United States fails in deterring Houthis

After half a year of conflict, the United States has failed to deter the Houthis from attacking merchant ships in the Red Sea as the Yemeni fighters continue to attack commercial boats and disrupt global trade, posing an increasingly difficult challenge for the far larger American military.  

Repeated US bombardments on Houthis positions have done little to stop the group that has managed to employ advanced weapons like surface-water drones and anti-ship ballistic missiles to fluster US troops. They have kept up the pace of attacks with more than 190 drone and missile launches since the effort began in October 2023. 

While the US has thwarted most Houthi attempts to damage merchant ships, the Yemeni fighters have now sunk or heavily damaged at least four commercial vessels, along with hijacking one. They have also killed four commercial sailors. 

The latest successful attack came on June 23, when the Houthis struck the Liberian-flagged and Greek-owned merchant ship the Trans World Navigator. The last vessel to sink, another Greek-owned ship, the Tutor, was on June 12.  

Bruce Bennett, an adjunct senior international defense researcher at RAND Corporation, said the Houthis are being fed by religious determination and a political motivation that embraces sacrifice, while their insurgent warfare, with weapons scattered across Yemen, pose a big challenge. 

“The US military is designed for regular warfare. It’s designed to take out an adversary who’s out there and targetable,” he said. “It’s really a very hard kind of military threat to get under control.” 

The conflict’s impact on global trade is only growing as it drags on. Earlier this month, the shipping industry sent out a scathing condemnation of the Houthis attacks, calling it “an unacceptable situation” and pushing for stronger international action to ensure the attacks “stop now.” 

While economic costs have largely been absorbed by the shipping industry and direct sellers for now, that could change. 

Adnan Mazarei, a nonresident senior fellow at the Peterson Institute for International Economics who focuses on the economies of the Middle East and Central Asia, said traffic is down by 50% in the Red Sea corridor. The impact is regional, he added, mainly hitting Egypt, which collects shipping revenues through the Suez Canal, along with reducing port traffic for countries like Israel. 

An extended conflict could begin to impact other parts of the world, especially Europe, as increased shipping costs trickle down to the average consumer. That could significantly worsen if a possible approaching war between Israel and Hezbollah in Lebanon is realized, Mazarei added. 

“Unless there is a war in Lebanon, we are in a somewhat stable situation” he said. “Not a good situation, but I think things are somewhat stabilized.” 

The Houthis are launching drones and missiles daily from sites in Yemen, using fishing boats for radar-tracking and relying on advanced weapons shipments and other targeting assistance from Iran. 

The scope of their efforts has also expanded outside of the maritime corridor, with the Houthis in the past few months kidnapping dozens of United Nations relief works, Human Rights Watch said in a new report. 

The US Navy has been constantly on the alert since full engagement began in January to quickly shoot down drones and launch counterattacks on the rebel group’s assets.  

But the Houthis need to slip just one drone or missile through defenses to do damage, while the U.S. cannot miss once or risk a hit, said Cmdr. Eric Blomberg with the USS Laboon, a destroyer ship that has taken on the Houthis, who told The Associated Press that people may be unaware of “how deadly serious it is what we’re doing and how under threat the ships continue to be.” 

The USS Eisenhower aircraft carrier strike group, made up of four ships and some 6,000 sailors, this month left the Middle East. The US is sending reinforcements to the region for the Eisenhower group, which has been deployed since October to deter regional escalation and counter the Houthis. 

Washington believes it can damage the rebels enough to stop the effectiveness of their campaign, though officials are now stressing the challenge of accomplishing that goal. 

White House national security spokesperson John Kirby told reporters on Wednesday that the Houthis “miss a whole hell of a lot more than they hit” because of the Navy’s vigilance. 

Kirby explained the U.S. was focused on “taking away their capability to conduct the attacks” but also acknowledged the Houthis remain determined and well-supplied, despite the military working to intercept Iranian skiffs headed to Yemen. 

“They have instilled this sort of religious fervorness and made it some sort of cause célèbre, and when you do that, it becomes even more difficult,” he said. “We’re doing everything we can to try to degrade their capabilities, but they’re still getting supplied. They’re still getting resourced by Iran.” 

Neither Biden nor Trump fit to be US President

US President Joe Biden’s main opponent on the debate stage in Atlanta on Thursday night wasn’t the rambling, falsehood-filled former president who refused to admit he lost the last election or commit to respecting the result if he loses the next one. 

The 81-year-old Democrat’s real foe was himself. Biden’s disjointed performance shocked and angered many loyal Democrats, some of whom began openly questioning whether he should continue to seek a second term.

Donald Trump, 78 is just three years younger to Biden, largely avoided the kind of outbursts for which he is famous.

He did however remain consistent in using the debate stage to pour forth a steady stream of lies on everything from tariffs on China, abortion and the failed 2021 effort to block the transfer of power. Neither the moderators nor Biden offered much fact-checking. 

Biden’s Friday performance had sent parts of the Democratic political establishment into a tizzy. “DEFCON 1,” said former President Barack Obama’s campaign manager, David Plouffe.

A steady drumbeat of talking heads took to cable urging Biden to make way for a younger candidate—though it’s late in the game for such a strategy. 

Biden’s Congressional allies stood by him Friday, but the talk among doubters was centered on Vice President Kamala Harris, Michigan Governor Gretchen Whitmer and California Governor Gavin Newsom.

Harris would be the only candidate able to inherit Biden’s large campaign war chest. Newsom however topped many informal lists.

He’s “arguably best equipped—in fundraising chops, in messaging and in campaign infrastructure—to step up in an emergency,” Erika D. Smith wrote in Bloomberg Opinion.

But by Friday afternoon, the president had moved to quell the panic. Following a morning of Republican glee and Democratic handwringing, a decidedly more energetic Biden took to the stage at a rally in North Carolina.

“I don’t walk as easy as I used to. I don’t walk as smoothly as I used to. I don’t debate as well as I used to,” he conceded to a cheering crowd. “But I know what I do know—I know how to tell the truth, I know right from wrong and I know how to do this job.” 

Iran rejects statements made by US official

Iran has firmly rejected recent statements made by a US administration official concerning the country's presidential election, labeling the remarks as "worthless" and "meddlesome." 

On Friday, Nasser Kanaani, the spokesman for Iran's Foreign Ministry, responded forcefully to comments by Abram Paley, the deputy special envoy for Iran at the US State Department. Paley had taken to his X social media account to accuse Iran of "suppressing election coverage" and asserted that the election was neither "free nor fair," among other allegations deemed false by Iranian authorities.

Kanaani criticized these comments, stating, "American authorities gain nothing from such worthless statements. The Iranian people will firmly respond to these interventionist remarks by participating effectively and enthusiastically in the polls, as they have done in the past."

He emphasized the significant role that the Iranian populace plays in shaping their political future, an aspect he described as an "obvious principle" that has been consistently demonstrated in practice.

