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France Dispatches Envoy to Beirut to Implement CEDRE Pledges

A general view of the Lebanese capital Beirut. (AFP)
A general view of the Lebanese capital Beirut. (AFP)
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France Dispatches Envoy to Beirut to Implement CEDRE Pledges

A general view of the Lebanese capital Beirut. (AFP)
A general view of the Lebanese capital Beirut. (AFP)

French presidential envoy Pierre Dukan is scheduled to arrive in Beirut on Wednesday to devise the practical measures for the implementation of the CEDRE conference pledges.

The dispatching of the envoy reflects France’s satisfaction with the formation of the Lebanese government, whose delayed birth had raised serious concerns over the implementation of the Paris-sponsored agreement.

Dukan will kick of his visit by holding talks with President Michel Aoun, Speaker Nabih Berri and Prime Minister Saad Hariri, said a diplomatic source in Beirut. He will also meet with ministers whose ministries have projects included in the CEDRE conference.

CEDRE was held in Paris on April 6 and presented long-term economic developments projects for Lebanon.

Dukan’s plan of action in Lebanon will focus on infrastructure projects presented by the Lebanese government. He will also set priorities in order to finance these projects and then “carry out needed reforms,” said the source.

The envoy had held talks last year with concerned officials during which they agreed on placing mechanisms to follow up on the CEDRE conference pledges.

They formed a Lebanese coordination team and another comprised of representatives of countries that took part in the conference, as well as donor agencies.

The two teams will hope to draft a vision that is “beyond strategic,” said Dukan.

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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
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Oil Prices Ease but Remain Near 2-week Highs on Russia, Iran Tensions

FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo
FILE PHOTO: Pump jacks operate in front of a drilling rig in an oil field in Midland, Texas US August 22, 2018. Picture taken August 22, 2018. REUTERS/Nick Oxford//File Photo

Oil prices retreated on Monday following 6% gains last week, but remained near two-week highs as geopolitical tensions grew between Western powers and major oil producers Russia and Iran, raising risks of supply disruption.
Brent crude futures slipped 26 cents, or 0.35%, to $74.91 a barrel by 0440 GMT, while US West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%.
Both contracts last week notched their biggest weekly gains since late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to the United States and UK following strikes by Kyiv on Russia using US and British weapons.
"Oil prices are starting the new week with some slight cool-off as market participants await more cues from geopolitical developments and the Fed’s policy outlook to set the tone," said Yeap Jun Rong, market strategist at IG.
"Tensions between Ukraine and Russia have edged up a notch lately, leading to some pricing for the risks of a wider escalation potentially impacting oil supplies."
As both Ukraine and Russia vie to gain some leverage ahead of any upcoming negotiations under a Trump administration, the tensions may likely persist into the year-end, keeping Brent prices supported around $70-$80, Yeap added.
In addition, Iran reacted to a resolution passed by the UN nuclear watchdog on Thursday by ordering measures such as activating various new and advanced centrifuges used in enriching uranium.
"The IAEA censure and Iran’s response heightens the likelihood that Trump will look to enforce sanctions against Iran’s oil exports when he comes into power," Vivek Dhar, a commodities strategist at Commonwealth Bank of Australia said in a note.
Enforced sanctions could sideline about 1 million barrels per day of Iran’s oil exports, about 1% of global oil supply, he said.
The Iranian foreign ministry said on Sunday that it will hold talks about its disputed nuclear program with three European powers on Nov. 29.
"Markets are concerned not only about damage to oil ports and infrastructure, but also the possibility of war contagion and involvement of more countries," said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors were also focused on rising crude oil demand at China and India, the world's top and third-largest importers, respectively.
China's crude imports rebounded in November as lower prices drew stockpiling demand while Indian refiners increased crude throughput by 3% on year to 5.04 million bpd in October, buoyed by fuel exports.
For the week, traders will be eyeing US personal consumption expenditures (PCE) data, due on Wednesday, as that will likely inform the Federal Reserve’s policy meeting scheduled for Dec. 17-18, Sachdeva said.