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☆ Russia's Wagner Group expands into Africa's Sahel with a new brand
▼ + stars: | 2024-02-12 | by ( Elliot Smith | ) www.cnbc.com time to read: +4 min

Natalia Kolesnikova | Afp | Getty ImagesWagner Group has been replaced by a new entity known as Russia's Africa Corps across its key strongholds in the continent, its new leader has confirmed. The new entity has been subsuming operations in Mali and Libya for several months, and negotiations to establish a Russian military base in the CAR are reportedly underway. watch now"The Africa Corps consists of mercenaries and volunteers, and does not form part of the Russian Armed Forces. It began recruiting in December 2023, and has also included job offers for former Wagner Group mercenaries; it may also recruit local residents," they explained. Russian Deputy Defense Minister Yunus-bek Yevkurov oversaw the creation of the Africa Corps, which is expected to be fully completed by this summer.

Persons: Wagner, Yevgeny Prigozhin, Natalia Kolesnikova, Dmitry Utkin, Anton Yelizarov, Ibrahim Traoré, Piotr Żochowski, Miłosz Bartosiewicz, Yunus, bek Yevkurov, Yevkurov Organizations: Afp, Getty, Wagner, Africa Corps, Central African, Russian National Guard, Russian Federation, Telegram, Centre, Eastern Studies, CAR, Africa, Russian Armed Forces, Wagner Group, CES Locations: MOSCOW, Moscow, Central African Republic, Libya, Mali, Sudan, Burkina Faso, Belarus, Russia, Cossack, Sahel, Russian, Warsaw, Algeria, Africa, Ouagadougou

☆ Coup juntas threaten to quit West Africa bloc: Here’s what it means for the region — and Russia
▼ + stars: | 2024-02-08 | by ( Elliot Smith | ) www.cnbc.com time to read: +9 min

ACCRA, Ghana - ECOWAS flag with member flags at the second extraordinary summit on the political situation in Burkina Faso, in Accra, Ghana, on February 3, 2022. OUAGADOUGOU, Burkina Faso - Jan. 20, 2023: A banner of Russian President Vladimir Putin is seen during a protest to support the Burkina Faso President Captain Ibrahim Traore and to demand the departure of France's ambassador and military forces. Mali has ruled out leaving WAEMU, while Burkina Faso is considering it. "Mali, Burkina Faso and Niger will likely draw on the extractive sector to improve their weak economies. A recent UN Development Programme report surveyed 5,000 people who had directly experienced a recent coup or unconstitutional change of government, including citizens of Burkina Faso, Chad, Guinea, Mali and Sudan.

Persons: NIPAH DENNIS, Bola Tinubu, Vladimir Putin, Captain Ibrahim Traore, Alex Vines, there'd, Tinubu, Ouattara, —, Vines, Mucahid Durmaz, Verisk Maplecroft, Durmaz, Balima Boureima, insurgencies, Wagner, Niger, specter, Mohamed Bazoum, Rey Byhre Organizations: Getty, Economic, West African States, ECOWAS, Nigerian, Africa, Chatham House, CNBC, Algeria —, West, Cote D'Ivoire, Anadolu Agency, Getty Images, Wagner Group, West African Economic, Monetary Union, CFA, National Council for, UN Locations: ACCRA, Ghana, Burkina Faso, Accra, AFP, Mali, Niger, Sahel, Mauritania, OUAGADOUGOU, Chatham, France, Nigeria, Côte d'Ivoire, Algeria, Malian, Russia, Bamako, Mucahid, West Africa, Togo, Benin, Cote, NIAMEY, NIGER, Niamey, West, U.S, Moscow, WAEMU, Seme, Chad, Guinea, Sudan, The Gambia, Tanzania, Kati

☆ Mideast Crisis Blinken Takes Bid to Avoid Wider War to Qatar and Egypt
▼ + stars: | 2024-02-06 | by ( Zolan Kanno-Youngs | Erin Mendell | ) www.nytimes.com time to read: +5 min

