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/
Volker Turk has warned that efforts to advance reparatory justice are facing resistance in “certain quarters,” and urged countries to back Africa’s push.
Reparatory justice for historical crimes, including colonialism, enslavement, and the trade in enslaved Africans, is crucial to dismantling systemic racism, UN High Commissioner for Human Rights Volker Turk has said.
Speaking at the UN Permanent Forum on People of African Descent on Tuesday, Turk linked present-day discrimination against people from the continent to the enduring legacy of colonialism and enslavement.
”Racism and dehumanizing rhetoric continue to permeate public institutions, communities, and online platforms,” he said, according to the UN Press Service. Turk noted that “digital technologies, including AI, are reproducing and amplifying existing biases against people of African descent.”
The remarks come weeks after the UN General Assembly adopted a resolution declaring the transatlantic slave trade “the gravest...
The US VP had to defend President Trump’s Gaza policy at a rally on a Georgia college campus.
US Vice President J.D. Vance was forced to defend Washington’s policy in Gaza after he was booed and heckled at a key MAGA event on Wednesday.
Co-founded by the late Charlie Kirk, Turning Point USA (TPUSA) is a conservative student group that has long been seen as a strong support base of President Donald Trump’s MAGA movement but is now showing apparent cracks.
Less than 15 minutes into a TPUSA event at the University of Georgia on Wednesday, Vance was interrupted by hecklers over US policy in Gaza, with one audience member shouting, “Jesus Christ does not support genocide!” As he attempted to respond, others shouted, “You’re killing children!” and “You’re bombing children!”
Vance replied by referring to Trump’s achievements as president, including securing a fragile ceasefire in Gaza, something he said the previous administration of Joe Biden failed to do.
“I ...
Sergey Shoigu has cautioned Finland and the Baltic states against allowing Kiev to use their airspace for attacks on Russia.
Russia would have the right to retaliate if Finland and the Baltic states are deliberately allowing Ukrainian drones to pass through their airspace, Security Council Secretary Sergey Shoigu said on Thursday.
“Recently, there has been an increase in Ukrainian drone strikes against Russia via Finland, Lithuania, Latvia, and Estonia,” Shoigu told journalists. “As a result, civilians are suffering and significant damage is being caused to civilian infrastructure.”
Either Western air defenses are proving ineffective, or these four countries “deliberately provide their airspace, thereby becoming open accomplices in aggression against Russia,” he added. In the latter case, Moscow has the right to self-defense in response to an “armed attack” under Article 51 of the UN Charter, the security chief stressed.
In recent weeks, Kiev has intensified drone strikes on ...
