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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

Hezbollah vows to end Israeli presence in Lebanon

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Beirut, March 10: Hezbollah Secretary General Naim Qassem reaffirmed that the group will not permit any Israeli presence in southern Lebanon, emphasising Hezbollah’s enduring strength and commitment to Lebanon’s defence.

In a televised interview with al-Manar TV, Qassem disclosed that during the ceasefire agreement, Hezbollah ceased operations but maintained full military readiness.

“Over the past 60 days, Israel has committed numerous violations. The agreement clearly stipulates that Israel must retreat beyond the Litani River,” he added.

On domestic matters, Qassem reiterated Hezbollah’s dedication to national stability and governance, endorsing the exclusive authority of security forces over internal security, Xinhua news agency reported.

However, he maintained that Hezbollah’s arms are crucial for confronting Israel. “Israel poses an existential threat, and resistance is Lebanon’s right,” he declared.

Qassem also addressed Lebanon’s reconstruction, affirming that rebuilding war-torn areas is a state responsibility. He emphasised Hezbollah’s continued role in political and military affairs, asserting that “resistance” will persist as long as Israeli threats remain.

A truce agreement, reached on November 27, 2024, largely halted over a year of hostilities between Hezbollah and Israel, including a two-month full-scale war that saw Israeli ground troop deployments.

The agreement mandated the withdrawal of Israeli forces from southern Lebanon within 60 days; however, Israel has maintained a presence in five strategic positions along the border, citing ongoing threats from Hezbollah.

Meanwhile, a Lebanese soldier and a civilian were wounded on Sunday by Israeli gunfire near the northern entrance of Kafr Kila village in southern Lebanon, according to official Lebanese sources.

The state-run National News Agency (NNA) reported that Israeli forces opened fire near the Fatima Gate in Kafr Kila, injuring a Lebanese army soldier.

The Public Health Emergency Operations Center, affiliated with the Health Ministry, confirmed that a citizen was critically injured by Israeli gunfire in Kafr Kila.

According to the NNA, another incident took place in the border village of Blida, where a small explosive device detonated, injuring a citizen who was collecting scrap metal. It added that the injured had been transported to a hospital in Nabatieh and his condition was stable.

Since November 27, 2024, a US- and French-brokered ceasefire agreement has been in effect, putting an end to over a year of clashes between Israel and Hezbollah in Lebanon, which were triggered by the war in the Gaza Strip.

Although the agreement mandates a full Israeli withdrawal from Lebanese territory, Israeli forces remain stationed in five key positions along the Lebanese border well past the February 18 deadline and continue strikes in Lebanon, claiming they are aimed at neutralising “threats” posed by Hezbollah.

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Crime

US Supreme Court rejects Tahawwur Rana’s extradition stay request

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New Delhi, March 7: The US Supreme Court has rejected a plea by 26/11 Mumbai terror attack accused Tahawwur Rana, seeking a stay on his extradition to India to face trial

Rana, a Canadian national of Pakistani origin, had filed an “Emergency Application For Stay” with the Associate Justice of the Supreme Court of the US and Circuit Justice for the Ninth Circuit.

He argued in his plea that his extradition to India violated the US law and the United Nations Convention Against Torture “because there are substantial grounds for believing that, if extradited to India, petitioner will be in danger of being subjected to torture.”

“The likelihood of torture in this case is even higher though as petitioner faces acute risk as a Muslim of Pakistani origin charged in the Mumbai attacks,” the application said.

The application also said that his “severe medical conditions” render extradition to Indian detention facilities a “de facto” death sentence in this case.

The plea cited medical records from July 2024 showing that he has multiple “acute and life-threatening diagnoses”, including multiple documented heart attacks, Parkinson’s disease with cognitive decline, a mass suggestive of bladder cancer, stage 3 chronic kidney disease, a history of chronic asthma, and multiple Covid-19 infections.

Rana’s extradition was cleared by US President Donald Trump last month. In a joint press conference with Prime Minister Narendra Modi, Trump announced that Rana’s extradition had been approved. “We are giving a very violent man back to India immediately. There is more to follow because we have quite a few requests. We work with India on crime, and we want to make things better for India,” Trump stated.

He is wanted in India for his involvement in the 2008 Mumbai terror attacks carried out by Pakistan-based Lashkar-e-Taiba (LeT) terrorists. Eight locations in Mumbai were targeted by terrorists on November 26, 2008, which claimed the lives of over 174 people.

Rana, 64, faces charges in India for providing logistical support to LeT. He was found guilty in the US for assisting the group, and India has long sought his extradition. He is known to be associated with Pakistani-American terrorist David Coleman Headley, one of the main conspirators of the 26/11 attacks.

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International News

India charging 70 pc auto tariffs; Is Trump’s 100 pc claim wrong?

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New York, March 5: As he doubled down on his threats to impose reciprocal tariffs, President Donald Trump accused India of charging tariffs higher than 100 per cent on autos, even though India has slashed the highest rate to 70 per cent.

“India charges auto tariffs higher than 100 per cent,” he said in his address to a joint session of Congress on Tuesday, outlining his policies.

However, Finance Minister Nirmala Sitharaman announced in her budget last month that the tariffs on luxury cars were being cut to 70 per cent from 125 per cent.

She also cut tariffs on high-end motorcycles from 50 per cent to 40 per cent.

Commerce Minister Piyush Goyal is to visit Washington to discuss tariffs with US officials.

“Countless other nations charge us tremendously higher tariffs than we charge them,” Trump said, justifying his programme of raising tariffs.

The reciprocal tariffs would come into effect on April 2.

“Whatever they tariff us,” he declared, “we will tariff them.”

“China’s average tariff on our products is twice what we charge them, and South Korea’s average tariff is four times higher,” he said, also mentioning Brazil.

His speech came the day when his 25 per cent tariffs on imports from Canada and Mexico, and an additional 10 per cent came into effect.

Trump admitted that tariffs would cause “a little disturbance” and “there could be an adjustment period” but asserted that it would make the US richer.

That was meant to inoculate himself against criticism of the effects of the tariffs.

The stock markets have been down by more than three per cent in the last two days and retailers have warned of impending increase in prices of groceries.

Tariffs by India on imports from the US have been one of Trump’s favourite talking points. In the past, he has mentioned the Indian tariffs on Harley-Davidson motorcycles and whiskey.

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