He further asserted that the integrity and fairness of Iran's electoral processes have been validated in previous elections.

"The Islamic Republic of Iran and its election organizers view the people's vote as a trust and a fundamental right, which they are obligated to protect," Kanaani said.

He suggested that the American officials' understanding of this principle might be limited by what he described as their "totalitarian mentality."

Kanaani also took the opportunity to critique the state of American democracy, both domestically and internationally.

He highlighted the "bitter taste" of American democracy experienced by global nations, particularly pointing to the situation in the occupied territories.

"The outcome of American democracy and human rights there includes criminals known for occupation, racism, war, bloodshed, and terrorist acts," he remarked.

He continued by saying that if the US democratic system allowed it, American citizens would undoubtedly elect better leaders. 

Additionally, Kanaani condemned the U.S. treatment of pro-Palestine students and professors in American universities, citing it as clear evidence of Washington’s poor track record on human rights and freedom of expression. "The world is witnessing how discussions on human rights in America have turned into an empty slogan, marred by beatings, illegal arrests, and dismissals," he said.

In Iran, over 61 million people are eligible to vote, with the election headquarters reporting that voting took place at 58,640 polling stations, mainly located in schools and mosques. Early projections of the election results are anticipated by Saturday morning, with official results expected by Sunday.

The new administration, the 14th since the victory of the Islamic Revolution in 1979, is expected to assume power in late June or early July and will hold office for four years.

 

Iran to hold presidential run-off on July 5

According to Reuters, a moderate lawmaker will face Iran supreme leader's protégé in a run-off presidential election on July 05, 2024 after the country's interior ministry said on Saturday that no candidate secured enough votes in the first round of voting.

Friday's vote to replace Ebrahim Raisi after his death in a helicopter crash came down to a tight race between a low-profile lawmaker Massoud Pezeshkian, the sole moderate in a field of four candidates, and former Revolutionary Guards member Saeed Jalili.

The interior ministry said neither secured the 50% plus one vote of over 25 million ballots cast required to win outright, with Pezeshkian leading with over 10 million votes ahead of Jalili with over 9.4 million votes.

Power in Iran ultimately lies with Supreme Leader Ayatollah Ali Khamenei, so the result will not herald any major policy shift on Iran's nuclear program or its support for militia groups across the Middle East.

But the president runs the government day-to-day and can influence the tone of Iran's policy.

The clerical establishment hoped for a high turnout as it faces a legitimacy crisis fuelled by public discontent over economic hardship and curbs on political and social freedom. However, turnout in Friday's vote hit a historic low of about 40%, based on interior ministry count released on Saturday.

The election comes at a time of escalating regional tension due to the war between Israel and Iranian allies Hamas in Gaza and Hezbollah in Lebanon, as well as increased Western pressure on Iran over its fast-advancing nuclear program.

With Iran's supreme leader now 85, it is likely that the next president will be closely involved in the process of choosing a successor to Khamenei, who seeks a fiercely loyal president who can ensure a smooth eventual succession to his own position, insiders and analysts say.

Anti-Western views of Jalili, Iran's former uncompromising nuclear negotiator, offer a contrast to those of Pezeshkian. Analysts said Jalili's win would signal the possibility of an even more antagonistic turn in the Islamic Republic's foreign and domestic policy.

But a victory for mild-mannered lawmaker Pezeshkian might help ease tensions with the West, improve chances of economic reform, social liberalization and political pluralism.

Pezeshkian, faithful to Iran's theocratic rule, is backed by the reformist faction that has largely been sidelined in Iran in recent years.

"We will respect the hijab law, but there should never be any intrusive or inhumane behaviour toward women," Pezeshkian said after casting his vote.

He was referring to the death of Mahsa Amini, a young Kurdish woman, in 2022 while in morality police custody for allegedly violating the mandatory Islamic dress code.

The unrest sparked by Amini's death spiraled into the biggest show of opposition to Iran's clerical rulers in years.

Malaysia and Thailand keen in joining BRICS

According to NIKKEI Asia, two Southeast Asian nations, Malaysia and Thailand, have recently revealed their plans to join the BRICS grouping of emerging nations as middle power countries seek to maneuver amid growing geopolitical uncertainties, including the US-China tensions.

What kind of organization is BRICS?

BRICS, an acronym for Brazil, Russia, India, China and South Africa, was launched in 2009 as BRIC and later renamed BRICS in 2010 when South Africa joined the group. It was formed to foster economic, political and cultural cooperation among its members.

Compared to the Association of Southeast Asian Nations (ASEAN), the group operates without a formal charter or secretariat -- akin to an informal group that meets annually to allow for flexibility and prompt responses to global challenges.

Alicia Garcia-Herrero, a senior research fellow at the Brussels-based think tank Bruegel, argued in her article on the East Asia Forum that at the start of the group's formation, China dominated the bloc, and most of the growth in trade has been China-centric. However, the recent increase, mostly driven by India, has "experienced an acceleration in economic growth" of the group.

The five countries combined accounted for gross domestic product of US$25.8 trillion last year, or about a quarter of the global total, whereas Group of Seven (G7) developed nations had a combined US$46.8 trillion.

Why do Malaysia and Thailand want to join?

Participation in BRICS would foster economic cooperation with peer emerging economies, such as trade and investment.

In addition, Malaysia views this as an opportunity to engage in rising multilateralism, according to Hoo Chiew Ping, a senior fellow at the East Asian International Relations Caucus. She said joining BRICS would support a multipolar world order rather than being drawn into a new Cold War centered on the US-China rivalry.

Thailand has said a BRICS membership would enhance Thailand's role as a leader among emerging countries.

A foreign ministry spokesperson told reporters last week that the country wants to play more roles, promoting Thai potentials to co-play the roles with developed nations and underdeveloped nations to provide guidelines for global community development to promote justice and equality, adding that being a BRICS member does not mean Thailand is taking sides.

Will other countries in Southeast Asia follow?

Indonesian Foreign Minister Retno Marsudi said earlier this year that Jakarta was still assessing the benefits of joining BRICS. This follows President Jokowi Widodo's attendance at the BRICS summit in South Africa in August last year, during which he called for stronger cooperation among developing nations to fight trade discrimination.

Jokowi told reporters afterward that despite Indonesia's good economic relationships with the group's members, we don't want to rush joining the bloc.

Observers describe Indonesia's reluctance to join BRICS as a desire to avoid being seen as too close to China, already its biggest source of foreign direct investment and trading partner in recent years. China has also been the biggest trading partner to most ASEAN countries in the past decade.

This is amid Indonesia's ambition to join the OECD instead. The rich-country club opened accession discussions with Indonesia in February that, if realized, will make it the first OECD member from Southeast Asia.

