Halliburton posts higher quarterly profit

Halliburton has reported higher first-quarter profit on Tuesday, wrapping up upbeat earnings from the world's top oilfield services providers as higher oil prices encouraged drilling activity and boosted demand for services and equipment.

Global oil futures are currently trading around US$82 a barrel, down about 20% from a year ago but remain well above a level where firms can drill profitably.

The average international rig count, an indication of future production, for the quarter stood at 915, 11% higher than the previous year, according to Baker Hughes data.

Markets have been choppy in the past month, falling to around US$70 a barrel as a banking crisis sparked economic downturn worries and raised concerns over fuel demand outlook before rebounding on a surprise cut by OPEC Plus.

"Our customers are clearly motivated to produce more oil and gas and service capacity is tight," CEO Jeff Miller said in a statement.

Houston-based Halliburton said net income attributable to the company stood at US$651 million, or 72 cents per share, for the three months ended March 31, 2023 as compared to US$263 million, or 29 cents per share, a year earlier.

 

Gold prices on upward trajectory

Gold prices ticked higher on Tuesday after the dollar retreated as cautious investors awaited further US economic data due this week to gauge the Federal Reserve's next policy move.

Spot price rose 0.2% to US$1,993.64 per ounce by 0514 GMT, while US gold futures inched 0.1% higher to US$2,002.00.

The dollar index eased, making gold more attractive for buyers holding other currencies.

Gold is getting a boost from a weaker dollar, and focus will remain on the next set of US economic data and the Fed meeting to understand its stand on rate hikes for the rest of the year, said Ajay Kedia, director at Kedia Commodities in Mumbai.

Until then, prices may consolidate in the US$1,970 to US$2,020 range, Kedia added.

Dallas Fed's Monday report showed manufacturing activity in Texas contracted in April, highlighting the economic toll of the Fed's rate tightening cycle.

Markets are pricing in an 87.2% chance of a 25-basis-point hike by the Fed at its May 2-3 meeting. Higher interest rates tend to weigh on the bullion's appeal.

Investors now await the US consumer confidence report scheduled later in the day, ahead of the core personal consumption expenditures index, and GDP quarterly growth rate, due this week.

"These reports are more likely to see the US dollar weaken which will further strengthen gold prices in the short term," said Michael Langford, director at corporate advisory firm AirGuide.

Meanwhile, rising concerns that the US Treasury Department could hit its debt limit in the coming months are leading investors to shun certain Treasury bills as they seek out low-risk places to park cash.

In the physical market, gold consumption in the world's largest gold-consuming nation grew 12% year-on-year over January-March.

Iran: Tabas Desert a reminder of humiliating US defeat

On April 25, 1980, the United States launched a covert military operation, known as Operation Eagle Claw, in an attempt to airlift the US embassy staff held in the Iranian capital, Tehran. As a symbol of the failure of US plots against the Islamic Republic, Iran commemorates the event every year in Tabas where government officials, religious leaders and people gather.

The plan was to be based on the use of elements from four branches of the US defense forces: Army, Navy, Marines, and Air Force. The concept was based on an operation whereby helicopters and C-130 aircraft, following different routes, would rendezvous on a salt flat (code-named Desert One) 200 miles (320 km) southeast of Tehran. Here the helicopters would refuel from the C-130s and pick up the combat troops who had flown in on the C-130 transports. The helicopters would then transport the troops to a mountain location (Desert Two) closer to Tehran from which the actual rescue raid would be launched into the city the following night. The operation was further to be supported by an in-country CIA team. On completion of the raid, hostages were to be shepherded to a captured Tehran airport from which they were to be flown to Egypt.

Desert One was in South Khorasan Province, in the Dasht-e Lut desert near Tabas, while Desert Two was located 50 miles (80 km) short of Tehran.

The operation, one of Delta Force's first, encountered many obstacles and failures and was subsequently aborted.

Eight helicopters were sent to the first staging area called Desert One, but only five arrived in operational condition. One had encountered hydraulic problems; another was caught in a sand storm, and the third showed signs of a cracked rotor blade.

During the operational planning, it was decided that the mission would be aborted if fewer than six helicopters remained operational upon arrival at the Desert One site, despite only four being absolutely necessary. The field commanders advised US President Carter to abort the mission, which he did.

