Saudi Arabia cuts oil output to lowest in 2 years, pledges more reductions

January 13, 2017

Abu Dhabi, Jan 13: Saudi Arabia has cut oil output to its lowest in almost two years, Energy Minister Khalid Al-Falih said on Thursday, as the world’s largest oil exporter leads OPEC’s drive to eradicate a global glut and prop up prices.

Saudi

Al-Falih said output had fallen below 10 million barrels per day — more than it had promised as part of a global output cut deal between OPEC and non-OPEC producers.

Al-Falih, speaking at the Atlantic Council Global Energy Forum in Abu Dhabi, said output was “not significantly below” 10 million bpd currently and the Kingdom planned to make even deeper cuts in February.

This means Saudi Arabia has cut oil production by more than the 486,000 bpd it agreed to late last year under a global deal to curb production and stem a fall in oil prices.

Al-Falih also said he expected the oil market to tighten in two to three years, aided by the agreement of OPEC and non-OPEC producers late last year to curb production.

“We have been moving toward rebalancing the markets for some time,” Falih said.

“Even better, the pace of rebalancing will be accelerated by recent production agreements within OPEC and outside. I have confidence in these agreements to bring stability to the global markets.”

Falih predicted oil demand would grow by over 1 million barrels a day this year.

“I am confident that the combination of capping production by 25 countries and growth of demand will continue to balance and prices will respond accordingly,” he added.

OPEC and non-OPEC producers last month reached their first deal since 2001 to curtail oil output jointly by nearly 1.8 million bpd to help stem a fall in oil prices and ease a supply glut.

While Al-Falih said he did not have a specific oil price target, Iraqi oil minister Jabar Ali Al-Luaibi told reporters at the same event Iraq wanted to see prices of around $65 a barrel.

Brent crude prices were up 77 cents at $55.87 a barrel by 1230 GMT.

Al-Luaibi said Iraq had slashed its exports by 170,000 bpd and was cutting them further by 40,000 bpd this week. He said Iraq was committed to the success of the production-cut agreement “even though it should have been exempted.”

OPEC expects global oil inventories to fall by the second quarter of this year in response to the agreement, OPEC Secretary-General Mohammed Barkindo said.

Kuwait has cut its oil exports by more than 133,000 bpd mainly to customers in North America and Europe while maintaining full exports to Asia, Kuwaiti Oil Minister Essam Al-Marzouq said.

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News Network
September 19,2024

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At least 20 people have been killed as more communication devices detonated in Lebanon a day after simultaneous explosions of pagers across the country left at least a dozen dead and thousands injured.

Explosions were reported in multiple locations in Lebanon, including at the site of a funeral for a child killed in a pager explosion the previous day.

Media reports said that several blasts occurred simultaneously in Beirut similar to what happened on Tuesday. Several explosions were also reported in southern and eastern Lebanon.

Lebanon’s Health Ministry said at least 20 people were killed and more than 450 injured in the new wave of explosions. 

An informed source said that the detonated devices came from the same batch of cargo as the detonated pagers, all imported from the same company.

The Lebanese Army Command called on the people not to gather in the scenes of security incidents to allow the arrival of medical teams.

Civil defense teams are extinguishing the fires that broke out as a result of the explosions, while ambulance teams continue to transport the injured.

The new act of aggression came as top Hezbollah official Sayyed Hashem Saffieddine was delivering a speech affirming that the Israeli acts of terrorism will have their own punishment, stating that the resistance is steadfast and capable of inflicting more defeats on the enemy.

The Hezbollah official said a speech by the movement’s Secretary-General Sayyed Hassan Nasrallah, planned for Thursday, will clarify matters and that the movement will face a new pattern and a new confrontation with the enemy.

Thousands of pagers widely used by resistance factions and also public service workers exploded on Tuesday, leaving at least a dozen dead and around 3,000 people injured.

The Lebanese government has blamed Israel. Hezbollah has promised the Israeli regime will receive ‘just punishment’ for the attacks.

Taiwanese company Gold Apollo said the pagers used in the Israeli deadly terrorist attack on Tuesday had been made by a Hungarian firm, to which the company had authorized its brand on the devices.

The company made the remarks in a statement on Wednesday, identifying the firm as BAC Consulting KFT based in the Hungarian capital Budapest.

The UN Security Council is due to meet on Friday to discuss the latest blasts that hit Lebanon, council president Slovenia said on Wednesday after Lebanon requested an emergency meeting.

UN Secretary-General Antonio Guterres said Wednesday that civilian objects should not be weaponized.

"I think it's very important that there is an effective control of civilian objects, not to weaponize civilian objects -- that should be a rule that... governments should, be able to implement," Guterres said at a briefing at UN headquarters.

"As important as the event in itself, is the indication that this event confirms that there is a serious risk of a dramatic escalation in Lebanon -- and everything must be done to avoid the escalation," he said.

"What has happened is particularly serious, not only because of the number of victims that it caused, but because of the indications that exist that this was triggered, I would say, in advance of a normal way to trigger these things, because there was a risk of this being discovered."

The Euro-Mediterranean Human Rights Monitor described the detonation of pagers and wireless devices in Lebanon on Tuesday and Wednesday as a blatant violation of international law.

