Oil prices rise amid optimism over production cuts

December 28, 2016

London/New York, Dec 28: Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday.

Oilpro

Jan. 1 is the official start of the deal agreed by the Organization of Petroleum Exporting Countries (OPEC) and several non-OPEC producers to lower production by almost 1.8 million barrels per day (bpd).

Brent crude was up 17 cents at $55.33 a barrel at 1340 GMT. The global benchmark reached $57.89 on Dec. 12, the highest since July 2015. US crude gained 30 cents to $53.32.

Trading was thin on Tuesday, with less than one-third of the usual volume in futures contracts in West Texas Intermediate crude oil.

“Some of the doubts (in OPEC) people are showing are going to have to be put to rest,” said Phil Flynn, analyst at Price Futures Group in Chicago. “There is a strong possibility that we are going to rally into the end of the year.”

The members of an OPEC and non-OPEC committee formed to monitor the market may meet on Jan. 13, two sources said. Oil rallied further after news of the meeting, which may give an early indication of compliance with the deal.

“From January, we will start to have a better idea about the level of OPEC production,” said Olivier Jakob, oil analyst at Petromatrix.

“To go above $60 is going to be difficult. We are already close to the top rather than the bottom of the range right now,” he said.”

Russian oil producer Gazprom Neft said on Tuesday it planned to increase oil production by 4.5 to 5 percent next year, less than intended before Russia joined the supply cut deal.

Major OPEC members such as Saudi Arabia and Iraq have informed customers of lower supplies. But Libya and Nigeria — which are exempt from reductions because conflict has curbed their output — have been increasing production.

Products markets outpaced crude on Tuesday, as the price of reformulated blendstock gasoline gained 2.4 percent to $1.6652 a gallon, while heating oil gained 2.9 percent to trade at $1.71 a gallon. Those contracts expire Friday; options on those contracts are expiring Tuesday.

Venezuela said on Tuesday it would cut 95,000 barrels-per-day of oil production in the New Year.

“Without prejudicing its international contractual obligations, from Jan. 1, 2017, (state oil company) PDVSA and/or its subsidiaries will implement a reduction in the volumes of its main crude sale contracts, all in conformity with existing terms and conditions,” the Energy Ministry said.

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April 15,2024

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The Iranian Army Chief Commander Major General Abdolrahim Mousavi says the country will not hesitate to give a “stormy and unified” response to any act of aggression against it.

In a Monday message marking the National Army Day, Mousavi said great defensive measures of the country’s Army and Armed Forces have resulted in strong deterrent power.

Iran has conveyed its message of power to the world in a way that the world has realized that the Iranian Armed Forces will give a “stormy and unified” response to any aggression against the country’s national interests, borders and security, he added.

The top commander noted that Iran’s firm response to an act of aggression by the usurping Israeli enemy against its diplomatic premises in the Syrian capital of Damascus brought joy to oppressed nations, especially the resilient people of Palestine and Gaza.

Mousavi emphasized that the retaliatory strikes, dubbed Operation True Promise, revealed only a part of the capacity and strong will of the Iranian Armed Forces and were carried out in cooperation among the Islamic Revolution Guards Corps (IRGC) Aerospace Division, the Army, and the Defense Ministry.

He said the Army has played a key role in strengthening the country’s defense power, independence and lasting security by implementing various measures.

It has constructed strategic drone and underground tactical bases and made hundreds of modern defense achievements in the land, air, sea and space sectors in addition to advancing in the fields of science and technology, he explained.

Now the enemies lack the courage to carry out any act of aggression against the Islamic establishment and the noble Iranian nation, the top commander said.

He added that Iran has staged several joint military drills to enhance national security and dignity.

The Israeli airstrikes on Iran’s embassy compound in Damascus killed two generals of Iran’s Islamic Revolution Guards Corps (IRGC), Brigadier General Mohammad Reza Zahedi and General Mohammad Hadi Haji Rahimi, as well as five of their accompanying officers.

In response, on Saturday night, the IRGC targeted the Israeli-occupied territories with a barrage of drones and missiles. The extent of the damage on Israeli military bases across the occupied territories is yet to be specified.

