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OPEC Head Sees 'No Immediate Solution' to High Oil Prices

Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
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OPEC Head Sees 'No Immediate Solution' to High Oil Prices

Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri
Delegates are pictured during the opening session of the 12th IEA IEF OPEC Symposium on Energy Outlooks in Riyadh, Saudi Arabia, February 16, 2022. REUTERS/Ahmed Yosri

There is no "immediate solution" to high oil prices, Bruno Jean-Richard Itoua, president of the Organization of the Petroleum Exporting Countries (OPEC), said on Wednesday.

The oil-producing countries' capacity to increase crude supply is curtailed by a lack of investment in the industry, said Itoua, who is also Congo’s minister of hydrocarbons.

Itoua was addressing an energy conference in Riyadh.

Meanwhile, Saudi Aramco Trading signed with Egypt’s Red Sea National Petrochemicals Company a non-binding crude oil supply and product offtake agreement, a statement by Aramco Trading said on Tuesday.

Under the agreement, Aramco Trading will supply 100,000 barrels per day of Arabian Crude into Red Sea’s Refining and Petrochemical complex, which is expected to be built at the Suez Canal Economic Zone in Ain Sokhna.

The agreement will pave the way for Aramco Trading to buy products from Red Sea, which include polymers, olefins, and liquid refined and petrochemical products, the company added.

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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
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EU May Suspend Syria Sanctions on Energy and Transport

FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo
FILE PHOTO: A general view of the commercial harbor of Syria's coastal city of Tartous, Syria, December 14, 2024. REUTERS/Umit Bektas/File Photo

The European Union may soon suspend sanctions on Syria related to energy and transport but has yet to agree on whether to ease restrictions on financial transactions, according to three diplomats and a document seen by Reuters.
EU foreign ministers will discuss the matter at a meeting in Brussels on Monday. The bloc’s foreign policy chief Kaja Kallas told Reuters on Wednesday she hopes a political agreement on easing the sanctions can be reached at the gathering.
Europe’s approach to Damascus began to shift after Bashar al-Assad was ousted as president in December by Hayat Tahrir al-Sham (HTS), which the United Nations designates as a terrorist group.
Officials see transport as key for helping Syria’s airports become fully operational, which in turn could facilitate the return of refugees. Energy and electricity are similarly seen as important for improving living conditions to help stabilize the country and encourage citizens to come back.
According to an EU document seen by Reuters, diplomats from the bloc's 27 members recommended taking swift action towards suspending the restrictions "in sectors necessary for economic stabilization and launch of economic reconstruction of Syria, such as those regarding energy and transport”.
The diplomats, who are part of a group that negotiates the EU’s foreign policy positions on issues related to the Middle East and North Africa, also recommended “assessing options for reopening banking and investment relations with Syria”.
“The easing of EU restrictive measures would be rolled out in a staged approach and in a reversible manner, regularly assessing if the conditions in Syria allow for further suspension,” the diplomats wrote, pointing to the need for respect for fundamental freedoms and an inclusive transition.
The wording of the document represents a compromise among EU capitals. Some governments want to move quickly to suspend sanctions, while others prefer a more careful and gradual approach to ensure Europe retains leverage.
If a political agreement is announced on Monday, European officials would proceed to work on the technical details of a suspension.
A number of sanctions should remain in place, according to the document, including measures related to the Al-Assad regime, illicit drug trade and arms trade.