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Ed Webb

OPEC Is in its Death Throes | Foreign Policy - 0 views

foreignpolicy.com/...arabia-united-states-oil-shale

Saudi KSA economy economics OPEC oil energy Russia Iran Iraq Venezuela Kuwait UAE

shared by Ed Webb on 21 Oct 16 - No Cached
  • In February, OPEC called for an oil production “freeze” to raise crude prices in conjunction with Russia. But this effort collapsed at a meeting in Doha, Qatar, in April when Iran refused to join any freeze in order to regain the pre-2012 production levels of close to 4 mbpd it enjoyed before U.S. and European Union nuclear sanctions were imposed, following the removal of certain sanctions after the 2015 nuclear deal. A similar proposal failed at the OPEC meeting in June, again following Iran’s refusal, despite outreach by the Qataris.
  • OPEC again called for a form of output cut on Sept. 28 at an extraordinary meeting in Algiers. Markets bit on the news, with Brent prices rising sharply by about 15 percent in the following week, from $46 to $52 per barrel.
  • Can action by the cartel sustain higher crude prices over the long term? Probably not. Like a desert mirage, the image of an OPEC resurrection vanishes when approached.
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  • The massive fall in oil prices from over $100 per barrel in early 2014 to under $30 by January 2016 was caused primarily by then-Saudi Minister of Petroleum Ali al-Naimi’s strategy to gain market share for the kingdom and hurt the U.S. tight oil (or “shale”) industry by allowing the market, not OPEC interventions, to set prices.
  • While Riyadh has cranked up its production from mid-2014 to today by over a million barrels a day (to a peak of 10.7 mbpd in August this year), its fiscal position has taken a serious blow, with the budget deficit rising from 3 percent of GDP to 16 percent in 2015
  • The resilience of U.S. shale makes the argument that OPEC has experienced a resurrection a fragile claim. The cartel can probably raise prices in the short term through an output cut, but it will only be so long, perhaps already by mid-2017, before the U.S. shale industry revives and grabs any market share conceded by OPEC in a higher price environment. This will ultimately bring prices lower again, all else being equal.
  • Within OPEC, while other Gulf Co-Operation states, namely Kuwait and the United Arab Emirates, may be prepared to make a small cut to their production, key producers like Iraq and Venezuela are in too difficult a fiscal position to agree to any major cut.
  • Outside OPEC, Russia reached a production record of 11.1 mbpd in August, eclipsing Soviet levels. Being so close to the maximum anyway, Russia has little to lose by supporting the OPEC output cut and agreeing not to raise production further. Yet the Kremlin is unlikely to impose actual cuts on the range of oil companies that operate in the country.
  • In the short term, it seems Riyadh’s fiscal position was under such pressure from low oil prices that something had to give. While the kingdom has eased the fiscal pressure by starting to issue sovereign debt, the burn rate through its foreign reserves has been relentless (from about $740 billion in mid-2014 to $550 billion today) as it has attempted to defend the currency in the face of substantial capital flight from the country since the oil price crash in 2014.
  • Climate change will plainly be a major problem of the 21st century, and the world is moving away from fossil fuels: game over for an unreformed Saudi Arabia.
  • Saudi Arabia will face hard years ahead as the oil market increasingly looks to U.S. shale, not OPEC, as a handrail to oil prices on the supply side. However, this might well be the jolt that Salman needs to push through painful but necessary reforms
Ed Webb

U.N. Is Preparing for the Coronavirus to Strike the Most Vulnerable Among Refugees, Mig... - 0 views

foreignpolicy.com/...yemen-south-sudanthe-next-wave

pandemics aid UN UNICEF WHO Yemen Iran Venezuela SouthSudan Syria refugees development

