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Oil prices rise as Saudi Arabia announces output cuts

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Oil-producing countries have agreed to continued cuts in production in a bid to shore up flagging prices, the media reported on Monday.

Saudi Arabia said it would make cuts of a million barrels per day (bpd) in July and OPEC+ said targets would drop by a further 1.4 million bpd from 2024, reports.

OPEC+ accounts for around 40 per cent of the world’s crude oil and its decisions can have a major impact on oil prices.

In Asia trade on Monday, Brent crude oil rose by as much as 2.4 per cent before settling at around $77 a barrel.

The seven hour-long meeting on Sunday of the oil-rich nations, led by Russia, came against a backdrop of falling energy prices.

Total production cuts, which OPEC+ has undertaken since October 2022, reached 3.66 million bpd, according to Russian Deputy Prime Minister Alexander Novak, the reported.

OPEC+, a formulation which refers to the Organization of Petroleum Exporting Countries and its allies, had already agreed to cut production by two million bpd, about 2 per cent of global demand.

“The result of the discussions was the extension of the deal until the end of 2024,” Novak said.

In April, it also agreed a surprise voluntary cut of 1.6 million bpd which took effect in May, a move that briefly saw an increase in prices but failed to bring about a lasting recovery.

On Sunday, Saudi Energy Minister Prince Abdulaziz bin Salman said the cut of one million bpd could be extended beyond July if needed, the BBC reported.

“This is a Saudi lollipop,” he said, in what is seen as a bid to stabilise the market.

International News

Thailand, Cambodia Clash With Jets, Rockets, Artillery In Deadly Border Row

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Thailand launched air strikes on Cambodian military targets on Thursday as Cambodia fired rockets and artillery, killing a civilian, in a dramatic escalation of a long-running border row between the two neighbours.

The neighbours are locked in a bitter spat over an area known as the Emerald Triangle, where the borders of both countries and Laos meet, and which is home to several ancient temples.

The squabble has dragged on for decades, flaring into bloody military clashes more than 15 years ago and again in May, when a Cambodian soldier was killed in a firefight.

The conflict blazed up on Thursday, with Cambodia firing rockets and artillery shells into Thailand and the Thai military scrambling F-16 jets to carry out air strikes.

Six jets were deployed from Ubon Ratchathani province, hitting two “Cambodian military targets on the ground”, according to Thai military deputy spokesperson Ritcha Suksuwanon. 

The Thai prime minister’s office said a Cambodian artillery shell hit a house over the border, killing one civilian and wounding three others, including a five-year-old child.

Both sides blamed the other for starting the fighting, which erupted near two temples on the border between the Thai province of Surin and Cambodia’s Oddar Meanchey.

“The Thai military violated the territorial integrity of the Kingdom of Cambodia by launching an armed assault on Cambodian forces stationed to defend the nation’s sovereign territory,” defence ministry spokeswoman Maly Socheata said in a statement.

“In response, the Cambodian armed forces exercised their legitimate right to self-defence, in full accordance with international law, to repel the Thai incursion and protect Cambodia’s sovereignty and territorial integrity.”

The Thai military blamed Cambodian soldiers for firing first, and later accused them of a “targeted attack on civilians”, saying two BM-21 rockets had hit a community in Surin’s Kap Choeng district, wounding three people.

According to the Thai military, the clashes began around 7:35 am (0035 GMT) when a unit guarding Ta Muen temple heard a Cambodian drone overhead.

Later, six armed Cambodian soldiers, including one carrying a rocket-propelled grenade, approached a barbed-wired fence in front of the Thai post, the army said.

Thai soldiers shouted to warn them, the army said, but around 8:20 am, Cambodian forces opened fire toward the eastern side of the temple, about 200 metres from the Thai base. 

Thailand’s acting Prime Minister Phumtham Wechayachai said “the situation requires careful handling, and we must act in accordance with international law”.