At the U.N. Security Council on Monday, China’s ambassador, Zhang Jun, broadly accused the United States of using excessive force around the world and manipulating public opinion about its intentions. The Security Council has frequently been a platform for U.S. and Russia’s spats over Ukraine, Syria and, most recently, the war in Gaza. “Iran has never sought to bring its dispute with the United States into Iraq’s territory,” Mr. Iravani told the Council, reiterating Iran’s stance that it does not seek a war with the United States. Algeria, the only Arab member of the Council, has drafted a new resolution calling for a permanent cease-fire in Gaza. The attacks killed 1,200 people and led to the abduction to Gaza of 240 others, Israeli officials said.

Persons: Zhang Jun, Vladimir V, Putin, Russia’s, Vasily Nebenzya, Biden, Nebenzya, “, ” Robert Wood, Mr . Wood, ”, Saeid Iravani, Mr, Iravani, Rosemary DiCarlo Organizations: . Security, United Nations Security, Security, Pentagon, Israel Locations: United States, Russia, China, Iraq, Syria, East, U.S, Ukraine, Gaza . China, Iran, The U.S, Israel, Gaza, Jordan, Middle East, America, Red, Tehran, Algeria

UNITED NATIONS (AP) — Russia accused the United States on Monday of aggression against Iraq and Syria aimed at preserving its global dominance and salvaging the Biden administration’s “image” ahead of U.S. elections. Many council members expressed fears of a growing Mideast conflict and urged de-escalation and stepped-up peace efforts. Wood stressed that the United States doesn’t want more conflict in a region where it is “actively working to contain and deescalate the conflict in Gaza." "And we are not seeking a direct conflict with Iran,” Wood said “But we will continue to defend our personnel against unacceptable attacks. Ambassador Zhang Jun, a Russian ally, echoed her concerns about escalating tensions and actions, and pointed a finger at the United States.

Persons: Russia’s U.N, Vassily Nebenzia, ”, Robert Wood, Wood, ” Wood, “, Iran’s U.N, Amir Saeid Iravani, ” Iravani, ” U.N, Rosemary DiCarlo, Antonio Guterres, U.N, Zhang Jun, ” Zhang, Algeria’s U.N, Amar Bendjama, ” Bendjama Organizations: UNITED NATIONS, —, Biden, Security, U.S, . Army Locations: — Russia, United States, Iraq, Syria, U.S, Iranian, Russia, Syria’s, Israel, Lebanon, Sea, Yemen, Syrian Arab Republic, Russian, Iran, Jordanian, Monday’s, Gaza

☆ Opinion | The World Has Caught Up to Frantz Fanon
▼ + stars: | 2024-02-02 | by ( Adam Shatz | ) www.nytimes.com time to read: +3 min

The shock of the new, in political life, often sends us back to the past, in search of an intellectual compass. ), which he joined while working as a psychiatrist in Blida, on the outskirts of Algiers. He captured, as no other writer of his time did, the fury engendered by colonial humiliation in the hearts of the colonized. Fanon wrote at the height of the Cold War, but, with no less prescience, he regarded the East-West struggle as a passing sideshow, of far less consequence than the divisions between North and South, of the rich world and the poor world. If the colonial world was, in his words, “a world cut in two,” our post-colonial world seems scarcely less so.

Persons: Donald Trump, Viktor Orban, Jair Bolsanaro, Hannah Arendt’s “, ”, Arendt, Frantz Fanon, Fanon, —, haven’t, It’s Organizations: National Liberation, Israel, Black Panthers, Palestinian Locations: East, Africa, Martinique, Blida, Algiers, North, Ukraine, Gaza

☆ US Says Algeria Push for UN Ceasefire Resolution Could Hurt Gaza Talks
▼ + stars: | 2024-02-02 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +3 min

Ambassador to the United Nations Linda Thomas-Greenfield said on Friday that Algeria's draft Security Council resolution calling for a Gaza ceasefire could jeopardize "sensitive negotiations" aimed at brokering a pause in Israel's war. It would demand an immediate humanitarian ceasefire between Israel and Hamas. It was not immediately clear if or when Algeria could put the draft resolution to a vote. The Gaza war began when fighters from the Hamas militant group that runs Gaza attacked Israel on Oct. 7, killing 1,200 people and capturing 253 hostages, according to Israeli tallies. To be adopted, U.N. Security Council resolution needs at least nine votes in favor and no vetoes by the United States, Britain, France, China or Russia.

