Foreign News
US To Release Oil Reserves In Attempt To Lower Prices
The US has said it is releasing 50 million barrels of oil from its reserves in an attempt to bring down soaring energy and petrol prices.
The move is being taken in parallel with other major oil-consuming nations, including China, India, Japan, South Korea and the UK.
US President Joe Biden has repeatedly asked the Opec group of oil-producing nations to boost output more rapidly.
But Opec has stuck to an agreement to only increase production gradually.
It says it is concerned that a resurgence of coronavirus cases could drive down demand, as happened at the height of the pandemic.
Crude oil prices recently touched seven-year highs, amid a sharp uptick in global demand as economies recover from the coronavirus crisis.
It’s driven up petrol prices and energy bills in many countries.
In a statement the White House said: “American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand.
“That’s why President Biden is using every tool available to him to work to lower prices and address the lack of supply.”
As part of the coordinated effort, the UK government will allow firms to voluntarily release 1.5 million barrels of oil from privately-held reserves.
It said the action would support the global economic recovery but “any benefit for UK drivers is likely to be limited and short in nature”.
India will release five million barrels, while South Korea, Japan and China will announce the amount and timing of their releases in due course.
‘Not large enough’
Officials said it was the first time that the US had coordinated such a move with some of the world’s largest oil consumers. But analysts questioned whether it would have much impact.
“It’s not large enough to bring down prices in a meaningful way and may even backfire if it prompts Opec+ [which includes Russia] to slow the pace at which it is raising output,” said Caroline Bain, chief commodities economist at Capital Economics.
But the effort by Washington to team up with other major economies to lower energy prices sends a warning to Opec and other big producers that they need to address concerns about high crude prices, which are up more than 50% this year.
Opec+, which includes major producers such as Saudi Arabia and Russia, has repeatedly rebuffed requests to pump more oil at its monthly meetings, causing frustration in the US.
“We will continue talking to international partners on this issue,” a senior US administration official told reporters on Tuesday.
“The president stands ready to take additional action if needed, and is prepared to use his full authorities working in coordination with the rest of the world.”
Carsten Fritsch, a Commerzbank analyst, said the move may lead to Opec+ rethinking its strategy and agreeing to increase output at a meeting next week.
“To put things into perspective, 50 million barrels is equivalent to a production hike by 1.6 million barrels per day for one month or by 1 million barrels per day for seven weeks. This is quite significant.”
However, Caroline Bain, chief commodities analyst a Capital Economics, said the release was “not large enough to bring down prices in a meaningful way and may even backfire if it prompts Opec+ to slow the pace at which it is raising output”.
“As such, it seems quite symbolic and politically motivated,” she said.
She added that the move “also seems a bit impatient” with the consensus among analysts being that if Opec+ continues to pump more oil, the market will move into surplus in the first quarter next year.
This “would naturally bring down oil prices,” Ms Bain said.
Foreign News
Kemi Badenoch Pledges To Ban Doctors’ Strikes If Conservative Party Takes Power In The UK
Leader of the United Kingdom’s Conservative Party, Kemi Badenoch, has vowed that doctors’ strikes will be banned under a Conservative government.
The Tory party leader today announced she would amend the law to bar the protests as she insisted the British Medical Association (BMA) is ‘out of control’.
It comes following 11 strikes in the past 18 months, which Ms Badenoch said had resulted in patients dying.
Her comments were made on GB News amid the ongoing five-day series of strikes by resident doctors in support of a pay claim.
Urging Sir Keir Starmer to take similar action, Ms Badenoch said: ‘The BMA has become militant, these strikes are going too far, and it is time for action.
‘Doctors do incredibly important work. Medicine is a vocation – not just a job. That is why in government we offered a fair deal that supported doctors, but protected taxpayers too.
‘These strikes will have a significant economic effect, but they will also mean cancelled operations, worry for families of the sick, and suffering for those who are unwell. We know that previous strike action by doctors even led to some patients losing their lives.
