Author: Steven Sahiounie

OPEC Secretary General Haitham al-Ghais on Thursday defended the recent adjustments to the OPEC+ oil output deal, calling it a success.Speaking at an economic forum in St Petersburg, Russia, al-Ghais expressed optimism about continued strong oil demand, citing a rebound in travel.OPEC+ on Sunday agreed to extend most of its oil output cuts into 2025 but left room for voluntary cuts from eight members to be gradually unwound from October onward.Investors were worried that a complicated OPEC+ output decision could lead to higher supplies later in the year even though demand growth has been slow. Source: Al Arabiya

Outgoing Boeing CEO Dave Calhoun will testify before a US Senate panel on June 18 after a series of incidents raised concerns about safety and quality, and led regulators to cap the planemaker’s production of its best-selling 737 MAX.

OPEC+ ministers rejected oil’s bearish reaction to its decision to gradually boost crude production from October and predicted the market will eventually see that the group’s policy is correct.

Novo Nordisk is facing the prospect of intensifying competition in the promising Chinese market where drugmakers are developing at least 15 generic versions of its diabetes drug Ozempic and weight loss treatment Wegovy, clinical trial records showed.

Colombia is reportedly calling for coal export restrictions after severing diplomatic ties over the Gaza conflict

Western countries are “shooting themselves in the foot” by imposing sanctions on Russia, Finance Minister Anton Siluanov said at the St. Petersburg International Economic Forum (SPIEF) on Thursday. He was commenting on Russia being ranked among the world’s top four economies in terms of purchasing power parity (PPP).

Hamas has vowed to “deal seriously and positively” with any potential truce agreement that would meet the Palestinian resistance movement’s demands. The movement’s Political Bureau Chief, Ismail Haniyeh made the remarks in a statement on Wednesday. He cataloged the movement’s demands as “the total halt of the aggression, complete withdrawal, and the exchange of prisoners.” The Israeli regime has been waging a genocidal war against the Gaza Strip, which is ruled by the movement, since October 7 when the coastal sliver’s resistance groups launched Al-Aqsa Storm, a retaliatory operation against the occupied territories. At least 36,550 Palestinians have been killed,…

Prime Minister and Minister of Foreign Affairs and Expatriates, Mohammad Mustafa, discussed during a meeting in Ramallah with the UN Senior Humanitarian and Reconstruction Coordinator for Gaza, Sigrid Kaag, the importance of coordinating relief efforts for Gaza among all parties. Mustafa gave a detailed explanation of the government’s short, medium and long-term relief plans for Gaza. They also discussed the government’s post-war reconstruction plans for the war-torn Strip, emphasizing the need for financial support to enable the government to function. Mustafa reaffirmed that Gaza is an integral part of the Palestinian state, stressing that the Palestinian Authority has been responsible…

Russian Foreign Minister Sergey Lavrov has arrived in St. Petersburg to take part the St. Petersburg International Economic Forum (SPIEF), according to a TASS reporter. Earlier this week, Russia’s top diplomat travelled to Guinea, the Republic of the Congo, Burkina Faso and the Republic of Chad, as he visited the latter two republics for the first time ever. Fresh from his African tour, Lavrov will hold meetings with his foreign counterparts on the sidelines of the SPIEF. Representatives from many African countries, including Chad and Burkina Faso, are attending the SPIEF, with delegations from over 130 countries taking part. The…

Egypt’s top diplomat Sameh Shoukry discussed in a phone call on Wednesday with acting Foreign Minister of Iran Ali Bagheri the situation in Gaza, including the Egyptian efforts to reach a ceasefire. According to a statement by the Egyptian Foreign Ministry, Shoukry discussed in the phone call he received from Bagheri Egypt and Qatar’s mediation efforts, in collaboration with the UN, to reach an agreement leading to a truce. The truce should facilitate the exchange of prisoners and detainees, ensure the delivery of aid to the Palestinians in the Gaza Strip, and ultimately achieve a permanent ceasefire and the withdrawal of Israeli…