Rahul Mishra, an associate professor at the Center for Indo-Pacific Studies of Jawaharlal Nehru University, said that Malaysia's and Thailand's moves will motivate Indonesia to revive its BRICS plans. Vietnam could be the next member, and a bigger BRICS would mean a collective of more voices from the Global South, he added.

Vietnam sent a delegation to attend the BRICS Dialogue with Developing Countries in Russia's Nizhny Novgorod this month. The country is watching the BRICS expansion but has not made any comments on joining the bloc. Thailand and Laos took part in the forum as well.

What would Thailand's and Malaysia's BRICS memberships mean for Southeast Asia?

The shift could put a strain on the unity and centrality of Southeast Asia's own multilateral framework, ASEAN, and the Southeast Asian bloc needs to adapt to remain relevant as its members explore other alignments, experts say.

"It is high time for ASEAN to prepare the necessary, to complement the appetite of its member states in bolstering action and crafting solutions, in which ASEAN seems to be counterproductive," said Fikry A Rahman, the head of foreign affairs at Malaysia's research institute Bait Al-Amanah.

Fikry said that ASEAN will continue to take center stage for Southeast Asia, and its members will not undermine the values, although he also pointed out that the nature of the Southeast Asian bloc limits its role in serving regional goals.

What does a bigger BRICS mean for the world?

The expansion of BRICS would amplify the voice of the Global South and point to a further disparity of a more polarized world.

In January 2024, BRICS expanded its membership to include more prominent Global South countries: Egypt, Ethiopia, Iran and the United Arab Emirates (UAE), with more countries potentially joining the group.

"The expanded BRICS membership is a direct response to heightened bipolar rivalry, which has significantly increased global geopolitical uncertainties," Hoo said, highlighting how middle powers maneuver amid the tension between superpowers.

However, Hoo cautioned that the inclusion of more countries, especially with Russia's involvement in the grouping, could send a problematic signal to the US and its allies, as membership can be viewed as adversarial to Western interests and values.

Pakistan Stock Exchange experiences lack luster week

Pakistan Stock Exchange experienced a subdued week, posted a nominal decline of 365 points (0.46%WoW), primarily due to weakness in the banking sector following news of the continuation of the ADR-based tax.

Average daily trading volume also declined to 356 million shares for the week, down 13%WoW.

The incidence of futures rollover, coupled with it being the last week of the fiscal year overall contributed to the lack luster performance.

Several important data points came in during the week, including a CAD of US$270 million, below expectations of a slight positive balance. This was due to the SBP acting swiftly to clear the backlog of overdue outward dividend repatriations, impacting the balance negatively.

Monthly FDI was reported at US$271 million, up 95%YoY, taking 11MFY24 FDI to US$1.73 billion, up 15%YoY.

Federal Budget for FY25 was approved by the National Assembly on Friday, with several amendments in previously presented finance bill.

These included introduction of a 15% FED on sales by builders/developers, continued concessions on HEV imports, and increased FED on cement, among other changes.

On the external front, foreign exchange reserves held by State Bank of Pakistan (SBP) declined by US$239 million to US$8.9 billion.

The domestic currency continued to strengthen against the greenback, ending the week at PkR278.34/US$ (up 0.06%WoW).                    

Other major news flows during the week included: 1) World Bank approved US$535 million for social protection, livestock development, 2) No cut in gas tariff, 3) Finance Minister issues warning to retailers, 4) the GoP raises PKR908 billion new debt via T-Bills, PIB, and 5) Foreign investors repatriate record US$918 million in May.

The best performing sectors included: Tobacco, Jute and Vanaspati & allied, while ETFs, Refinery and Property were amongst the worst performers.

 Major selling was recorded by mutual funds with net sell of US$5.8 million and other organizations with net sell of US$2.2 million. Brokers and companies absorbed most of the selling with a net buy of US$4.9 million and US$1.5 million, respectively.

Top performing scrips of the week were: MUREB, FABL, PAKT, UNITY and HGFA, while the laggards included: YOUW, MCB, EPCL, CNERGY and CEPB.

With the approval of the Federal budget, clarity on new budgetary measures has emerged, and the market is anticipated to sustain positive momentum as new fiscal year commences.

The focus will now shift to upcoming discussions with the IMF regarding the next EFF program, with a keen eye on their assessment of the approved budget.

The anticipated easing of inflation figures for May 2024 is expected to reinforce positive market sentiment further.

 

 

Iran: Presidential election and there after

In the Iranian presidential election being held today, six handpicked candidates are participating. Though, the scanty details have started pouring in, these are mostly tweaked. The details coming from western media are aimed at proving that elections are eyewash. The western media is also busy in creating discontent among the Iranians and using a few dissent voices.

Ironically, the presidential debate in the United States is engrossed in self-created issues of United States, i.e. trade war with China, Russia-Ukraine conflict and above all on going genocide in Gaza by Israel. All these issues have been created and garnered by military complexes that are the key donors of election campaigns in United States for ages.

One may recall that once there was a ban on export of oil from United States, now the country has attained the status of major oil and gas producing and exporting country. The lust for getting complete control over energy trade is touching new highs.

Therefore, the United States wants to keep Iran out of energy trade. However, the bigger objective is, not to allow Iran to become a regional power. Saudi Arab – Iran animosity has been used for more than five decades to keep Iran out of energy trade and luring Saudi Arabia to buy more and more lethal weapons.

Since Islamic revolution in Iran, United States has tried to sponsor anti-cleric groups but failed miserably. The US has killed many of the Iranian scientists and commanders, with close coordination with Israel. The elimination of President Ebrahim Raisi was an attempt to disrupt the process of choosing the successor of Rahbar Ali Khamenei.

The United States is also annoyed by the growing cordial diplomatic relations with Saudi Arabia. The biggest disturbing point is that in case these two countries become friend, not only US hegemony in the region will be reduced but the two countries will get control over oil and gas moving through Strait of Hormuz and Red Sea.

Whatever may be the outcome of Iranian elections, United States remains adamant at imposing new sanctions of Iran, keeping it out of energy trade and disrupting normalization of Saudi-Iranian relations. The bigger objective is to support Israel in killing Gazans and get control over the tiny piece of land extra rich in oil and gas.

 

  

 

 

Brazil to become largest cotton exporter

Brazil is set to become the world’s largest cotton exporter in 2023-24, knocking the United States from the top spot it has held for decades, following a more than 80% surge in shipments this season, reports Reuters.

China, Vietnam, Bangladesh, Turkey and Pakistan are some of the largest buyers of Brazilian cotton

The South American country’s position as the world’s number one exporter is driven by the record output, strong demand from Asian countries and a drop in US production due to adverse weather.

“It happened a little earlier than we imagined,” Anea head Miguel Faus told Reuters. “The main reason is that there was a failure in the US crop, while the Brazilian production increased.”

Faus said Brazil’s exports could increase further next season, as farmers begin to harvest a crop expected to hit a new record, and again in 2025-26. “I think that in the medium term, Brazil will consolidate itself in this leadership position”, he said.

