Israel resumes Gaza bombing

Israel said on Friday its fighter jets had bombed the Gaza Strip, in the clearest sign yet the war has resumed with full force after a week-long truce. The announcement came shortly after the ceasefire expired. Minutes after the truce expired, an AFP journalist on the scene said Israeli airstrikes and artillery fire hit Gaza City.

Six Palestinians were killed in an Israeli air raid on Rafah, in southern Gaza, according to Gaza's health ministry. Two children were killed in air raids on Gaza City, a doctor at Ahli Arab hospital told AFP.

The Palestinian group nevertheless said it was ready to extend the truce in Gaza, after US Secretary of State Antony Blinken called for the pause to continue.

Based on internal documents, the New York Times claimed on Friday Israeli officials had obtained Hamas' plan more than a year in advance to carry out an unprecedented attack against Israel, but judged this scenario unrealistic.
The Hamas-controlled Government Media Office has blamed the United States and the international community for the resumption of fighting in Gaza after a week-long truce between Israel and Hamas broke down Friday.

The ministry said that America and the international community bears responsibility for the crimes of the Israeli occupation and the continuation of the brutal war against civilians, children and women in the Gaza Strip.

The statement added that Palestinians had a right to defend themselves by all means and to establish a Palestinian state with Jerusalem as its capital.

The Israeli military resumed fighting in Gaza after the militant group broke the outline of the truce, Israeli Prime Minister Benjamin Netanyahu said in a statement released from his office Friday.

Hamas didn’t respect its obligation to release today all the abducted women and launched rockets toward the citizens of Israel, Netanyahu said.

With the return of the combat mission, the government of Israel is obliged to accomplish the targets of the fighting, according to the prime minister.

He said those targets are to release the hostages, to liquidate Hamas and to ensure the citizens of Israel are never again threatened by an attack from Gaza.

"What Israel did not achieve during the fifty days before the truce, it will not achieve by continuing its aggression after the truce," Ezzat El Rashq, a member of the Hamas political bureau, said on the group's web site.

Palestinian media and Gaza's interior ministry reported Israeli air and artillery strikes across the enclave after the truce expired, including in Rafah, near the border with Egypt.

In Khan Younis, in the southern Gaza Strip, a Reuters witness said he could hear heavy shelling and see smoke rising in the east of the town. People were fleeing the area to camps in the west of Khan Younis for cover, he added.

Qatar and Egypt had been making intensive efforts to extend the truce following the exchange on Thursday of the latest batch of eight hostages and 30 Palestinian prisoners.Thursday's releases brought the totals freed during the truce to 105 hostages and 240 Palestinian prisoners.

One of Qatar's lead negotiators, career diplomat Abdullah Al Sulaiti, who helped broker the truce through marathon shuttle negotiations, acknowledged in a recent Reuters interview the uncertain odds of keeping the guns silent.

"At the beginning I thought achieving an agreement would be the most difficult step," he said in an article that detailed the behind-the-scenes efforts for the first time. "I've discovered that sustaining the agreement itself is equally challenging."

 

Iran elected OPEC conference alternate president

Gabon and Iran have been elected as president and alternate president of the Conference of Ministers of the Organization of Petroleum Exporting Countries (OPEC) for 2024 says a report by Shana.

The two countries were appointed by alphabetical order at the 187th Meeting of the OPEC Conference, which was held via video conference on Thursday.

According to the OPEC Statute, the alternate president shall preside over meetings whenever the president is absent.

Following the principle of alphabetical rotation, Libya and Nigeria were also elected as the OPEC Executive Board president and alternate president for 2024.

The representatives of Iran, Iraq, and Nigeria in the board have been already appointed and their appointment must be approved according to the OPEC Statute during its ministerial conference.

Iranian Oil Minister Javad Oji on Thursday praised favorable cooperation and understanding between OPEC Plus producers.

Talking to Shana, the minister said, “We are trying to institutionalize cooperation with non-OPEC producers within the framework of OPEC Plus alliance.”

Oji, who spoke after the 187th meeting of OPEC Conference and the 36th OPEC and Non-OPEC Ministerial Meeting (ONOMM), said during the meetings the participants clearly stressed the need to preserve the oil market stability and support OPEC Plus collective decisions.

The OPEC Plus members underlined that the coalition keeps a close watch on global oil markets and the balance between supply and demand, said the minister, adding the alliance also voiced its readiness to make quick decisions and take the necessary measures to stabilize the oil market and cope with its situations.

Shifting to the postponement of OPEC and OPEC Plus ministerial meetings caused by differences between their member states, Oji said it is not something new as they have had such differences at some junctures, adding all that matters is that OPEC Plus producers reach an agreement and a consensus serving the member states’ interests.