shared by Ed Webb on 23 Mar 20 - No Cached
  • United Nations is preparing to issue a major funding appeal for more than $1.5 billion on Wednesday to prepare for outbreaks of the new coronavirus in areas suffering some of the worst humanitarian crises in the world, including Gaza, Myanmar, Syria, South Sudan, and Yemen, according to diplomatic and relief officials familiar with the plan
  • the request—which would be in addition to ongoing humanitarian operations—comes at a time when the world’s leading economies are reeling from the economic shock induced by one of the most virulent pandemics since the 1918 Spanish flu
  • “Some of the biggest donors are seeing global recession about to hit them,” said one senior relief official. “How generous are they going to be when they have a crisis looming in their own backyards?”
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  • U.N. relief officials and aid organizations are bracing for what they fear could be a cataclysmic second phase of the pandemic: spreading in the close-quarters encampments of the world’s more than 25 million refugees and another 40 million internally displaced people.
  • More than 3 billion people lack access to hand-washing facilities, depriving them of one of the most effective first lines of defense against the spread of the coronavirus, according to UNICEF
  • the effort to ramp up an international aid response is being hampered by the quest to ensure the safety of international staff. Those concerns have been amplified by the announcement last week that David Beasley, the executive director of the Rome-based World Food Program, had been infected with the coronavirus. Some international relief agencies have recalled senior field officers, fearing they could be infected.
  • Konyndyk, who worked on the response to the Ebola epidemic in West Africa for the U.S. Agency for International Development, said that U.N. and relief agencies are having to balance ensuring the health of their own staff with delivering care to needy communities.
  • “You would have a hard time designing a more dangerous setting for the spread of this disease than an informal IDP settlement,” he said. “You have a crowded population, very poor sanitation … very poor disease surveillance, very poor health services. This could be extraordinarily dangerous … and I don’t think that’s getting enough global attention yet.”
  • In conflict-riven countries from Afghanistan to South Sudan to Yemen, dismal health care infrastructures are already overburdened after years of fighting
  • After five years of war, with millions of people on the brink of famine, Yemen’s population is more vulnerable to a coronavirus outbreak than those of most other countries. The conflict has left most of the country’s population effectively immunocompromised,
  • Guterres, meanwhile, expressed concern that the pandemic could claw back decades of efforts to raise international health standards and to scale back the most extreme levels of poverty, and undercut U.N. sustainable development goals, which are designed to improve the standard of living around the world by the year 2030.
  • In Gaza, the U.N. Relief and Works Agency (UNRWA), which provides primary care for about 70 percent of the territory’s more than 1.8 million people, is bracing for the likely arrival of the coronavirus in one of the most densely populated place in the world. The U.N. agency—which the Trump administration defunded last year and has sought to dismantle—has some 22 medical clinics in Gaza, putting it on the front lines of the defense of the coronavirus.
  • “I’m told that there are 60 ICU beds in the hospitals,” Matthias Schmale, the director of Gaza’s UNRWA operations, told Foreign Policy. “If there is a full-scale outbreak the hospital sector won’t cope.”
  • The leaders of major relief organizations are pressing donors to grant them greater flexibility to redirect funding from existing programs that are likely to be paralyzed by the pandemic and use that money for programs—including clean water and sanitation projects—that could help stem the crisis.
  • “As bad as it is now in the well-organized and affluent north, with health systems, good sanitation, and big infrastructure, imagine how it will be when it will hit crowded camps with refugees and displaced people,” said Egeland, who spoke by telephone from quarantine in Norway.
  • sweeping U.S. and U.N. economic sanctions imposed on governments in Iran, North Korea, and Venezuela are hampering relief efforts.
  • Egeland acknowledged that most U.N. sanctions regimes, including those for Iran and North Korea, include exemptions for the import of humanitarian goods. But the sanctions have scared financial institutions from providing vital financial services to relief agencies. “Not a single bank had the guts to transfer money, because they were all afraid to be sued by the U.S. government,”
  • The World Health Organization announced earlier this year that more than $675 million will be required through April—including $61 million for its own activities—to mount an international campaign against the virus. Though WHO’s Director-General Tedros Adhanom Ghebreyesus said recently that more money would be needed. On Feb. 17, UNICEF issued an urgent request for $42.3 million to support the coronavirus response. It will be used to reduce transmission of the virus by promoting distance learning for kids who can’t attend school and public information aimed at shooting down misinformation.
  • “For many population groups, living in overcrowded conditions, social distancing is a challenge or impossible,” according to the Assessment Capacities Project report. Many countries that host refugee camps, such as Afghanistan and Bangladesh, are likely to be overwhelmed by the health needs of their own citizens. Nations with weak health systems “may struggle to screen, test, and contain the epidemic for the host population let alone the refugees,”
  • “COVID-19 is killing people, as well as attacking the real economy at its core—trade, supply chains, businesses, jobs,” Guterres said. “Workers around the world could lose as much as $3.4 trillion.”
  • “We need to focus on people—the most vulnerable, low-wage workers, small and medium enterprises,” Guterres said. “That means wage support, insurance, social protection, preventing bankruptcies and job loss. That also means designing fiscal and monetary responses to ensure that the burden does not fall on those who can least afford it. The recovery must not come on the backs of the poorest—and we cannot create a legion of new poor. We need to get resources directly into the hands of people.”
Ed Webb