Persons: Michelle Nichols UNITED, United Nations Linda Thomas, Greenfield, Thomas, Sheikh Mohammed Bin Abdulrahman Al Thani, Antonio Guterres, Stephane Dujarric, Israel, Michelle Nichols, Paul Grant, Cynthia Osterman Organizations: Michelle Nichols UNITED NATIONS, Reuters, United Nations, Qatar's, U.N, Security Locations: Gaza, Algeria, Israel, United States, Egypt, Qatar, New York, U.S, Washington, U.N, Britain, France, China, Russia

☆ Algeria Pushes UN Security Council to Demand Gaza Ceasefire
▼ + stars: | 2024-02-01 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +2 min

By Michelle NicholsUNITED NATIONS (Reuters) - Algeria has drafted a U.N. Security Council resolution to demand an immediate humanitarian ceasefire between Israel and Hamas, a move that the United States - a council veto power - opposes because it says it would only benefit the Palestinian militants. It was not immediately known when or if Algeria's draft resolution could be put to a vote. A resolution needs at least nine votes in favor and no vetoes by the United States, Britain, France, China or Russia to be adopted. The U.S. and Israel oppose a ceasefire, believing it would only benefit Hamas. Earlier in December the 193-member U.N. General Assembly demanded a humanitarian ceasefire, with 153 states voting in favor of the move that had been vetoed by the United States in the Security Council days earlier.

Persons: Michelle Nichols UNITED, Israel, U.N, Michelle Nichols, Diane Craft Organizations: Michelle Nichols UNITED NATIONS, Reuters, Security, Hamas, International Court of Justice, General Locations: Algeria, Israel, United States, Gaza, Britain, France, China, Russia, U.S, Washington

☆ Sony is making a bold bet on an African gaming startup to boost PlayStation’s reach in the continent
▼ + stars: | 2024-01-29 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Sony is making a bold bet on Africa's video game industry. The Japanese consumer electronics and gaming giant has invested an undisclosed sum into Carry1st, a video game studio based in Cape Town, South Africa, via its Sony Innovation Fund venture arm, Carry1st told CNBC exclusively. The deal is a strategic investment that will see the two companies partner on a range of commercial opportunities. "We believe very firmly that there is an incredibly underrated console opportunity in Africa," Robbin-Coker said, citing countries like Nigeria, Morocco and Algeria as places where console adoption is rising a lot. Sony is coming into an emerging gaming market with blistering growth potential.

Persons: Carry1st, Cordel, Coker Organizations: Sony, Sony Innovation Fund, CNBC, PlayStation Locations: Cape Town , South Africa, Africa, Nigeria, Morocco, Algeria, Konvoy

☆ Italy's Meloni Opens Africa Summit, Promises New Partnership
▼ + stars: | 2024-01-29 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

The summit, being held in Italy's ornate Senate, will last all day, with Italian ministers due to outline an array of initiatives, from energy and infrastructure to health and education, that Meloni says will be mutually beneficial. "We believe it is possible to envision and write a new chapter in the history of our relationship, a cooperation among equals, far from any predatory imposition or charitable stance towards Africa," Meloni said in an opening speech. Eni, Italy's largest importer of natural gas, has already countered lower Russian supplies by shipping increased volumes from Africa, where it has had a presence for decades. The company has said Algeria, Egypt and Libya will be Italy's main gas suppliers for the next few years. Most had departed from North African countries such as Tunisia and Libya, many fleeing poverty and conflict in sub-Saharan Africa and the Middle East.

