UAE, Saudi Oil Ministers Warn Against NOPEC, Say 'World Running Out Of Energy Capacity'
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Gulf state oil leaders warn that the world is has a shortage of production capacity never seen before. And they're concerned about legislation in the U.S. Senate, called "NOPEC," that would allow legal action against OPEC. None of this worries Iran's president Ephraim Raisi, who says he's doubled oil exports and "We are not worried about oil sales."
Qatar and Germany are at odds over a liquefied natural gas deal, with Qatar wanting assurances that Germany won't send the gas on to other European countries. The European Union opposes Qatar's position and wants the gas distributed.
Lots of movement by state leaders in the Middle East as Iran confirms a visit by Qatar's emir, the Iranian president plans travel to Oman and later to the United Arab Emirates, Russia's foreign minister goes to Algeria, and Jordan's king will go to the White House to meet President Joe Biden.
The United States broke ground for a new embassy in Qatar's capital of Doha, and news from Saudi Arabia, Iran, Sweden, Bahrain, Libya, and More.
"I have never seen these things. The world needs to wake up to an existing reality. The world is running out of energy capacity at all levels." Saud Arabia's oil minister Prince Abdulaziz bin Salman issued the warning and, with the United Arab Emirates oil minister, Suhail al Mazrouei, said without more investment across the globe, OPEC+ won’t be able to guarantee sufficient supplies of oil when demand recovers after the coronavirus epidemic.
Bloomberg, OPEC kingpins alarm over world's dwindling energy capacity.
Business Insider, Saudi Arabia warns that the world is running out of energy capacity: 'I have never seen these things.'
Top OPEC oil ministers hit back at a U.S. Senate “NOPEC” bill, saying it would bring chaos to energy markets. UAE energy minister Suhail al Mazrouoei said OPEC is unfairly targeted over the energy crisis and that a move by U.S. lawmakers to regulate output would disrupt the oil production system and see "a 200% or 300% increase in the prices that the world cannot handle."
Saudi Arabia's oil minister, Prince Abdulaziz bin Salman, said he is "very concerned about the holistic energy system existing today," and that the world needs to work "collectively, responsibly, comprehensively" to salvage the global economy. A U.S. Senate committee last week passed antitrust legislation that would allow lawsuits against OPEC, calling it the “NOPEC” bill.
CNBC, UAE, Saudi energy ministers hit back at 'NOPEC' bill, say it could send oil prices surging.
Qatar and Germany have problems over contracts for liquefied natural gas (LNG.) In talks for long-term supply deals, differences emerged over key conditions including duration of any contract. Germany is reluctant to commit to Qatar's conditions to sign deals of at least 20 years. Qatar also wants a destination clause that would prevent Germany from rerouting the gas elsewhere in Europe, and the European Union opposes that requirement.
Reuters, Exclusive: Germany, Qatar at odds over terms in talks on LNG supply deal - sources.
The European Union's negotiator in the Iran nuclear talks is in Tehran to try to break a two-month deadlock. EU coordinator Enrique Mora plans to meet with ranking Iranian officers in hopes of kickstarting final negotiations in Vienna. Mora's visit came as the EU's foreign policy chief, Josep Borrell, warned that "We cannot continue like this forever."
Albawaba, EU's Enrique Mora in Tehran to revive the stalemated 2015 Iran nuclear deal.
The United Nations nuclear watchdog said Iran is dragging its feet on information. Rafael Grossi, head of the International Atomic Energy Agency (IAEA), said Iran wants to close his investigation of three sites where nuclear particles have been found, but not declared to IAEA. Iran and the UN agency agreed in March to end the investigation in June, but there is little sign Tehran has given satisfactory answers.
Reuters, IAEA warns that Iran not forthcoming on past nuclear activities.
Iran's president said the country has doubled its oil exports. "We are not worried about oil sales," President Ephraim Raisi said. He did not disclose amounts, but said shipments have doubled since he took office in August 2021.
The Telegraph, Iran's president says oil exports have doubled since August.
Iran shut down large parts of the Internet as protests rose against bread prices and a high cost of living. The disconnection was tiered, with government offices staying on the Internet, along with businesses and banks. Individuals, however, saw their connections cut off. The government attack on the Internet started last week, mostly in the province of Khuzestan, but has now expanded across the country.
DCD, Iran shuts down Internet amid rising bread prices and cost of living protests.
Iran's President Ephraim Raisi announced plans to cut back on bread subsidies. The scheme will start in about two months and is expected later to include other goods such as chicken, cheese, and vegetable oil. In a television interview, Raisi said "subsidies are being wasted" in programs that cost up to $100 billion a year.
Financial Times, Iran's Raisi cuts back on bread subsidies.
