Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
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Morocco, Russia Promote Cooperation with Signing of 11 Agreements

Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)
Morocco’s Prime Minister Saadeddine al-Othmani (R) meets his Russian counterpart Dmitri Medvedev in Rabat on October 11, 2017 (AFP Photo/FADEL SENNA)

Morocco and Russia boosted bilateral cooperation on Wednesday with the signing of 11 agreements in energy, agriculture, culture, education, investment and trade sectors, following talks between Prime Minister Saadeddine al-Othmani and Russian Prime Minister Dmitry Medvedev.

Medvedev is on an official visit to Morocco, along with a number of members of the Russian government, businessmen and senior officials.

“The visit of the Russian prime minister to Morocco falls within a clear will for cooperation, which was initiated by King Mohammed VI’s historic visit to Moscow in March 2016,” Othmani said during the signing ceremony of the partnership agreements.

Othmani explained that trade exchange with Russia has developed since the signing of the trade and economic agreement, which helped increase the volume of trade from around $200 million in 2001 to $2.5 billion in 2015.

In 2013, a new phase was launched between the two countries after the signing of a cooperation agreement in the fishing sector, the Moroccan prime minister noted.

“Economic cooperation between the two countries remains satisfactory, and trade is on an upward path, but there is still work to be done to achieve a more balanced trade relationship between the two countries,” he stated.

Othmani also expressed his country’s readiness to “establish an expanded tripartite partnership between our countries on the one hand, and Africa on the other, engaging the public and private sectors in order to carry out important projects, in favor of the three parties.”

For his part, Medvedev expressed his country’s determination to develop a partnership with Morocco, particularly in the fields of energy, agriculture and tourism, as well as to enhance military and security cooperation.

The Russian official underlined the importance of continuing to supply the Moroccan market with its needs of grains in exchange for the import of fruits and Moroccan vegetables.

Medvedev pointed to the importance of expanding cooperation in the fields of energy technology and tourism, noting that the number of Russian citizens visiting Morocco was on the rise.

Meetings between Russian and Moroccan officials on Wednesday witnessed the signing of 11 bilateral agreements in various fields of cooperation.



Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
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Oil Prices Set to End Week over 3% Lower as Supply Risks Ease

FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo
FILE PHOTO: An oil and gas industry worker walks during operations of a drilling rig at Zhetybay field in the Mangystau region, Kazakhstan, November 13, 2023. REUTERS/Turar Kazangapov/File Photo

Oil prices fell on Friday, heading for a weekly drop of more than 3%, as concerns over supply risks from the Israel-Hezbollah conflict eased, alleviating earlier disruption fears.
Brent crude futures fell 55 cents, or 0.8%, to $72.73 a barrel by 0758 GMT. US West Texas Intermediate crude futures were at $69.52, down 20 cents, or 0.3%, compared with Wednesday's closing price.
On a weekly basis, Brent futures were down 3.3% and the U.S. WTI benchmark was trading 3.8% lower.
Israel and Lebanese armed group Hezbollah traded accusations on Thursday over alleged violations of their ceasefire that came into effect the day before. The deal had at first appeared to alleviate the potential for supply disruption from a broader conflict that had led to a risk premium for oil.
Oil supplies from the Middle East, though, have been largely unaffected during Israel's parallel conflicts with Hezbollah in Lebanon and Hamas in Gaza.
OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, delayed its next policy meeting to Dec. 5 from Dec. 1 to avoid a scheduling conflict. OPEC+ is expected to further extend its production cuts at the meeting.
BMI, a unit of Fitch Solutions, downgraded its Brent price forecast on Friday to $76/bbl in 2025 from $78/bbl previously, citing a "bearish fundamental outlook, ongoing weakness in oil market sentiment and the downside pressure on prices we expect to accrue under Trump."
"Although we expect the OPEC+ group will opt to roll-over the existing cuts into the new year, this will not be sufficient to fully erase the production glut we forecast for next year," BMI analysts said in a note.
Also on Thursday, Russia struck Ukrainian energy facilities for the second time this month. ANZ analysts said the attack risked retaliation that could affect Russian oil supply.
Iran told a UN nuclear watchdog it would install more than 6,000 additional uranium-enriching centrifuges at its enrichment plants, a confidential report by the watchdog said on Thursday.
Analysts at Goldman Sachs have said Iranian supply could drop by as much as 1 million barrels per day in the first half of next year if Western powers tighten sanctions enforcement on its crude oil output.