Saudi Arabia looking into possible effects of OPEC collapse: Reports

Agencies
November 9, 2018

Moscow, Nov 9: Saudi Arabia’s state-funded think tank is looking into potential effects of the dissolution of the Organization of the Petroleum Exporting Countries (OPEC) amid US pressure over oil prices and investments withdrawal from Saudi Arabia in the wake of the killing of journalist Jamal Khashoggi, media reported.

The study by the King Abdullah Petroleum Studies and Research Center (KAPSARC) was part of a wider paradigm of rethinking the role of the cartel by Saudi senior government officials, The Wall Street Journal reported on Thursday.

However, the research does not reflect Riyadh’s willingness to leave the organization in the near future, according to the outlet, citing people familiar with the matter. Instead, the study was viewed by the Saudi government officials as an exercise on how markets might react to the fall in oil demand which might result in the collapse of OPEC, the newspaper added.

Saudi officials consider the research a high-priority project, according to the outlet.

“The kingdom knows demand for oil won’t last forever . So you need to think past OPEC . You also have a NOPEC act being considered [in the United States],” a senior adviser familiar with the project told The Wall Street Journal referring to a draft bill aiming to designate OPEC as an illegal organization, which was introduced by US lawmakers who oppose the cartel.

Adam Sieminski, the KAPSARC’s president, told the outlet that the research was based on the previous study suggesting that the absence of measures on the part of OPEC to stabilize oil markets would negatively impact the global economy. Sieminski noted that the research had not been launched in relation to US President Donald Trump’s criticism of the cartel.

However, the senior adviser suggested that the study provided an opportunity to take the US statements into consideration.

The newspaper noted that the Saudi government spokesperson and the country’s Energy Ministry had not answered to the requests for comment.

Trump has recently criticized OPEC, noting its monopoly over high oil prices. The president also called on Riyadh to boost oil production in a move to squeeze the Iranian oil from the market.

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News Network
April 13,2024

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New Delhi, May 13: Warmongering Israel is bracing for a potential direct attack by Iran as warnings grow of retaliation for the provocative killing last week of a senior officer in Iran's embassy in Damascus. US and other intelligence assessments have said the retaliation could come as soon as Sunday. The unprecedented attack could trigger an all-out regional war.

US President Joe Biden has also warned Israel that he expects a strike from Iran soon, but has warned the clerical state not to attack.

"I don't want to get into secure information but my expectation is sooner than later," Biden told reporters after an event.

Asked what his message was to Iran on striking Israel, Biden said, "Don't."

An assault from Iranian soil has emerged as one of the main scenarios expected by the Jewish state and its allies, according to reports by the Wall Street Journal and Bloomberg. A bombardment with drones and precision missiles could come within the next 24 hours, the reports said citing people familiar with the matter.

Any Iranian attack on Israel would likely be a combination of missiles and drones, based on current capabilities outlined in a new Defense Intelligence Agency Worldwide Threat assessment released late Thursday.

The regime "has a substantial inventory of ballistic and cruise missiles capable of striking targets as far as 2,000 kilometers from its borders," the agency said.

The US has rushed additional military assets to protect Israel and American forces in the region. The country has moved two Navy destroyers to the Eastern Mediterranean Sea, according to a Navy official. One is the USS Carney, which was recently in the Red Sea performing air defence against Houthi drones and anti-ship missiles.

America has also doubled down its diplomatic efforts to rein in hostilities in the region, which has been on the edge since Israel launched a mega offensive on Palestine to destroy the militant organisation Hamas.

US officials have been working to send messages to Iran, including through an established Swiss channel, while talking to Israel, Saudi Arabia, Qatar, and other governments. Biden has also sent the head of US Central Command, General Michael Kurilla, to Israel for urgent talks on the threat from Iran.

The 'shadow war' between the two Middle Eastern countries heated up when an Israeli airstrike hit the Iran consulate in Damascus, killing seven people, including two generals. Iran immediately issued a statement saying that it is prepared for war and will deliver a "slap" to Israel.

Israel has been on alert since then, canceling home leave for combat troops, calling up reserves, and bolstering air defenses. Its military scrambled navigational signals over Tel Aviv on Thursday to disrupt GPS-navigated drones or missiles that might be fired at the country.

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News Network
April 13,2024

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Tehran, Apr 13: Iranian armed forces have seized a container ship near the Strait of Hormuz amid rising tensions across the region after a deadly Israeli attack on Iran’s consulate in Syria.

The incident comes amid Israel bracing for Iranian retaliation after the regime's April 1 strike on a building in the Iranian embassy compound in the Syrian capital of Damascus, which killed seven IRGC military advisors, including two generals.

The ship was commandeered by the Islamic Revolutionary Guard Corps (IRGC), the elite force that lost seven members in the Syria strike, Iranian state media reported on Saturday.

