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The decision of the OPEC+ group of leading oil producers to reduce output by 2 million barrels per day is aimed at market stabilization, a Kremlin spokesman said on Thursday.
The Saudi Arabia-led OPEC+ cartel at a Vienna meeting on Wednesday ignored pleas from the White House to keep oil flowing and agreed the cut, its deepest since the 2020 COVID-19 pandemic.
Source: National News Agency
Amara The security forces in Maysan arrested an accused of possessing unlicensed weapons.
The Maysan Police Directorate said in a statement that the National Iraqi News Agency (NINA) received a copy of it: “The suspect was arrested after chasing his car for more than half an hour.”
The statement added: ” unlicensed weapons were seized in his possession and legal measures were taken against him.”
Source: National Iraqi News Agency
Algiers, The Minister of Foreign Affairs of the People’s Democratic Republic of Algeria, Ramtane Lamamra, received here today the delegation of the Saudi-Algerian Parliamentary Friendship Committee in the Shura Council, headed by Assaf bin Salem Abu Thaneen, currently on a visit to Algeria.
At the outset of the meeting, Lamamra welcomed the parliamentary delegation, praising the development of historical relations between Algeria and the Kingdom of Saudi Arabia, expressing everyone’s aspiration to enhance joint cooperation in all fields.
For his part, Abu Thaneen expressed deep thanks to the warm reception and the accompanying delegation, stressing the depth of the historical relations between the two countries.
The meeting discussed ways to enhance bilateral relations at all levels, especially the role of parliamentary diplomacy and develop the parliamentary dialogue on issues of common interest, in addition to sharing experiences and enhancing cooperation programs.
Source: Saudi Press Agency
Muharraq, Bahrain Airport Company (BAC), the operator and managing body of Bahrain International Airport (BIA), celebrated the 70th anniversary of Saudia, the flag carrier of Saudi Arabia, commencing flights to Bahrain.
To mark the occasion, BAC hosted a cake-cutting ceremony and presented the airline’s Operations & Station Managers with tokens of appreciation. In attendance were BAC management and team members from the Route Development department.
“This celebration marks our appreciation of Saudia’s history, which spans 77 years, reflecting the quality of its services and its commitment to continuous development,” BAC Chief Commercial Officer Ayman Zainal said.
“The Bahrain-Saudi route, which began 70 years ago, has played a key role in strengthening connectivity between the two kingdoms, bolstering bilateral relations, trade, and tourism in the process. During this time, BIA’s partnership with Saudia has only grown stronger and we look forward to achieving further mutual success.”
Source: Bahrain News Agency
Washington, Oil prices stabilized near three-week highs after Organization of the Petroleum Exporting Countries (OPEC) agreed to further tighten global crude supply with a deal to slash production by about 2 million barrel per day, the largest reduction since 2020.
Brent crude futures for December settlement edged down 8 cents to $93.29 per barrel by 0656 GMT after settling 1.7% higher in the previous session, Reuters reported.
U.S. West Texas Intermediate (WTI) crude futures for November delivery slid 15 cents to $87.61 per barrel, building on a 1.4% rise on Tuesday.
The agreement between the Organization of Petroleum Exporting Countries (OPEC) and allies including Russia, a group known as OPEC+, comes ahead of a European Union embargo on Russian oil and would squeeze supplies in an already tight market, adding to inflation.
“This latest action from OPEC+ suggests that there is upside to our current full year 2023 forecast of $97/bbl,” Internationale Nederlanden Groep (ING) analysts said in a note.
However, given that production at some of the OPEC+ countries are below target levels, the actual cut would be smaller than the 2 million barrel per day reduction agreed to at the meeting.
Saudi Energy Minister Abdulaziz bin Salman said the real supply cut would be about 1 million to 1.1 million bpd, and they were in response to rising interest rates in the West and a weakening global economy.
The administration of U.S. President Joe Biden has criticized the deal as being shortsighted. The White House said Biden would continue to assess whether to release further strategic oil stocks to lower prices.
The White House said it would consult with Congress on additional paths to reduce OPEC and its allies’ control over energy prices in an apparent reference to legislation that could expose members of the group to antitrust lawsuits.
“The final market impact would depend on the duration of the agreement, as OPEC+ decided to extend its Declaration of Cooperation until the end of 2023,” Citi analysts said in a note, adding that the supply cuts will keep global inventories low for longer and tighten markets in 2023.
More than half of the 1 million bps supply cut is expected to come from world’s top exporter Saudi Arabia, analysts at RBC Capital said.
A draw in U.S. oil stockpiles last week also supported prices. Crude inventories dropped by 1.4 million barrels in the week ended September 30 to 429.2 million barrels, the Energy Information Administration said.