Persons: Crispian Balmer, Angelo Amante ROME, Giorgia Meloni, Meloni, Enrico Mattei, Ursula von der Leyen, Charles Michel, Mattei, Alex Richardson Organizations: Italian, Eni, European Union, European, Energy, EU Locations: Rome, Africa, Italy, China, Russia, Gulf, Tunisia, Senegal, Kenya, Republic of Congo, Somalia, Ukraine, Algeria, Egypt, Libya, Europe, North, Saharan Africa

☆ Russ Cook: After running almost 7,500 miles across Africa, this man’s epic odyssey hangs in the balance
▼ + stars: | 2024-01-25 | by ( Ben Church | ) edition.cnn.com time to read: +3 min

Over the last nine months, Russ Cook has run almost 7,500 miles across 13 different countries and is currently in Senegal with his small support crew. But despite all his efforts, which have involved running more than a marathon a day on average, Cook took to social media Tuesday to announce that his epic journey was facing a diplomatic impasse. Cook had planned to finish his odyssey at the most northerly tip of Africa in Tunisia, but must access Algeria through the Mauritania border first. “If we don’t get them, then it’s game over for Project Africa,” Cook said on X, formerly known as Twitter. Starting at the most southerly point in South Africa, Cook is running all the way to Tunisia.

Persons: Russ Cook, Cook, ” Cook, ”, Alexander Stafford, UK’s, Harry Gallimore, “ Organizations: CNN, Project Africa, Parliamentary Group, Foreign, Commonwealth & Development, ” CNN Locations: Africa, Senegal, Tunisia, Algeria, Mauritania, Algerian, South Africa

☆ Cameroon squeaks by Gambia in AFCON game dubbed the ‘best match in the history of football’
▼ + stars: | 2024-01-24 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

CNN —The Africa Cup of Nations (AFCON) is always entertaining, but few games in the history of the competition can stand up to Cameroon’s 3-2 win against Gambia on Tuesday. “The match, like all of AFCON, is insane,” he added in a separate post. The first goal didn’t come until the 56th minute though, when Cameroon striker Karl Toko Ekambi headed his country in front. Gambia looked to have stunned the five-time AFCON champion but couldn't hold on in the frantic affair. The 2019 champion, which boasts an array of top-class talent, finished bottom of Group D after failing to win a single game in the group stages.

Persons: André Onana, Andrés Onrubia Ramos, ”, didn’t, Karl Toko Ekambi, deservedly, Ablie Jallow, Kenzo Tribouillard, Colley’s, Gambia’s James Gomez, ‘, Christopher Wooh, Wooh, De verdad, Iba, Muhammed Sanneh, Tom Sainfait, ” Onrubia, “, Yali Dellahi’s Organizations: CNN, Africa, of Nations, Gambia, Cameroon, Manchester United, Getty, Lions, PARTIDO, LA HISTORIA DEL FÚTBOL, C, Nigeria, Mauritania Locations: Spanish, Cameroon, Gambia, AFP, GOL, GAMBIA, el, @AndiOnrubia, Algeria

The unrest in France is also likely tied to how some French people feel about the country’s political atmosphere more broadly. The National Rally also garnered the highest percentage support among France’s political parties in a mid-December poll. In 2022, nearly half of France’s immigrant population had been born in Africa, with the top source countries being Algeria and Morocco, according to INSEE. The French president said in December that the immigration law is “what the French wanted.” And at least one recent poll appears to echo this. And nearly three-quarters (73%) thought the law was inspired by the ideas of the National Rally party.