Opinion | Saudi Arabia sentences U.S. citizen Saad Ibrahim Almadi to 16 years in prison... - 0 views

www.washingtonpost.com/...-sentenced-tweets-saudi-arabia

Saudi KSA MBS twitter repression US USA expression speech

shared by Ed Webb on 17 Oct 22 - Cached
  • The Saudi government has sentenced a 72-year-old U.S. citizen to 16 years in prison for tweets he posted while inside the United States, some of which were critical of the Saudi regime. His son, speaking publicly for the first time, alleges that the Saudi government has tortured his father in prison and says that the State Department mishandled the case.
  • while the Biden administration has gone to considerable effort to secure the release of high-profile Americans from Russia, Venezuela and Iran, it has been less public and less successful in securing the release of U.S. citizens held in Saudi Arabia. In fact, despite that Saudi Arabia is supposedly a U.S. ally, the Saudi government under Crown Prince Mohammed bin Salman (MBS) is dealing with its U.S.-citizen critics more harshly than ever.
  • On Oct. 3, Almadi was sentenced to 16 years in prison. He also received a 16-year travel ban on top of that. If he serves his whole sentence, he will leave prison at age 87 — and would have to live to 104 before he could return to the United States.
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  • Almadi was charged with harboring a terrorist ideology, trying to destabilize the kingdom, as well as supporting and funding terrorism.
  • Almadi has been tortured in prison, forced to live in squalor and confined with actual terrorists — all while his family was threatened by the Saudi government that they would lose everything if they didn’t keep quiet
  • Nobody from the U.S. Embassy in Riyadh visited Almadi until May, six months after his arrest. At that meeting, Almadi declined to ask the U.S. government to intervene. Ibrahim said that Saudi jailers threaten to torture prisoners who involve foreign governments in their cases. In a second consular meeting in August, Almadi did ask for the State Department’s assistance in his case. He was then tortured, Ibrahim said.
Ed Webb

How Iraqi Oil Is Changing the World - By Stephen Glain | Foreign Policy - 0 views

www.foreignpolicy.com/...raqi_oil_is_changing_the_world

oil OPEC diplomacy Iran Iraq KSA

shared by Ed Webb on 17 Mar 10 - Cached
  • For decades, Saudi Arabia has served as the world's central banker of oil supplies. In unstable times, most famously in the wake of Iraqi's 1990 invasion of Kuwait, it has drawn from its spare production capacity of some 1 million barrels to bring prices to heel.
  • Iraq's revival as a prominent oil exporter is bound to reshuffle a careful power balance in the energy-rich Arab world, particularly between bitter rivals Saudi Arabia and Iran. Saddam Hussein's 2003 toppling created a vacuum that both sides rushed to fill, for example deploying proxy forces at the height of Iraq's sectarian civil war. OPEC is another battlefield for the Saudi-Iran rivalry, and the Saudi kingdom is in no hurry to lose its uncontested status as No. 1. Now, as Iraq stabilizes politically and slowly rebuilds its oil-production capacity, both sides will have to accommodate a more assertive Baghdad. Even if oil production doesn't reach the Iraqis' goal, it will likely be higher than the approximately 1.7 million barrels per day that Iraq was producing just prior to the U.S. invasion.
  • quota smashers like Iran and Venezuela, who routinely oversell to pay for their costly entitlement programs
Ed Webb

Hunger could kill millions more than Covid-19, warns Oxfam | Global development | The G... - 0 views

www.theguardian.com/...more-than-covid-19-warns-oxfam

pandemics hunger food security disaster drought climate Sahel Yemen Afghanistan Oxfam WFP

shared by Ed Webb on 10 Jul 20 - No Cached
  • Millions of people are being pushed towards hunger by the coronavirus pandemic, which could end up killing more people through lack of food than from the illness itself, Oxfam has warned.
  • Closed borders, curfews and travel restrictions have disrupted food supplies and incomes in already fragile countries, forcing an extra million people closer to famine in Afghanistan and heightening the humanitarian disaster in Yemen, where two-thirds already live in hunger.
  • Oxfam said that up to 12,000 people could die from hunger every day globally – 2,000 more than died from Covid-19 each day in April
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  • Democratic Republic of the Congo, Venezuela, the west African Sahel, Ethiopia, Sudan, South Sudan, Syria, and Haiti as extreme hunger hotspots.
  • Oxfam said countries with existing problems, such as South Sudan and Syria, were already seeing hunger worsen but there was also concern for middle-income countries such as India and Brazil. Mass unemployment was affecting all countries, but informal labourers were suffering the most, often unable to travel to work. Travel restrictions were also hitting food supplies by preventing farmers from hiring workers and small-scale producers from accessing their own fields.
  • Remittances from Yemeni workers abroad had dropped by 80% – $253m (£200m) – in the first four months of 2020 as a result of job losses across the Gulf region. The closure of supply routes has led to food shortages and food price hikes in the country, which imports 90% of its food.
  • humanitarian assistance around the world had been curtailed by restrictions on movement and other precautions to prevent the virus spreading
  • a crisis in Africa’s Sahel region, where at least 4 million people have been displaced by extreme climate conditions that were damaging crops, causing greater tension between communities sharing resources.
Ed Webb

