Oil fell by more than 2% as Saudi price cuts counter West Asian worries 
Oil prices fell by more than 2% on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting supply concerns generated by escalating geopolitical tension in the Middle East.
Brent crude slid 2.2%, or $1.74, to $77.02 a barrel by 1024 GMT while U.S. West Texas Intermediate crude futures shed 2.3%, or $1.73, to $72.08.
The boost came ahead of further OPEC+ cuts in 2024 and Angola's exit from OPEC, which are set to lower January output and market share.
Middle East crisis: UK strikes on Yemen were 'necessary in self-defence', Rishi Sunak says
British and US forces have launched an attack on Houthi targets in Yemen after the Iranian-backed group defied a warning to stop targeting ships in the Red Sea.
Yemeni press agency, SABA, reported attacks took place in the capital, Sana'a, and the governorates of Sa'dah, Hodeidah, Taiz, and Dhamar.
Mr Biden also said the military action was also supported by Australia, Bahrain, Canada, and the Netherlands.
Iran 'hijacks' oil tanker off Oman amid growing middle-east crisis, dubs it 'retaliation for US oil theft'
- According to the initial reports, four to five people wearing black masks went aboard on Thursday. Within minutes, the ship and communication with the tanker were lost, reported Bloomberg referring to the UK Maritime Trade Operations.
- It had loaded a crude cargo at the Iraqi port of Basrah and was heading to Turkey via the Suez Canal, the owner of Empire Navigation said.
- Later in the day, Iran's state-run television acknowledged the seizure.
NATO allies Turkey, Romania, Bulgaria sign deal to clear Black Sea mines
- Turkey, Romania and Bulgaria have signed an agreement to clear mines drifting in the Black Sea.
- On the 11th of Jan Turkish defense minister Yasar Guler mentioned about the deal that it will establish a countermeasure task group among the three NATO allies. Bulgarian deputy defense minister Atanas Zapryanov said mines pose a " danger to ports, communication networks and key water infrastructure " and Romanian politician Angel Tilvar added on it by saying that Russia's " disdain for the norms of international law and it's aggression in the Black Sea is not only a regional problem but also a problem with global consequences".
- Also this initiative is not only open to these three States but it might also include other Black Sea states after the war ends.
Cop29 host Azerbaijan to hike gas output by a third over next decade
- Azerbaijan is all set to host this year's UN climate talks and has already planned to increase its fossil fuel production. As Azerbaijan owns one of the world's largest gas fields Shah Deniz in the Caspian sea it expects to extract 411bcm of gas over the next 10 years.
- Last month the president Ilham Aliyev said the country was " confidently moving toward the goal" of doubling its gas exports to Europe by 2027. It also exports gas to Turkey and Georgia.
- The government hopes to fill gaps in Europe's gas supplies after the havoc that Russia's invasion of Ukraine has created.
Russia condemns US, UK for 'irresponsible' strikes on Yemen
- Russia today condemned the United States and Britain for their military strikes on Yemen, which Moscow said amounted to an irresponsible adventure that risked sowing chaos across the entire Middle East, calling for an urgent meeting of the United Nations Security Council today to discuss the issue.
- Russia said the attack on Yemen took place without any mandate from the United Nations and was thus an illegal “adventure” by the United States and its allies.
https://www.middleeastmonitor.com/20240112-russia-condemns-us-uk-for-irresponsible-strikes-on-yemen/
Saudi Arabia gives Assad regime control over Hajj file, removing it from Syria opposition
- Saudi Arabia has given Syria’s regime of Bashar Al-Assad control of the country’s Hajj and Umrah pilgrimage process for 2024, removing the authority from the Syrian opposition after a decade.
- According to a statement by Syria’s Minister of Awqaf (religious endowments), Mohammed Abdul Sattar Al-Sayed, he held a meeting with Saudi Arabia’s Minister of Hajj and Umrah, Dr Tawfiq Bin Fawzan, in the Saudi coastal city of Jeddah, where they mutually decided that the pilgrimage activities for this year will be coordinated with the Syrian regime.
- It was further clarified in the statement that the two ministries will be holding joint preparatory committees to discuss and plan the necessary logistical procedures.
Over 1,000 organisations unite in support of South Africa's genocide case against Israel at ICJ
- More than 1,000 popular movements, political parties, unions and various organisations worldwide called on countries to endorse South Africa’s genocide case against Israel, Anadolu Agency reports.
- “We now urge other countries to reinforce this strongly worded and well-argued complaint by immediately filing a Declaration of Intervention with the ICJ, also called the World Court,” they said in a statement.
- The statement expressed grave concerns over Israel’s genocidal actions, war crimes and crimes against humanity in Gaza.
Blinken Dials Jaishankar; U.S. Asks India For Help To Tackle Houthi Attacks In Red Sea
- India's external affairs Minister S. Jaishankar and US Secretary of state Antony Blinken discussed the recent attacks on merchant ships by the Iran backed Houthi in the Red Sea.
- Red Sea is a major commercial trade corridor and hence Blinken emphasized on India and sought its support in defending freedom from the Houthis.
Hezbollah launches drone strike on base in northern Israel
- Hezbollah launched a drone strike at the Israeli army's northern headquarters Safed on January 9 in response to the recent strikes in Lebanon that killed top Hamas official Saleh Arouri and a commander Wissam Al- Tawil, the most senior member of the group.
- Hezbollah has lost 150 fighters in the near daily exchanges of fire.
Iran seizes oil tanker off Oman in dispute with US 
- After the theft of Iranian oil by the US last year St. Nikolas tanker seized by Iran's navy, in retaliation Iran has seized a tanker with Iraqi crude oil destined for Turkey.
- This seizure comes after weeks of attacks by Houthis on vessels in the Red Sea.
- The group's attacks have raised the risk of possible strikes from US led forces especially after a vote condemning the Houthis by the United Nations Security Council on 10th jan.
LINK: https://www.aljazeera.com/news/2024/1/11/iran-navy-says-seized-oil-tanker-off-oman-state-media-2
News bits compiled by:
Simron Saha (M.A. I.R., 2nd Year)
Alithia Clemency Paul (M.A. I.R., 2nd Year)
Drafted by:
Aditi Mishra (M.A. I.R., 2nd Year)
Varsha Das (B.A. I.R. 2nd Year)
Neha Singh (M.A. I.R., 1st Year)
Published by:
Alithia Clemency Paul (M.A. I.R., 2nd Year)