He cited data from the US Department of Agriculture (USDA), which this month increased its forecast for Brazil’s cotton exports this year by 300,000 bales to 12.4 million bales, while reducing the US forecast by 500,000 bales to 11.8 million bales.

According to a USDA report, the US had led global cotton exports since the early 1990s.

Brazil already surpassed the US in terms of production in 2023-24, ranking third in the world behind China and India — positions that are expected to be maintained in 2024-25.

Brazil has been more generally increasing its commodity exports, including corn and coffee.

It has long been the world’s largest coffee producer and exporter and Faus said it would still have more influence in that market than in cotton.

“In the case of cotton, the forces are more balanced… But of course, if Brazil’s production rises or falls, the market will be paying attention,” he said.

 

Fourth annual ONE Terminal Run

Ocean Network Express (ONE) and Hutchison Ports Gdynia hosted another successful charity run through container rows in Poland last weekend in support of local causes.

The event was put together through the collaborative efforts of Ocean Network Express (ONE), Hutchison Ports Gdynia (GCT) and The North Event, and raised further funds for local charity organizations.

The organizers said the ONE Terminal Run initiative aims to connect members in the maritime industry in the spirit of fundraising and wellbeing.

This year’s race around GCT’s terminal in Gdynia, Poland, welcomed approximately 1,300 runners including children who joined the children’s run, and over 3,000 supporters.

Spectators were invited to join the adult runners in the festivities with a warm up to music before the runners set off on their choice of either a one nautical mile (1.8 km) or 5 km run.

The routes weaved back and forth between rows of stacked containers in the terminal, and the start and finish arches were both spanned by an arch formed of ONE containers.

Monies raised by the run will be donated to local charities and added to the tally of over €33,000 raised by the event series to date. The beneficiaries of funds, that are raised though ticket sales as well as online auctions, include: The Why Not Association, an organization supporting children and youth with disabilities, The Szkwal Foundation, supporting young people at risk, and two local schools supporting children with disabilities.

ONE said previous event donations have provided the local community with amenities including three sensory integration rooms in primary schools in Gdynia, specialized wheelchair equipment for the Cool Awi Association, as well as donations to local schools helping those with disabilities.

Donations are still adding up for the ONE Terminal Run 2024 as the online auction is still open, but to date, the fourth edition has already raised estimated funds of €19,000.

The event was made possible by the generosity of sponsors from the transport. logistics, and maritime industries including; Port of Gdynia Authority, Morska Agencja Gdynia, MacGregor Global, Loconi Intermodal S.A, ECU Worldwide, Uni-logistics Sp. z o.o and E-containers.eu. 

The children's run was sponsored by both and IT Logistics and Nautiqus Food Logistics, which celebrated the participation of almost half of its employees and other mini container trophy for its three-time podium finisher in the adult's race, Dorota.

 

Iran: Voting for presidential election on Friday

Iranian cities are buzzing with election fever as posters and placards adorn streets, big screens air presidential debates, and candidates crisscross the country in a bid to sway voters. 

Anticipation has swept across Iran and observers wonder whom Iranians will entrust with the presidency and the responsibility of leading the country, 40 days after the passing of President Ebrahim Raisi in a helicopter crash in northwestern Iran. 

Western media outlets, which rejoiced at the decreased voter turnout of around 50% in the 2021 presidential elections, appear poised for disappointment this time around. Estimates indicate that a significantly larger number of individuals will be casting their votes, despite the unprecedented levels of propaganda from Western and Israeli sources urging a boycott of the election.

“Channels such as BBC and International are urging us not to vote. It's puzzling how Iranians living abroad and receiving payment from Western governments or Zionists have the audacity to dictate our actions. We are concerned about the future of our country and want to elect the most suitable candidate. All these traitors and lackeys of the West can say whatever they want, we don’t care about them,” a man in his 20s told IRIB during a street interview. 

Rather than deciding to boycott the elections, Iranians are preoccupied with whom they should be voting for. "I feel a sense of duty as an Iranian to participate in the election. While I haven't made a final decision on my vote yet, I know I must make up my mind by Friday morning," shared an Iranian woman with IRIB reporters.

The race is close between two conservative contenders and one reformist candidate. Mohammad Baqer Qalibaf, Saeed Jalili, and Masoud Pezeshkian are currently leading the pack, and experts believe that if both conservative candidates remain in the race, elections could head to a second round. 

Reformist politicians have also shown great enthusiasm and hope in supporting the sole reformist candidate, Pezeshkian, after largely avoiding participation in election processes over the past three years, partly due to bitterness stemming from the significant loss of clout following the end of President Hassan Rouhani’s administration.

Rouhani, along with the influential figures Mohammad Khatami and Mohammad Javad Zarif, were among the most notable reformists making a return to the political scene by throwing their support behind Pezeshkian.

While the election outcome remains uncertain, one thing is clear, the June 28 vote will see Iranians rejecting external pressures from the West and Israel. Iranians will demonstrate their resilience and independence, and show up to choose their own path.

In this pursuit of independence, efforts by foreign forces to create politicization, especially in the field of foreign policy will also yield no results. Iranians now understand that every candidate’s purpose will be to terminate the sanctions while attempting to neutralize them at the same time. 

 

Russia sends coal to India via Iran

Russia has for the first time sent two trains laden with coal to India via the International North-South Transport Corridor (INSTC), which connects Russia to India via Iran, according to a statement by Russia’s national railway company.

According to RT, a multimodal route that includes a railway, roadway network and seaports, the INSTC spans 7,200 km (4,500 miles) from St. Petersburg to the port of Mumbai in India.

The corridor is part of Russia’s push to find new transport routes in light of Western sanctions, which have forced it to shift trade flows from Europe to Asia and the Middle East.

Construction of the INSTC started in the early 2000s, but developing it further has taken on a new impetus in light of the restrictions facing Moscow.

New Delhi has also touted the route as an alternative to China’s Belt and Road Initiative.

“For the first time, two trains with Kuzbass coal headed to India along the International North-South Transport Corridor. The trains set off from the Kemerovo region. They followed along the eastern branch of the INSTC through Kazakhstan and Turkmenistan to the Iranian port of Bandar Abbas,” Russian Railways said.

The coal will be shipped by sea along the final part of the route from Iran’s port of Bandar Abbas to the Indian port of Mumbai.

 

Iran advocates stronger relations among ACD members

Iran's acting Foreign Minister, Ali Baqeri Kani, emphasized the importance of multilateralism and constructive interaction among independent bodies within the Asia Cooperation Dialogue (ACD) member states.

In a message on his social media X account, Baqeri Kani pointed out that the recent ACD meeting in Tehran provided an opportunity for the representatives of the member states and the secretaries general of the Asian international organizations to discuss and exchange opinions on the issues of the agenda of the meeting and the perspective of the activities of the forum. 