Source: Bahrain News Agency
Manama, The Kingdom of Bahrain strongly condemned the refusal of the terrorist Houthi group to extend the truce in the Republic of Yemen, which was proposed by the Special Envoy of the United Nations Secretary-General to Yemen, Hans Grundberg and approved by the Yemeni government.
The Ministry of Foreign Affairs noted in this regard the efforts of the Kingdom of Saudi Arabia and its continuous support for bringing peace and stability to the Republic of Yemen.
It stressed that the refusal of the Houthi terrorist group to extend the truce and hindering the efforts of the UN’s Special Envoy reflects its intentions to continue its military operations inside and outside Yemen to achieve their illegal objectives and threaten the region’s security and stability.
It also called upon the United Nations to continue its efforts to reach a political solution to the crisis, in accordance with the Gulf initiative and its executive mechanism, the outcomes of the National Dialogue Conference and Security Council Resolution No. 2216, in a manner that achieves peace, security and stability for the Yemeni people.
Source: Bahrain News Agency
Minister Sleem to President Aoun: “I work to provide all the factors to improve the conditions of the Army and reduce the current economic burdens”.
President Aoun to the President of the French Economic, Social and Environmental Council: “Lebanese-French relations are solid in all fields”.
Thierry Baudet: “Cooperation exists with the Lebanese Economic Council to help in everything that can activate its role”.
Arbid: “We are studying an agreement with the French Council to activate the work dynamics from the core of the tasks entrusted to our Council”.
Roni Lahoud: “During a year and a half, the number of files that were closed in the Public Institution for Housing reached 19 thousand files, of which 7 thousand have been completed so far”.
President of the Republic, General Michel Aoun, met National Defense Minister, Maurice Sleem, today at the Presidential Palace.
Security affairs and the measures taken by the army to maintain security and stability were deliberated.
The meeting also tackled life, health and educational needs of the Army, where Minister Sleem assured President Aoun that he is working to provide all the factors to improve the conditions of the Army and secure the necessary financial funds for this in order to alleviate the current economic burdens at a time when military personnel of various ranks continue to carry out their national duties and implement the security tasks assigned to them.
The latest data related to the on-going negotiations to demarcate the maritime and southern borders in light of the observations made by the Lebanese side on the offer made by the American mediator, Amos Hochstein, were also addressed, especially since these observations guarantee Lebanon’s rights to explore for oil and gas in the specified fields in the exclusive economic zone. These remarks also prevent any interpretations that do not apply to the framework set by Lebanon for the demarcation process and during the negotiations that lasted for months.
President of the French Economic, Social and Environmental Council:
The President received the President of the French Economic, Social and Environmental Council, Mr. Thierry Baudet, who is visiting Lebanon at the invitation of his Lebanese counterpart, the President of the Lebanese Economic, Social and Environmental Council, Charles Arbid.
The French Ambassador in Beirut, Mr. Anne Grillo, and the Counselor at the French Embassy, CHLOE BAUDREUX, in addition to Mr Arbid also attended the meeting.
The Lebanese side included Minister of Social Affairs Hector Hajjar, former Minister Salim Jreissati, Director General of the Presidency of the Republic, Dr. Antoine Choucair, and Advisor Rafic Shelala.
At the beginning, President Aoun welcomed Mr. Baudet, thanking him for his visit to Lebanon in these delicate circumstances in which many of the economic, social and environmental difficulties should be addressed, focusing on the role played by the Economic, Social and Environmental Council in Lebanon, especially after amending the law created so that his presence would be effective and influential in the issues that the Lebanese state is working to address, especially after the developments that Lebanon witnessed during the past years.
President Aoun also praised the strong relations between Lebanon and France in all fields, and presented to Mr. Baudet the events that took place over the past years and brought the situation in Lebanon to what it is, including the Syrian exodus, which had repercussions on various sectors.
For his side, Mr. Baudet spoke thanking President Aoun for receiving him and presenting the most prominent tasks carried out by the French Economic, Social and Environmental Council in assisting the legislative and executive authorities in France, especially in laws of an economic, social, environmental and educational nature and the reforms that are introduced in these sectors. Baudet pointed out that cooperation exists with the Lebanese Economic Council to assist in everything that can activate its role and tasks.
On the other hand, Mr. Arbid also thanked the President for the role he played in amending the law establishing the Economic Council in Lebanon, which led to the development of its work and the expansion of its tasks, pointing out that there is a lot of work in the areas of poverty, migration and displaced Syrians, in addition to economic and social issues that directly affect Lebanese society. Arbid pointed out that the council is currently studying concluding an agreement with the French Council to activate the work dynamics from the core of the tasks entrusted to it.
