Saturday, 6 August 2022

Iran to continue constructive cooperation with OPEC

Iranian Oil Minister, Javad Oji said his country will continue constructive interactions with Organization of Petroleum Exporting Countries (OPEC) and will support the organization’s new Director General, Shana reported.

“As a founding member of OPEC, Iran will definitely continue its constructive interaction with OPEC and would effectively support the new Secretary General as well as the OPEC secretariat,” Oji said at the 31st OPEC and Non-OPEC Ministerial Meeting held via video conference.

Honoring the memory of former OPEC Secretary General Mohammad Sanusi Barkindo and welcoming his replacement Haitham Al Ghais, the minister said, “I received the very sad news of the passing away of His Excellency Mohammad Sanusi Barkindo, Distinguished Secretary General OPEC. On behalf of the Government and people of the Islamic Republic of Iran, I would like to express my heartfelt condolences to Your Excellencies, particularly His Excellency Timipre Sylva, Minister of State for Petroleum Resources, Distinguished Government and Great People of Nigeria and the esteemed Staff of the OPEC Secretariat.”

“Undoubtedly, His Excellency’s round-the-clock efforts as the OPEC Secretary General to promote solidarity and unity among Member Countries, along with his trust in collective wisdom and efforts for creating understanding have always helped the Organization and its Members,” he added.

He also congratulated Haitham Al Ghais for assuming the position of the OPEC Secretary General, saying, “I am confident that your appointment will be a critical step in advancing the Organization, achieving the collective goals of the OPEC and its Members and the fair and forward-looking leadership of the OPEC Secretariat.”

“I am confident that the OPEC’s successes in recent years will continue in the future under the leadership of Al Ghais. I wish him every success in his new position during this challenging time for fossil fuels,” he added.



Friday, 5 August 2022

Chinese Foreign Minister scheduled to arrive in Dhaka today

Chinese Foreign Minister, Wang Yi is scheduled to arrive in Dhaka today (Saturday) afternoon to discuss bilateral, regional and global issues with Bangladesh leadership. Agriculture Minister Muhammad Abdur Razzaque will receive the Chinese Foreign Minister.

According to reports, neither the Ministry of Foreign Affairs nor the Chinese Embassy in Dhaka shared his program schedule in detail till the time till late evening.

Minister Wang is scheduled to meet Prime Minister Sheikh Hasina on Sunday morning apart from holding a bilateral meeting with his Bangladesh counterpart AK Abdul Momen the same day.

“This is going to be different from other bilateral visits. I can’t tell you in details at this moment as many things are still under last minute discussion,” another official familiar with the development told, speaking on condition of anonymity.

Awami League General Secretary and Road Transport and Bridges Minister Obaidul Quader will host a dinner in honour of the Chinese Foreign Minister on Satuarday, said State Minister for Foreign Affairs Md Shahriar Alam.

Foreign Minister Momen is expected to return home Saturday night from Cambodia after attending the ASEAN Regional Forum meeting.

Talking to reporters at the Ministry of Foreign Affairs, Shahriar Alam said Bangladesh and China are likely to sign multiple MoUs and agreements during Wang’s visit.

He said the list is not finalized yet and it can be five-seven – new and renewal including cooperation on the disaster management and cultural exchange fronts.

Shahriar assured that the planned MoUs and agreements will be aligned with Bangladesh’s cultural, social and economic policy though the list is not finalized yet.

The state minister said the relationship between Bangladesh and China is “deep and wide” and the two countries will discuss areas of future cooperation.

Responding to a question, the state minister said Bangladesh will seek a stronger role from the Chinese government for early repatriation of the Rohingyas.

In January 2017, Wang had an hour-long stopover in Dhaka. This time, he is coming for a longer period.

The visit is taking place amid growing geopolitical tensions with impact on developing countries in the region while experts suggest Bangladesh to ensure a strategic balance amid these tensions.

Earlier, Foreign Secretary Masud Bin Momen said taking a new loan from China will not be a part of their agenda during the Chinese foreign minister’s Bangladesh visit.

“This time, the issue of taking loan afresh isn’t there at least,” he said on Wednesday when a reporter wanted to know whether Bangladesh is going to take a loan from China again.

Asked what message this visit carries amid the crisis in various parts of the world, the foreign secretary said it will be known once the Chinese foreign minister comes. “We are working on the visit. Things are yet to be finalized.”

He reiterated that the visit is part of the Chinese side’s routine visit to the region and also it is an opportunity to review the existing engagements between the two countries.

               

Biden celebrates one of the best weeks of his presidency

President Biden, who has been struggling with his approval polling for months amid a declining economy and international crises, started this weekend with one of the best weeks of his presidency. Let’s run through the week:

Al-Qaeda leader Ayman al-Zawahiri was killed in a drone strike. President Joe Biden said Monday in a speech from the White House. "I authorized a precision strike that would remove him from the battlefield, once and for all," Biden said.