Iran confirmed a visit this week by Qatar's Emir. Sheikh Tamim bin Hamad al-Thani is expected to visit Iran before traveling to Germany, Britain, and other European states. An Iranian government spokesman did not give a date for the visit, saying "The visit of the Emir of Qatar to Tehran is on the agenda," and that, following the visit, Iran's President Ephraim Raisi will "travel to a Gulf country," which was disclosed as Oman.
Reuters, Iran confirms upcoming visit of Qatar's emir to Tehran.
News reports said Iran's president will visit Oman and the United Arab Emirates. The travel to Oman's capital of Muscat is expected soon, and sources said the Iranian president has been invited to Abu Dhabi on a trip that will take place "at an appropriate time."
Tehran Times, Iran president to visit Oman, UAE: report.
Saudi Arabia will invest $100 billion in its aviation sector over the next decade. Transport minister Saleh al-Jasser said the kingdom will start new airlines and develop facilities in new centers in Riyadh and Jeddah.
Arabian Business, Saudi Arabia plans to invest $100 bn in the aviation sector over the coming decade: Transport minister.
Saudi Arabia and Bahrain sent congratulatory messages to Russian President Vladimir Putin on Russia's Victory Day. Both Saudi King Salman and Crown Prince Mohammed bin Salman "wished Putin good health and the Russian people further progress and prosperity." Bahrain's King Hamad bin Isa Al-Khalifa sent "an almost identical message" to Putin.
Middle East Monitor, Putin: Saudi Arabia and Bahrain send congratulations on Russia's Victory Day.
Kuwait's ruler has finally accepted the resignation of the country's government, after it quit a month ago. The government will now stay as a caretaker, restricted to urgent matters, and the Kuwaiti emir's acceptance starts the process of forming a new government. Prime Minister Sheikh Sabah al-Khaled al-Sabah has led four governments in little more than two years, with the latest only formed in December.
Bloomberg, Kuwait ruler accepts government resignation after weeks of limbo.
Work started on a new United States embassy in the Qatari capital of Doha. At a ground-breaking ceremony, U.S. Deputy Secretary of State for management and resources, Brian P. McKeon, said: "It is an exciting day for both countries, particularly for us as our partnership with Qatar grows."
The Peninsula, Work launched on new US embassy building.
U.S.President Joe Biden will meet at the White House this week with Jordan's visiting King Abdullah II. The visit started in Florida last week with top U.S. military commanders. King Abdulllah is traveling with his wife Queen Rania and a delegation of advisers. The Jordanian leader is believed to be seeking renewal of a $6 billion foreign assistance program that expires next year.
Al-Monitor, Biden to meet Jordan's king during Washington visit.
Saudi Arabia is critical of the former prime minister of Lebanon, Saad al-Hariri, for refusing to take part in Lebanon's elections on May 15. A Saudi columnist, believed reflecting official views, wrote a highly-critical column saying Hariri's withdrawal from Lebanese politics effectively turns over the government to Hezbollah.
I24 News, Saudis say ex-Lebanon PM Hariri 'surrendered to Hezbollah.'
The Biden administration announced $800 million in new humanitarian assistance for Syria. The U.S. ambassador to the United Nations, Linda Thomas-Greenfield, announced the contribution in Brussels at a pledging conference for Syria.
Al-Monitor, US announces $800m in Syria aid as border-access vote looms.
Libya's parliament wants its government headed by Fathi Bashagha to be based in Sirte. The move indicated an acknowledgement that, after parliament appointed Bashagha in March, he has been unable to take over the opposition government of interim Prime Minister Abdullhamid al-Dbeibah, based in Tripoli.
Reuters, Libyan parliament says Bashagha govt should start work in Sirte.
MORE: Saudi Red Sea project will open to visitors in 2023, showing new side of kingdom, Al Arabiya... US still considers Iran's IRGC a terrorist group: State Department official, Al Arabiya... Libya's Khalifa Haftar a no-show for US deposition in war crimes lawsuit, Middle East Eye... Tunisia: President names pro-coup members to new election commission, Middle East Eye... Russia's FM Lavrov meets Algeria leader to deepen thick ties, Associated Press... Egypt's annual inflation rate jumps to 13.1%, signals rate hike, Reuters.
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The Interpreter, Saudi Arabia and China: a blossoming friendship.
Iran upheld its death sentence against a Swedish-Iranian after refusing a reported prisoner swap for an Iranian tried in Stockholm for war crimes. Ahmadreza Djalali, a dual citizen, was arrest ed in Iran in 2016 on suspicion of espionage, and local media said he will be executed on May 21. An Iranian spokesperson said: "The verdict is final. The sentence will be carried out."
Middle East Eye, Iran upholds death sentence against imprisoned dual Iranian-Swedish citizen.