Also speaking on Monday, and during a meeting with D-8 Secretary General Isiaka Abdulqadir Imam on the sidelines of the ACD summit, Baqeri Kani called for the organization to take an active and innovative role in various economic and commercial sectors to benefit its members.

Baqeri Kani urged the D-8 to enhance dynamism and promote synergy among its member states to achieve the organization's goals and implement its plans effectively.

He praised the recent D-8 foreign ministers' meeting in Istanbul, which focused on the Zionist regime's crimes against the Palestinian people in Gaza, showcasing the D-8's determination and capacity to address significant issues in the Muslim world and beyond.

Isiaka Abdulqadir Imam, the D-8 Secretary General, acknowledged Iran's active role in both the D-8 and the Asia Cooperation Dialogue (ACD). He expressed optimism that the ongoing ACD meeting in Tehran would yield positive outcomes for its member states. Imam elaborated on the D-8's agenda, particularly in the economic and financial sectors, and welcomed Iran's readiness for close cooperation with the organization.

Iran and Bahrain have agreed to start negotiations to resume political relations after an eight-year hiatus. 
This announcement was made on Monday in a joint statement following a meeting between Iran's acting Foreign Minister, Ali Baqeri Kani, and Bahraini Foreign Minister, Abdullatif bin Rashid Al Zayani, who was in Tehran for the ACD ministerial meeting.

The statement highlighted the meeting's context within the framework of fraternal and historical relations, religious and neighborly ties, and common history and mutual interests. Both sides agreed to establish mechanisms to restart political relations between Tehran and Manama.

In early June, Mohammad Jamshidi, the deputy chief of staff for political affairs to the Iranian president, mentioned that Bahrain had sent a message through Russia to normalize relations with Iran.

Bahrain’s King Hamad bin Isa Al Khalifa had also indicated during a state visit to China that efforts were underway to restore diplomatic relations with Iran, emphasizing principles of good neighborliness and non-interference.

King Hamad expressed a desire to improve relations with Iran during a meeting with Russian President Vladimir Putin in May 2023. Recently, Bahraini Foreign Minister Abdullatif al-Zayani visited Tehran to offer condolences on the passing of Iranian President Ebrahim Raisi.

Baqeri Kani also held talks with Russian Deputy Foreign Minister Andrey Rudenko on the sidelines of the ACD ministerial meeting in Tehran. 

At the start of the meeting, Bagheri condemned the recent terrorist attack in Russia, expressing solidarity with the Russian government and people. He described terrorism as a tool of unilateralism aimed at pressuring independent nations like Iran and Russia.

He expressed satisfaction with the finalization of the draft for a Comprehensive Strategic Partnership Treaty between the two countries. Bagheri highlighted that the change of government in Iran would not alter the country’s strategic approach towards its relations with Russia.

The two officials also discussed cooperation in international forums, including the Shanghai Cooperation Organization (SCO), BRICS, and the 3+3 consultation mechanism on the Caucasus. 

The Acting Foreign Minister of Iran, continued his series of meetings at the Asia Cooperation Dialogue (ACD) summit in Tehran by holding talks with Abdullah Ali Al-Yahya, the Foreign Minister of Kuwait.

Highlighting the many cultural ties and close relations between Iran and Kuwait, Baqeri emphasized that close cooperation between the two nations, along with other regional countries, would strengthen stability and sustainable peace in the region.

Both ministers agreed on the need to develop relations in all areas and to activate and strengthen bilateral mechanisms such as the Joint Economic Commission and the Political and Consular Committee. They also discussed various consular issues and cooperation between the two countries in international forums.

Baqeri Kani also met with Waleed El Khereiji, Deputy Minister of Foreign Affairs of Saudi Arabia, Burhanettin Duran, Deputy Foreign Minister of Turkey, and Chang Byung-wan, Deputy Foreign Minister of South Korea. These meetings aimed to strengthen bilateral relations and cooperation within the framework of the ACD summit.

 

Saudi Arab-China to strengthen relations

Saudi Minister of Defense Prince Khalid bin Salman and his Chinese counterpart Lt. Gen. Dong Jun discussed the ways to further strengthen Saudi-Chinese bilateral relations in Beijing on Tuesday.

This is within the framework of the strategic defense partnership between the two countries that aimed to serve mutual interests and fulfill the aspirations of the leadership of the two nations. The two leaders also discussed joint coordination efforts to maintain international peace and security.

Several high-ranking Saudi officials attended the meeting. They included Chief of the General Staff Lt. Gen. Fayyad Al-Ruwaili, Saudi Ambassador to China Abdulrahman Al-Harbi; Commander of the Strategic Missile Force Lt. Gen. Jarallah Al-Alweet, Director General of the Office of the Minister of Defense Hisham bin Abdulaziz bin Saif, Head of the Armed Forces Operations Authority Maj. Gen. Misfer Al-Ghanem, and Military Attaché at the Saudi Embassy in Beijing Commodore Salem Al-Maliki.

Several senior Chinese officials also attended the meeting and they included Deputy Chairman of the Joint Chiefs of Staff of the Central Military Commission Lt. Gen. Jing Jianfeng, and Director of the Office of International Military Cooperation at the Central Military Commission Maj. Gen. Li Bin.

Earlier, upon arrival in Beijing, an official reception ceremony was held for Prince Khalid bin Salman, during which the national anthem of Saudi Arabia and China was played and then Prince Khalid bin Salman inspected the guard of honor.

 

Israel can destroy Hezbollah’s military in days

The IDF can destroy Hezbollah’s military capabilities in a matter of days, National Unity Party leader Benny Gantz said on Tuesday.

Speaking at the 21st Herzliya Conference at Reichman University, Gantz said a major challenge for Israel is to return the southern and northern residents back to their homes, even at the price of escalation.

He said he heard the reports about the Hezbollah threat to bring down Israel’s electrical grid, and responded, “We can bring Lebanon completely into the dark, and take apart Hezbollah’s power in days.”

The former defense minister and IDF chief of staff said the price to “Israel will be heavy. We need to back up our institutions. We need to be ready for major incidents of harm to the public. We should try to avoid it, but if we need to do it, we cannot be deterred from it.

“We cannot let Hezbollah keep threats close to the northern border,” he added, “We need to get the northern residents back by September 01.”

Another challenge for Israel that Gantz discussed was building a regional and global alliance against Iran.

“We still have the opportunity of normalization with the Saudis and other states, to build what we started to build, the Middle East air defense, to form a stranglehold on the Iranian axis,” he said.

He emphasized that Israel must work hard with the US to build up Israel’s defenses and to be ready for ‘the Judgment Day’ of stopping Iranian nuclear weapons.

A third challenge he noted was the long-term conflict with Hamas, including the need for a political plan to replace the terror group’s management of Gaza.

He pushed hard for a hostage deal, even at the cost of ending the war for now.

