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☆ Lebanon signs maritime border deal, Israel expected to follow suit
▼ + stars: | 2022-10-27 | by ( Maya Gebeily | ) www.reuters.com time to read: +1 min

BAABDA/JERUSALEM, Oct 27 (Reuters) - Lebanese President Michel Aoun on Thursday signed a letter approving a landmark U.S-brokered agreement laying out the country’s maritime boundary with Israel, Lebanon's top negotiator told reporters. Israel was set to follow suit in approving the deal, which marks a diplomatic departure from decades of hostility, later in the day. Hailed by all three parties as a historic achievement, the deal will be signed separately in Jerusalem by Israeli Prime Minister Yair Lapid following his cabinet's approval. "If one side violates the deal, both sides lose," Hochstein told reporters. An offshore energy discovery - while not enough on its own to resolve Lebanon's deep economic problems - would be a major boon, providing badly needed hard currency and possibly one day easing crippling blackouts.

The plan is intended to add enough supply to prevent oil price spikes that could hurt consumers and businesses, while also assuring the nation's drillers the government will swoop into the market as a buyer if prices plunge too low. Earlier this year, Biden decided to sell 180 million barrels out of the Strategic Petroleum Reserve (SPR) to combat a potential supply crisis brought about by sanctions on oil-rich Russia following its February invasion of Ukraine. Those will be put up for bidding for delivery in December, a senior administration official said, and extra oil could also be made available if needed. They have called on the administration to take the option off the table, a move officials are unwilling to do. "We are keeping all tools on the table, you know, anything that could potentially help ensure stable domestic supply," the official said.

☆ The White House will replenish SPR with a set price floor of around $70, says Amos Hochstein
▼ + stars: | 2022-10-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe White House will replenish SPR with a set price floor of around $70, says Amos HochsteinAmos Hochstein, a senior advisor for energy security at the State Department, joins 'Squawk Box' to discuss Biden's decision to release more oil from the strategic petroleum reserve

☆ Biden to continue SPR releases as needed - U.S. energy adviser
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Oct 19 (Reuters) - The U.S. government will continue taking steps to release additional output from the Strategic Petroleum Reserve as needed and then replenish the reserve, a senior U.S. energy adviser said on Wednesday. President Joe Biden has been clear that he will continue to work to bring down prices for American consumers after a spike in energy prices from Russia's invasion of Ukraine, adviser Amos Hochstein said in an interview with CNN. Biden is due to make remarks on gas prices on Wednesday, including announcing another selloff from the nation's emergency oil reserve. Register now for FREE unlimited access to Reuters.com Register"The president's going to keep a careful eye on announcing today that whatever we're doing today could continue and see additional SPR releases - if necessary," Hochstein said. "The president's also going to be announcing that we are going to replenish the SPR," he said.

☆ U.S. envoy in Lebanon next week with maritime deal to sign
▼ + stars: | 2022-10-19 | by ( ) www.reuters.com time to read: +1 min

BEIRUT, Oct 19 (Reuters) - U.S. energy envoy Amos Hochstein will be in Beirut next week carrying a copy of the maritime agreement with Israel for Lebanese officials to sign, Lebanese negotiator Elias Bou Saab told Reuters on Wednesday. "Hochstein will be in Beirut next week with the agreement that we will sign," Bou Saab said. A traditional signing protocol with leaders from both countries present is unlikely given that Israel and Lebanon remain technically in a state of war. U.S. envoy Hochstein told a webinar hosted by the Middle East Institute on Tuesday he would be travelling to the region next week but did not give dates or destinations. "The President of Lebanon and Prime Minister of Israel will decide on the signing.

"The Hezbollah leadership scrutinized the understanding line by line before agreeing to it," said one of the sources familiar with the group's thinking. Two Hezbollah lawmakers told Reuters the group was open to the idea of a deal as a pathway to alleviate some of Lebanon’s economic woes. At one point, Hezbollah conveyed its frustration at the slow pace of the talks to Hochstein via Ibrahim, the Western source said. A U.S. official told Reuters Hezbollah had nearly "killed the deal with their provocative rhetoric and actions threatening war". "Once the pipes are in the water, war becomes a long way away," said a source familiar with Hezbollah's thinking.

☆ Israel and Lebanon reach historic agreement to resolve a long-running maritime border dispute
▼ + stars: | 2022-10-11 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Israel and Lebanon have brokered a historic agreement to resolve a long-running maritime border dispute on Tuesday, following months of negotiations mediated by the United States. Israel and Lebanon reached a historic agreement to resolve a long-running maritime border dispute on Tuesday, following months of negotiations mediated by the United States. "This is a historic achievement that will strengthen Israel's security, inject billions into Israel's economy, and ensure the stability of our northern border," Israel's Prime Minister Yair Lapid said in a statement. Negotiations pertaining to the Israeli-Lebanese border dispute over gas-rich waters off the countries' Mediterranean coasts have been ongoing since October 2020. The Israel president also thanked U.S. special envoy Amos Hochstein for his "hard work" in mediating the agreement.

REUTERS/Sergei Karpukhin (RUSSIA)HOUSTON, Oct 10 (Reuters) - India maintains a "healthy dialogue" with Russia and will look at what is offered following an announced ownership revamp to the Sakhalin-1 oil and gas project, Petroleum Minister Hardeep Singh Puri told Reuters. "We’ll look at what is the state of play and what’s on offer," Petroleum Minister Hardeep Singh Puri told Reuters in an interview on Monday following meetings with U.S. oil executives in Houston. On the proposed European Union price cap on Russian oil purchases, he suggested it is not yet firm. "At no stage have we ever been told not to buy Russian oil," he said, referring to talks with officials on global energy supplies. India is interested in the U.S companies' technical expertise in offshore production, ethanol and sulfur recovery in oil refineries, Puri added.

☆ EXCLUSIVE Lebanon satisfied with final draft of Israel maritime border deal -top Lebanese negotiator
▼ + stars: | 2022-10-10 | by ( Timour Azhari | ) www.reuters.com time to read: +2 min

BEIRUT, Oct 11 (Reuters) - Lebanon has received a final draft of a U.S.-mediated maritime border deal with Israel that satisfies all of Lebanon's requirements and could imminently lead to a "historic deal," Lebanese lead negotiator Elias Bou Saab told Reuters. "We received minutes ago the final draft... Lebanon felt that it takes into consideration all of Lebanon's requirements and we believe that the other side should feel the same," Bou Saab said. Israel's official view of the latest draft of the deal was not immediately clear. Israel last week rejected last-minute amendments to the deal by Lebanon that briefly appeared to jeopardize longstanding efforts to reach an agreement. Lebanon's president said that a deal would not signify a "partnership" with Israel, a country Lebanon does not recognize and officially regards as an enemy.

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