The organization said the attack did not only target Hezbollah members but also indiscriminately exploded devices used by civilians.

The timing of the attack indicates that Israel did not take necessary precautions, as it occurred when device users were at home with their families, leading to numerous severe civilian injuries, including children, it said.

Israel's actions constitute a flagrant violation of international humanitarian law, which prohibits indiscriminate attacks and the targeting of civilians and their property, and mandates that warring parties distinguish between civilians and combatants at all times, the rights monitor said.

The organization called for an urgent and independent international investigation into these attacks and pressure on Israel to immediately stop its crimes and prevent further escalation in the region.

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News Network
September 18,2024

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Thousands of members of the Lebanese resistance movement Hezbollah as well as civilians have been killed or wounded after wireless communication devices, known as pagers, exploded in different locations across the country on Tuesday, September 17. 

In its latest update, the Lebanese health ministry said at least nine people have been killed and 2,800 others wounded in the explosions that were first reported in the southern suburbs of Beirut. 

"Patients are being transferred to different governorates in Lebanon as hospitals in southern Lebanon have exceeded their capacity," the ministry stated.

Among those killed are a 9-year-old girl and son of a lawmaker affiliated with Hezbollah, Press TV correspondent in Beirut Mariam Saleh said in a report from the Lebanese capital.

The little girl has been identified as Fatima Jafar Abdullah while the young man is Mahdi Ammar, son of 'Loyalty to the Resistance' bloc MP Ali Ammar.

Iran’s ambassador to Lebanon, Mojtaba Amani, is also among the injured. His wife took to X, formerly Twitter, to confirm his injury in the pager explosion but said his condition was stable. 

Saleh said certain people who were carrying pagers noticed them heating up before the explosions took place, adding that Israelis are on a state of high alert, expecting a response from Hezbollah.

Based on preliminary investigation, officials were quoted as saying that the blasts appear to have been caused by a remote cyber attack orchestrated by the Israeli regime amid heightened tensions.

Footage shared on social media showed the wounded being taken to hospitals in Beirut and southern Lebanon. Many were seen assembling in front of hospitals and health centers to assist the injured.

In its latest statement, Hezbollah said after examining all facts and available information about the attacks that they hold the Israeli regime "fully responsible for this criminal aggression that also targeted civilians and led to the martyrdom of several people and the injury of many others."

"Our martyrs and wounded are the symbol of our struggle and sacrifices on the road to Al-Quds, in victory for our honorable people in the Gaza Strip and the West Bank and continuous field support.

"Our position of victory, support and backing for the valiant Palestinian resistance will remain a source of pride and honor for us in this world and the hereafter.

"The treacherous and criminal enemy will certainly receive its punishment for this sinful aggression," read the statement.

In its earlier statement, Hezbollah said at least three people, including a girl, had been killed in the pager explosions and many others sustained injuries.

The movement said relevant authorities were conducting security and scientific investigations to determine the causes of these simultaneous explosions.

The Lebanese health ministry has asked all its medical workers in Beirut and southern Lebanon to remain on alert and respond to all emergency medical cases.

The ministry has also urged all pager owners to dispose of their devices with immediate effect. 

Lebanon’s Minister of Health, Firas Abiad, earlier said the number of injured was in the “hundreds” and there were some fatalities from the explosions.

There has been no immediate comment from the Israeli military on Tuesday's attacks although some reports suggest that the regime officials have been advised to remain tight-lipped about it.

Israel has been regularly exchanging fire with Hezbollah since last October, shortly after the regime launched its genocidal war on Gaza after the Hamas resistance group carried out Operation Al-Aqsa Storm in retaliation for the relentless atrocities against the Palestinian people.

Experts believe the Israeli regime, after being militarily defeated, is resorting to desperate attacks against ordinary people in both Lebanon and Gaza, which will only hasten its demise. 

More than 41,200 Palestinians have been killed by the occupying regime in the besieged Gaza Strip in the past 11 months, most of them children and women. 

Condemnations have started pouring in against Tuesday's mass pager explosions in Lebanon, with Palestinian resistance groups as well as Yemen's Ansarullah strongly condemning it.

In a phone call with his Lebanese counterpart, Iranian Foreign Minister Abbas Araghchi strongly condemned the Israeli terrorist attack targeting the Lebanese people.

He also expressed condolences to Lebanon and said Iran is ready to assist in treating the wounded or transferring them to Tehran.

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News Network
September 20,2024

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The Israeli military has carried out airstrikes against the Lebanese capital Beirut. On Friday, the military said it had staged a “targeted strike” against the city.

At least five children are among those killed in the attack.

Lebanon’s al-Mayadeen television network said a drone had fired several missiles against Beirut’s heavily-populated Dahiyeh suburb.

According to Lebanon’s official National News (NNA), “five children were martyred in the hostile airstrike.”

The agency added that an F35 jet targeted residential areas with two strikes.

Media outlets cited sources as saying that the attack targeted Ibrahim Aqil, a senior commander of Lebanon’s Hezbollah resistance movement.

Aqil is a member of Hezbollah’s Jihad Council, which is responsible for directing the group’s military and security activities.

He has replaced Fuad Shukr, who was assassinated in an Israeli targeted killing attack against Beirut on July 30. 

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