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Iran Closes Oil Wells in Flood-hit Khuzestan amid Drop in Output

FILE PHOTO: An aerial view of flooding in Khuzestan province, Iran, April 5, 2019. Mehdi Pedramkhoo/Tasnim News Agency/via REUTERS
FILE PHOTO: An aerial view of flooding in Khuzestan province, Iran, April 5, 2019. Mehdi Pedramkhoo/Tasnim News Agency/via REUTERS
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Iran Closes Oil Wells in Flood-hit Khuzestan amid Drop in Output

FILE PHOTO: An aerial view of flooding in Khuzestan province, Iran, April 5, 2019. Mehdi Pedramkhoo/Tasnim News Agency/via REUTERS
FILE PHOTO: An aerial view of flooding in Khuzestan province, Iran, April 5, 2019. Mehdi Pedramkhoo/Tasnim News Agency/via REUTERS

Iran has shut around a dozen oil wells in the southwestern Khuzestan province because of massive floods, the semi-official Mehr news agency reported on Wednesday, leading to a drop of up to 20,000 barrels per day in crude production.

Iran's worst flooding in 70 years, which started on March 19, has killed at least 76 people, forced more than 220,000 into emergency shelters and caused an estimated $2.5 billion in damage to roads, bridges, homes and farmland, Reuters reported.

"There are no oil leaks at the Hoor al-Azim wetland area. We have closed 10 to 12 oil wells there as a precautionary measure to prevent any environmental damages," Reuters quoted Touraj Dehghani, the head of Iran's Petroleum Engineering and Development Company (PEDEC), as telling the media.

"The oil production of the field has dropped between 15,000 to 20,000 barrels per day."

Iranian media on Friday reported oil output had been reduced in Khuzestan, home to the Azadegan and Yadavaran oilfields.

Iranian authorities have said the floods have not affected crude exports.

The United States reimposed sanctions on Iran in November after pulling out of a 2015 nuclear accord between Tehran and six world powers. The sanctions have already halved Iranian oil exports.

US President Donald Trump eventually aims to halt Iranian oil exports, choking off Tehran's main source of revenue.

Washington is pressuring Iran to curtail its nuclear program and stop backing militant groups across the Middle East.

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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
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Saudi Arabia Makes History with Adoption of Riyadh Treaty on Design Law

Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)
Photo of the Riyadh Diplomatic Conference on the Design Law Treaty (Asharq Al-Awsat)

Saudi Arabia has made history by uniting the 193 member states of the World Intellectual Property Organization (WIPO) to adopt the Riyadh Treaty on Design Law. This landmark achievement, realized after two decades of deliberation, underscores the Kingdom’s leadership in enhancing the global intellectual property system.

The announcement came at the conclusion of the Riyadh Diplomatic Conference on the Design Law Treaty, a rare event for WIPO, which has not held a diplomatic conference outside Geneva for more than a decade. It was also the first such event hosted in Saudi Arabia and the Middle East, representing the final stage of negotiations to establish an agreement aimed at simplifying and standardizing design protection procedures across member states.

Over the past two weeks, intensive discussions and negotiations among member states culminated in the adoption of the Riyadh Treaty, which commits signatory nations to a unified set of requirements for registering designs, ensuring consistent and streamlined procedures worldwide. The agreement is expected to have a significant positive impact on designers, enabling them to protect their creations more effectively and uniformly across international markets.

At a press conference held on Friday to mark the event’s conclusion, CEO of the Saudi Authority for Intellectual Property Abdulaziz Al-Suwailem highlighted the economic potential of the new protocol.

Responding to a question from Asharq Al-Awsat, Al-Suwailem noted the substantial contributions of young Saudi men and women in creative design. He explained that the agreement will enable their designs to be formally protected, allowing them to enter markets as valuable, tradable assets.

He also emphasized the symbolic importance of naming the convention the Riyadh Treaty, stating that it reflects Saudi Arabia’s growing influence as a bridge between cultures and a global center for innovative initiatives.

The treaty lays critical legal foundations to support designers and drive innovation worldwide, aligning with Saudi Arabia’s vision of promoting international collaboration in the creative industries and underscoring its leadership in building a sustainable future for innovators.

The agreement also advances global efforts to enhance creativity, protect intellectual property, and stimulate innovation on a broader scale.

This achievement further strengthens Saudi Arabia’s position as a global hub for groundbreaking initiatives, demonstrating its commitment to nurturing creativity, safeguarding designers’ rights, and driving the development of creative industries on an international scale.

The Riyadh Diplomatic Conference, held from November 11 to 22, was hosted by the Saudi Authority for Intellectual Property and attracted high-ranking officials and decision-makers from WIPO member states.