As the US forces prepared to withdraw from Desert One, one of the remaining helicopters crashed into a transport aircraft that contained both servicemen and jet fuel. The resulting fire destroyed both aircraft and killed eight servicemen.

The founder of the Islamic Revolution Ayatollah Ruhollah Khomeini in a speech after the incident, condemned Jimmy Carter’s order for military intervention in Iran and said the mission had been stopped by an act of God (angels of God) who had foiled the US mission.

“Who crushed Mr. Carter's helicopters? We did? The sands did! They were God's agents. Wind is God's agent ... These sands are agents of God. They can try again.”

Carter blamed his loss in the 1980 US presidential election mainly on his failure to secure the release of the hostages. The American hostages were released on 20 January 1981; minutes after Ronald Reagan had taken the oath of office after winning the election against Carter.

Many believe Tabas incident played a major role in Carter’s defeat in the 1980 presidential election in the US.

43 years ago on this day, the US forces conceded a humiliating defeat in Tabas that later affected the country's internal politics.

Iran marks the 43rd anniversary of a failed US military operation in the central Tabas Desert that was launched under the direct order of the US President Jimmy Carter in an attempt to release former US embassy staff held in Tehran after the 1979 Islamic Revolution. 

On November 03, the founder of the Islamic Revolution Ayatollah Khomeini delivered a decisive speech and called on Iranian people, students, and the clergies to thwart any US and Zionist regime’s conspiracies against the newly established Islamic Republic of Iran and also to oblige the US government to hand over Shah of Iran, Mohammad Reza Pahlavi, who had gone to New York for medical treatment.

US interference in Iran's internal affairs, its refusal to hand over the fugitive Shah as well as the meeting of some interim government officials with Zbigniew Brzezinski, the National Security Advisor to President Jimmy Carter (November 01, 1978) flared up Iranian's rage and made them take some retaliatory measures.

On November 04, 1979, on the first anniversary of the massacre of 56 Iranian pupils by Shah’s troops, and the day on which Imam Khomeini was exiled to Turkey (November 04 1964) by the oppressive Pahlavi regime, almost 400 Iranian Muslim students known as Muslim Students of Imam Khomeini Line stormed the US embassy.

During the takeover of the embassy, documents were discovered that proved some of the American embassy staff had been working with US intelligence agencies; meaning they were spies. Some 52 Americans were held in Tehran for 444 days, but later released unharmed.

 

 

Defense chiefs of Iran, Russia, Turkey and Syria to meet in Moscow on Tuesday

Turkish Defense Minister Halusi Akar announced that a joint meeting will be held between Iran, Syria, Russian, and Turkey in Moscow on Tuesday.

Akar announced that the meeting will be held at the level of defense ministers and heads of intelligence agencies.

The meeting comes after Moscow hosted the meeting of the deputy foreign ministers of the four countries.

Earlier this month, deputy foreign ministers of Iran, Russia, Syria, and Turkey held a meeting in Moscow to discuss the next meeting of the foreign ministers.

Russian Foreign Minister Sergey Lavrov delivered the opening speech of the meeting, which was held at the headquarters of the Ministry of Foreign Affairs.

The Moscow talks will serve as a prelude to the upcoming meeting between the foreign ministers of the four countries, according to the Turkish Anadolu news agency.

Ali Asghar Khaji, senior advisor to the Iranian foreign minister for special political affairs, who had traveled to Moscow at the head of a delegation to attend the four-way meeting, met separately with the deputy foreign ministers of Russia, Syria, and Turkey.

Also, Iranian Ambassador to Russia Kazem Jalali met in Moscow with Mikhail Bogdanov, the Special Representative of the President of Russia for the Middle East.

In the meeting, the latest planning for holding a quadrilateral meeting of foreign ministers on the Syrian issue was discussed, the Iranian embassy in Moscow said in a statement.

 

Panama Canal enforces lower draught restrictions

According to Seatrade Maritime News, the Panama Canal Authority (ACP) has enforced lower maximum draught of vessels transiting the expanded Panama Canal’s neo-panamax locks due to an ongoing drought.

The restrictions were introduced on April 19 and require vessels to reduce weight or otherwise handle less goods onboard.

