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Houthis attack Saudi oil sites, but no US strikes on Iran for the first time in two-weeks
Yemen's Houthi militants, who are aligned with Iran, fired on Saudi oil facilities in two ports along the Red Sea Coast on Saturday. However, the U.S. did not launch air strikes against Iran for the first time in two weeks. Washington did not explain why it abruptly stopped a 13-night streak of escalating attacks in retaliation of Iranian attacks on ships in the Strait of Hormuz after an interim agreement to end hostilities failed. Hossein Kirmanpour, spokesperson for the Health Ministry, said on X: "It appears that our dear Iran enjoyed a peaceful sleep last night." No reports were made on Saturday about attacks by Iran against its Gulf neighbours like the ones that have been reported daily as a response to U.S. strikes. Axios cited two unidentified people familiar with the issue to report that Donald Trump had instructed the military on Friday not to launch any new attacks against Iran. The Pentagon and White House didn't?return any messages seeking comments on the pause of air strikes or the Axios Report. Trump stated on Friday that the U.S. was in talks with Iran to end their conflict but reiterated that Tehran wasn't ready to make a deal. The Gulf is quiet, but the fighting between Iran's Houthi and Saudi Arabia could indicate that the conflict, which has already disrupted the energy supply through the Strait Of Hormuz and Yemen's civil war, will spread to another major shipping route. WAR THREATENS SPREADING TO YEMEN Yahya Saree, the Houthi's military spokesperson, said that the group had struck successfully sites owned by Saudi Aramco at Jizan and Yanbu. A video shared on social media, and confirmed by, showed a column of smoke rising in the direction of Aramco's refinery in Jizan. Two Asia-based sources reported that they were informed of "potential damage" to the fuel and oil storage facilities at Jizan. Aramco has not responded to requests for comments. According to Greek security sources, in Yanbu, two missiles fired at oil installations by the Greek army were intercepted using a Patriot battery made by the U.S. military and operated by it in Saudi Arabia under an agreement signed with Riyadh. Yanbu, Saudi Arabia's Red Sea port, is where millions of barrels of oil are loaded every day. It has also become the main route for Saudi oil to bypass the Strait of Hormuz which Iran has blocked. Jizan is a Red Sea refinery that can produce 400,000 barrels of oil per day. It's located near the Yemeni border. Yemeni officials reported that the air force of Saudi-backed and internationally recognised government in Yemen, which has been fighting the Houthis since more than a century, had?struck Houthi launch sites for missiles and drones and weapons depots' in the Marib ad al-Jawf Provinces. The Saudi-led alliance had earlier claimed that it bombed Houthi positions in the Red Sea Port of Hodeidah on Friday. Officials in Yemen said that both sides of the civil war in Yemen are mobilising their forces on the front. SAUDI?COALITION ATTACKS HODEIDAH Saudi Arabia has been leading an Arab coalition fighting against the Houthis since more than a century, when the fighters aligned with Iran captured Yemen's capital Sanaa. Since 2022, the Yemeni civil war has been on hold. During this time, hundreds of thousands of people have died in fighting and from famine. This truce ended this month when the Houthis joined the larger war that their Iranian allies are waging since they were attacked by Israel and the U.S. Houthis have declared a naval blocade against Saudi Arabia in the last week. Abdul Malik al-Houthi, Houthi leader, said that all Saudi oil installations could be targeted. Brent crude oil prices rose above $100 per barrel this week for the first since May. Trump said on Friday that he would "impose major military punishment" against Tehran and the Houthis, after they attacked two Saudi tankers at the Red Sea. Two weeks ago, an interim truce intended to end the war collapsed when U.S. forces struck targets in southern Iran as a response to Iranian disruption of the shipping in the Strait of Hormuz. Trump has recently threatened to expand the list of targets, including Iran's bridges and energy plants, to send ground forces into its oil hub, Kharg Island. He also said he would bomb Pickaxe Mountain, a nuclear-linked deep-underground site. Trump, however, said on Friday that he hadn't yet decided whether to launch any major new strikes.
