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.



Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
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Oil Up as Israel, Hezbollah Trade Accusations of Ceasefire Violation

FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)
FILE - An aurora borealis, also known as the northern lights, makes an appearance over pumpjacks as they draw out oil and gas from well heads near Cremona, Alberta, Thursday, Oct. 10, 2024. (Jeff McIntosh/The Canadian Press via AP, File)

Oil prices ticked up on Thursday after Israel and Lebanon’s Hezbollah traded accusations that their ceasefire had been violated, and as Israeli tanks fired on south Lebanon.

OPEC+ also delayed by a few days a meeting likely to extend production cuts.

Brent crude futures edged up by 30 cents, or 0.4%, to $73.13 a barrel by 1741 GMT. US West Texas Intermediate crude futures were up 23 cents, 0.3%, at $68.93. Trading was thin because of the US Thanksgiving holiday, Reuters reported.
Israel's military said the ceasefire was violated after what it called suspects, some in vehicles, arrived at several areas in the southern zone.
The deal, which took effect on Wednesday, was intended to allow people in both countries to start returning to homes in border areas shattered by 14 months of fighting.
The Middle East is one of the world's major oil-producing regions, and while the ongoing conflict has not so far not impacted supply it has been reflected in a risk premium for traders.
Elsewhere, OPEC+, comprising 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 conflict with another event.
Also supporting prices, OPEC+ sources have said there will again be discussion over another delay to an oil output increase scheduled for January.
"It's highly unlikely they are going to announce an increase production at this meeting," said Rory Johnston, analyst at Commodity Context.
The group pumps about half the world's oil but has maintained production cuts to support prices. It hopes to unwind those cuts, but weak global demand has forced it to delay the start of gradual increases.
A further delay has mostly been factored in to oil prices already, said Suvro Sarkar at DBS Bank. "The only question is whether it's a one-month pushback, or three, or even longer."
Depressing prices slightly, US gasoline stocks rose 3.3 million barrels in the week ending Nov. 22, the US Energy Information Administration said on Wednesday, countering expectations of a small draw in fuel stocks ahead of holiday travel.
Slowing fuel demand growth in top consumers China and the US has weighed on oil prices this year.