The interim measure was outlined by officials without a deadline, but they expressed optimism that it might be lifted as soon as possible once the Central American rainy season starts.

The level of Gatun Lake has been falling faster than anticipated, putting pressure on the critical shipping route, despite implementing water-saving measures, the ACP said,

In response, the ACP has announced updated maximum draughts for the neo-panamax locks.

Effective April 19, 2023, the maximum authorized draught for vessels transiting the neo-panamax locks has been set at 14.48 m (47.5 feet) Tropical Fresh Water (TFW).

Further reductions will take effect on April 27, May 5, and May 12, bringing the maximum authorized draught to 14.02 m (46.0 feet) TFW.

The ACP reminds that vessels must adhere to the maximum authorized draught at the time of transit, warning that waiting times for transit can vary, potentially causing a vessel to arrive in compliance with the maximum allowable draft but then be subject to a draft reduction while still awaiting transit. The ACP therefore advises that waiting times should be factored in when planning transit at or near the maximum authorized draught upon arrival.

The ACP will continue to closely monitor the level of Gatun Lake and provide timely updates on future adjustments.

  

Texas: Cows Found Dead With Tongues Missing

The Madison County Sheriff’s Office in Texas is actively coordinating with other agencies to find answers after ranchers found six cows dead in suspicious circumstances, including that all had their tongues removed, reports The Epoch Times.

In a statement, the office stated that it found the six cows in separate locations, pastures, and herds, but all in the same condition.

The cows were described as lying on their sides, with the hide around their mouths removed on the side facing upward, via a straight, clean cut, with apparent precision. The meat under the removed side wasn’t touched. Their tongues were removed completely removed. There was no blood spill surrounding any of the cows.

On two of the cows, a circular cut was made removing the anus and the external genitalia, the statement reads.

This circular cut was made with the same precision as the cuts noted around the jaw lines of each cow.

There were no signs of struggle or disturbance found in the grass surrounding the carcasses of the cows. There were no noticeable tracks, including tire tracks, around the area.

The cause of death of all the cows remains undetermined.

No predators or birds would scavenge the remains of the cows for several weeks after their death, so they were left to decay untouched during that time.

The cattle were found along Texas State Highway OSR. Investigators with the sheriff’s office were first alerted by ranchers to one of the deaths— a 6 year old longhorn cross cow—before finding out about the deaths of the other five cows. They included four adult cows and one yearling, found along the area of OSR running into Brazos County and Robertson County.

“Multiple similar incidents have been reported across the United States,” the sheriff’s office noted.

In 2019, five bulls were found dead in Oregon over the course of several days. All of their sex organs and tongues had been removed, and the blood was drained from their bodies.

According to a report from The Associated Press, as in the new case of six cattle, there were neither signs of struggle nor any tracks around the carcasses.

 

Rising concerns about US proxy war with Russia

Reportedly a number of Republican lawmakers, including three senators have expressed grave concerns about a United States proxy war with Russia.

“A proxy war with Russia in Ukraine is not in the strategic interest of the United States and risks an escalation that could spiral out of control” they warned in a letter to President Joe Biden.

The Ukraine war has entered its second year with no end in sight as Washington brushes aside any peace initiatives by third parties, the latest by China and Brazil.

The lawmakers warned that the American aid to Ukraine threatens further escalation while lacking much needed strategic clarity.

The United States is the number one financial sponsor of the war. To date, it has contributed US$113 billion, mostly in military assistance, which the lawmakers said is aimed to prop up a government that is historically mired in corruption.
They pointed out that this comes at a time when the American people suffer from record inflation and a crippling national debt.Time and again, the executive branch has used debt as a tool to finance foreign wars to the detriment of the American taxpayer.

The legislators have highlighted how the US strategy towards Ukraine is pushing Washington's two greatest adversaries closer together.

In early February 2022, the presidents of China and Russia reminded the world of their no limits partnership in their first face-to-face meeting in two years.

On Friday, China’s Foreign Ministry said no country has the right to interfere in its relationship with Russia, as the two sides are sovereign, independent countries.

A spokesperson said, "China and Russia follow the principle of no-alliance, no-confrontation and no-targeting of any third party and are committed to developing a new type of major-country relations featuring mutual respect, peaceful coexistence and win-win cooperation. This is entirely different from the US practice of forming exclusive blocs and stoking bloc confrontation.