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Kremlin calls attacks on Kazakhstan's Caspian Pipeline Consortium terrorism
Dmitry Peskov, Kremlin spokesperson, was quoted on Saturday as saying that the suspected Ukrainian attacks on facilities connected to 'Kazakhstan Caspian Pipeline Consortium' amounted "energy terrorism", aimed at Kazakhstan and Russia. Kazakhstan announced on Thursday that it had cut oil production after suspected Ukrainian drone strikes forced the CPC-operated Black Sea export terminal to close. Peskov was quoted by RIA as saying: "This is clear energy (terrorism), this is what they are doing in 'the Black Sea, in 'the Sea of Azov". These are terrorist acts, international terrorist acts, which could be extremely dangerous. RIA reported that he said the attacks were aimed at the United States because 'the consortium has a U.S. shareholder. The suspension of the CPC pipeline's loadings, which exports a little over 2% of world oil, is adding to the global oil worries already exacerbated by the war in Iran, which has disrupted Saudi Arabian and other Gulf producers. (Reporting and Editing by Louise Heavens).
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Modi's aura is tarnished by India's Instagram generation Z ahead of state elections
Prime Minister Narendra Modi posted a rare video of himself, expressing his pain at the suffering of India's Cockroach Janta Party leaders. He promised to take remedial measures. The video posted late Thursday night?on Instagram where CJP had amassed 22 millions mainly Gen Z fans in just a few days in May was not enough for the thousands of demonstrators who gathered in central Delhi and braved an intense police crackdown a couple of days before, inspiring protests throughout the country. The education minister resigned on Saturday in response to the main protesters' demand. This was a rare setback for Modi. Dharmendra Pradhan's resignation as Education Minister is a major victory for the CJP. Their young supporters openly mocked Modi with raps, posters and graffiti. This was an unthinkable event only a few weeks ago in a nation whose politics have been dominated almost exclusively by Modi ever since he took power in 2014. Sanjay Srivastava is an anthropology professor from SOAS University of London. He said that a large number of those who attended the protest were likely his supporters. "What could be interpreted as an achievement is that a much wider cross-section is now questioning the government. A wider group of people are now questioning the notion that the government is good for the nation. Analysts said that the protests were sparked by a leaked exam for medical entrance. But there are also other issues, including youth unemployment, and fears among young people that AI might take away their jobs at places like India's IT back offices. Amitabh TIwari, a political analyst, said that the paper leak was a "trigger point". It is largely the result of the "anxiety, nerves, discontentment, frustration, and anger" among youth. Rajnath Singh, Modi's senior Ministerial Colleague, said that the Government's "top priorities remain to understand and address our students' concerns promptly, as well as ensure they are aware of their voices being heard". GOVERNMENT IS OUT OF TOUCH with what Gen?Z wants, analyst says Tiwari stated that Indians between 18 and 40 years old make up approximately 40% of the population, but only 10% of seats are held in the lower chamber of Parliament, a decrease from the more than doubled number in 1950. The average age of the cabinet is over 60. The CJP, though not a political group, has tried to take advantage of the opportunity they saw in the recent protests against Modi by supporting the students' cause. Next year, the first test of youth anger will be the elections in Uttar Pradesh, Punjab and Modi’s home state Gujarat. Both Gujarat and Uttar Pradesh are run by the BJP. If the CJP becomes a political party, the biggest risk to?Modi would be the national elections in 2029. Abhijeet Dimple, its founder, said that no decision has been taken yet about joining electoral politics. Analysts claim that young voters have voted largely along religious or class lines in the past, which has benefited Modi's