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Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
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Saudi Arabia Stresses Importance of Cooperation with OPEC+

Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA
Saudi Minister of Foreign Affairs Prince Faisal bin Farhan bin Abdullah. SPA

Saudi Arabia stressed the importance of collective cooperation with OPEC+ for the stability of global oil markets, the Kingdom's Foreign Minister said on Saturday in his speech to the United Nations General Assembly.

"The Kingdom is keen on maintaining the stability, reliability, sustainability and security of global oil markets, and meet the needs of consumers to ensure a healthy global economy that benefits producers and consumers,” said Saudi Minister of Foreign Affairs Prince Faisal bin Farhan.

He added that "Saudi Arabia always underscores the importance of collective cooperation with OPEC+'' to stabilize the global oil markets and enhance their reliability, sustainability and security.

The OPEC+ policy of closely monitoring the markets and adopting a precautionary approach has contributed, he said, to the stability and balance of the oil markets, as was evident in the stability witnessed by the oil markets in 2022, compared to other energy markets, such as natural gas and coal markets.

 

 

 

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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
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Washington Urges Israel to Extend Cooperation with Palestinian Banks

A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)
A West Bank Jewish settlement is seen in the background, while a protestor waves a Palestinian flag during a protest against Israel's separation barrier in the West Bank village of Bilin in 2012. (AP)

The United States on Thursday called on Israel to extend its cooperation with Palestinian banks for another year, to avoid blocking vital transactions in the occupied West Bank.

"I am glad that Israel has allowed its banks to continue cooperating with Palestinian banks, but I remain convinced that a one-year extension of the waiver to facilitate this cooperation is needed," US Treasury Secretary Janet Yellen said Thursday, on the sidelines of a meeting of G20 finance ministers in Rio de Janeiro.

In May, Israeli Finance Minister Bezalel Smotrich threatened to cut off a vital banking channel between Israel and the West Bank in response to three European countries recognizing the State of Palestine.

On June 30, however, Smotrich extended a waiver that allows cooperation between Israel's banking system and Palestinian banks in the occupied West Bank for four months, according to Israeli media, according to AFP.

The Times of Israel newspaper reported that the decision on the waiver was made at a cabinet meeting in a "move that saw Israel legalize several West Bank settlement outposts."

The waiver was due to expire at the end of June, and the extension permitted Israeli banks to process payments for salaries and services to the Palestinian Authority in shekels, averting a blow to a Palestinian economy already devastated by the war in Gaza.

The Israeli threat raised serious concerns in the United States, which said at the time it feared "a humanitarian crisis" if banking ties were cut.

According to Washington, these banking channels are key to nearly $8 billion of imports from Israel to the West Bank, including electricity, water, fuel and food.