Following the reprisal, Iran warned Israel against taking any retaliatory actions and also urged the US to try not to involve itself in the conflict and signaled that it viewed the matter as “concluded.”

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News Network
April 11,2024

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The number of Palestinians arrested by Israeli military forces in the occupied West Bank has surged to 8,165 since October 7, when Israel launched its relentless offensive against Palestinians in the Gaza Strip.

The Palestinian Prisoners Society and the Commission of Detainees and ex-Detainees in a joint statement on Tuesday said that over the past 24 hours, Israeli forces had arrested 20 Palestinians across the West bank.

The statement said that most of the arrests took place in Tulkarm, with additional arrests scattered across other cities, towns and refugee camps in the West Bank such as Beit Lahm, al-Khalil, Ramallah, Nablus, Tubas, and al-Quds.

The arrests were made amidst reports of widespread abuse, severe beatings, threats against detainees and their families, and extensive vandalism in citizens' homes and prisoners' residences in the Israeli prisons.

In the aftermath of the al-Aqsa Storm, over 8,165 arrests were made in the West Bank, with individuals including children being detained from their homes, at military checkpoints, coerced into surrendering, and even taken hostage, the statement revealed.

These figures do not include the thousands of adults and children the Israeli army has detained, tortured and interrogated in makeshift prisons across Gaza, outside any legal or civilian oversight.

Conditions for Palestinian prisoners in Israeli jails have allegedly worsened considerably, with detainees experiencing extreme overcrowding and limited access to essential rights, including food, water, electricity, medical care, family visits, and legal assistance.

Palestinian prisoner groups have repeatedly reported that Palestinians in Israeli prisons are being denied medical care, which pushes those jailed to the brink of death.

At least 10 Palestinians have died in Israeli prisons since Israel’s war on Gaza began, according to Palestinian news agency WAFA. But an investigation by Israeli daily Haaretz revealed that the number was actually at least 27. Rights groups put the number even higher.

Israel has intensified its attacks against Palestinians throughout the West Bank since October 7, when it launched a devastating war on the besieged Gaza Strip.

Since then, the Israeli forces and settlers have killed at least 459 Palestinians from the West Bank, with over 4,750 others sustaining injuries.

In the span of the past six months, at least 33,482 Palestinians, mostly women and children, have been killed in Gaza. The relentless violence has also resulted in the mass displacement of the 2.3 million people inhabitants of the Gaza Strip.

Concerns have been raised regarding the fate of those who have gone missing, as they may be trapped beneath the rubble or confined within makeshift Israeli prisons.

The significant number of Palestinian detainees remaining in Israeli prisons is a crucial role in truce negotiations between Palestinian resistance group Hamas and Israel.

About 130 of the 250 Israeli captives taken during Operation Al-Aqsa Storm are still in Gaza after a provisional truce deal in December saw the exchange of a number of prisoners between the two sides.

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News Network
April 14,2024

New Delhi, Apr 14: In response to the escalating tensions between Israel and Iran, ministry of external affairs (MEA) on Sunday issued a statement expressing serious concern over the potential threat to regional peace and security.

"We are seriously concerned at the escalation of hostilities between Israel and Iran which threatens the peace and security in the region," the MEA said in the statement.

The ministry called for an immediate de-escalation of the situation, emphasizing the importance of exercising restraint and refraining from further violence. 

Stressing the need for diplomacy to prevail, India urged both parties to step back from confrontation and seek peaceful resolutions to their differences.

"We call for immediate de-escalation, exercise of restraint, stepping back from violence and return to the path of diplomacy," the MEA said. 

India, closely monitoring the evolving situation, assured that its embassies in the region are actively engaging with the Indian community, providing support and assistance as needed.

"We are closely monitoring the evolving situation. Our Embassies in the region are in close touch with the Indian community," the MEA affirmed.

Highlighting the significance of maintaining security and stability in the region, India reiterated the importance of all parties involved prioritizing peaceful dialogue and cooperative measures. "It is vital that security and stability are maintained in the region," the MEA said.

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