Hindu-nationalist Bharatiya Janata Party. Things may be changing. A Gen Z actor, who ran for his party and was allied with the opposition parties, was elected as chief minister of Tamil Nadu in the southern state. His Instagram-first fan base was a major factor. Anurag Minus verma, an author, said: "This is a moment of reckoning for Modi. It shows that he's completely out of touch with Gen Z." "For many years, the BJP’s digital strategy has been centered on platforms such as X, where most of the political discussion took place. But the conversation is increasingly moving to Instagram, especially among younger users. The BJP, which claims to be the largest political party in the world, has only 10 million Instagram fans in the last few years. This is less than half of what the CJP achieved in a matter of days. The BJP is followed by 23 million people on X, and 18 million people on Facebook. Modi has a massive following on all three platforms, ranging between 60 and 107 millions. Santosh Desai, a columnist, said: "You must have a certain authenticity to use Instagram." "Pre-laboured and carefully massaged messages will not work. This medium was developed by this generation, and it is what it is today because of them. "This generation does not reverence anything." Modi's government has been resisting the pressure to sack ministers for a decade. Modi had to face protests from Indian farmers for almost a year in order to repeal controversial farm laws. Tiwari stated that "a leader who is willing to listen will do well in the future." Modi wants to demonstrate this. Reporting by Tora Aggarwala in New Delhi and Krishna N. Das Editing by Gareth Jones
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Indian Education Minister resigns as a major victory for youth protesters
Dharmendra Pradhan, the Indian Education Minister, announced on Saturday that he had resigned. This was a major victory for 'youth protesters across India who demanded he resign to accept responsibility for leaks of examination papers. Police fired tear gas at 'young protesters' in New Delhi just hours before their leaders planned to hold another round of discussions with ministers. "Considering the?situation that has arisen at Jantar Mantar, and throughout the country so that anti-national... Pradhan said in his blog that he had "sent my resignation letter" to the Prime Minister. "I deeply appreciate the feelings, aspirations and legitimate expectations of youth in this country." As the news spread, thousands of protesters in central Delhi and elsewhere erupted into cheers. The federal authorities have limited access to the Internet and '18 metro stations in order to curb the "protest" in the capital. The anger has been boiling since the police injured many students on Monday, using baton charges and tear gas to disperse protesters who were marching towards parliament. The protests are mainly led by youth and triggered by their discontent with the 'leakage of question papers' for high-stakes exams. They reflect anger about job shortages, corruption, and government accountability.
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Officials say that high winds can make it harder to fight wildfires in Spain
The Interior Ministry has warned that winds will increase in Spain on Saturday with gusts up to 60 km/h (38 mph). This could complicate the battle against wildfires out of control west of Madrid. On Friday, two separate wildfires in Madrid combined and became a single large blaze. However, they haven't yet merged with a fire in Avila in the neighboring Castilla y Leon area. More than 30,000 people have fled their homes in the Madrid region, and more than 20,000 are being confined to their homes, according to the Ministry of Interior on Saturday. Officials called it the worst fire ever recorded in the region. The overnight weather conditions helped the firefighters. The central government in Madrid announced on Saturday that the change in weather (less wind and higher humidity) had a 'greatly beneficial effect' in the fight against forest fires. Smoke plumes could be seen?west of the Capital. Authorities have said that more than 9,000 hectares of land has been affected by the wildfires which have raged in the Madrid area.