“Both China and Russia see the US as inextricably opposed to their interests and security. The depth of US involvement in Ukraine only gives credence to this narrative,” the letter said.

In their address to Biden, the American lawmakers said US national interests and those of the Ukrainian people are best served by encouraging negotiations to end the conflict. "We strongly urge you (Biden) to advocate for a negotiated peace".

Ironically, this is the same approach that the entire world has been advocating for, with the exception of the US-led NATO military alliance. 

Russia, in particular, has repeatedly warned that pouring weapons into Ukraine will only prolong the war and the suffering of the Ukrainian people.

“The current strategy of sanctions and drawn-out aid will only prolong the conflict, leading to escalation and more violence. Our national and economic security demands an alternative,” the lawmakers wrote. 

The letter pointed out US military assistance also extends to military training and intelligence support and warned of the risk of provoking a direct war with Russia.

"The extent of our aid makes it increasingly difficult to deny Russian accusations of US complicity in a proxy war. Vladimir Putin's advisors are already framing the conflict as a military confrontation Russia and NATO, and above all the United States and Britain, Russian tolerance for fighting a proxy war with NATO could run out at any point."

They added that Moscow's decision to take military action in Ukraine should be evidence enough of its willingness to use military force and should give us pause in continuing to push the limits at the risk of catastrophe.

"With every new aid package and every new weapon provided to Ukraine, the risk of direct conflict with Russia climbs," the letter added.

"The Biden administration’s virtual blank check funding of this conflict for as long as it takes, without any defined objectives or accountability, distracts from our country’s most pressing challenges."

“Unrestrained US aid for Ukraine must come to an end, and we will adamantly oppose all future aid packages unless they are linked to a clear diplomatic strategy designed to bring this war to a rapid conclusion.”

They also spoke of a delusional US strategy, which has made the US military weaker as it will take months or, in some cases, years to manufacture a depleted weapons stockpile being shipped to Kyiv.

“Should our actions entangle us in a confrontation with Russia now or should conflict erupt in the Indo-Pacific in the coming years, we fear that our military will be woefully unprepared to meet these challenges as a direct result of what has been shipped to Ukraine,” they said.

The senators and representatives also criticize the Biden administration’s decision to send High Mobility Artillery Rocket System (HIMARS) to the Ukrainian military. That decision was seen as a serious provocation, given the enhanced capabilities these weapons afforded, according to the lawmakers.

The letter mentions the Biden administration's plans to ship M1 Abrams tanks to Ukraine, which require months to ship and training for Ukrainian crews, and to send ground-launched small-diameter bombs, which would also require months to ship.

On top of the US$113 billion that Congress has authorized for Ukraine, the Biden administration is still drawing funds from the US$45 billion package approved in December 2022. That aid is expected to be exhausted by the summer, meaning the White House will likely ask Congress to authorize more funds soon.

In February, Representative Mathew Gaetz accused the Biden White House as well as members of both parties of spending tens of billions of dollars in Ukraine to keep a war going that does not satisfy any US national interest other than making US weapons manufacturers happy.

"How much more for Ukraine? Is there any limit?" Gaetz asked on the floor of the US House of Representatives. "Which billionth dollar really kicks in the door? Which redline we set will we not later cross?"

US Representative Marjorie Taylor Greene recently told US media that Ukraine was not the 51st state and that she has to focus on fixing the problems her constituents and the American people are facing.

“We’re ignoring our own people’s problems... the United States needs to be pushing for peace in Ukraine, not funding a proxy war with Russia.”

“Politicians have given over US$100 billion of taxpayer money to Ukraine,” a spokesperson for Senator Rand Paul said. “Taxpayers deserve to have a full accounting of how their money is being used overseas, particularly before even more is asked of them and especially since priorities in our own nation are being neglected.”

The arguments against blank checks for Ukraine appear to be gaining popularity among regular Americans. The support for unconditional military aid has decreased notably, from 60% in May 2022 to 42% this February. The biggest drop has come from Republicans, according to a poll by The Associated Press-Norc Center for Public Affairs Research.

The letter comes as Ukraine received US-made Patriot surface-to-air guided missile systems, which will further satisfy US arms manufacturers.