Persons: Emmanuel Macron, Pen, –, Élisabeth Borne, Le Pen’s, Macron –, “, Macron Organizations: Republicans, National, Constitutional, Ministry, People, AP, Le, National Institute of Statistics, Economic Studies, National Rally Locations: France, Europe, Germany, Western Europe, Africa, Algeria, Morocco, North Africa

☆ When Violence Was What the Doctor Ordered
▼ + stars: | 2024-01-21 | by ( Jennifer Szalai | ) www.nytimes.com time to read: +1 min

THE REBEL’S CLINIC: The Revolutionary Lives of Frantz Fanon, by Adam ShatzRhetoric that is polemical, that is caustic, that is ruthlessly extreme is potent in one sense yet vulnerable in another. It seizes attention and attracts acolytes; it is memorable and therefore memeable. Writers who deploy it are susceptible to being cherry-picked and caricatured. I kept thinking about this paradox while reading “The Rebel’s Clinic,” Adam Shatz’s absorbing new biography of the Black psychiatrist, writer and revolutionary Frantz Fanon. He was both a militant and a doctor, someone who promoted a “belief in violence” while also practicing a “commitment to healing.” An acquaintance recalls being struck by Fanon’s compassion: “He treated the torturers by day and the tortured at night.”

Persons: Frantz Fanon, Adam Shatz, ” Adam Shatz’s, Fanon, ” Organizations: Rebel’s Clinic Locations: syllabuses, French, Martinique, Bethesda, Md, lynchers, ”, France, Algeria

☆ EU Targets Six People Under New Hamas Sanctions Scheme
▼ + stars: | 2024-01-19 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

BRUSSELS (Reuters) - The European Union on Friday imposed asset freezes and travel bans on six people it said were linked to Hamas, under a new sanctions regime targeting the Palestinian militant group. The EU already listed Hamas as a terrorist organisation but moved to create a legal framework focused on the group after its deadly attack on southern Israel on Oct. 7. The Council listed those sanctioned as Sudan-based financier Abdelbasit Hamza Elhassan Mohamed Khair, Nabil Chouman, the former's son Khaled Chouman, senior Hamas financier Rida Ali Khamis, senior Hamas operative Musa Dudin and Algeria-based financier Aiman Ahmad Al Duwaik. "The new sanctions framework shall apply until 19 January 2025. A senior EU official earlier on Friday said the first batch of sanctioned individuals was linked to providing funds to the group.

Persons: Abdelbasit Hamza Elhassan Mohamed Khair, Nabil Chouman, Khaled Chouman, Rida Ali Khamis, Musa Dudin, Aiman Ahmad Al Duwaik, Josep Borrell, Benjamin Netanyahu, Tassilo Hummel, Sudip Kar, Gupta, Andrew Gray Organizations: European Union, EU, of, Hamas, U.S . Treasury Locations: BRUSSELS, Israel, Gaza, Sudan, Algeria, United States, Turkey, Saudi Arabia

☆ Namibia stuns Tunisia to secure first ever AFCON victory
▼ + stars: | 2024-01-17 | by ( Matias Grez | ) edition.cnn.com time to read: +1 min

CNN —Namibia produced a historic upset to beat Tunisia 1-0 on Tuesday and record its first ever Africa Cup of Nations (AFCON) victory. Appearing in its fourth AFCON, Namibia had failed to win any of its previous nine finals matches, losing seven and drawing two. Tunisia, the 2004 AFCON champion, is the No. 2 seed Mali, with anything less than a victory likely plunging its qualification into doubt, while a buoyant Namibia faces South Africa. Wednesday’s Group E matches between Morocco and Tanzania and DR Congo and Zambia are the final two opening round fixtures to take place.

Persons: Deon Hotto, Mo Salah, Fadel Senna Organizations: CNN, Tunisia, Africa, of Nations, Ghana, Mozambique, Getty, Wednesday’s, DR Locations: Namibia, Tunisia, Ivory Coast, Cape Verde, Sunday, Egypt, Algeria, Cameroon, Nigeria, Mali, South Africa, AFP, Morocco, Tanzania, DR Congo, Zambia

☆ Roberto ‘Pico’ Lopes: He ignored a Linkedin message once, but not the second time. When he responded his life changed forever
▼ + stars: | 2024-01-12 | by ( Alasdair Howorth | ) edition.cnn.com time to read: +9 min

