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Saudi arabia, OPEC+ PrOduCErS annOunCE SurPriSE Oil OutPut CutS g
SUNDAy’S UNExPECTED voLUNTARy CUTS CoME IN ADDITIoN To oNES ALREADy AgREED UPoN IN oCT profit
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reuters
AUDI Arabia and other opec+ oil producers on Sunday announced voluntary cuts to their production amounting to around 1.15 million barrels per day (bpd) in a surprise move they said was aimed at supporting market stability. The group had been largely expected to stick to its already agreed 2m bpd cuts when its ministerial panel, which includes Saudi Arabia and Russia, meets virtually on Monday. Last october, opec+, which comprises the organisation of Petroleum Exporting Countries (oPEC) and allies led by Russia, agreed on output cuts of 2m bpd from November until the end of the year, angering Washington as tighter supply boosts oil prices. The US has argued that the world needs lower prices to support economic growth and prevent Russian President vladimir Putin from earning more revenue to fund the Ukraine war.
Sunday’s unexpected voluntary cuts, which start from May, come in addition to the ones already agreed upon in october. Riyadh said it would cut output by 500,000 bpd while Iraq will reduce its production by 211,000 bpd, according to official statements. The UAE said it would cut production by 144,000 bpd, Kuwait announced a cut of 128,000 bpd while oman announced a cut of 40,000 bpd and Algeria said it would cut its output by 48,000 bpd. Kazakhstan will also cut output by 78,000 bpd. Russia’s Deputy Prime Minister Alexander Novak also said on Sunday that Moscow would extend a voluntary cut of 500,000 bpd until the end of 2023. Moscow announced those cuts unilaterally in February following the introduction of Western price caps. After Russia’s unilateral reductions, US officials said its alliance with other opec members was weakening, but Sunday’s move shows the cooperation is still strong. The Saudi energy ministry said in a statement that the kingdom’s vol-
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iSLAMABAD The Pakistan Foreign office and Ministry of Trade and Commerce on Sunday outrightly rejected reports of any trade links with Israel, saying Islamabad has no diplomatic and trade relations with Israel and termed such reports “sheer propaganda.” The response from Islamabad came days after the American Jewish Congress (AJC), an association of American Jews organised to defend Jewish interests abroad, announced that the first shipment of food products from Pakistan was offloaded in Israel. The Foreign office spokesperson reacting to the reports of sale of Pakistani commodities in the Israeli markets said there is no change in Pakistan’s policy about the Jewish state. The trade transaction involved a Pakistani-Jewish businessman, Fishel BenKhald, and three Israeli businesspeople. BenKhald runs a Jewish kosher certification business in Karachi, exporting products to destinations worldwide. The rare bilateral trade included dates, dry fruit and spices and was disclosed via Twitter. A video clip posted by BenKhald on his Twitter account has gained over two million views. However, the ministry dismissed the AJC release, saying that it was misrepresented, and that even in its press release, there was no mention of official trade between Pakistan and Israel. A spokesman added that Pakistan did not have any trade relations with Israel and did not intend to develop any. The ministry also noted that there was no involvement of any banking or official channel in the matter. The spokesman emphasized Pakistan’s trade policy with countries, citing the Import Policy order 2022, which prohibits in today’s issue
trade with various economies. The spokesman stated that Pakistan is committed to the issue of the origin and that any potential trade with Israel is not supported by the government. Separately, Foreign office spokesperson Mumtaz Zahra Baloch told geo News the country has no diplomatic or trade relations with Israel. Baloch emphasized that there has been no change in Pakistan’s policy towards Israel. Pakistan is a staunch supporter of demands for an independent Palestinian state and has no diplomatic relations with Israel. ‘No one permitted to engage in any trade activities with Israel’ Separately, Interior Minister Rana Sanaullah told Independent Urdu that the incumbent government did not permit anyone to engage in any trade activities with Israel. “We will conduct an investigation into this,” he said. “Now we are receiving information that in the previous regime, Imran Khan had given similar permission to someone but nothing of this sort has come up to our notice, information, or inquiry right now.” Another member of the current cabinet, Prime Minister’s
untary cut was a precautionary measure aimed at supporting the stability of the oil market. oil prices fell to 15-month lows earlier this month in response to the banking crisis that followed the col-
app
A press release issued by the Ministry of Commerce here on Sunday said that the rumors about the commencement of Pakistan-Israel trade is sheer propaganda and is a press release of the American Jewish Congress which was misrepresented. Even in their press release, Some readers have complained they nowhere that they are not getting the mentioned magazine with their newspaper about official copy. Please call or WhatsApp us trade between Pakistan and Isat the following number to rael. However, register a complaint. neither do we have any trade Contact: 0307-7338168 relations with Is-
attention
irfan.farooq@pakistantoday.com.pk
lapse of two US lenders and resulted in Credit Suisse being rescued by Switzerland’s biggest bank UBS. “opec is taking pre-emptive steps in case of any possible demand reduction,” Amrita Sen,
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founder and director of Energy Aspects, said on Sunday.