Zawahiri, who just turned 71 years old, had remained a visible international symbol of the group, 11 years after the US killed Osama bin Laden. At one point, he acted as bin Laden's personal physician.

Zawahiri was killed in "a precise tailored airstrike" using two Hellfire missiles. The drone strike conducted on last Saturday was authorized by Biden following weeks of meetings with his Cabinet and key advisers, the official said on Monday, adding that no American personnel were on the ground in Kabul at the time of the strike.

Kansas voters turned out in droves to protect abortion access by a nearly 20-point margin. Keep in mind: The red state was the first to vote on abortion since the Supreme Court overturned Roe v. Wade.

Voters in Kansas rejected a proposed state constitutional amendment Tuesday that would have said there was no right to an abortion in the state, according to The Associated Press.

Kansas was the first state to vote on abortion rights since the US Supreme Court handed down its ruling in Dobbs v. Jackson's Women's Health Organization.

President Joe Biden hailed Tuesday's vote and called on Congress to pass a law to restore nationwide abortion rights that were provided by Roe.

"This vote makes clear what we know the majority of Americans agree that women should have access to abortion and should have the right to make their own health care decisions," Biden said in a statement.

Sen. Kyrsten Sinema agreed to support the reconciliation bill, giving Democrats enough votes to pass a major component of Biden’s agenda. There had been significant doubt for the entirety of Biden’s presidency that this deal would be made.

Sinema announced Thursday evening that she had reached a deal with Senate Majority Leader Charles Schumer that could pave the way for Democrats to pass their budget reconciliation package.

The announcement paves the way for Sinema to vote Saturday for a motion to proceed to a budget reconciliation package that would reform the tax code, tackle climate change, reduce the cost of prescription drugs and shrink the federal deficit.    

A robust July jobs report calmed fears that the US was headed into a recession. An aggregate 528,000 jobs were added and the unemployment rate fell to 3.5 percent in July, according to data released Friday by the Labor Department, a stunning gain that defied predictions of a slowdown.

Economists expected the US to have added roughly 250,000 jobs in July and keep the jobless rate at 3.6 percent, according to consensus estimates released before the report.

The stunning July jobs gain will raise questions about how close the US economy actually is to a recession after months of growing concern over a sharp slowdown. The resilience of the labor market also means the Federal Reserve may have more room — or at least feel more pressure — to rapidly raise interest rates and fight inflation without fears of triggering steep job losses.

Last but not the least, gasoline prices have continued to decline for more than 50 consecutive days.

 

China announces sanctions against Nancy Pelosi

Chinese foreign ministry has announced it will issue sanctions against US House Speaker Nancy Pelosi and her direct family relatives after she travelled to Taiwan this week.

The ministry said Pelosi’s trip to Taiwan was a serious violation of China’s sovereignty and territorial integrity, and a serious violation of the one-China principle.

Pelosi arrived in Taiwan on Tuesday night and met officials, including Taiwanese President Tsai Ing-wen, before flying out on Wednesday afternoon. The trip was a stop on her Asian tour and drew the ire of Beijing.

Taiwanese leader says island ‘won’t provoke but will firmly defend’ amid mainland military drills

Websites in Taiwan, including those of its defence and foreign affairs ministries, have gone offline amid heightened tension with Beijing and as mainland China holds military exercises in areas surrounding the island.

Several government websites in Taiwan have been subjected to cyberattacks in the days following the arrival of Pelosi in Taiwan.

The websites of Taiwan’s National Defence Ministry and Foreign Affairs Ministry went down in the early hours of Friday but were soon back online. Both sites were also inaccessible late on Wednesday night.

Taiwan’s Chi Yang-class frigate Ning Yang is anchored at a harbour in Keelung city, Taiwan, on Friday. Beijing’s military started to a series of live-fire drills in six maritime areas around Taiwan’s main island to run until Sunday.

Lo Ping-cheng, Taiwan Cabinet spokesman, said on Thursday attack traffic during this period was about twice as high as past attacks.

“The peak was on Tuesday, and the attack traffic was 23 times the previous peak,” Lo said.

Lo said targets of recent cyberattacks on government departments include Taiwan’s presidential office and the defence and foreign affairs ministries.

Thursday, 4 August 2022

Three grain ships scheduled to leave Ukraine ports on Friday

Three ships carrying a total of 58,041 tons of corn have been authorized to leave Ukrainian ports on Friday as part of a deal to unblock grain exports.

The first vessel carrying Ukrainian grain allowed to leave port since the start of the war set sail from Odesa on Monday bound for Lebanon, under a safe passage deal brokered by Turkey and the United Nations.