I just thought it was a welcome message … so I ignored it.”Fortunately for Lopes, Cape Verde head coach time Rui Águas messaged the Shamrock Rovers defender again nine months later – this time in English – asking if he had considered his offer. Roberto Lopes, who plays for Cape Verde, was born and raised in Dublin. French forward Just Fontaine (L) scores in France's World Cup 5-2 semifinal defeat to Brazil in 1958. France’s captain at the first ever World Cup in 1930 was Algerian-born Alexandre Villaplane. But having recently reversed that policy, the Taifa Stars will have a number of players born outside the continent in its squad for the 2024 tournament.

Persons: CNN —, Roberto “ Pico ” Lopes, Lopes, “, ” Lopes, Rui Águas, Roberto Lopes, Ulrik Pedersen, Mohamed Salah, Lopes won’t, Alexandre Villaplane, Fontaine, Eusébio, Samuel Eto’o, Bryan Mbeumo, Yoane Wissa, ” Wissa, Darren Lewis, Benoît Assou, Ekotto, Ryan Byrne, ”, ‘, ’, Abdoulaye Doucouré, Wilfred Zaha, Les, Patrice Beaumelle, I’ve, I’m, ” Carlos ‘ Caluccha ’ Lopes, Roberto’s, Roberto, “ It’s, he’s, hasn’t Organizations: CNN, Shamrock Rovers, Cape, CNN Sport, Africa, of Nations, LinkedIn, AP, Google, Blue Sharks, Rovers, Professional, Association of Ireland’s, body’s, AFP, Getty, France, UEFA, Benfica, English Premier League, Cameroon soccer, Brentford, Ireland, Democratic, Former Cameroon, Tottenham Hotspur, Lions, League of Ireland Premier Division, Everton, Mali, Ivorian national team, Galatasaray, Cape Verde Locations: Dublin, Republic of Ireland, Cape Verde, Lopes , Cape Verde, Ireland, Egypt, Cape Verde’s, Ghana, Mozambique, Brazil, Africa, Algerian, French, Marrakech, Morocco, Mozambican, Angolan, Portuguese, Portugal, Algeria, Tanzania, Cameroon, Europe, Democratic Republic of Congo, DRC, France, Poland, you’re, Ivory Coast, Cape Verdean, Verdean

☆ Kuwait rings up small bill in tower merger
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.

Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong

☆ Analysis: The 2023 stock rally is back on track
▼ + stars: | 2023-12-01 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

New York CNN —The US stock market has rebounded from its months-long rut. Stocks finished out their best month of the year on Thursday, breaking a three-month streak of declines for all the major indexes. “The only way I see a rally continuing is if the bond market behaves itself,” said Richard Steinberg, chief market strategist at The Colony Group. While those stocks have remained at the top of Wall Street’s scoreboard, the recent rally has encompassed a wider range of stocks. Long-neglected pockets of the stock market, from beaten-down financials to small-caps to cyclical stocks, have climbed higher in recent weeks.

Persons: Stocks, ”, Richard Steinberg, “, Santa Claus, Ned Davis, Anna Cooban, Elisabeth Buchwald, Nelson Peltz, Nelson Peltz’s, Bob Iger, ” Trian, Trian, Trian’s, Morgan Stanley, James Gorman, Sky Jeremy Darroch, ” Read Organizations: CNN Business, Bell, New York CNN, Federal Reserve, Nasdaq, Dow Jones, Treasury, The Colony, Wall Street, Ned Davis Research, Organization of, Petroleum, Saudi Press Agency, Ministry of Energy, Saudi, United Emirates, Reuters, Disney, Management, Peltz, Sky Locations: New York, Santa, OPEC, Saudi Arabia, Vienna, Russia, Iraq, United, Kuwait, Kazakhstan, Algeria, Oman, Brazil, Brazil’s

☆ Oil prices fall, extend slide after OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack pulls oil from the Permian Basin oil field in Odessa, Texas, on March 14, 2022. Oil prices fell in early Asian trade on Friday, extended losses after OPEC+ producers agreed to voluntary oil output cuts for the first quarter next year that fell short of market expectations. OPEC+'s output of some 43 million bpd already reflects cuts of about 5 million bpd aimed at supporting prices and stabilizing the market. The total curbs amount to 2.2 million bpd from eight producers, OPEC said in a statement after the meeting. Included in this figure is an extension of the Saudi and Russian voluntary cuts of 1.3 million bpd.