Gantz noted that the US only killed Osama Bin Laden of al-Qaeda in 2011, 10 years after 9/11, meaning that even a long ceasefire would in no way mean that Israel would allow Gaza Hamas chief Yahya Sinwar to live out his days without killing him.

Rather, he said, it was clear that Hamas would continue to promote terror and their actions would give Israel the later excuse to eliminate him and other top Hamas leaders.

In any event, he said it would take years to replace Hamas at a governance level, but credited the IDF with destroying Hamas’s existing military capacities.

Earlier at the conference, Reichman University President Boaz Ganor said, “Hamas is a tactical threat, Hezbollah is a strategic threat, and Iran is an existential threat.”

He warned that Israel had fallen into Iran’s trap, spending nine months fighting a player of minimal importance and wasting large amounts of goodwill globally, while Tehran has mostly gotten to sit back and watch.

Further, he said Iran is playing long-term chess, with Israel playing short-term poker. Ganor even argued that Iran knew more than Israeli intelligence has said, meaning that it really did plan the entire October 07 invasion.

In addition, he argued that Iran and Hezbollah’s denials of knowing Hamas’s plans were also pre-coordinated.

He did not specifically say that Tehran knew the date of the invasion, but Ganor has argued that Hamas was not sophisticated enough to pull off the coordinated massive rocket attack land invasion simultaneously on its own, nor was it capable of the extreme information security it undertook to avoid the IDF detecting the moment of the invasion.

Houthis attack Transworld Navigator, again

Footage has emerged purporting to show a maritime drone hitting the Transworld Navigator, a 178,000 dwt bulk carrier which was transiting the Bab al-Mandeb strait, the fourth time the vessel has been targeted, according to Seatrade Maritme News.

Details of the latest attack are disputed, Houthis claim this was the second attack on the vessel, which was hit by a maritime drone. Unverified footage of a drone attacking a ship has emerged on social media. The crew of the Greek-owned ship say there have been no injuries in the attacks.

A second vessel, the 37,600 dwt product tanker Stolt Sequoia, was also said to have been hit by cruise missiles according to Houthi military commander Yahya Saree.

Both ships were said to have been attacked in the last 24 hours, with the Stolt vessel hit while in the Indian Ocean, and the bulker targeted in the Red Sea.

US Central Command claimed in a social media post that the bulk carriers had been targeted by unmanned aerial system at 4.00am local time yesterday.

 “This marks the fourth attack by Iranian-backed Houthis on the Transworld Navigator. US Centcom confirmed that, the crew reported minor injuries and moderate damage to the ship, but the vessel has continued underway.

According to defence specialists Ambrey, the Houthis first successfully used a Remote Controlled-Water Borne Improvised Explosive Device on the June 12, when another Liberia-flagged bulk carrier, the 82,400 dwt Tutor, was impacted off Yemen’s Red Sea coast, near Hodeida.

The impact of the maritime drone caused the engine room to flood. Three hours thereafter, the vessel was targeted with a missile. One crewmember was reportedly killed following the attack, making this the second incident with crew fatality.

The crew was evacuated by military forces and the ship left not under control, and subsequently reported as sunk six days after the attack when an oil slick was spotted near Tutor's last known location.

The maritime drone was described as a 5-7 meter long white-hulled boat manned with two dummies.

Houthis movement press also claim to have forced the US to withdraw its carrier, the Dwight D. Eisenhower, following missiles targeting the vessel.

US Centcom said that the Dwight D. Eisenhower Carrier Strike Group had ended its seven-month tour of duty and will be replaced by the Theodore Roosevelt carrier group.

Houthis have frequently exaggerated the damage caused by their attacks on shipping in the region, though their effectiveness has increased in recent weeks.

 

 

India: Water crisis can impact sovereign rating

India's worsening water shortage, triggered by high consumption amid rapid economic growth and frequent natural disasters, can negatively impact the South Asian nation's sovereign credit strength, Moody's Ratings said on Tuesday.

Millions of Indians face water shortages every summer when water demand rises in farms, offices and homes against a limited supply, but a prolonged heatwave this year has worsened the shortfall, including in Delhi and the southern tech hub of Bengaluru.

"This is detrimental to the credit health of the sovereign, as well as sectors that heavily consume water, such as coal power generators and steel-makers," Moody's Ratings said in a note.

"In the long term, investment in water management can mitigate risks from potential water shortages," it added.

India's average annual water availability per capita is likely to drop to 1,367 cubic meters by 2031 from an already-low 1,486 cubic meters in 2021, according to the Ministry of Water Resources.

A level below 1,700 cubic meters indicates water stress, with 1,000 cubic meters being the threshold for water scarcity, according to the ministry.

"Decreases in water supply can disrupt agricultural production and industrial operations, resulting in inflation in food prices and declines in income for affected businesses and communities, while sparking social unrest," Moody's said.

This, in turn, can exacerbate volatility in India's growth, it warned.

Increases in the frequency of water shortage, severity or durations of extreme climate events stemming from climate change will exacerbate the situation because India heavily relies on monsoon rainfall for water supply, the global agency said.

Industrialisation and urbanisation will intensify competition for water among businesses and residents, it added.

The sustainable finance market in India can provide companies and regional governments with a critical avenue to raise funds, it said. Moody's currently has a Baa3 rating on India with a stable outlook.

 

 

 

Israel: More Strategic Installations Exposed

The military media of Hezbollah has released a new video showing vital Israeli targets known only to the Israeli security system.

This was released as Israeli officials are making threats to launch a full-fledged war on Lebanon although military experts say the Israeli occupation regime does not have the capability or manpower of doing so against a formidable Lebanese force. 

The new video included a segment from a speech by Hezbollah Secretary-General Sayyed Hassan Nasrallah in which he warned the occupation regime that the Lebanese resistance would fight without constraints, rules, or limits if war were imposed on Lebanon. 

He emphasized that those contemplating war against Lebanon would regret it. 

Nasrallah’s words in the new clip were accompanied by translations into English and Hebrew, while the video displayed coordinates, both longitude and latitude for the targets presented without naming them. 

Before the video was aired Hezbollah’s military media published a statement saying: “Stay tuned… for those concerned.”

According to reliable sources cited by regional media, the video was intentionally vague, with no specific targets identified. The sources explained that it was a message understood only by decision-makers and relevant circles in Israel. 

Israeli media covered the new revelation with deep interest, underlining that it included an official threat to the headquarters of the Ministry of Security in Tel Aviv. 

Israeli media reported that the “HaKirya compound” appears in the video, housing the headquarters of the Israeli Ministry of Security, the General Staff of the Army, and several high-ranking military leaders. 

Additionally, the video showed a military satellite base and military bases, as well as others in the Negev and Galilee regions. It also included Ashdod Port, Ben Gurion Airport, oil refineries in Haifa, and Haifa port, according to Israeli media.

