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) warns the enemies that any act of aggression against the Islamic Republic will not go unanswered.
In a statement on Thursday, the IRGC issued a “stern warning” to the enemies after US forces launched strikes against the southern Iranian port city of Bandar Abbas.
Following the US military attack on a point on the outskirts of Bandar Abbas Airport with aerial projectiles, the IRGC carried out new strikes targeting the US air base from which the attack originated in the wee hours of Thursday, it added.
“This response is a serious warning to the enemy that they should know the act of aggression will not go unanswered,” the IRGC emphasized.
The elite military force warned of a “more decisive” response if the enemy repeated any act of aggression.
It also said the responsibility for the consequences of any IRGC response lies with the aggressor.
The statement comes after the IRGC Navy on Thursday forced an American tanker to turn back. The tanker ...
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 ...
