NEW YORK: OPEC and allied oil-producing countries decided Thursday to maintain the amount of oil they pump to the world even as the new omicron variant casts a shadow of uncertainty over the global economic recovery from the coronavirus pandemic.
Officials from OPEC countries, led by Saudi Arabia, and their allies, led by Russia, voted to stick with a pre-omicron pattern of steady, modest monthly increases in oil releases — a pace that has frustrated the United States and other oil-consuming nations as gasoline prices rise.
The OPEC+ alliance approved an increase in production of 400,000 barrels per day for the month of January.
The fast-mutating variant led countries to impose travel restrictions when it emerged late last week. In a worst-case scenario, lockdowns triggered by omicron could cut oil demand by nearly 3 million barrels per day in early 2022, according to projections by Rystad Energy.
Positive news about drugs to treat the variant or the vaccines’ effectiveness against it could improve that outlook. But even with positive news, a decrease in oil demand is likely because “the distribution of these remedies may not actually reach all markets with extreme immediacy, which would still necessitate the lockdowns in much of the developing world,” said Louise Dickson, senior oil markets analyst for Rystad.
The price of a barrel of US benchmark crude fell with news of the variant and then fell further as OPEC+ revealed it wasn’t going to curtail production. It was about $78 a barrel a week ago and was trading at about $66 a barrel Thursday. International benchmark Brent crude followed a similar path, falling from $79 a barrel a week ago to about $69 on Thursday.
The decision by OPEC+ to stay the course sends a signal that “the group does what it says and that they will continue their policy on their own terms,” Dickson said. “It also really signals that OPEC+ needs a bit more time to really dig into the numbers on the omicron variant.”
Some analysts had predicted that the OPEC+ alliance — made up of OPEC members and allied non-members like Russia — would act cautiously Thursday, pending more clarity from medical experts on the new variant.
Before omicron’s appearance, the OPEC+ meeting had been shaping up as a potentially fraught moment in a growing dispute between oil-supplying nations and oil-consuming ones, as the global economy rebounds from the worst of the pandemic downturn and demand for oil surged.
Angering the US and its allies, OPEC+ has stuck to a plan to open the petroleum taps bit by bit — even as oil prices surged to seven-year highs — until deep production cuts made during the depths of the pandemic are restored.
With rising gas prices putting him under political pressure at home, President Joe Biden last week responded to OPEC’s refusal to increase supplies more quickly by announcing the US and other nations would release tens of millions of barrels of oil from their strategic reserves, boosting supplies and temporarily lowering prices. But gasoline prices in the US barely moved.
And then, omicron’s emergence unsettled those dynamics.
White House press secretary Jen Psaki said Thursday that there are no plans to slow releases from strategic reserves, despite the advent of the variant and OPEC’s decision.
“We welcome the decision today to continue the 400,000 barrels-per-day increase,” Psaki said. “We believe this should help facilitate the global economic recovery.”
OPEC+ will meet again Jan. 4.
OPEC+ sticks to modest boost in oil output despite omicron
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OPEC+ sticks to modest boost in oil output despite omicron
Sinner beats Fritz to win ATP Finals and add another big title with his doping case still pending
- Sinner won his first two Grand Slam titles at the Australian Open and US Open in 2024 and had already clinched the year-end No. 1 ranking
TURIN, Italy: Top-ranked Jannik Sinner added another big title to his tremendous year, beating US Open runner-up Taylor Fritz 6-4, 6-4 on Sunday for the ATP Finals trophy before his home fans — and before a final verdict is reached in his doping case.
Sinner won his first two Grand Slam titles at the Australian Open and US Open in 2024 and had already clinched the year-end No. 1 ranking.
“It’s the first title in Italy and it means so much to me,” said Sinner, who also won the Next Gen ATP Finals — an event for the top under-20 players — in Milan in 2019. “It’s something very, very, very special.”
