Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
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Lebanon’s Minister of Energy Heads to Damascus to Discuss Technical Files

Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)
Minister of Energy and Water in the Lebanese caretaker government Walid Fayyad. (Reuters file photo)

Lebanese caretaker Energy Minister Walid Fayyad headed to Damascus on Monday for a two-day visit to discuss files mainly related to water resources.

Lebanon and Syria are bound by agreements regarding the Orontes River, which arises in eastern Lebanon, flows to Syria and continues into Türkiye. The flooding of the river last year caused major damage to the agricultural fields in Akkar, northern Lebanon.

In a statement, the Ministry of Energy said Fayyad will hold talks with Syrian Minister of Water Resources Hussein Makhlouf with whom he will co-chair a meeting of the Lebanese-Syrian Joint Committee for the Water Sector, in the presence of Secretary General of the Syrian-Lebanese Supreme Council Nasri Khoury.

The two sides will discuss periodic follow-ups of the mechanisms for implementing the Orontes River and the Nahr al-Kabir (Great River) agreements, and ways to preserve the environment of the shared basins and guarantee sustainable and fair investments.

Fayyad and his Syrian counterpart will also touch on cooperation to limit the flooding of the Nahr al-Kabir on the agricultural plains in Akkar, as well as efforts to face the problems of displacement and future projects related to sanitation and irrigation.

On the sidelines of the visit, Fayyad will meet with Syrian Oil Minister Firas Qaddour and Syrian Minister of Electricity Engineer Ghassan Al-Zamil to discuss issues of common interest, according to the ministry’s statement.

A few weeks ago, Fayyad announced his intention to visit Damascus to follow up on issues related to rivers, pledging to improve the operation of the Al-Bared hydroelectric power plant, and to clean the course of the large river.

He also talked about a $5 million funding from the United Nations Development Program (UNDP), which will be used to clean the course of the Grand River and increase turbines for the hydroelectric power plant in Nahr al-Bared.



Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
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Oil Steadies as Market Awaits Fresh US Tariffs

FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo
FILE PHOTO: A view shows an oil pump jack outside Almetyevsk in the Republic of Tatarstan, Russia, June 4, 2023. REUTERS/Alexander Manzyuk/File Photo

Oil prices were little changed on Wednesday as traders remained cautious ahead of US tariffs due to be announced at 2000 GMT, fearing they could exacerbate a global trade war and dampen demand for crude.

Brent futures were down 7 cents, or 0.09%, at $74.42 a barrel by 0858 GMT. US West Texas Intermediate crude futures fell 5 cents, or 0.07%, to $71.15.

The White House confirmed on Tuesday that President Donald Trump will impose new tariffs on Wednesday, though it provided no detail on the size and scope of the trade barriers, according to Reuters.

Trump's tariff policies could stoke inflation, slow economic growth and escalate trade disputes.

"Crude prices have paused last month's rally, with Brent finding some resistance above $75, with the focus for now turning from a sanctions-led reduction in supply to Trump's tariff announcement and its potential negative impact on growth and demand," said Ole Hansen, head of commodity strategy at Saxo Bank.

Traders will be watching for levies on crude imports, potentially driving up prices of refined products, he added.

For weeks Trump has touted April 2 as "Liberation Day", bringing new duties that could rattle the global trade system.

The White House announcement is scheduled for 4 p.m. ET (2000 GMT).

"The balance of risk lies to the downside, given that weaker than expected tariff measures are unlikely to drive a significant rally in Brent, while stronger than expected measures could trigger a substantial selloff," BMI analysts said in a note.

Trump has also threatened to impose secondary tariffs on Russian oil and on Monday he ramped up sanctions on Iran as part of his administration's "maximum pressure" campaign to cut its exports.

"Markets likely to be volatile ahead of the final announcements on tariffs and the scale of them. The threat of secondary tariffs on Russian crude continues to provide some support for prices, with more downside risk at present around tariff uncertainty," said Panmure Liberum analyst Ashley Kelty.

US oil and fuel inventories painted a mixed picture of supply and demand in the world's biggest producer and consumer.

US crude oil inventories rose by 6 million barrels in the week ended March 28, according to sources citing the American Petroleum Institute. Gasoline inventories, however, fell by 1.6 million barrels and distillate stocks were down by 11,000 barrels, the sources said.

Official US crude oil inventory data from the Energy Information Administration is due later on Wednesday.