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Saudi Arabia and Houthis fire at each other as air defences intercept an attack on a refinery
Greek security sources said that air defence systems in Saudi Arabia intercepted on Saturday two ballistic missiles fired from Yemen, which were aimed at oil refineries in Yanbu. This was as Saudi Arabia and the Iran-aligned Houthis traded fire in the new front of the Iran War. The coalition led by Saudi Arabia in Yemen announced late on Friday that it had hit Houthi military bases in the port of Hodeidah in connection with attacks against shipping by the group. This group has declared a maritime blockade on Saudi Arabia. Abdul Malik al-Houthi, the leader of the Houthi group, said that if Riyadh intensified its involvement in this conflict then all Saudi oil facilities and other important infrastructures would be targeted by the group’s drones and missiles. Saudi Civil Defense (the state's emergency service) had issued warnings for Yanbu on the Red Sea and later announced that the danger was over. Civil Defense issued an alert for Jizan port city, which is home to a 400,000 barrels per day oil refinery. Aramco, the Saudi state oil company, did not comment on these incidents. A video was shared on social media that showed a column of smoke rising in the direction of Jizan's Saudi Aramco Refinery. Two Asia-based traders said they were informed about some damage on the site. In the years prior to 2022, the Houthis attacked both Yanbu & Jizan before striking a U.N. mediated ceasefire with Saudi Arabia that held until this month. In 2019, they claimed responsibility for the attacks on two Saudi oil installations that temporarily shut down more than half of Saudi Arabia's crude production. GREEK-OPERATED AERIAL DEFENCES Sources said that Greek military personnel operated the defence system which intercepted missiles on the morning of Saturday. Greece has been deploying a Patriot air defence system, made by the United States, in Saudi Arabia under an agreement since 2021 to protect the energy infrastructure of the kingdom. Donald Trump, the U.S. president, promised "major military sanctions" against Iran and its Houthi partners in Yemen on Friday after the Houthis claimed they had attacked two Saudi oil tankers on Thursday in the Red Sea. The Houthi blockade of the Strait of Hormuz threatens to disrupt the flow of millions of barrels of crude oil per day that Iran blocks almost completely. The Saudi-led alliance said that it would take the necessary steps to protect its ships and Saudi Arabian interests and would react "uncompromisingly", if Houthis continue hostile actions. Yemen's Houthi foreign ministry claimed that the strikes on Hodeidah were the "start of an escalation phase" and blamed Saudi Arabia for any developments. Al Masirah TV, a Houthi-affiliated channel, said that Saudi airstrikes hit state-owned telecommunications facilities in Hodeidah. The broadcaster?also claimed that Saudi forces attacked Kamaran Island off Yemen's west coast. Saudi Arabia waged a seven-year conflict in Yemen that began?in 2015. The Houthi movement had seized the capital city and driven the internationally recognized government from power. In 2022, a truce halted the majority of major fighting that had killed hundreds of thousands?of people through violence and hunger. The Houthi's targeting of an airport in Saudi Arabia on July 13, and the naval blockade, have undermined the truce. The Houthis claimed that the airport attack was in response to an attack by Saudi Arabia on an airport they controlled and that the blockade of the navy was a reaction to the Saudi siege against Yemen, something Saudi Arabia denies.
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Kuwait's KPC signs a $16 billion lease-and-leaseback agreement with Blackstone, KKR and Brookfield to build an oil pipeline network
Kuwait?Petroleum Corporation has announced a deal worth $16?billion for its crude oil pipeline?network. The consortium includes global?funds Blackstone Brookfield and KKR. The largest foreign direct investment ever made in the history of the country. Kuwait Oil Company, a unit of KPC, is establishing a joint-venture with three U.S. investors in a lease-and-leaseback structure over a 20-year period that includes a tariff based on volume, KPC said in a press release. The deal is part of an effort by Gulf State oil companies and investors to attract foreign capital and raise funds through infrastructure assets, in order to finance domestic investment plans. Blackstone, Brookfield, and KKR collectively will hold a 49% stake, while 'KOC' will retain a 51% share, as well as the full ownership and control of the network. The network consists of 13 pipelines spanning a distance of 320 kilometres. The transaction is expected to generate $7.85 billion upfront proceeds at closing. Reporting by Federico Maccioni and Ahmed Elimam; Editing and production by Kim Coghill, Susan Fenton and Susan Fenton
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Modi is under pressure from youth protest leaders to continue talks with him