“The ship has now been guided towards the territorial waters of our country,” state-run IRNA reported.

The vessel was identified as the Portugal-flagged MSC Aries, which reportedly departed from a port in the United Arab Emirates en route to India. 

Footage from the deck of the vessel obtained by The Associated Press news agency on Saturday showed soldiers rappelling down from a helicopter.

The helicopter appeared to be a Soviet-designed Mil Mi-17, which is operated by the naval forces of the IRGC.

Zodiac Maritime said in a statement that MSC is responsible for all vessel activities.

“Title to the vessel is held by Gortal Shipping Inc as financier and she has been leased to MSC on a long-term basis. Gortal Shipping Inc is affiliated with Zodiac Maritime,” it said.

The United Kingdom Maritime Trade Operations (UKMTO) had said a vessel was seized by “regional authorities” 50 nautical miles (92km) northeast of the UAE’s Fujairah in a waterway vital to world trade.

Another Israeli-linked container ship was attacked and damaged by a drone in the Indian Ocean in late November, which the United States blamed on Iran.

Israeli Foreign Minister Israel Katz said in a post on X that the move by Iran was “a pirate operation in violation of international law”.

He called on the European Union and “the free world to immediately declare” the IRGC a “terrorist organization and to sanction Iran now”.

The Gulf of Oman is near the Strait of Hormuz, the narrow mouth of the Persian Gulf through which a fifth of all globally traded oil passes. Fujairah, on the United Arab Emirates’ eastern coast, is a main port in the region for ships to take on new oil cargo, pick up supplies or trade out crew.

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News Network
April 11,2024

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The head of the political bureau of Hamas says Israel’s assassination of his children will not make the Palestinian resistance group back down on its goals and demands in the latest round of talks aimed at reaching a truce in the Gaza war.

Ismail Haniyeh made the remarks in a phone interview with Qatar-based Al Jazeera TV network on Wednesday night, after an Israeli airstrike killed three of his sons — Hazem, Amir and Mohammad — and four grandchildren in the al-Shati refugee camp in the northern Gaza Strip. 

“Our demands are clear and specific and we will not make concessions on them. The enemy will be delusional if it thinks that targeting my sons, at the climax of the negotiations and before the movement sends its response, will push Hamas to change its position,” he said.

The Israeli military and the regime’s so-called internal security service, Shin Bet, confirmed killing Haniyeh’s sons, who were visiting relatives on the occasion of Eid al-Fitr before their vehicle was struck.

The assassination came at a time when Hamas was preparing a response to Israel’s proposal for a Gaza ceasefire delivered through mediators during the negotiations in Cairo.

Also in his remarks, Haniyeh said killing his sons would only make Hamas “more steadfast in our principles and adherence to our land.”

The resistance group, he added, would “not surrender, and […] not compromise […] no matter how great our sacrifices are.”

The Hamas leader also noted that around 60 members of his family, including nieces and nephews, have been martyred during the Gaza onslaught. 

“All our people and all the families of Gaza have paid a heavy price in blood, and I am one of them,” he said.

Haniyeh further decried Israel’s brutality in Gaza, saying the regime is conducting a war of ethnic cleansing and genocide on the besieged territory.

“There is no doubt that this criminal enemy is driven by the spirit of revenge and the spirit of murder and bloodshed, and it does not observe any standards or laws,” he stressed.

Erdogan extends condolences to Haniyeh

Türkiye’s President Recep Tayyip Erdogan has extended his condolences to Haniyeh over the deaths of several of his family members, the Turkish Communications Directorate said.

During the phone call on Wednesday, Erdogan said that Israel will be held accountable before the law for its crimes against humanity.

In addition, Turkish Vice President Cevdet Yilmaz condemned the attack and conveyed his condolences to Haniyeh.

”The Israeli administration will eventually be held accountable for these inhumane attacks under international law,” Yilmaz said on X.

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

So far, the occupying regime has killed at least 33,482 Palestinians, mostly women and children, and injured 76,049 others.

Ansarullah’s reaction

Meanwhile, the Yemeni Ansarullah resistance group extended its condolences to Haniyeh.

“These great sacrifices … indeed strengthen the steadfastness of Palestinian people in the face of Israeli arrogance,” Ansarullah spokesman Mohammed Abdul-Salam stated.
On the threatened invasion of the city of Rafah in southern Gaza, Haniyeh said, “We will not submit to the occupying regime’s intimidation, as those who surrender will not be spared.”

Shati is the third-largest refugee camp among the eight in the Gaza Strip, and also one of its most crowded, with thousands of people living in an area of less than half a square kilometer.

Ismail Haniyeh, who now lives in Qatar, is originally from Shati camp.

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