Foreign
Israel Begins Crude Oil Exports
Israel Begins Crude Oil Exports
Israel has begun its first-ever crude oil exports, with the loading of a cargo of oil from the mainly gas producing Karish field, the operator, London-listed Energean, has said.
The shipment, with trading company Vitol as offloader, is another symbol of Israel’s progress to greater energy independence based on offshore resources in the Mediterranean.
Israeli refineries rely on imports from locations such as Russia, Azerbaijan and Iraq, and the country is sure to continue sourcing crude overseas, particularly to meet requirements for heavier oil, while exporting some lighter liquids associated with the country’s gas production.
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The country has consumed around 210,000 bpd of oil in recent years, according to BP data and as reported by S&P Global.
Announcing Israel’s entry to the “exporters’ club,” Energean suggested the cargo was headed for a European destination.
“Energean is delighted to confirm the first ever lifting of an Israeli crude oil cargo has taken place at the company’s Karish field. For the first time in the history of Israeli oil and gas production, hydrocarbon liquids will be exported to global markets,” it said.
It added: “This creates a significant differentiated income stream, fundamentally separate to gas-derived revenues. The cargo has been sold as part of a multi-cargo marketing agreement with Vitol; the first of a new source of East Med energy to reach Europe.”
Energean Commercial Director, Nick Witney, said: “While we remain a gas focused company, with our Israeli gas production central to our role in enabling the energy transition, light, sweet crude oil, responsibly produced from modern, low-carbon intensity facilities is very much in demand, globally.”
Karish came on stream in October 2022 and was set to reach an initial production capacity of 6.5 Bcm/year in 4-6 months. The company estimates recoverable reserves at 1.4 Tcf of gas and 61 million barrels of liquids.
Israel Begins Crude Oil Exports
Breaking News
Putin Signs Decree to Boost Russian Armed Forces Personnel by 180,000
Putin Signs Decree to Boost Russian Armed Forces Personnel by 180,000
Russian President Vladimir Putin has signed a decree to increase the staffing levels of the country’s armed forces, raising the total number of personnel to 2.38 million, including 1.5 million military personnel. The decree, published on the government portal, represents an increase of 180,000 personnel across the Russian armed forces.
The new staffing levels, set to take effect on December 1, 2024, reflect Russia’s ongoing efforts to strengthen its military amid global tensions and geopolitical challenges. This adjustment marks a rise from the previous staffing levels of 2.2 million, which included 1.32 million military personnel.
The decree is part of a broader strategy to enhance the country’s defense capabilities as Russia continues to prioritize military readiness.
Foreign
Pakistan Police Arrest Key Lawmakers from Imran Khan’s Party Amid Ongoing Crackdown
Pakistan Police Arrest Key Lawmakers from Imran Khan’s Party Amid Ongoing Crackdown
Authorities in Pakistan have arrested several prominent lawmakers and leaders from the Pakistan Tehreek-e-Insaf (PTI), the political party of former Prime Minister Imran Khan. Party officials confirmed the arrests on Tuesday following a series of late-night raids in Islamabad. While a police spokesperson stated that four individuals were detained, PTI officials claim that 13 members were arrested from various locations, including outside the parliament.
The arrests come in the aftermath of a large PTI rally held on Sunday, calling for the release of the 71-year-old former cricketer-turned-politician, who has been in jail for over a year. Among those arrested was PTI president Gohar Khan. The crackdown reflects ongoing tensions since Khan’s ousting as prime minister in 2022, following a fallout with military leaders, who often hold significant influence in Pakistan’s political landscape.
Footage broadcasted by local media showed police officers forcibly detaining lawmakers outside parliament, prompting condemnation from opposition leaders. Omar Ayub Khan, a senior opposition figure, described the arrests as “despicable,” while PTI spokesperson Zulfikar Bukhari denounced the detentions as illegal in a post on X, formerly known as Twitter.
Bukhari further reported that senior PTI members Shoaib Shaheen and Sher Afzal Marwat were also among those taken into custody. Despite a strong showing in February’s general election, where PTI-backed candidates secured the most seats, the party was unable to form a government due to a coalition led by Prime Minister Shehbaz Sharif.
Foreign
Iraq Denies Allegations of Smuggling Oil to Iran
Iraq Denies Allegations of Smuggling Oil to Iran
The Iraqi Oil Ministry has strongly refuted allegations made by several U.S. Congress members, who claimed that Iraq is smuggling oil to Iran to help the country bypass U.S. sanctions. The ministry labeled these accusations as “fabrications with no foundation.”
The rebuttal comes in response to a letter reportedly sent by five U.S. lawmakers to President Joe Biden, accusing Iraqi officials, including Oil Minister Hayan Abdul Ghani, of facilitating illegal oil sales to Iran. The letter further urged Biden to block Ghani’s planned visit to Washington until an investigation into the matter is completed.
In a statement, the Iraqi Oil Ministry expressed “astonishment and condemnation” at the allegations, stressing that its oil operations are under the scrutiny of international inspectors. The ministry also pointed out that Iraqi waters are strictly monitored by naval forces to prevent any illegal activity.
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