The oil market is experiencing a challenging era, he stated and noted additional supplies by some producers outside of the OPEC Plus alliance associated with uncertainties surrounding global economy, the outlook for international markets, speculators’ activities in the oil market, and consequences of mentioned developments are sending out alarm signals.

The agreement and decisions made by OPEC Plus and during ministerial meetings have served the OPEC and non-OPEC member states’ common interests, said the minister, pointing out the successful move should continue in the future as it is vital for ensuring the market stability and serving producers’ interests.

The released reports and analyses show considerable uncertainties about global supply and demand, said Oji, adding each could have special impacts on future developments.

Short sellers’ increased activities in the market have fueled concerns and the outlook for the international oil market cannot be anticipated with certainty, the minister stated continuing, “I cannot agree to any of these speculations, either.”

He said the United States and other big consumers’ worries about the global oil market and energy security have been caused by US policies and acts aimed at putting OPEC Plus and its producers under pressure – political pressure on some big oil and gas producers by imposing brutal and unilateral sanctions and escalating geopolitical tensions through making political intervention and supporting war in the West Asia region.

Oji is convinced that the agreement and decisions made by OPEC Plus are significant factors in eliminating fluctuations in the oil market, improving global economic conditions, encouraging investment in the oil industry, and guaranteeing energy security.

“We consider the OPEC Plus agreement and cooperation between large oil producers as the only option to provide the world with short- and long-term energy security,” he emphasized.

“As I said before, all observers and experts of the oil market acknowledge the constructive achievements of the OPEC Plus agreement for the market stability and energy security,” reiterated the minister, underlining that Iran fully supports the agreement and decisions made by OPEC Plus as the agreement reached between the alliance’s members and issued in OPEC and non-OPEC producers’ Declaration of Cooperation brings benefits for the global oil market, producers, consumers, and economy.”

The topics of the 187th Meeting of OPEC Conference, he continued, revolved around administrative, financial, and managerial issues that are discussed by member states’ oil and energy ministers biennially. 

 

Bangladesh must address labour and human rights issues, says European Union

The European Union has expressed its concern over the labour and human rights situation in Bangladesh and called upon the government to increase the pace of the implementation of the National Action Plan on labour sector and the recommendations of the Human Rights Council’s Universal Periodic Review to retain duty free market access to the economic bloc.

According to the second joint Staff Working Document on the EU’s enhanced engagement with three GSP beneficiary countries — Bangladesh, Cambodia and Myanmar — published on November 21, the EU’s Generalised Scheme of Preferences are linked to beneficiary countries’ respect to the international standards on human rights, labour rights, environment and climate, and good governance.

The European Commission report on the Generalised Scheme of Preferences covering the period 2020-2022 identified legal obstacles to the right to establish and operate trade unions, anti-union discriminations, shortcomings related to labour inspection, gaps in implementing occupational health and safety, and persistence of child and forced labour as the key concerns in the aspect of labour rights.

It also listed deficiencies regarding freedom of expression, freedom of assembly and association and civil society space, as well as cases of alleged torture, ill-treatment, extrajudicial killings, and enforced disappearances as key concern in the aspect of human rights.

Enhanced engagement is conducted by the European Commission services and the European External Action Service, aiming to facilitate and incentivise beneficiary countries to make progress on critical areas with regard to the 15 core human rights and labour rights international conventions listed on the GSP Regulation.

Article 19 of the GSP Regulation (2) provides that the preferences may be withdrawn from any GSP beneficiaries in case of serious and systematic violation of the principles of the core human and labour right conventions.

The European Commission report said that Bangladesh remained by far the most important EBA beneficiary in terms of exports to the EU and about 50 per cent of its exports go to the EU.

According to the EU data, Bangladesh’s exports to the economic bloc were reported at 23.9 billion euro in 2022 which was 53.5% higher compared with 2021.

More than 90% of Bangladesh’s exports to the EU are ready-made garments.

Over the reporting period of 2020-2022, the 27-member bloc regularly informed Bangladesh of its concerns and conducted two monitoring missions in October 2019, and in March 2022.

The EU report observed that most of the changes to the Labour Act/EPZ Labour Act requested by the ILO Committee of Experts for a number of years either have not been addressed or addressed partially only.

It said that limited progress has been recorded in the reporting period with respect to human rights concerns expressed by the EU.

“With regard to cases of alleged torture, ill-treatment, extrajudicial killings, and enforced disappearances, on multiple occasions in 2021 and 2022, the UN Office of the High Commissioner on Human Rights expressed deep concern about the government’s failure to complete investigations and bring the perpetrators to justice”, the EU report said.