A discussion took place, between President Aoun, Messrs’ Baudet, Arbid, Ambassador Grillo, Minister Hajjar and former Minister Jreissati.
Chairman of the Board of Directors and General Manager of the Public Housing Corporation:
The President met the Chairman of the Board of Directors and Director General of the Public Establishment for Housing, Engineer Roni Lahoud.
Mr. Lahoud thanked President Aoun for approving the institution’s official owning and the system of procedure in it after 26 years of waiting, and briefed him on the work that the institution is doing in terms of citizens closing previous loans.
Mr. Lahoud also pointed out that during a year and a half, the number of files that were closed reached 19 thousand file of which 7,000 were completed so far.
Finally, Eng. Lahoud confirmed that the loans are repaid in Lebanese Lira, in accordance with the agreement concluded between the institution and the borrowing bank.
Source: Presidency of the Republic of Lebanon
The Beirut indictment chamber on Thursday ruled the release of Director General of Customs, Badri Daher, in the case of the “Saudi Captagon Prince.”
Daher has been detained following accusations that he had illegally lifted the travel ban on Saudi Prince Abdel Mohsen Al Saud, charged with smuggling drugs.
Source: National News Agency
The Organization of Islamic Cooperation (OIC) commemorates the OIC Day on 25 September 2022 every year. It coincides which the day the OIC was established at the Rabat Summit on 25 September 1969 after the heinous arson attack on Al Aqsa Mosque on 21 August 1969. The constitutive regulation of the OIC as an intergovernmental organization representing countries of the Muslim world was established at the first meeting of the foreign ministers in Jeddah, Kingdom of Saudi Arabia in 1970.
To mark the occasion, a symposium was held which featured H.E. Ambassador Dya-Eddine Bamakhrama, Ambassador of the Republic of Djibouti and Dean of the Diplomatic Corps in the Kingdom of Saudi Arabia and senior officials from the OIC General Secretariat.
The symposium made a historical overview of the founding and importance of the OIC and the roles entrusted to it and its subsidiary, specialized and affiliated institutions on issues of interest to the Muslim world. Those issues are the question of Palestine, Muslim minorities, Islamophobia, and promotion of the notions of moderation and tolerance.
The symposium also explored the efforts deployed to promote solidarity and cooperation among member states in various fields in a bid to give momentum to joint Islamic action and contribute to cultural and social action to achieve common objectives and aspirations. The symposium focused initiatives taken by the OIC to urge its member states to build bilateral and multilateral relationships based on human respect and dignity, one that deepens values of cultural diversity and social justice and is keen on improving the working mechanisms to keep pace with contemporary changes.
Source: Organisation of Islamic Cooperation
Lebanon reported its first case of cholera since 1993, Health Minister Firas Abiad said Thursday.
The case, recorded Wednesday, was from the rural northern province of Akkar, Abiad said, adding the infected person was a Syrian national who was receiving treatment.
Akkar province borders Syria, where a cholera outbreak has infected more than 10,000 people and killed at least 39, according to the Syrian Ministry of Health. The country declared an outbreak on September 10.
Richard Brennan, regional emergency director of the WHO Eastern Mediterranean Region, said, “Cross-border spread is a concern. We’re taking significant precautions.”
He said the WHO has been talking to officials in countries bordering Syria, including Lebanon, to bring in the supplies necessary to respond to possible cholera cases.
Cholera is caused by consuming water or food contaminated with cholera bacteria, often transmitted through poor sanitation methods, according to the World Health Organization. Symptoms can include severe watery diarrhea, vomiting and muscle cramps, the WHO said. It added that while cholera can kill within hours if untreated, most of those affected have no or mild symptoms.
Lebanon has suffered a series of hardships, starting nearly four years ago with an economic and financial crisis, followed by the COVID-19 pandemic and a horrific explosion at the Port of Beirut on August 4, 2020.
The resulting economic collapse has plunged three-quarters of Lebanon’s population into poverty.
Lebanon’s “low-grade infrastructure” includes “a dysfunctional electricity sector, water supply shortages, and inadequate solid waste and wastewater management,” the World Bank reported in October 2021.
Abiad said the health care system would struggle if there was a large-scale cholera outbreak.
“We have a very clear signal that the Lebanese healthcare system needs support to strengthen the system,” he told Reuters. “Otherwise … it won’t be able to hold.”
The WHO’s Brennan said, “Protecting the most vulnerable will be absolutely vital.”
Source: Voice of America
Lebanon and Israel appear close to completing a maritime deal that would permit offshore natural gas exploration and potentially defuse a historic conflict between the Jewish state and the Iran-backed Hezbollah militia, Lebanon’s powerbroker. The Qana natural gas field in the eastern Mediterranean has long been disputed by Israel and Lebanon, which have been technically at war for decades.