Persons: Alexander Novak Organizations: Brent, . West Texas, OPEC, Saudi Locations: Odessa , Texas, Saudi Arabia, Russia, UAE, Iraq, Kuwait, Kazakhstan, Algeria

☆ Saudi Arabia is struggling to boost oil prices, raising possibility of supply war with U.S.
▼ + stars: | 2023-12-01 | by ( Spencer Kimball | ) www.cnbc.com time to read: +5 min

OPEC is facing growing challenges in its efforts to boost oil prices amid record output outside the alliance, particularly in the U.S., raising questions about how long the alliance can maintain its deep production cuts. The outcome is a "bittersweet victory" for OPEC kingpin Saudi Arabia, wrote Jorge Leon, senior vice president of Rystad Energy, in a note Thursday. With oil prices down more than 14% since September highs, traders were hoping that OPEC could provide a boost. In the end, Saudi Arabia may have only one option — launch a supply war by flooding the market with oil. The 2.2 million bpd in voluntary cuts from the coalition of the willing is somewhat deceiving.

Persons: Jorge Leon, bode, Leon, Brent, Natasha Kaneva, Paul Sankey, John Kilduff, Kilduff, it's, Sankey, Kaneva, Goldman Sachs, Goldman, Daan Struyven, Struyven Organizations: Rystad Energy, Traders, Sankey Research, U.S . Oil, U.S, OPEC, United Arab, Goldman Locations: U.S, OPEC, Saudi Arabia, Riyadh, Saudi, China, Russia, Iraq, United Arab Emirates, Kuwait, Kazakhstan, Algeria, Oman

☆ Oil prices set for sixth straight weekly fall as OPEC+ cuts underwhelm
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Tatiana Meel/File Photo Acquire Licensing RightsDec 1 (Reuters) - Oil prices extended losses on Friday, and looked set for a sixth straight week of declines, as voluntary oil output cuts agreed by OPEC+ producers fell short of market expectations. Saudi Arabia, Russia and other members of OPEC+ agreed to voluntary output reduction of 900,000 bpd in addition to extending 1.3 million bpd in production cuts already in place. Delegates had earlier discussed as much as 2 million bpd in new output curbs. Goldman Sachs said its December forecast for Brent was "moderately tilted" to the downside of its previously estimated range, calling the oil producers' move a "temporary response," and "difficult to implement." Separately, Brazil said on Thursday it would join the OPEC+ next year, though such a move wouldn't bind the south America's largest country to production cuts.

Persons: Tatiana Meel, Brent, Goldman Sachs, Goldman, Laura Sanicola, Stephen Coates, Kim Coghill Organizations: REUTERS, OPEC, Brent, . West Texas, Thomson Locations: Nakhodka, Russia, Saudi Arabia, UAE, Iraq, Kuwait, Kazakhstan, Algeria, Brazil, OPEC

☆ Oil prices could reach $100 a barrel in 2024 if OPEC+ members fulfil pledges for voluntary cuts
▼ + stars: | 2023-12-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Processing towers stand at the RN-Tuapsinsky refinery, operated by Rosneft Oil Co., in Tuapse, Russia, on Monday, March 23, 2020. Oil prices are expected to rise in the new year after some OPEC+ oil producers voluntarily pledged to cut output. The oil cartel on Thursday released a statement that did not formally endorse production cuts, but individual countries announced voluntary reductions totaling 2.2 million barrels per day for the first quarter of 2024. Russia said it will cut supply by 300,000 barrels per day of crude and 200,000 barrels per day of petroleum products over the same period. We have to have compliance from the other OPEC nations," Bill Perkins, CEO and head trader of Skylar Capital Management, told CNBC.