Sinner, however, has off-court issues after he tested positive in two separate drug tests in March. A decision to clear him of wrongdoing was appealed by the World Anti-Doping Agency in September. A final ruling is expected from the Court of Arbitration for Sport early next year.
Sinner’s explanation was that the banned performance-enhancer entered his system unintentionally through a massage from his physiotherapist, who had used a spray containing the steroid to treat his own cut finger.
Sinner maintained his recent mastery over Fritz, having also beaten the American in the US Open final in September and in the group stage this week at the elite event for the year’s top eight players.
By sweeping all five of his matches en route to the trophy, Sinner earned $4.8 million — the largest winner’s prize on the men’s tour.
Sinner became the first Italian to win the finals and he went one step further than last year, when he lost the championship match to Novak Djokovic, who withdrew this time. And he did so without dropping a set – which was last accomplished by Ivan Lendl in 1986.
“I just tried to understand whatever works best for each opponent,” Sinner said. “It was a very high-level tournament from my side. At times, I couldn’t play better.”
The crowd inside Inalpi Arena included multiple clusters of fans wearing orange — a tribute to Sinner’s red- and orange-colored hair, and how he once ate carrots during a match. There were orange carrot costumes, orange wigs, orange hats, jackets and plenty of other orange items, too.
Some fans even had carrots in their mouths.
The crowd broke into its customary chant of “Ole, Ole, Ole; Sin-ner, Sin-ner” when Sinner produced a drop-shot winner to break for a 4-3 lead in the first set.
Sinner faced a break point while serving for the first set but saved it with a big serve out wide that Fritz couldn’t return. Then he served an ace — his 10th of the set — to close it out.
Another break by Sinner early in the second and the match was virtually over.
Sinner extended his winning streak to 11 matches. He’s won 26 of his last 27 matches and ends the ATP season with eight titles and an overall record of 70-6.
Fritz was attempting to become the event’s first American champion since Pete Sampras beat Andre Agassi in the title match 25 years ago.
Still, Fritz will rise to a career-high No. 4 in the rankings on Monday after beating No. 2 Alexander Zverev in a third-set tiebreaker in the semifinals on Saturday. That will make him the highest-ranked American man since Andy Roddick was No. 4 in August 2007.
It’s the latest in a series of achievements for Fritz, whose run in New York made him the first American man to reach a Grand Slam singles final since Roddick lost to Roger Federer at Wimbledon in 2009.
At the start of the week, Fritz told The Associated Press that his “career has always been a very steady progression and just improving a little bit each year.”
Both Sinner and Fritz will conclude their seasons representing defending champion Italy and the United States, respectively, in the Davis Cup finals, which start Tuesday in Malaga, Spain.
The German duo of Kevin Krawietz and Tim Puetz beat Marcelo Arevalo and Mate Pavic 7-6 (5), 7-6 (6) to win the doubles title.
Israeli court jails Palestinian WAFA journalist Rasha Herzallah for six months
- Herzallah detention extended five times before charge of “incitement on social media” was brought at Israeli Salem military court
LONDON: An Israeli military court sentenced on Sunday the Palestinian journalist Rasha Herzallah to six months in jail and issued a fine of 13,000 shekels ($3,300).
Herzallah, 39, was working for the official Palestine News and Information Agency (WAFA) at the time of her arrest last June, when she was summoned for an investigation at the Israeli Huwwara detention center north of the occupied West Bank.
Her detention was extended five times before a charge of “incitement on social media” was brought in court.
She is the sister of Muhammad Herzallah, who died from his wounds in November 2023 after being shot in the head by Israeli forces during a raid of Nablus city, WAFA reported.
Herzallah’s court hearing was held at the Israeli Salem military base near Jenin, her family told WAFA. She is expected to be released from prison on Dec. 1.
She is among 94 Palestinian journalists currently detained in Israeli jails since Oct. 7, 2023.
WAFA reported that four female journalists, including Herzallah, Rola Hassanin, Bushra Al-Tawil, and Amal Shujaiyah, a journalism student from Birzeit University, remain in Israeli detention.