The Joint Coordination Centre in Istanbul, which groups Russian, Ukrainian, Turkish and UN personnel, said two ships would leave from Chornomorsk and one from Odesa on Friday.

"The three outbound vessels are estimated to depart in the morning from their respective ports," it said.

From Chornomorsk, the Polarnet would leave for Karasu in Turkey with 12,000 metric tons of corn and the Rojen would take 13,041 tons of corn to Teesport in Britain. From Odesa, the Navistar would take 33,000 tons of corn to Ringaskiddy in Ireland.

The Turkish bulk carrier Osprey S, flying the flag of Liberia, was expected to arrive in Ukraine's Chornomorsk port on Friday, the regional administration of Odesa said. It would be the first ship to arrive at a Ukrainian port during the war.

As of Thursday afternoon, Osprey S was anchored in the Sea of Marmara, around 1 kilometer (0.62 mile) off Istanbul's Asian coast, along with other ships waiting to cross the Bosphorus in to the Black Sea, according to a Reuters journalist.

According to Western media, Russian President Vladimir Putin sent troops into Ukraine on February 24, sparking the biggest conflict in Europe since World War Two and causing a global energy and food crisis. Ukraine and Russia produce about one third of global wheat and Russia is Europe's main energy supplier.

 

Quantifying OPEC Plus spare production capacity a difficult task

Reportedly, OPEC leaders Saudi Arabia and the United Arab Emirates stand ready to deliver a significant increase in oil output should the world face a severe supply crisis this winter.

When the Organization of the Petroleum Exporting Countries and its allies (OPEC Plus) decided on Wednesday to raise oil output by a mere 100,000 barrels per day (bpd), it broke a taboo with a rare reference to the group's spare production capacity.

The statement referred to the severely limited availability of spare capacity, saying that meant it needed to keep it in reserve for severe supply disruptions.

At first glance, that reads as an acknowledgement that OPEC’s leader Saudi Arabia has almost no room to raise output, as mentioned by French President Emmanuel Macron in a conversation with US President Joe Biden last month.

Three sources, speaking on condition of anonymity because of the sensitivity of the issue, said Saudi Arabia and the UAE could pump significantly more, but would only do so if the supply crisis worsened.

"With possibly no gas in Europe this winter, with a potential price cap on Russian oil sales in the New Year, we can’t be throwing every barrel on the market at the moment, one of the sources said.

The sources did not quantify any increase, but said Saudi Arabia, the UAE and some other OPEC members possessed around 2.0 million to 2.7 million barrels per day of spare production capacity.

"The only time we can prove we have more spare capacity is when it comes to a long-lasting crisis," the source said, adding that would be when OPEC members would raise output.

That could be as soon as this winter, the sources said, as the political and economic standoff between Russia, a member of OPEC+, and the West over Moscow's invasion of Ukraine show no sign of easing.

The invasion, begun on February 24, which Moscow terms a "special military operation" sent European gas prices to records and lifted international Brent crude to 14-year highs.

"With spare capacity below 2 million bpd in August, we believe OPEC Plus preferred to keep their powder dry and use their buffer to address potential future disruptions," PVM's Tamas Varga said in a note.

"There are growing fears of demand destruction and if the current trend continues, additional barrels would put unwanted downside pressure on prices and, at the same time, would unnecessarily deplete thinning spare capacity."

After Biden visited Saudi Arabia in July to press for extra oil to cool international markets, analysts had speculated OPEC Plus would increase supply.

The Saudi trip was scheduled only after OPEC Plus announced in early June that it would increase output in July and August. Wednesday’s meeting discussed output for September.

Most OPEC Plus members have struggled to meet production targets having already exhausted their output potential following years of under-investment in new capacity.

In that context, Wednesday's decision to increase production targets by 100,000 bpd, one of the smallest increases since OPEC quotas were introduced in 1982, was a goodwill gesture, one of the sources said.

"It is small, yes, but it shows that OPEC Plus, given the fact that it includes so many countries, like Russia, Iran, Venezuela with all their grievances, managed to garner consensus and move forward," the source said.

Following Wednesday's decision, the White House said President Biden would remain focused on keeping fuel prices down.

 

Wednesday, 3 August 2022

US will not abandon Taiwan, says Pelosi

US House Speaker Nancy Pelosi left Taiwan on Wednesday after a visit that heightened tensions with China. Pelosi said, she and other members of Congress in her delegation showed they will not abandon their commitment to the self-governing island.

Pelosi, the first US speaker to visit the island in more than 25 years, courted Beijing’s wrath with the visit and set off more than a week of debate over whether it was a good idea after news of it leaked. In Taipei she remained calm but defiant.

