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Sheikh Qassem: Our supporters make up more than half of Lebanon's population, and all of these people are united under the banner of protecting Lebanon, its Resistance, its people, and its integrity.
Sheikh Qassem: There will be no phased handing in of our arms. [The Israelis] must first enact the agreement before we start talking about a defensive strategy.
Sheikh Qassem: Be brave in the face of foreign pressures, and we will be by your side in this stance.
Sheikh Qassem: Stripping us of our arms is like stripping us of our very soul, and this will prompt us to show them our might.
Sheikh Qassem: We will not abandon our arms, for they gave us dignity; we will not abandon our arms, for they protect us against our enemy.
Sheikh Qassem: The US efforts we are seeing are aimed at sabotaging Lebanon and constitute a call for sedition.
Sheikh Qassem: If you truly want to establish sovereignty and work for Lebanon’s interests, then stop the aggression.
Sheikh Qassem: The United States, which is meddling in Lebanon, is not trustworthy but rather poses a danger to it.
Sheikh Qassem: The United States is preventing the weapons that protect the homeland.
Sheikh Qassem: The government’s latest decision [on the disarmament of the Resistance] is non-charter-based, and if the government continues down this path, it is not faithful to Lebanon’s sovereignty.

As Saudi Arabia extends oil production cut, Russia to reduce exports

  • By Al Mayadeen English
  • Source: Agencies
  • 3 Jul 2023 15:44
2 Min Read

Saudi Arabia says it will extend a voluntary oil production cut of one million barrels per day.

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  • Saudi Aramco's Abqaiq oil processing plant. (AFP)
    Saudi Aramco's Abqaiq oil processing plant (AFP)

Russia's top energy official announced on Monday that Moscow will voluntarily cut oil exports by 500,000 barrels per day, building on previously declared production cuts.

"As part of efforts to ensure that the oil market remains balanced, Russia will voluntarily reduce its oil supply in the month of August by 500,000 barrels per day, by cutting its exports by that quantity to global markets," Alexander Novak, the Russian Deputy Prime Minister responsible for energy policy, said in comments reported by Russian news agencies.

The same level of Russian oil output was reduced this year as part of Moscow's reaction to Western sanctions imposed over the war in Ukraine.

Concurrently, Saudi Arabia stated on Monday it was extending a voluntary oil production cut of one million barrels per day.

The cut by Saudi Arabia, the world's biggest crude exporter, was first announced after a June meeting of oil producers and took effect at the weekend.

On his account, Saudi Energy Minister Prince Abdulaziz bin Salman noted at the time that it was "extendable".

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In a report on Monday declaring that the cut would continue through August, the official Saudi Press Agency said it "can be extended" further, citing an energy ministry source.

"The source confirmed that this additional voluntary cut comes to reinforce the precautionary efforts made by OPEC+ countries with the aim of supporting the stability and balance of oil markets," SPA said. 

Following the extended announcement made on Monday, the Kingdom's output is now at over nine million bpd.

Last month, oil prices rose as Saudi Arabia reduced output by a million barrels to support prices, while fellow OPEC+ members agreed to extend current cuts until 2024.

Saudi Arabia announced its own fresh reduction, bringing July output to nine million barrels per day.

OPEC+ countries are dealing with dropping oil prices due to expectations that demand would decline as major economies battle to contain rising inflation. Oil has fallen by approximately 10% since April when some OPEC+ members agreed to cut production by more than one million bpd voluntarily in an effort to stop losses.

Read more: Saudi Arabia imports Russian oil, sends its own supplies to EU

  • Russia
  • Oil Production
  • Ukraine war
  • Saudi Arabia

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