As part of the enhanced engagement discussions on human rights, the EU repeatedly expressed concern about some of the provisions of the Digital Security Act and encouraged Bangladesh to fully implement the recommendations that the Human Rights Council made, the report read.

In September 2023, the Digital Security Act was replaced by the Cyber Security Act and the preliminary analysis showed that the Cyber Security Act was not fully aligned with international human rights standards, the EU said.

The report recommended that the authorities in Bangladesh should increase the pace of implementing the commitments on labour rights included in the NAP and ILO Road map.

With respect to the key concerns on human rights, the authorities in Bangladesh should improve freedom of expression, freedom of assembly and civil society space; investigate cases of alleged torture, ill-treatment, extrajudicial killings, and enforced disappearances; fully implement the recommendations of the Human Rights Council’s UPR, including the abolition of the death penalty.

‘The full compliance with the GSP relevant international conventions should also be seen in the light of the expected future graduation of Bangladesh from LDC status, which would imply moving from the EBA arrangement to standard GSP, the report mentioned.

An EU High-Level mission, led by Paola Pampaloni, deputy managing director of the Asia and Pacific Department at the European External Action Service, visited Bangladesh in November 12-16 and held several meetings with the government, labour leaders and businesses.

In a meeting with the high officials of the government, the EU delegation once again recommended bringing labour laws in full compliance with international standards and to remove the minimum membership requirement to form trade union.

They also conveyed to the government that the EU wanted to see a free, fair, and participatory election in Bangladesh.

 

Saudi Arabia extends oil production cuts

The Ministry of Energy announced that Saudi Arabia plans to prolong its one million barrels per day voluntary production cut, initiated in July 2023, until the end of the first quarter in 2024.

This collaborative decision involves coordination with select OPEC Plus nations, maintaining the Kingdom's production at around 9 million barrels per day until March 2024.

“A phased return of these additional cut volumes will be executed, contingent upon market conditions, to bolster overall market stability,” an official source at the ministry said.

The announcement emphasized that this voluntary cut is an augmentation to the earlier disclosed 500 thousand barrels per day reduction, declared in April 2023, which is slated to persist until the culmination of December 2024.

The source underscored that this supplementary voluntary cut is part of the collective precautionary measures taken by OPEC Plus countries to fortify efforts aimed at upholding the stability and equilibrium of global oil markets.

 

OPEC Plus to cut output by one million bpd

OPEC Plus oil producers are likely to agree output cuts of at least one million barrels per day (bpd) for early next year led by Saudi Arabia rolling over its voluntary additional cut and smaller curbs by others, two delegates told Reuters ahead of a virtual OPEC+ meeting on Thursday.

Saudi Arabia, Russia and other members of OPEC Plus pump more than 40% of the world's oil, or some 43 million bpd. They currently have cuts of about 5 million bpd in place.

According to Reuters a preliminary agreement has been reached for a cut of more than one million bpd.

This would include Saudi Arabia extending the voluntary cut of one million bpd it has had in place since July plus additional contributions from other members, sources said.

It was unclear how much other members would contribute, sources said. A third source said a new reduction would be agreed on Thursday without providing a figure.

"It depends on other group participants, could be near or more," the third source said when asked about the possible one million bpd cut.

With Saudi Arabia's voluntary output cut of one million bpd and a Russian export cut of 300,000 bpd both set to expire at the end of this year, the focus is on plans for 2024.

Benchmark Brent crude futures were up to US$83.95 a barrel at 1221 GMT on Thursday, on track for a third day of gains on expectations of fresh cuts from OPEC Plus.

Earlier, two delegates involved in the discussions said fresh cuts for 2024 could potentially take one million to two million bpd in production off the market in the first quarter of 2024.

RBC Capital Markets analyst Helima Croft said that Saudi Arabia, which began its additional voluntary one million bpd in July, would not want to shoulder additional cuts alone.

"We could envision a scenario where Russia and Saudi Arabia roll over their cut through the first quarter of 2024 and assemble a coalition of the willing individual producers prepared to make voluntary adjustments," she added.

The focus is on lower output with prices down from near US$98 in late September and concerns brewing over weaker economic growth in 2024 and expectations of a supply surplus.

The International Energy Agency (IEA) this month forecast a slowdown in 2024 demand growth as the last phase of the pandemic economic rebound dissipates and as advancing energy efficiency gains, expanding electric vehicle fleets and structural factors reassert themselves.

OPEC Plus sources this week said discussions had been proving difficult, as evidenced by the group postponing their meeting which was scheduled for November 26.