Pushed out of Egypt for COVID-19 reporting - Columbia Journalism Review - 0 views

www.cjr.org/...an-covid-19-reporter-egypt.php

Egypt pandemics censorship media journalist journalists

shared by Ed Webb on 09 May 20 - Cached
  • “They just want to see your visa,” a British embassy official told me on March 18, passing on a message from Egyptian security officials at the country’s visa and immigration office. I knew what that meant: Other journalists had been called to the same authority to have their visas revoked. Later that day, the British official called me again as I sheltered in a hotel room, after a lawyer advised me to flee my apartment in case it was raided by police. The security services had spoken to the Egyptian Ministry of Foreign Affairs, which had passed a second message to the British embassy. “They’re asking you to leave,”
  • I dodged the meeting at the visa authority by sending a lawyer in my place, after officials at the German embassy in Cairo—I’m a dual national—warned me I could be arrested or deported there. We think it’s best you get on a plane, they said. 
  • I’d reported for the Guardian that Egypt likely had more coronavirus infections than the country’s official total
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  • The number of infected people has become a metric for evaluating the Egyptian government’s control of the disease; the possibility that more people could be infected has become almost blasphemous in the eyes of the authorities. Even now, as confirmed COVID-19 cases in Egypt top 7,000, the size of the outbreak remains an inflammatory subject, with fear and nationalist pride working alongside a state that is practiced at concealing information
  • ranked 166th out of 180 countries on the Reporters Without Borders World Press Freedom Index
  • Citizens are routinely detained on charges of “spreading rumors and fake news,” including about COVID-19; the country’s public prosecutor recently warned that those accused of spreading “false news” about the virus face steep fines and up to five years in prison
  • Atef Hasballah, the editor of news site AlkararPress, who was bundled into the back of a police van and arrested on suspicion of “joining a terrorist organisation” after questioning the health ministry’s official infection count on his Facebook page
  • My story, and the University of Toronto study, sparked outrage. This was more than angry phone calls from government officials, or the smattering of threatening tweets I’d received in the past. It appeared to be a coordinated campaign, one where publicly condemning my journalism had a political purpose.  Egyptian media, dominated by pro-government talk-show hosts and columnists decried the reporting. An army of online trolls attacked the Guardian under the hashtag “lies of the Guardian.” Alaa Mubarak, the son of former president Hosni Mubarak, described what he termed the “Guardian virus” as “no less dangerous than the coronavirus.” 
  • “We’d be blind to ignore the overlap between public health, economics, and socio-political issues. We try to stay on the public health side as much as possible. But of course people standing more in the sociopolitical realm select data according to their beliefs.” 
  • I was summoned, along with Declan Walsh of the New York Times, to the headquarters of Egypt’s State Information Service, the main government organ that handles the media. During the course of a nearly four-hour meeting, Diaa Rashwan, the head of SIS, demanded repeatedly that the Guardian retract the story, and that I publish a personal apology. 
  • Rashwan accused us of “spreading panic” about COVID-19. The next day, SIS revoked my press card.
  • in undemocratic countries, amidst a desire to control information as much as the disease, scientists, doctors, and journalists are frequent targets. Authorities in Venezuela, Iran, and Belarus have detained journalists or prevented them from publishing due to their COVID-19 reporting. China expelled dozens of American reporters in an ongoing dispute with the Trump White House about journalism credentials, taking the opportunity to do so while the world is distracted with the virus. 
  • Accusations of “spreading panic,” or use of laws criminalising “fake news,” are also common, as in Egypt and Turkey, where citizens have been detained on these charges. A Chinese doctor was detained and reprimanded for “spreading false rumours” about the coronavirus; he was forced to sign a confession that he had “seriously disrupted social order,” shortly before he died of COVID-19. Turkmenistan went as far as to simply ban the word “coronavirus,” as though this alone could remove the spread of disease.
  • In Iraq, the government banned the Reuters news agency from operating in the country on April 3, after the outlet published reporting citing five sources including health ministry officials claiming that the country has a higher infection rate of COVID-19 than the official figure.  The government also issued a $21,000 fine while accusing the news agency of endangering public safety and hindering government efforts to prevent the spread of COVID-19. It demanded a public apology to the government and the people of Iraq. Reuters stood by the story, adding in a statement that the agency is “seeking to resolve the matter and…working to ensure we continue to deliver trusted news about Iraq.”
  • British officials attempted to negotiate with the Egyptian authorities. I understood that I had to leave, they explained, but with no more commercial flights I needed to wait until the airports reopened, allegedly in a few weeks’ time. Could they at least ensure I wasn’t arrested in the interim? The Egyptians offered no such reassurance, and continued to demand I show up at the visa office. They told my lawyer they were “offended” I hadn’t come in person. British officials offered for me to stay at the embassy in order to avoid detention.
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