The measure could cause supply disruptions, the country’s energy minister warns
The Western price ceiling on Russian oil will spark uncertainty and disrupt global trade flows, the Algerian energy minister warned on Wednesday.
The OPEC+ decision to cut output by 2 million barrels per day last November was designed to bring stability to global oil markets, Mohamed Arkab noted in an interview with information company Energy Intelligence. The official said unilateral actions by the West to limit the price of crude could undermine the efforts of the oil producers' alliance, and bring more uncertainty to the sector.
Western sanctions on Russian seaborne crude took effect last December. They ban tankers that fly the flag of any EU member state from carrying crude originating in Russia, unless it is sold to the buyer at or under an agreed price of $60 per barrel.
A similar embargo accompanied by price caps was imposed on Russian refined petroleum products in February. In response, Moscow banned sales of its crude and petroleum products to nations supporting the scheme.
Saudi Arabia threatens oil embargoREAD MORE: Saudi Arabia threatens oil embargo
The Algerian minister’s remarks echoed a recent warning from Saudi Arabia’s Energy Minister, Prince Abdulaziz bin Salman.
“If a price cap were to be imposed on Saudi oil exports, we will not sell oil to any country that imposes a price cap on our supply, and we will reduce oil production, and I would not be surprised if others do the same,” bin Salman told Energy Intelligence on Tuesday.
In February, Russia announced plans to voluntarily reduce oil production in March by 500,000 barrels per day, as it halts sales to buyers that comply with the Western-imposed price ceiling.
A number of economists have repeatedly warned that Western sanctions on Russian crude will only further tighten global supplies.
Algeria has been an OPEC member since 1969. The North African country has the tenth-largest proven natural gas reserves globally, and is the world’s fourth-largest gas exporter, with major pipeline links to Europe. It also ranks 16th in proven oil reserves, and exports roughly 60% of its total production.
https://www.rt.com/africa/573069-algeria-western-oil-price-cap-russia/
The Islamic Revolution Guards Corps’ (IRGC) Intelligence Unit says Iran will consider the Israeli regime’s shelters “legitimate targets” if residential areas in the country come under attack.
In a post published on social media platform X on Tuesday, the IRGC said that any strikes on residential areas in Iran would give Iran’s armed forces the right to attack Israeli shelters in the occupied lands.
The IRGC stated that it has intelligence on the blueprints and the exact locations of these shelters.
Iran began its Operation True Promise 4 after the US and Israel launched their joint military aggression against the Islamic Republic in late February by assassinating Leader of the Islamic Revolution, Ayatollah Sayyed Ali Khamenei, and several senior Iranian officials.
In its latest wave of attacks, the IRGC said it rained down missiles on the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
Iranian armed forces have also pounded American military bases and ...
In a fresh wave of retaliatory strikes, the Islamic Revolution Guards Corps (IRGC) targeted the Israeli regime’s “secure” intelligence facilities in Tel Aviv.
The IRGC’s Public Relations Department said in a statement on Tuesday that it had carried out the 79th wave of its ongoing retaliatory Operation True Promise 4 against the Israeli and American targets.
Deploying powerful Kheybar Shekan, Emad, and Sejjil missiles alongside IRGC Aerospace Force kamikaze drones, the operation successfully breached the regime's multi-layered air defense systems, the statement said.
The missiles, it stated, targeted Israel’s intelligence facilities in northern and central Tel Aviv, as well as military commercial and support centers in Ramat Gan and the Negev.
The missiles also hit Israel’s southern military logistics and command headquarters in Beersheba.
The missile strikes triggered widespread panic across Israel and forced the suspension of a Knesset (parliament) session on Tuesday.
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The Islamic Revolution Guards Corps (IRGC) announces staging the 78th wave of its underway retaliatory Operation True Promise 4, targeting such highly sensitive Israeli targets as Dimona, Tel Aviv, and Eilat as well as several US military bases in the region.
In a statement on Tuesday, the IRGC described the latest phase of the operation as a significant development featuring missiles raining down on enemy targets as the nation was leveling momentous support behind the Islamic Republic by attending millions-strong rallies with "clenched fists."
'A distinct record'
The latest phase, it noted, "has set a distinct record in the timeline of the war."
According to the statement, targets in the occupied port of Eilat, Dimona, a heavily fortified city that hosts the Israeli regime's notorious nuclear reactor in its vicinity, and northern Tel Aviv were struck using Emad and multi-warhead Qadr missile systems along with attack drones.
This was the second time the Corps was hitting Dimona, ...