‘Pakistan to place order for Russian crude oil in May’ PRofit: Minister of State for Petroleum, Musadik Malik, has announced that the government will be placing its first order for Russian crude oil next month. The move comes after the country decided to explore the possibility of buying discounted Russian oil, a decision made by Finance Minister Ishaq Dar last year. During talks with Moscow officials, the Pakistani government announced it would purchase discounted crude oil, petrol, and diesel from Russia. Technical issues such as insurance, transportation, and payment mechanisms were addressed during a three-day meeting in January 2023, which culminated in a joint statement from both countries. After achieving consensus on technical specifications, the oil and gas trade transaction will be structured in a way that will have mutual economic benefits for both countries. The discounted oil will arrive in Pakistan via sea, taking approximately 26 to 27 days. Malik also clarified that Russia had assured the Pakistani government that they were giving Pakistan a discount as much as any other neighbouring country was receiving. He explained that the mechanism for separate gas tariffs for the rich and poor was devised on the orders of Prime Minister Shehbaz Sharif and PML-N supremo Nawaz Sharif. The distinction between the rich and poor will be determined by the usage of gas. This usage remains the same for the rich but reduces for the poor in winter, from November to March. In Pakistan, 60% of the population is poor, and for them, the gas tariff has either been reduced or kept the same as in the past. The same is true for the petroleum subsidy. Under it, the rich will pay Rs300 for petrol, and the poor will pay Rs200 for the commodity. Monitoring Desk
Special Representative on Interfaith Harmony and the Middle East Tahir Ashrafi — who was also a part of the Imran Khan government — told state media that Benkhald was permitted to go to Israel by the PTI government. Talking to APP, he said the Pakistani-Jewish businessman exported some goods including dates, dry fruit, and spices to an Arab friendly country and later on, managed to dispatch them to Israel. Dispelling the impression that trade ties were being established between Pakistan and Israel, he was quoted as saying: “As per reports, neither the Ministry of Commerce, nor the Ministry of Foreign Affairs furnished Fishel any no-objection certificate (NoC).” It may be noted that controversy over Pakistan’s ties with Israel had been stirred last year over a reported visit of a “Pakistani delegation” to Israel. The Fo spokesperson in a statement had clarified that the “reported visit in question was organised by a foreign Ngo which is not based in Pakistan” and that Pakistan’s position on the Palestinian issue was clear and unambiguous.
Commerce Ministry dismisses Pak-israel trade rumours as propaganda profit
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Pakistan has no diplomatic, trade ties with israel, fo reiterates staff report
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rael nor do we intend to develop any, the ministry clarified. Earlier, reports were circulating that a Jewish Pakistani Fishel Benkhald has sent food samples to three businessmen in Jerusalem and Haifa through UAE in personal capacity whom he met in foreign countries during food exhibitions. Nevertheless, it was not supported by the government of Pakistan and no banking or official channel was involved either in such activity. Moreover, in our talks with UAE, the issue of origin will be strictly implemented. UAE has curtailed tariffs on 96 percent goods traded with Israel which has benefited traders from UAE to Israel.