“We will do our best to protect our sovereignty,” he said.

Thailand’s embassy in Phnom Penh urged its nationals to leave Cambodia “as soon as possible” unless they had urgent reasons to remain, in a Facebook post.

Long-Running Row 

The violence came hours after Thailand expelled the Cambodian ambassador and recalled its own envoy in protest after five members of a Thai military patrol were wounded by a landmine. 

Wechayachai said an investigation by the Thai military found evidence that Cambodia had laid new landmines in the disputed border area — a claim denied by Phnom Penh.

On Thursday morning, Cambodia announced it was downgrading ties to “the lowest level”, pulling out all but one of its diplomats and expelling their Thai equivalents from Phnom Penh.

Recent weeks have seen a series of tit-for-tat swipes by both sides, with Thailand restricting border crossings and Cambodia halting certain imports.

The border row also kicked off a domestic political crisis in Thailand, where prime minister Paetongtarn Shinawatra has been suspended from office pending an ethics probe over her conduct.

A diplomatic call between Paetongtarn and Hun Sen, Cambodia’s former longtime ruler and father of Prime Minister Hun Manet, was leaked from the Cambodian side, sparking a judicial investigation.

Last week, Hun Manet announced that Cambodia would start conscripting civilians next year, activating a long-dormant mandatory draft law.

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Mumbai Police Reach Kapil Sharma’s House After Kap’s Cafe Firing In Canada

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Hours after shots were fired at comedian Kapil Sharma’s eatery, Kap’s Cafe, in Canada, the Mumbai Police on Friday reached his house in Mumbai to question him about the incident. Around 1 am on July 9 (Canada time), several rounds were fired at the cafe, located in Surrey.

Khalistani terrorist Harjeet Singh Laddi claimed the responsibility for the attack, and demanded an apology from Kapil for his alleged objectionable remarks.

the attackers felt that Nihang Sikhs were insulted on Kapil’s show. The report also mentioned that the attackers said the comedian ignored their calls seeking an apology, and that shots were fired at his eatery to warn him.

Kap’s Cafe team issues statement

Kapil is yet to issue an official statement on the incident.

The management of the eatery, however, took to their social media handles and wrote, “We opened Kap’s Cafe with hopes of bringing warmth, community, and joy through delicious coffee and friendly conversation. To have violence intersect with that dream is heartbreaking. We are processing this shock but we are not giving up (sic).”

It further stated, “Your kind words, prayers, and memories shared via DM mean more than you know. This cafe exists because of your belief in what we’re building together. Let’s stand firm against violence and ensure Kap’s Cafe remains a place of warmth and community. From all of us at Kap’s Cafe, thank you and see you soon, under better skies (sic).”

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Iran warns it will target Israel’s ‘secret nuclear sites’ if attacked

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Tehran, June 10: Iran’s top security body warned that its armed forces would immediately target Israel’s “secret nuclear facilities” if the Islamic Republic comes under military attack, following claims it has obtained “sensitive Israeli intelligence.”

The Supreme National Security Council (SNSC) issued the statement days after Intelligence Minister Esmaeil Khatib said Iran had acquired a “significant cache” of Israeli documents through intelligence operations, Xinhua news agency reported.

According to the council, months of intelligence gathering had enabled Iran’s armed forces to identify high-value Israeli targets for potential retaliatory strikes, should Israel initiate military action against Iranian interests.

“This forms part of a broader strategic initiative aimed at countering disinformation by hostile actors and reinforcing Iran’s deterrent capabilities,” the SNSC said.

Tehran’s access to Israeli intelligence would allow it to swiftly target “concealed nuclear sites” in the event of an Israeli strike on Iranian nuclear infrastructure, the council said, adding that the information also supports proportionate retaliation against attacks on Iran’s economic or military assets.

Israel is believed by many to possess nuclear weapons, though it has never officially confirmed or denied this, maintaining a longstanding policy of strategic ambiguity.

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