Energy prices rebalancing after OPEC deal: Qatar

April 28, 2017

Istanbul, Apr 28: Global energy markets are heading to a rebalancing in the next few years after oil prices fell to historic lows due to oversupply, Qatar’s Energy and Industry Minister Mohammed Saleh Abdullah Al-Sada said on Thursday, praising members of the Organization of Petroleum Exporting Countries (OPEC) for their adherence to a “successful” November deal to cut production.

Energy

He told the Atlantic Council summit in Istanbul that a decade of high oil prices had led to a dangerous oversupply and subsequent price falls.

“The consequence was an unprecedented shrinkage in investment and if that trend continues, it will lead to new instability — a price spiral and a tightening of the market which is not in anyone’s interest,” he warned.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months beginning from the start of the year in a bid to shore up prices.

The move was also partly matched by non-OPEC producers led by Russia and the critical question is whether OPEC will take new action at its next meeting on May 25 or not.

“A balancing was bound to happen. What we want to do is to hasten that process of balancing,” said the minister.

He hailed the fact that compliance to the November agreement has been almost 98 percent including all participants, and had sometimes been over 100 percent among OPEC members, meaning they had exceeded the output cuts demanded.

Compliance has historically been a problem within OPEC and Al-Sada said that adherence to past agreements had been on average only 70 percent. “The agreement was very successful and it helped the process of rebalancing,” he said.

“It (the market) is picking up. We hope to get a more accelerated balancing process in the second half of the year.”

Al-Sada said the rebalancing was coming but would still take time.

“The market today is well supplied and will be for the next years. The upturn is definitely going to come and the market will balance, yes, not in the coming two years but in four or five.”

Oil prices currently hover just around $50 per barrel after shedding around half of their value since mid-2014.

Al-Sada denied that low oil prices were of benefit to anyone.

OPEC Secretary-General Mohammad Barkindo, meanwhile, said that a global oil overhang was declining, but he added that stocks remained high and needed to fall further. OPEC is discussing extending its cuts into the second half of the year, but the group has an uphill task.

Oil prices fell on Thursday after news that two key oilfields in Libya had restarted, pumping crude for export into an already bloated market.

Benchmark Brent crude fell $1.14 a barrel to a low of $50.68 before recovering slightly to trade around $50.85 by 1220 GMT. The contract has fallen more than 10 percent from this month’s peak.

US light crude oil hit a low of $48.51, down $1.11 a barrel on the day.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 30,2025

The United Nations Committee against Torture (CAT) has condemned the Israeli regime for enforcing a policy of “organized torture” against Palestinians.

In a report published on Friday, CAT stated that the occupying regime enforces a deliberate policy of “organized and widespread torture and ill-treatment” against Palestinian abductees, particularly since October 7, 2023, when Israel launched its genocidal war on Gaza.

The committee expressed “deep concern over repeated severe beatings, dog attacks, electrocution, water-boarding, use of prolonged stress positions [and] sexual violence” inflicted on Palestinians.

Palestinian prisoners were degraded by “being made to act like animals or being urinated on,” systematically denied medical care, and subjected to excessive restraints, “in some cases resulting in amputation,” the report added.

CAT also condemned the routine application of “unlawful combatants law” to justify the prolonged detention without trial of thousands of Palestinian men, women, and children.

More than 10,000 Palestinians, including women and children, are currently held in Israeli prisons, according to Palestinian and international human rights groups, with 3,474 Palestinians in “administrative detention,” meaning they are imprisoned without trial for indefinite periods.

The report highlighted the “high proportion of children who are currently detained without charge or on remand,” noting that while Israel sets the age of criminal responsibility at 12, even younger children have been abducted.

Children designated as security prisoners face severe restrictions on family contact, may be subjected to solitary confinement, and are denied access to education, in clear violation of international law.

The committee further suggested that Israel’s policies across the Occupied Territories constitute collective torture against the Palestinian population.

“A range of policies adopted by Israel in the course of its continued unlawful presence in the Occupied Palestinian Territory amounts to cruel, inhuman or degrading living conditions for the Palestinian population,” the report said.

On Thursday, the Palestinian resistance movement Hamas condemned the systematic killing and torture of Palestinian abductees in Israeli prisons, urging international action to halt these abuses.

Citing human rights data, Hamas stated that 94 Palestinians have been killed in Israeli prisons since the start of Tel Aviv’s genocidal war on Gaza.

“This reflects an organized criminal approach that has turned these prisons into direct killing grounds to eliminate our people,” the resistance movement said.

Hamas called on the international community, the UN, and human rights organizations to immediately pressure Israel to end crimes against prisoners and uphold their rights as guaranteed by all international conventions and norms.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 24,2025

israelsyra.jpg

Israeli forces have pushed over the Syrian frontier, erecting a checkpoint and stopping vehicles in the southwestern city of Quneitra, in yet another breach of the Arab country’s sovereignty.