Other reports also cited sources as saying the new video shows vital targets in Haifa, Ashdod port, the Hadera power station, Ramat David Military Airport in Afula, Ben Gurion Airport, Nevatim Airbase, the Negev desert, oil refineries on the coast, satellite area in Yehuda and the research center at the Dimona Nuclear Reactor. 

As Israeli officials are threatening full-scale war on Lebanon the Israeli minister for war, Yoav Gallant, traveled to Washington on Sunday to increase the rhetoric.
The ground commander of the Iranian army warned about the possibility of a regional war if Tel Aviv decides to attack Lebanon. 

Sources within the Islamic Resistance in Iraq say tens of thousands of fighters would open a major front from the occupied Syrian Golan Heights if Hezbollah was attacked. 

Yemen’s Ansarullah have declared their intentions to significantly expand the battlefield as well if Israeli leaders make such a “foolish decision”. 

Hezbollah says it has the manpower (estimated by some experts at a quarter of a million) and many precision-guided missiles, drones, and torpedoes to take Israel back to the stone-age. 

The latest video clip was released days after Lebanon’s Hezbollah released more than 9 minutes of footage from a drone that flew undetected to Haifa and safely returned to Lebanon. 

Footage in that video showed aerial reconnaissance from Kiryat Shmona to the cities of Karmiel, Nahariya, Safed, and Afula, reaching as far as Haifa and sensitive sites across the city. 

The scenes have caused significant concern among the Israeli security apparatus, with officials and media acknowledging Hezbollah’s substantial and effective intelligence capabilities, and Tel Aviv’s inability to handle the threat posed by the resistance movement’s drones.

On the same day that the new video was released, Hezbollah released details of the latest operations it waged against the Israeli military over the past 24 hours in solidarity with Gaza. 

A statement underlined that in support of the resilient Palestinian people in Gaza and bolster their honorable resistance, the Islamic Resistance (Hezbollah) conducted a number of operations against Israeli army positions and deployments along the Lebanese-Palestinian borders. 

According to the statement, the operations included: 

Targeting a building used by Israeli soldiers in the Menara settlement with appropriate weapons, resulting in direct hits, in response to Israeli attacks on steadfast southern villages and safe houses, especially in the town of Mays al-Jabal. 

Targeting buildings used by Israeli soldiers in the Metula settlement with appropriate weapons, resulting in direct hits that caused fires. 

Targeting the Zabdine site in the occupied Lebanese Sheba’a farms with rocket weapons, resulting in a direct hit. 

Targeting the Rmeitha site in the occupied Kafrchouba hills of Lebanon with rocket weapons, resulting in a direct hit. 

Targeting buildings used by enemy soldiers in the Metula colony with appropriate weapons, resulting in direct hits. 
 

 

Suez Canal revenue drops by almost half

The revenue of Egypt's Suez Canal has declined by almost half this year following attacks on shipping in the Red Sea by the Houthi which have seen many vessels divert via the Cape of Good Hope.

According to Egypt’s Al-Mal News, data released this week for last month shows that revenues of the Suez Canal dropped by 64.3% to approximately US$337.8 million, as compared to US$648 million recorded in May 2023.

The number of vessels transiting the canal in May also dropped to 1,111, which is lower than 2,396 ships that crossed during a similar period last year.

As a result of reduced ship traffic, the cargo volume passing through the Suez Canal dropped by 68.5% last month to about 44.9 million tons. In May 2023, the total cargo tonnage was 142.9 million tons.

The Suez Canal Authority (SCA) Chief Osama Rabie said in media statements last week that the canal's income decreased to US$428 million in January compared to US$804 million in the same period in the previous year.

According to the head of the SCA, Osama Rabie, the traffic of ships in the waterway witnessed a 30% decline compared to the same period of 2023.

During the fiscal year 2022/2023, the returns from the Suez Canal hit a record-breaking $9.4 billion.

The SCA has extended fee discounts for a range of vessels on selected long-distance trades. Initially, SCA had introduced the fee reductions back in January, with some discounts as high as 75% for product tankers and crude carriers on voyages between Americas and Asia.

The new extension of discount rates will be valid until end of the year, covering 12 categories of ships including bulk carriers, container ships and LNG carriers.

Pakistan: Current Account turns negative

Pakistan’s current account (CA) posted the first deficit in four months in May 2024, of US$270 million against a surplus of US$499 million a month ago.

CA deficit during 11MFY24 grew to US$464 million against a deficit of US$3.8 billion in the corresponding period last year.

A large primary income deficit of US$1.4 billion was the key reason behind the negative figure, without which CA balance would have been comfortably positive, despite a wider good trade deficit.

The primary deficit ballooned to US$1.4 billion (highest ever level) due to US$1.5 billion worth of payments. These payments included interest on foreign debt and backlog of dividends of multinational companies. As per the central bank, the latter has been nearly completely settled; hence the primary income deficit should moderate to around US$500 million in the coming months.

Goods trade deficit was reported at US$2.0 billion in May, higher than US$1.8 billion in April and doubling YoY. 

Imports of US$5.0 billion were at the highest level in FY24 to date, up 13%MoM and 35%YoY.

The sequential growth in imports was led by seasonally higher petroleum imports (up 8%MoM) and 12% higher machinery imports. Iron & Steel imports (scrap and other raw materials) rose 40%YoY.

This is also seasonal and does not point to a sustainable rebound in construction activity (down 3%YoY in 11MFY24). 

Exports were up a healthy 17%YoY, mainly driven by exports of textiles (up 18%YoY, seasonal) and food (up 55%YoY. Rice exports doubled YoY).

Remittances in May were an impressive US$3.2 billion, up 15%MoM and 54%YoY, ahead of the Eid-ul-Adha holidays, likely to normalize to around US$2.5 billion in the coming months, in our view.

SBP’s Forex reserves were reported at US$9.1 billion

SBP’s Forex reserves remained flat around US$9.1 billion by mid-June 2024, equivalent to just about two months’ imports.

The SBP began cutting interest rates in June, by 150bps, taking the policy rate to 20.5%.

Many industries (cement, autos, steel) are operating at very low utilization levels (50-60%); any likely increase in imports could increase trade deficit.

Tough budgetary measures for the real estate and textile industries may extend the spell of weak demand a few more months (keeping the growth in imports moderate).

CAD crossing US$500 million is a key risk and can have negative implications for the exchange rate, inflation and monetary policy,.

 

Israeli ships targeted by resistance groups

The recent joint military operations carried out by regional resistance groups against Israeli ships have demonstrated a growing sense of solidarity and sent a powerful message of unity amid the regime’s genocidal war on Gaza.

Yemen’s Ansarullah movement and the Islamic Resistance in Iraq, which is an umbrella group of anti-terror fighters in the Arab country, have conducted the operations. 

The Islamic Resistance in Iraq confirmed on Sunday that it had hit four ships in the Israeli port of Haifa and one ship in the Mediterranean through joint drone attacks with Ansarullah. The vessel that was hit in the Mediterranean was sailing to Haifa Port.

