enemy ships. “No matter what the Americans do, they will not be able to stop us from supporting the Palestinian people in Gaza.”

Yemenis have declared their open support for Palestine’s struggle against the Israeli occupation since the regime launched a devastating war on Gaza on October 7 after the territory’s Palestinian resistance movements carried out the surprise Operation Al-Aqsa Storm.

The Yemeni Armed Forces have said they won’t stop retaliatory strikes.

The maritime attacks have forced some of the world’s biggest shipping and oil companies to suspend transit through one of the world’s most important maritime trade routes.

Tankers are instead adding thousands of miles to international shipping routes by sailing around the continent of Africa rather than going through the Suez Canal.

Since the start of Israel's genocidal war following Operation al-Aqsa Storm by Gaza-based resistance movements on October 7, 2023, more than 31,000 Palestinians, including many women and children, have lost their lives.

The Israeli military offensive has left a trail of destruction in Gaza, leaving hospitals in ruins and displacing around half of its 2.4 million residents.

Israel has additionally enforced a comprehensive blockade on the coastal sliver, severing the supply of fuel, electricity, sustenance and water to the population residing there.

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News Network
March 14,2024

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The UN agency for Palestinian refugees (UNRWA) says at least five people, including a staff member, were killed and 22 others wounded after Israeli forces targeted a food distribution centre in Rafah in the southern Gaza Strip.

UNRWA Commissioner General Philippe Lazzarini in a statement on Wednesday said that the strike hit one of the very few remaining UNRWA distribution centers in the eastern part of Rafah.

“Today’s attack on one of the very few remaining UNRWA distribution centers in the Gaza Strip comes as food supplies are running out, hunger is widespread and, in some areas, turning into famine,” Lazzarini said.

“Every day, we share the coordinates of all our facilities across the Gaza Strip with parties to the conflict," he continued.

He said the attack was carried out even though "the Israeli Army received the coordinates including of this facility yesterday."

Lazzarini further urged the protection of the UN, its staff, and its premises and called for an independent investigation.

Israel acknowledged an airstrike on a food aid distribution center in southern Gaza, which it claimed targeted and killed a high-ranking member of Hamas. 

Meanwhile, the statement by the UNRWA head added that since October 7, at least 165 team members have been killed while in the line of duty and more than 400 people sheltering in UN buildings also lost their lives due to Israel's attacks.

More than 150 of the agency’s facilities, including schools and shelters, have been hit in the war, with some destroyed, and UNRWA staff have reportedly been mistreated and humiliated while in Israeli detention centers, according to the UNRWA.

Six aid seekers killed in Israeli attack

Separately, the health ministry in the Gaza Strip said six people were killed in the latest attack on Palestinians waiting for humanitarian aid at the Kuwait Roundabout in Gaza City.

The Wafa news agency said some 83 people who were wounded in the attack have been transferred to the al-Shifa Medical Complex in the city.

Over the past weeks, Israeli forces have increased their offensives on the Kuwait Roundabout, an area where large groups gather to wait for aid deliveries.

Israeli forces killed 11 people waiting for food aid at the roundabout on Monday night.

The Israeli military has restricted the delivery of humanitarian supplies to northern Gaza for weeks, and thousands of children are going without sufficient food and medication.

The prevention of aid convoys comes as humanitarian officials have already issued a dire warning, stating that unless a ceasefire is implemented and aid is significantly increased, the toll of malnutrition and disease is expected to rise, leading to an alarming loss of lives.

So far, the Tel Aviv regime has killed at least 31,272 Palestinians, mostly women and children, and injured 73,024 others.

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