The violation took place on Sunday, when the troops made their way across the border, setting up the outpost near the Ain al-Bayda junction in northern Quneitra, Syrian outlets reported.

According to the al-Ikhbariya paper, an Israeli detachment positioned itself at the junction, halting cars and conducting searches.

The Syrian Arab News Agency (SANA) reported that three Israeli military vehicles then moved further into the northern countryside, deploying between the town of Jubata al-Khashab and the villages of Ofaniya and Ain al-Bayda. The agency added that a separate Israeli unit mounted a new incursion in the central region, approaching the villages of Umm Batina and al-Ajraf.

Residents said such activities have surged in recent months, pointing to Israeli advances onto farmland, leveling of extensive forested areas, arrests, and spread of mobile checkpoints.

The Israeli regime began markedly increasing its military aggression against Syria last year.

The escalation coincided with increasingly ferocious onslaughts throughout the country by the so-called Hay'at Tahrir al-Sham (HTS) Takfiri terrorist group, which the government of President Bashar al-Assad had confined to northwestern Syria. The HTS, however, managed to overthrow the government as the Israeli attacks would pummel the country’s civilian and defensive infrastructure.

Various reports have shown that, during the escalation, the regime conducted more than 1,000 airstrikes on the Syrian territory and over 400 ground raids into the south.

Following the collapse of the Assad government, Tel Aviv also widened its grip over the occupied Golan Heights by taking control of a demilitarized buffer zone, in defiance of a 1974 Disengagement Agreement. Earlier this month, senior Israeli officials, including Prime Minister Benjamin Netanyahu, visited the buffer zone, prompting expressions of alarm on the part of the United Nations.

The United States, the regime’s biggest ally, has, meanwhile, been fraternizing the HTS head Abu Mohammed al-Jolani amid the widely reported prospect of rapprochement with Tel Aviv.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.
News Network
November 28,2025

fire.jpg

Several Syrians were killed and more than two dozen others injured in Israeli strikes on the outskirts of Damascus, amid intensified incursions by the occupying regime since the fall of former president Bashar al-Assad and the rise of Hayat Tahrir al-Sham (HTS) rule.

Syrian state TV reported that the casualties occurred during an overnight Israeli assault involving helicopters and drones on the town of Beit Jinn in the Damascus countryside. The attack followed an Israeli military unit’s entry into the town, where they were surrounded by local residents, leading to gunfire and direct confrontations.

According to the report, “The occupation army’s helicopters and artillery shelled Beit Jinn, located at the foothills of Mount Hermon, resulting in 13 martyrs and 25 injured civilians.” The broadcaster did not specify the full extent of damage.

Al-Ikhbariyah Syria confirmed that the shelling coincided with Israeli soldiers entering Beit Jinn, while artillery pounded surrounding areas. The broadcaster stated that the escalation began after local residents clashed with an Israeli patrol that had infiltrated the southern town and “kidnapped” three young men.

Following a two-hour exchange of heavy fire, Israeli forces withdrew and repositioned on the hill of Butt al-Warda at the town’s outskirts.

Israeli media acknowledged that six soldiers were wounded in the clashes—three of them seriously—describing the confrontation as a “sudden ambush” that forced the deployment of reserve units and air support to secure an exit route. No further details were provided.

The aggression has fueled renewed displacement from Beit Jinn, with residents fleeing to nearby villages amid increasingly frequent Israeli attacks.

The raid came just a day after Israeli troops carried out another ground incursion into Umm al-Luqas village in Quneitra province. According to SANA, an Israeli unit in four vehicles entered the village, raided several homes, and later withdrew.

Syria condemned the repeated incursions as violations of the 1974 Disengagement Agreement and UN resolutions, urging the international community to enforce compliance and pressure Israel to halt its operations and withdraw fully.

Israel has expanded its attacks across Syrian territory following the collapse of the Assad government last year. Prime Minister Benjamin Netanyahu has reportedly instructed his forces to push deeper into Syrian territory and seize strategic positions.

Meanwhile, critics say the HTS-led interim government’s inaction and growing normalization gestures toward Israel have emboldened Tel Aviv to intensify its military operations. HTS, formerly linked to al-Qaeda, seized control of Damascus last December, formally ending Assad’s rule.

Comments

Add new comment

  • Coastaldigest.com reserves the right to delete or block any comments.
  • Coastaldigset.com is not responsible for its readers’ comments.
  • Comments that are abusive, incendiary or irrelevant are strictly prohibited.
  • Please use a genuine email ID and provide your name to avoid reject.