It said the military operations were launched in solidarity with the people of Gaza and vowed to continue attacks against the enemy's strongholds, which is a reference to Israeli interests. 

The Ansarullah movement also confirmed the joint attacks. 

“The two operations successfully achieved their goals, and the strikes were precise and direct," the spokesman for the Yemeni armed forces said. 

Yahya Saree also said on Saturday that the Yemeni army targeted the US aircraft carrier Eisenhower in the Red Sea with missiles. 

He said the move was in line with efforts to express solidarity with Palestinians in Gaza. Saree noted that the attacks were also a response to American and British strikes against Yemen. 

The Yemeni and Iraqi resistance forces have been hitting Israeli targets since the regime declared war on Gaza on October 07, 2023. 

The Yemeni army has launched several drone and missile attacks against Israeli ships and vessels affiliated to the regime in the Red Sea since November.

The Ansarullah said it would stop the attacks if Israel ended its relentless air and ground attacks on Gaza. 

Nonetheless, the US and the UK chose to escalate the situation after they began strikes against Yemen in early January in response to the targeting of Israeli vessels. 

This prompted the Ansarullah movement to order the army to target American and British warships in the Red Sea over the complicity of London and Washington with the Tel Aviv regime’s crimes against Palestinians. 

The US and UK attacks against Yemen have not only failed to deter the country from targeting Israeli interests, but they have also led to greater unity among the axis of regional resistance. Growing unity among resistance groups was thrust into the spotlight after the Islamic Resistance in Iraq and the Ansarullah movement teamed up to target the Israeli ships. 

More than 260 days have passed since Israel began the onslaught, which has claimed the lives of about 37,600 Palestinians. But the regime has failed to eliminate Hamas which has been its main military goal since the war erupted. 

According to Rear Admiral Daniel Hagari, the Israeli military spokesman, “This business of destroying Hamas, making Hamas disappear — it’s simply throwing sand in the eyes of the public…. Hamas is an idea; Hamas is a party. It’s rooted in the hearts of the people — anyone who thinks we can eliminate Hamas is wrong”. 

Israel has suffered crushing blows at the hands of Hamas fighters in the Gaza battlefield. Israel’s warmongering against Lebanon’s Hezbollah has also brought the regime nothing more than humiliation.  

Both Israel and its Western allies, in particular the United States, have been under the illusion that they are able to eliminate regional resistance groups through military means. 

The US has repeatedly targeted resistance groups in West Asia that are opposed to Israel’s war on Gaza and Washington’s support for the regime. These American strikes have been aimed at deterring the groups from conducting military operations against the US and its protégé, Israel. 

However, growing resistance against the US hegemony and Israel’s occupation and savagery has clearly shown that Israelis and their Western masters are just building castles in the air. 

Iran on top in Gas Exporting Countries Forum

Iranian Oil Minister Javad Oji said on Saturday that the Islamic Republic has outpaced Qatar in gas extraction from joint fields by 100 million cubic meters (mcm), reports IRNA.

“We set an unprecedented record in gas production, and Iran has been ranked first among the Gas Exporting Countries Forum (GECF) members in terms of gas production increase; the average growth of the countries was equal to 2.5%, and Iran ranked first with 5% gas production growth,” Oji said.

“In the South Pars joint field, we extract 75 to 100 million cubic meters of gas more than the Qatari side,” he added.

The official noted that the oil ministry has signed deals worth US$20 billion with major holdings to boost the recovery factor of the giant field’s wells.

South Pars gas field, which Iran shares with Qatar in the Persian Gulf, is estimated to contain a significant amount of natural gas, accounting for about 8% of the world’s reserves, and approximately 18 billion barrels of condensate.

The huge offshore field covers an area of 9,700 square kilometers, 3,700 square kilometers of which are in Iran’s territorial waters in the Persian Gulf. The remaining 6,000 square kilometers, called North Dome, are situated in Qatar’s territorial waters.

Last week Oji said that over the first three years of the 13th administration in office, 150 oil industry projects, worth US$34 billion, have become active.

Speaking during the signing ceremony of developing two oil fields on June 16, he commemorated the memory of late President Ebrahim Raisi, noting that developing least developed regions of the country and creating jobs for the people living in those areas was the top priority of the late president.”

The majority of 153 projects that came to fruition were projects that had been ignored before the 13th administration took office, including South Pars gas field phase 11 which its development contract was exchanged for 20 years between the related sides, but when the 13th administration took office it decided to start its development which is now complete and operational, the Minister of Petroleum said.

Oji added, the country managed to acquire good revenues by implementing these kinds of projects in the oil, gas, refining, and petrochemical sectors. 

According to him, while the oil industry’s growth stood at 10% two years ago it reached 20% last year; the highest rate of growth among all sectors of the economy.

The oil industry has 300 projects on the agenda of which 80 projects are new ones, he said adding total value of these projects reaches US$130 billion, some of them are now operational.

Referring to cooperation with Russia, he said a satisfactory basis had been laid for expanding relations with Russia and we will hear good news in this regard in the future.

The 13th administration so far has signed US$5 billion dollars of oil contracts with Russian companies and 250 thousand barrels of oil per day the country produces, comes from the contracts have been already signed with Russian companies, Oji said.

The official also said that the United States can no longer prevent the export and production of Iran's oil.

“With the measures that have been taken in President Raisi's government in the field of the oil industry, I should announce that any government that comes to power in the US cannot prevent the export and production of Iranian oil,” Oji said while speaking at a parliament open session on Wednesday morning.

In his remarks, Oji highlighted the efforts of the 13th Iranian administration in improving the situation of the production and export of oil.

 

Speculation about Trump’s running mate

Former President Donald Trump told reporters Saturday he’s made up his mind about who will be his running mate in November, but he has yet to tell anyone who it is.

Trump told NBC News ahead of a rally in Philadelphia that he’s settled on a vice presidential choice.

“In my mind, yeah,” Trump said when asked if he’s decided.

Asked if his pick knows it’s them, Trump responded, “No, nobody knows.”

The selection process for Trump’s running mate has ramped up in recent weeks as several candidates received vetting materials from the campaign. Trump has said he may announce his choice at the Republican National Convention in Milwaukee next month.

Sources familiar with the process told The Hill the front-runners for the position are North Dakota Gov. Doug Burgum, Sen. J.D. Vance and Sen. Marco Rubio.

Others who received vetting materials and are under consideration include Sen. Tim Scott, Sen. Tom Cotton, Rep. Elise Stefanik, Rep. Byron Donalds  and former Secretary of Housing and Urban Development Ben Carson.

Trump has praised each of those individuals at various times, though he has downplayed the impact his selection might have on the end result in November.

“It’s never really had that much of an effect on an election,” Trump told Fox News earlier this year.