The two countries have been locked in a maritime border dispute, in part, over coastal drilling rights in the Mediterranean Sea’s potentially hydrocarbon-rich waters. Both have claimed about 860 square kilometers there as being within their exclusive economic zones.
Elias Bou Saab – Lebanon’s deputy speaker of parliament and lead envoy to the U.S., mediated indirect negotiations. He said the proposed U.S.-brokered deal was produced by thinking — as he put it — “outside of the box.” Israel’s high-level security cabinet is expected to discuss the terms Thursday.
Under the deal, Lebanon would have sovereignty over the area north of Line 23 on the sea map, including the Qana gas field, while Israel will remain in control of the Karish gas field. Observers believe that a foreign company operating under Lebanese license would produce natural gas at Qana, with Israel receiving a partial share of the revenues.
Although not confirmed, Lebanese officials have suggested that the French company TotalEnergies SE could be involved.
Israel’s prime minister, Yair Lapid, initially welcomed the draft agreement. Even arch foe Hezbollah, Lebanon’s powerful armed militia and political party backed by Iran, has expressed cautious optimism that a deal could be secured.
But negotiations in the final hours have been delicate and doubts about the economic and political benefits persist.
Lebanese analyst Dania Koleilat Khatib, an affiliated scholar with Stanford University’s Hoover Institute, told VOA she sees the demarcation as having more value as a way to pressure the Lebanese political elite to resolve their differences than economic benefit at this time.
“Once you do the demarcation, you would need a time of agreement to make sure that this is like a de-confliction,” she said. “So, there would not be any conflict, any clash. I don’t think at this current time it has much of an economic value. First, they need to see if there are proven reserves. After that they start the extraction, so you won’t have the gas before a few years. Once there is gas, and the political class want things to move, there will be more pressure from outside to find a solution, like to elect a president, elect a government, do reforms.”
Marc Ayoub, an associate fellow at the American University of Beirut’s Issam Fares Institute, told the French news agency AFP that “if commercially viable reservoirs are in fact found,” it could take five to six years to extract gas.
Although Hezbollah leader Hassan Nasrallah has threatened several times to hit Israeli drilling operations, alleging it was infringing on Lebanon’s maritime rights, Khatib and other analysts say Hezbollah doesn’t want a war with Israel because it could ill-afford to retaliate.
Nizar Abdel Kader, a retired Lebanese Army Brigadier General, told the online publication Breaking Defense that if Israel launches a full-scale war on Hezbollah’s areas of control in Lebanon, there will be extensive destruction, which will likely cause huge anger within the Shiite community against Hezbollah and Iran.
Source: Voice of America
Largest independent insurance brokerage and consulting group evolves its employee benefits business to better meet client needs
KANSAS CITY, Mo., Oct. 6, 2022 /PRNewswire/ — Lockton Companies, the world’s largest independent insurance brokerage and consulting group, announced today an evolution in its business as its employee benefits practice has become Lockton People Solutions.
Lockton’s People Solutions practice consists of solutions supporting our clients in the areas of employee experiences and engagement, total rewards and benefits, and measurement and management of their programs.
“How we talk about our business needed to evolve to better reflect today’s changing marketplace and how we advise and support our clients,” said Tom Schaffler, Lockton’s People Solutions Executive Committee Chairman in the U.S. “More than simply managing benefits programs, employers around the world need help engaging their workforce, recruiting and retaining talent, and driving efficiency for their business. Lockton People Solutions better reflects how we help our clients achieve these goals.”
The launch of Lockton People Solutions comes at a time when the way people work is being challenged, and employers are under increasing pressure to attract and retain their talent. Companies must now not only offer compelling benefits packages but also create positive employee experiences and drive engagement, understanding and satisfaction. And they must do this while continuing to find efficiencies.
Lockton’s People Solutions practice helps organizations become more successful and make people’s lives better by delivering a suite of solutions to meet the needs of companies operating in today’s environment. For more information about Lockton’s People Solutions practice and the suite of capabilities within, visit www.lockton.com or reach out to your local Lockton office.
What makes Lockton stand apart is also what makes us better: independence. Lockton’s private ownership empowers its 9,500+ Associates doing business in over 125 countries to focus solely on clients’ risk, insurance and people needs. With expertise that reaches around the globe, Lockton delivers the deep understanding needed to accomplish remarkable results.
For 14 consecutive years, Business Insurance magazine has recognized Lockton as a “Best Place to Work in Insurance.” Lockton was named among the 2021 Best Managed Companies by Deloitte and the Wall Street Journal, a program that recognizes excellence and honors private companies for their strategy, execution, culture, and financials. For more information, visit www.lockton.com.
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