Saudi Arabia and Russia ‘clear fog’ before OPEC meeting

OPEC Secretary-General Mohammed Barkindo (center), said recent Saudi and Russian statements had cleared the fog ahead of next month’s OPEC meeting. (AFP)
Updated 28 October 2017
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Saudi Arabia and Russia ‘clear fog’ before OPEC meeting

LONDON: The fog has cleared ahead of OPEC’s next meeting, with Saudi Arabia and Russia clearly stating support to extend a global deal to cut oil supply for another nine months, said the OPEC secretary-general.
OPEC, plus Russia and nine other producers, have cut oil output by about 1.8 million barrels per day (bpd) since January.
The pact runs to March 2018 and they are considering extending it.
Saudi Arabia’s Crown Prince Mohammed bin Salman said this week he supported keeping the deal in place for nine months, following on from similar remarks by Russian President Vladimir Putin.
“OPEC welcomes the clear guidance from the crown prince of Saudi Arabia on the need to achieve stable oil markets and sustain it beyond the first quarter of 2018,” OPEC’s Mohammed Barkindo told Reuters on the sidelines of a conference.
“Together with the statement expressed by President Putin this clears the fog on the way to Vienna on Nov. 30,” he said.
Oil prices fell on Friday after Brent rallied to just below $60 a barrel the previous session but support from the comments by the Saudi crown prince for extending OPEC-led output cuts created a floor.
Oil hit $59.55 on Thursday, its highest since July 2015 and more than 30 percent above its 2017 lows touched in June.
US crude prices have been capped by rising US production.
Oil prices have been hovering near their highest levels for this year amid recent signs of a tightening market, talk of an extension of production cuts and tensions in Iraq.
Friday’s announcement of a cease-fire between Iraqi forces and the Peshmerga from the country’s autonomous northern Kurdish region eased some concerns.
“Yesterday we saw the expiry of Brent options, and like last month it pushed up prices near $60 — now it’s just correcting lower,” Olivier Jakob of Petromatrix consultancy said, adding that the market reacted slowly to bullish Saudi ­comments.
— Reuters


Village in southern Lebanon buries a child and father killed in Israeli drone strike

Updated 7 sec ago
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Village in southern Lebanon buries a child and father killed in Israeli drone strike

  • Hassan Jaber, a police officer, and his 3-year-old son, Ali, were on foot when the strike hit a passing car in Yanouh on Monday
  • The car’s driver, Ahmad Salami, was also killed. The Israeli military said Salami was an artillery official with Hezbollah
YANOUH: Mourners in southern Lebanon on Tuesday buried a father and his young son killed in an Israeli drone strike that targeted a Hezbollah member.
Hassan Jaber, a police officer, and his child, Ali, were on foot when the strike on Monday hit a passing car in the center of their town, Yanouh, relatives said. Lebanon’s health ministry said the boy was 3 years old. Both were killed at the scene along with the car driver, Ahmad Salami, who the Israeli military said in a statement was an artillery official with the Lebanese militant group.
It said it was aware of a “claim that uninvolved civilians were killed” and that the case is under review, adding it “makes every effort to reduce the likelihood of harm” to civilians.
Salami, also from Yanouh, was buried in the village Tuesday along with the father and son.
“There are always people here, it’s a crowded area,” with coffee shops and corner stores, a Shiite religious gathering hall, the municipality building and a civil defense center, a cousin of the boy’s father, also named Hassan Jaber, told The Associated Press.
When the boy and his father were struck, he said, they were going to a bakery making Lebanese breakfast flatbread known as manakish to see how it was made. They were standing only about 5 meters (5.5 yards) from the car when it was struck, the cousin said.
“It is not new for the Israeli enemy to carry out such actions,” he said. “There was a car they wanted to hit and they struck it in the middle of this crowded place.”
Jaber said the little boy, Ali, had not yet entered school but “showed signs of unusual intelligence.”
“What did this innocent child do wrong, this angel?” asked Ghazaleh Haider, the wife of the boy’s uncle. “Was he a fighter or a jihadi?”
Attendees at the funeral carried photos of Ali, a striking child with large green eyes and blond hair. Some also carried flags of Hezbollah or Amal, a Shiite party that is allied with but also sometimes a rival of Hezbollah.
Lebanon’s Internal Security Forces, of which the child’s father was a member, said in a statement that the 37-year-old father of three had joined in 2013 and reached the rank of first sergeant.
The strike came as Israel has stepped up its campaign against Hezbollah and its allies in Lebanon.
The night before the strike in Yanouh, Israeli forces launched a rare ground raid in the Lebanese village of Hebbarieh, several kilometers (miles) from the border, in which they seized a local official with the Sunni Islamist group Al-Jamaa Al-Islamiya, or the Islamic Group in English. The group is allied with Hezbollah and the Palestinian militant group Hamas.
The low-level conflict between Lebanon and Israel escalated into full-scale war in September 2024, later reined in but not fully stopped by a US-brokered ceasefire two months later.
Since then, Israel has accused Hezbollah of trying to rebuild and has carried out near-daily strikes in Lebanon that it says target Hezbollah militants and facilities.
Israeli forces also continue to occupy five hilltop points on the Lebanese side of the border. Hezbollah has claimed one strike against Israel since the ceasefire.