“Today the world faces a choice between democracy and autocracy,” she said in a short speech during a meeting with Taiwanese President Tsai Ing-wen. “America’s determination to preserve democracy, here in Taiwan and around the world remains ironclad.”

Pelosi arrived at a military base in South Korea on Wednesday evening ahead of meetings with political leaders in Seoul, after which she will visit Japan.

Both countries are US alliance partners, together hosting about 80,000 American personnel as a bulwark against North Korea’s nuclear ambitions and China’s increased assertiveness in the South China and East China seas.

 “Such an act equals to sealing off Taiwan by air and sea, such an act covers our country’s territory and territorial waters, and severely violates our country’s territorial sovereignty,” Capt. Jian-chang Yu said at a briefing by the National Defense Ministry.

The Chinese military exercises, including live fire, are to start Thursday and be the largest aimed at Taiwan since 1995, when China fired missiles in a large-scale exercise to show its displeasure at a visit by then-Taiwanese President Lee Teng-hui to the United States.

Taiwanese President Tsai responded firmly Wednesday to Beijing’s military intimidation.

“Facing deliberately heightened military threats, Taiwan will not back down,” Tsai said at her meeting with Pelosi. “We will firmly uphold our nation’s sovereignty and continue to hold the line of defense for democracy.”

In Washington, John Kirby, spokesperson for the National Security Council, said Wednesday that the United States was anticipating more military drills and other actions from China in coming days as the country’s armed forces “flex their muscles.”

Still, “we don’t believe we’re at the brink now, and there’s certainly no reason for anybody to be talking about being at the brink going forward,” Kirby said on ABC’s “Good Morning America.”

China’s official Xinhua News Agency announced the military actions Tuesday night, along with a map outlining six different areas around Taiwan. Arthur Zhin-Sheng Wang, a defense studies expert at Taiwan’s Central Police University, said three of the areas infringe on Taiwanese waters, meaning they are within 12 nautical miles (22 kilometers) of shore.

Pelosi’s trip has heightened US-China tensions more than visits by other members of Congress because of her high-level position as leader of the House of Representatives. She is the first speaker of the House to visit Taiwan in 25 years, since Newt Gingrich in 1997. However, other members of Congress have visited Taiwan in the past year.

Tsai, thanking Pelosi for her decades of support for Taiwan, presented the speaker with a civilian honor, the Order of the Propitious Clouds.

Shortly after Pelosi landed Tuesday night, China announced live-fire drills that reportedly started that night, as well as the four-day exercises starting Thursday.

The People’s Liberation Army Air Force also flew a contingent of 21 war planes Tuesday night, including fighter jets, toward Taiwan. Chinese Vice Foreign Minister Xie Feng also summoned the US Ambassador in Beijing, Nicholas Burns, to convey the country’s protests the same night.

Pelosi addressed Beijing’s threats Wednesday morning, saying she hopes it’s clear that while China has prevented Taiwan from attending certain international meetings, “that they understand they will not stand in the way of people coming to Taiwan as a show of friendship and of support.”

She noted that support for Taiwan is bipartisan in Congress and praised the island’s democracy. She stopped short of saying that the US would defend Taiwan militarily, emphasizing that Congress is “committed to the security of Taiwan, in order to have Taiwan be able to most effectively defend themselves.”

Her focus has always been the same, she said, going back to her 1991 visit to Beijing’s Tiananmen Square, when she and other lawmakers unfurled a small banner supporting democracy two years after a bloody military crackdown on protesters at the square. That visit was also about human rights and what she called dangerous technology transfers to “rogue countries.”

Pelosi visited a human rights museum in Taipei that details the history of the island’s martial law era and met with some of Taiwan’s most prominent rights activists, including an exiled former Hong Kong bookseller who was detained by Chinese authorities, Lam Wing-kee.

Pelosi, who is leading the trip with five other members of Congress, also met with representatives from Taiwan’s legislature.

“Madam Speaker’s visit to Taiwan with the delegation, without fear, is the strongest defense of upholding human rights and consolidation of the values of democracy and freedom,” Tsai Chi-chang, vice president of Taiwan’s legislature, said in welcome.

The administration of US President Joe Biden has sought to tone down the volume on the visit, insisting there’s no change in America’s longstanding “one-China policy,” which recognizes Beijing but allows informal relations and defense ties with Taipei.

Pelosi said her delegation has “heft,” including Gregory Meeks, chair of the House Foreign Affairs Committee, and Raja Krishnamoorthi from the House Intelligence Committee. Reps. Andy Kim and Mark Takano are also in the delegation.

She also mentioned Rep. Suzan DelBene, whom Pelosi said was instrumental in the passage of a US$280 billion bill aimed at boosting American manufacturing and research in semiconductor chips — an industry that Taiwan dominates and is vital for modern electronic