‘That is why Conservatives are stepping in, and setting out common sense proposals to protect patients, and the public finances. And we are making an offer in the national interest – we will work with the Government to face down the BMA to help protect patients and the NHS.’
Police, the military, and prison officers are banned from taking strike action under the 1992 Trade Union and Labour Relations (Consolidation) Act in the UK. The Conservatives would amend this to include doctors.
Foreign News
Saudi Arabia’s ‘Sleeping Prince’ Dies After 20 Years in Coma Following London Car Crash
A Saudi prince who spent more than two decades in a coma after a car crash in London has died at the age of 36.
Prince Al-Waleed bin Khalid Al-Saud suffered severe brain injuries and internal bleeding in the horrific accident when he was just 15 years old in 2005.
He was dubbed the ‘Sleeping Prince’ and was kept on a ventilator in hospital but never regained full consciousness.
Prince Al-Waleed was the eldest son of Prince Khaled bin Talal Al Saud, who announced his death in a heartbreaking post on X today.
He said: ‘O reassured soul, Return to your Lord, well-pleased and pleasing [to Him], And enter among My [righteous] servants, And enter My Paradise.
‘With hearts believing in Allah will and decree, and with deep sorrow and sadness, we mourn our beloved son: Prince Al-Waleed bin Khaled bin Talal bin Abdulaziz Al Saud, may Allah have mercy on him, who passed away today.’
Prince Al-Waleed was studying at a military college in London when he was involved in the devastating car crash.
After the accident, he was hospitalised at King Abdulaziz Medical City in Saudi Arabia’s capital Riyadh where he remained in a coma.
Prince Al-Waleed’s father, who is the brother of business tycoon Prince Al-Waleed bin Talal bin Abdulaziz Al-Saud, never gave up hope his son would one day make a full recovery.
He remained involved in the prince’s care and opposed withdrawing life support.
Clips shared on social media in 2020 showed Prince Al-Waleed lifting his fingers as a woman greets him.
‘Hi, Didi hello, hello let me see, hi,’ she says as the prince wiggles his fingers in response.
She then asked if the prince could do ‘one more, one more, higher, higher’ and he could be seen lifting his whole hand off the bed momentarily.
However, despite the signs he could be recovering Prince Al-Waleed remained in a critical condition.
Funeral prayers for the prince will be held tomorrow at Imam Turki bin Abdullah Mosque in Riyadh.
Foreign News
Video: Israel Attempted To Assassinate Me – Iran President
Iranian President Masoud Pezeshkian said in an interview released on Monday that Israel, which last month fought a 12-day war with Iran, had attempted to assassinate him.
“They did try, yes. They acted accordingly, but they failed,” Pezeshkian told US media figure Tucker Carlson in response to a question on whether he believed Israel had tried to kill him.
“It was not the United States that was behind the attempt on my life. It was Israel. I was in a meeting… they tried to bombard the area in which we were holding that meeting,” he said according to a translation of his remarks from Persian, in apparent reference to an alleged assassination attempt during the recent war.
On June 13, Israel launched an unprecedented bombing campaign against Iran, killing top military commanders and nuclear scientists.
The Israeli attacks took place days before Tehran and Washington were set to meet for a new round of nuclear talks which began on April 12.
More than 900 people were killed in Iran during the conflict, according to the judiciary.
The Israeli attacks drew waves of retaliatory drone and missile fire, killing 28 people in Israel, according to authorities.
The 12-day war between Iran and Israel saw it, along with the United States, launching strikes on Iranian nuclear facilities at Fordo, Isfahan and Natanz.
During the interview with Carlson, Pezeshkian said his country has “no problem” restarting nuclear talks, provided that trust can be reestablished between the two countries.
“We see no problem in re-entering the negotiations,” the Iranian president said.
“There is a condition … for restarting the talks. How are we going to trust the United States again? We re-entered the negotiations, then how can we know for sure that in the middle of the talks the Israeli regime will not be given the permission again to attack us.”
VIDEO:
AFP
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