The Indian government is set to start a new round of talks with Gen-Z protesters on Saturday. This week's disruptions in Delhi were caused by the demonstrators who are demanding the resignation of the education minister. Opposition parties disrupted the monsoon session of parliament that started this week, echoing their demands. The authorities were trying to restrict access to the protest area, but thousands of Cockroach Janata Party supporters rallied in central Delhi on the fourth day despite the closure of 18 metro stations. Ashutosh Ranka is the national spokesperson for the party. Students want Dharmendra Pradhan to take responsibility for the flaws of the examination system. Will the government ask for his resignation or not?" "We want to know if the answer is yes or no." The anger has been boiling over ever since the police cracked down on Monday. They injured a number of students with baton charges, and then fired tear gas in an attempt to dissuade tens or thousands of protesters from marching towards parliament. The protests are primarily led by young people and reflect their anger about the lack of jobs, corruption, and accountability by government. They have grown since they were sparked by the discontent caused by leaks of questions for high-stakes exams. Saurav Das, Ashutosh Ranka, and other party representatives warned federal ministers J.P. Nadda & Jitendra Singh that protests would spread if Pradhan did not step down. These talks took place just hours after Sonam Wangchuk, an activist who had been on a 26-day hunger strike, ended it. This raised hopes of a breakthrough. Two anonymous sources confirmed that the government had extended its mobile internet shutdown in the area to?the fifth consecutive day on Saturday. Protesters expressed frustration at the prolonged shutdown, but pledged to?not let it weaken their movements. What will they achieve if they shut down the internet, buses and metros? Nothing. "People who want to participate in the protest will come," said Rahul, a 34-year old protester. Leaked question papers for medical school entrance exams sparked protests, forcing more than 2,000,000 candidates to retake the tests. This exposed flaws in the educational system. The protesters want the resignation of the education minister and major exam reforms. (Reporting and editing by Clarence Fernandez in New Delhi, Saurabh Bhawika Chhabra)
Asia LNG spot prices fall to a three-week low due to tepid demand
The Asian spot price of liquefied gas (LNG), which is a form of natural gas, fell to its lowest level in three weeks on Friday due to the lacklustre demand for gas and the decline in European wholesale prices.
Average LNG price for April deliveries to North-east Asia
Charles Costerousse is a senior LNG analyst with data analytics firm Kpler. He said, "We are bearish on Asian LNG prices due to the expectation of mild temperatures in north-east Asia during March and a recovery in LNG supply."
Martin Senior, Argus' head of LNG pricing, stated that Japanese stock levels have been depleted due to a recent cold snap, but spot demand has been low.
He added that prices are still too high for second-tier Chinese buyers as well as Indian firms. This is limiting the demand on the spot market in Asia.
Gas prices in Europe fell this week to near four-weeks lows, but they have since stabilized as the U.S. talks with Ukraine to end the conflict and EU member states are discussing the relaxation of storage targets.
Alex Froley is a senior LNG analyst with ICIS. He said that market volatility could still lead to large price swings, depending on the outcome the Ukraine peace negotiations and EU storage goals.
The European Commission, according to a draft EU document, will be working on a more flexible target for EU countries in order to fill their gas storages ahead of the winter after being concerned that strict deadlines might drive up prices.
"Fundamentally the European storage is still lower than in the past two mild winters, but it will be sufficient for the rest of the winter. It will take a large amount of gas to fill up before the next winter. Froley said that this will help keep the prices stable throughout summer.
According to Florence Schmit, energy strategist at Rabobank, Europe may need to import 70 billion cubic meters (bcms) of LNG in the summer to fill the storage sites for next winter.
Schmit said that if storage targets were relaxed this year, the strength of summer prices relative to winter prices would diminish.
S&P Global Commodity Insights estimated its daily North West Europe (NWM) LNG Marker price benchmark on a basis of ex-ship (DES), for cargoes to be delivered in April, at $13.927/mmBtu. This represents a $0.67/mmBtu reduction from the April gas prices at the Dutch TTF Hub. This marks an 8% decline weekly.
Spark Commodities set the price for delivery in March at $13,96/mmBtu.
Qasim Afghanistan, Spark Commodities analyst, says that the U.S. arbitrage for north-east Asia through the Cape of Good Hope has decreased for the fourth consecutive week. However it still indicates the U.S. cargoes have an incentive to be delivered to Europe and not Asia.
Afghan said that global LNG freight rates have recovered from previous record lows. On Friday, Atlantic rates were $6,250/day and Pacific rates were at a new record low of $10,000/day.
(source: Reuters)