Persons: Bill Perkins Organizations: Rosneft Oil, United, United Arab Emirates, Skylar Capital Management, CNBC Locations: Tuapse, Russia, Saudi Arabia, Riyadh, Iraq, United Arab, Kuwait, Kazakhstan, Algeria, Oman

Unlike most of its Western allies and some Gulf states, Turkey does not view Hamas as a terrorist group and hosts some of its members. Nelson said Turkey was connected to Hamas' past efforts to raise funds from donors, investment portfolios, charities and non-profit organisations. Even if Turkey sees Hamas as legitimate, he said the group could still violate domestic laws, though he gave no specific example of this happening. "There is sufficient opportunity for Turkey to address this problem under its own domestic legal authorities irrespective of U.S. sanctions," he said. Turkey says sanctions will not be circumvented on its soil and that nothing transiting is used in Russia's war effort.

Persons: Brian Nelson, Nelson, Tayyip Erdogan, RUSSIA Nelson, We're, Jonathan Spicer, Alex Richardson, Gareth Jones, Emelia Organizations: Treasury, Terrorism, Financial, Turkish, United Arab, Ukraine, Thomson Locations: ISTANBUL, Turkish, Turkey, Israel, Istanbul, Gaza, United States, Washington, Sudan, Algeria, United Arab Emirates, RUSSIA, Russia, Ukraine, Ankara, Moscow, Kyiv

☆ U.S. crude declines as skepticism mounts over OPEC+ cuts
▼ + stars: | 2023-11-30 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

U.S. crude declined Thursday, erasing early gains, as traders grew more convinced that OPEC+, a group composed of OPEC plus its oil-producing allies, will not deliver on promised output cuts. Riyadh agreed to extend its voluntary production cut of 1 million barrels per day, a source in the Energy Ministry told the Saudi Press Agency. Iraq is cutting by 223,000 bpd, the United Arab Emirates 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd. OPEC+ has a major problem when it comes to cohesion and compliance on output cuts, said John Kilduff of Again Capital. "They have their hands full and to me it's not going to prove to be a winning strategy for them," he said of the output cuts.

Persons: Brent, Alexander Novak, Phil Flynn, Flynn, John Kilduff, Kilduff, CNBC's, it's Organizations: West Texas Intermediate, Energy Ministry, Saudi Press Agency, United Arab Emirates, Traders, Price Futures, U.S, OPEC, CNBC PRO Locations: OPEC, Saudi Arabia, Riyadh, Iraq, Kuwait, Kazakhstan, Algeria, Oman, Russia, Asia, China

☆ Oil kingpin Saudi Arabia extends its production cut into first quarter as OPEC+ holds policy
▼ + stars: | 2023-11-30 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

The logo of the Organization of the Petroleum Exporting Countries (OPEC) in Vienna, Austria, on Thursday, July 6, 2023. The OPEC+ alliance had already instituted a 2 million barrel per day cut in place until the end of 2024, with several coalition members voluntarily pledging a further 1.66 million barrel per day decline over that same period. While OPEC+ has not formally endorsed production reductions, market participants are following the possibility of further voluntary cuts announced by key participants to the coalition. Close Saudi ally Kuwait will enforce a 135,000 barrel per day reduction in the first quarter, while the Energy Ministry of OPEC member Algeria said it would trim a further 51,000 barrels per day. Oman said it will also reduce output by 42,000 barrels per day in that same period.

Persons: Alexander Novak Organizations: Organization of, Petroleum, of, OPEC, Energy Ministry Locations: Vienna, Austria, OPEC, Saudi Arabia, Nigeria, Angola, Congo, Saudi, Riyadh, Moscow, Kuwait, Algeria, Oman

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