Biden authorizes Ukraine’s use of US-supplied long-range missiles for deeper strikes inside Russia
- Biden's decision follows Russia's reported use of North Korean troops in its war against Ukraine
- The US had previously allowed Ukraine to use ATACMS only for limited strikes just across the border with Russia
MANAUS, Brazil: President Joe Biden has authorized the use of US-supplied long-range missiles by Ukraine to strike even deeper inside Russia, the latest easing of limitations meant to prevent the conflict from further spiraling, according to one US official and three people familiar with the matter.
The decision allowing Ukraine to use the Army Tactical Missile System, or ATACMs, for attacks farther into Russia comes as thousands of North Korean troops have been sent into a region along Ukraine’s northern border to help Russia retake ground and as President-elect Donald Trump has said he would bring about a swift end to the war, expressing skepticism over continued support by the United States.
Biden's decision came hours after Russia launched a massive drone and missile attack on Ukraine, described by officials as the largest in recent months, targeting energy infrastructure and killing civilians.
The attack came as fears are mounting about Moscow’s intentions to devastate Ukraine's power generation capacity ahead of the winter.
It is the second time the US has permitted the use of Western weapons inside Russian territory within limits after permitting the use of HIMARS systems, a shorter-range weapon, to stem Russia's advance in Kharkiv region in May.
President Volodymyr Zelenskyy said that Russia had launched a total of 120 missiles and 90 drones in a large-scale attack across Ukraine. Various types of drones were deployed, he said, including Iranian-made Shaheds, as well as cruise, ballistic and aircraft-launched ballistic missiles.
Ukrainian defenses shot down 144 out of a total of 210 air targets, Ukraine's air force reported later on Sunday.
Zelensky and many of his Western supporters have been pressing Biden for months to allow Ukraine to strike military targets deeper inside Russia with Western-supplied missiles, saying the US ban had made it impossible for Ukraine to try to stop Russian attacks on its cities and electrical grids.
Some supporters have argued that this and other US constraints could cost Ukraine the war. The debate has become a source of disagreement among Ukraine’s NATO allies.
Biden had remained opposed, determined to hold the line against any escalation that he felt could draw the US and other NATO members into direct conflict with Russia.
But North Korea has deployed thousands of troops to Russia to help Moscow try to claw back land in the Kursk border region that Ukraine seized this year. The introduction of North Korean troops to the conflict comes as Moscow has seen a favorable shift in momentum. Trump has signaled that he could push Ukraine to agree to give up some land seized by Russia to find an end to the conflict.
As many as 12,000 North Korean troops have been sent to Russia, according to US, South Korean and Ukrainian assessments. US and South Korean intelligence officials say North Korea also has provided Russia with significant amounts of munitions to replenish its dwindling weapons stockpiles.
Trump, who takes office in January, spoke for months as a candidate about wanting Russia’s war in Ukraine to be over, but he mostly ducked questions about whether he wanted US ally Ukraine to win.
He also repeatedly slammed the Biden administration for giving Kyiv tens of billions of dollars in aid. His election victory has Ukraine’s international backers worrying that any rushed settlement would mostly benefit Putin.
America is Ukraine’s most valuable ally in the war, providing more than $56.2 billion in security assistance since Russian forces invaded in February 2022.
Worried about Russia’s response, however, the Biden administration repeatedly has delayed providing some specific advanced weapons sought by Ukraine, only agreeing under pressure from Ukraine and in consultation with allies, after long denying such a request.
That includes initially refusing Zelensky’s pleas for advanced tanks, Patriot air defense systems, F-16 fighter jets, among other systems.
The White House agreed in May to allow Ukraine to use ATACMS for limited strikes just across the border with Russia.
Ukrainian drones strike Russia
A local journalist died Sunday as Ukrainian drones struck Russia's embattled Kursk region, its Gov. Aleksei Smirnov reported.