Plans now call for an OPEC only ministers’ virtual meeting on Thursday at 1100 GMT and a wider OPEC Plus meeting at 1400 GMT.

Sources said the delay was sparked by disagreement over output quotas for African producers; a matter they said had largely been resolved.

The OPEC Plus meeting coincides with the opening of the United Nations' COP28 climate summit being hosted by OPEC member the United Arab Emirates.

 

 

 

Iranian oil output 3.1 million barrels per day

The US Energy Information Administration (EIA) in a report disclosed Iranian crude oil output at 3.1 million barrels per day (bpd). This indicates Iranian oil output has risen 500,000 bpd in the current year.

On October 29, the spokesman of the Iranian Oil, Gas and Petrochemical Products Exporters’ Union said that Iran’s oil production has increased to 3.4 million barrels per day, despite the US sanctions aimed at curbing oil exports and the associated revenue to Iran’s government.

“The latest reports show that Iran’s oil production has increased to 3.4 million barrels per day, while it was about 2.9 million barrels per day until recently,” Hamid Hosseini told IRNA.

Given that previously closed oil wells have been reopened and returned to the production cycle, Iran can increase its oil production to 3.8 million bpd, he said.

“If we seek to increase oil exports from 3.8 million barrels per day to 4.2 million bpd in the 7th National Development Plan, we need to invest an average of US$25,000 for each barrel of oil. Since these oil wells, we have the opportunity to increase the oil production to 3.8 million barrels per day,” he explained.

Hosseini also said that about 40,000 bpd have been added to the country’s oil production from the Sepehr and Jafir oilfields, which can help with the economic growth of the country.

 

India to add coal-fired power plants to avoid outages

According to a Reuters report, India aims to add 17 gigawatts of coal-based power generation capacity over the next 16 months, its fastest pace in recent years, to avert outages due to a record rise in power demand.

The expansion drive comes ahead of this week's UN climate summit COP28, where France and the United States are expected to clamp down on financing for coal plants. India is dependent on coal for 73% of its power generation.

The world's fastest growing major economy has added an annual average of 5 gigawatts of coal-based electricity generation capacity over the last five years, but it is also ramping up renewable energy.

Yet it will fall short of satisfying power demand if it does not expand the number of its coal plants, said two government officials, who did not want to be named as they are not authorized to speak to media.

In the next four months, India plans to add nearly 3 gigawatts of coal-fired generation, while the following fiscal year, starting from April 01, 2025, will see it add 14 gigawatts, or its highest level in eight years, according to internal government documents seen by Reuters.

To ensure completion of projects, New Delhi has begun a review of 38 coal generation plants whose construction has been held up for years, moving to resolve issues over equipment and land acquisition delays, the two officials said.

The government expects 28 of these projects to become operational in the next 18 months, it told power producers in a presentation at a meeting on November 21.

Such projects include state-run power company NTPC's 660-megawatt unit in the eastern state of Bihar which has been delayed for 13 years, and two in the neighbouring state of Jharkhand held up for five years.

At the meeting, Power Minister R. K. Singh told public and private power generators that India would have to add coal-based thermal capacity, to meet requirements growing at an unprecedented rate.

He also urged private companies to set up fresh coal-based power generation capacity to meet night-time demand and assured them of financial assistance.

Industry officials said such a call was being made for the first time in a decade since most private investments in the coal-fired power sector had stopped around the year 2012, partly because of India's green energy push.

While the coal expansion drive aims to meet an expected rise of 10% in demand during peak hours in fiscal year 2024-25, India remains committed to meet a national commitment of half of fuel generation capacity from non-fossil fuels by 2030.

Since adding 22 gigawatts of capacity in the fiscal year 2015/16, India cut back on plans to expanding coal-fired plants as the government opted for alternate energy capacity, officials have said.

Now India wants coal-fired plants sufficient to meet power demand of 384 gigawatts by the fiscal year 2031/32, revised up 5% from an earlier projection of 366 gigawatts, the government documents showed.

The government consequently revised up its estimate of coal-based power requirement by 9%, to 283 gigawatts.

"We have now modeled a stressed scenario factoring in a below-normal monsoon and a corresponding demand spike, such as we experienced in Aug-Oct this year," one of the government officials said.

That stress accounts for delays in the commissioning of 86 gigawatts of non-fossil capacity by fiscal 2031/32.

In the lead-up to Thursday's climate summit in Dubai, the European Union, United States and UAE have rallied support for a deal to triple global renewable energy installed by 2030.

More than 100 countries have backed this deal, officials told Reuters, but countries including China and India are not yet fully on board.