Moscow’s forces have for months strained to dislodge Ukrainian troops from the southern province after a bold incursion in August that constituted the largest attack on Russia since World War II and saw battle-hardened Ukrainian units swiftly take hundreds of square miles (kilometers) of territory.
In Russia’s Belgorod province, near Ukraine, a man died on the spot after a Ukrainian drone dropped explosives on his car, local Gov. Vyacheslav Gladkov reported.
Another Ukrainian drone on Sunday targeted a drone factory in Izhevsk, deep inside Russia, according to anti-Kremlin Russian news channels on the Telegram messaging app. The regional leader, Aleksandr Brechalov, reported that a drone exploded near a factory in the city, blowing out windows but causing no serious damage. A man was briefly hospitalized with a head injury, Brechalov said.
COP29 success requires G20 ‘leadership’: UN chief
- Annual UN climate talks in Baku deadlocked at midway point
RIO DE JANEIRO: UN Secretary-General Antonio Guterres on Sunday called on G20 leaders gathering in Rio de Janeiro to rescue stalled concurrent UN climate talks in Azerbaijan by showing “leadership” on cutting emissions.
“A successful outcome at COP29 is still within reach, but it will require leadership and compromise, namely from the G20 countries,” Guterres, who will attend the summit of the world’s biggest economies starting Monday, told a press conference in Rio.
The annual UN talks in Baku are deadlocked at the midway point, with nations no closer to agreeing a $1 trillion deal for climate investments in developing nations after a week of negotiations.
The talks are stuck over the final figure, the type of financing, and who should pay, with Western countries wanting China and wealthy Gulf states to join the list of donors.
All eyes have turned to Rio in the hope of a breakthrough.
“The spotlight is naturally on the G20. They account for 80 percent of global emissions,” Guterres said, calling on the group to “lead by example.”
Cultural experts urge UN to shield Lebanon’s heritage
- Lebanon’s cultural heritage at large is being endangered by recurrent assaults on ancient cities such as Baalbek, Tyre, and Anjar, all UNESCO world heritage sites, and other historic landmarks.
BEIRUT: Hundreds of cultural professionals, including archeologists and academics, called on the UN to safeguard war-torn Lebanon’s heritage in a petition published on Sunday before a crucial UNESCO meeting.
Several Israeli strikes in recent weeks on Baalbek in the east and Tyre in the south hit close to ancient Roman ruins designated as UNESCO World Heritage sites.
The petition, signed by 300 prominent cultural figures, was sent to UNESCO chief Audrey Azoulay a day before a special session in Paris to consider listing Lebanese cultural sites under “enhanced protection.”
It urges UNESCO to protect Baalbek and other heritage sites by establishing “no-target zones” around them, deploying international observers, and enforcing measures from the 1954 Hague Convention on cultural heritage in conflict.
“Lebanon’s cultural heritage at large is being endangered by recurrent assaults on ancient cities such as Baalbek, Tyre, and Anjar, all UNESCO world heritage sites, as well as other historic landmarks,” says the petition.
It calls on influential states to push for an end to military action that destroys or damages sites, as well as adding protections or introducing sanctions.
Change Lebanon, the charity behind the petition, said signatories included museum curators, academics, archeologists, and writers in Britain, France, Italy, and the US.
Enhanced protection status gives heritage sites “high-level immunity from military attacks,” according to UNESCO.
“Criminal prosecutions and sanctions, conducted by the competent authorities, may apply in cases where individuals do not respect the enhanced protection granted to a cultural property,” it said.
In Baalbek, Israeli strikes on Nov. 6 hit near the city’s Roman temples, according to authorities, destroying a heritage house dating back to the French mandate and damaging the historic site.
The region’s governor said “a missile fell in the car park” of a 1,000-year-old temple, the closest strike since the start of the war.
The ruins host the prestigious Baalbek Festival each year, a landmark event founded in 1956 and now a fixture on the international cultural scene, featuring performances by music legends like Oum Kalthoum, Charles Aznavour and Ella Fitzgerald.
