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Sassou, Congo Republic's Sassou, seeks a new term amid low turnout and internet outage
The Congo Republic held a presidential election on Sunday, which was expected to extend the reign of Denis Sassou Nguesso - one of Africa's most experienced leaders. A low turnout highlighted the lack of suspense about the result. Sassou is facing a "weak" field of opponents, as two of the most well-known opposition leaders are in prison or exile. Many opposition parties boycotted this election because they felt the process was untrustworthy. Analysts and civil society groups predict that the turnout will be lower than the 68% in 2021 when Sassou was elected to his five-year term with 88.4%. A witness reported that there were no or very short lines at the polling stations of Brazzaville's capital. Sassou, after casting his vote in Brazzaville told reporters that he hoped the?enthusiasm he saw on the campaign trail?would be apparent in the final turnout number. He said: "We are hopeful that the things I heard during the campaign will come to pass today." The voting was to finish at 6 pm local time (1700 GMT) and the counting would begin immediately afterwards. The provisional results will be available 48-72 hours after polls close. INTERNET OUTAGE REPORTED Sassou has been in power since 1979, with the exception of a five-year break in the 1990s. He ran against six candidates who were not well-known, and none of them was considered a serious contender. The electoral body was dominated by figures aligned to the ruling Congolese Labour Party. Remadji Hoinathy, of the Institute for Security Studies in Pretoria, said that "the opposition is fragmented" and does not have a "strong, emblematic figure". Sassou will still have a chance despite voter fatigue. Internet monitoring group NetBlocks reported that the internet was down in many parts of the country on Election Day, making it hard to get an accurate picture of what was happening. In an email, Alp Toker of NetBlocks confirmed that a nationwide internet blackout was now in place in the Republic of Congo. This measure is likely to limit transparency in today's elections. Toker stated that this was "technically compatible" with a?internet shutdown imposed for the 2021 presidential election. Neither the Congolese Prime Minister Anatole Collinet Makosso nor the Communications Minister Thierry Moungalla responded to inquiries about the outage. Voters See No Hope for Change Rights groups claim that the political space in Congo has shrunk in recent years. They cite arrests of activists, and suspensions by political parties. After a long decline, the economy - heavily dependent on crude oil - has stabilised over the past few years. According to the World Bank, 52% of Congo’s 6.1m people live in poverty. Some Congolese who voted said that the country needs a new direction. They did not specify whether they backed Sassou, or his opponent. Gigi Wandiabantou, a Brazzaville resident, said: "Our children have diplomas and they are not doing anything." "I'm counting on the people in charge to do something for us mothers." Some Congolese believe there is little hope for change. Frederic Nkou, a Brazzaville resident who is unemployed, said: "It's a?election with a known outcome." "I don’t expect things will improve." Makosso, the Prime Minister, dismissed allegations of pro-Sassou slant ahead of Sunday's vote. He argued that Congo's electoral oversight bodies will ensure a fair and transparent election. Sassou's campaign has been based on continuity. He has pledged to expand education and training and to speed up development projects. Clement Bonnerot, Ngouda Diaone and Robbie Corey Boulet in the Dakar and Congo Republic Newsroom. Editing by Andrei Khalip Joe Bavier Alexander Smith
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Netanyahu responds to Iran's rumours about his death by posting a video
Benjamin Netanyahu, Israeli Prime Minister, posted a video on Sunday of him 'getting a coffee and' chatting with an aide after rumours of his death or injury were spread by the iranian state media. In the video taken in a café on the outskirts of Jerusalem and posted to Netanyahu's Telegram, his aide questions him about the rumours. As he grabs a coffee, Netanyahu makes a joke about the word "dead" -- which in Hebrew slang is used to refer to someone or something that you are "crazy for". "I love coffee. You know what? Netanyahu tells his aide, "I'm mad about my people." The video's location was verified by comparing the file images of the cafe with the interiors shown in the video. The cafe posted multiple photos and videos of Netanyahu's Sunday visit. This allowed us to verify the date. Netanyahu's office distributed videos and limited media access since the U.S. launched its attack on Iran in February. He has also visited two towns that were hit by Iranian missiles as well as a hospital, port, military base and a?port. Netanyahu, who rarely gives interviews or news conferences to Israeli media, held a 'first press conference via video link since the beginning of the war on Thursday. This format was similar to that he used in June, during Israel's 12-day conflict with Iran. Since the beginning of the war, Israel has imposed emergency safety restrictions that have banned public gatherings. Most people are now at home or in safe rooms and shelters. Schools across the majority of the country are closed.
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IEA: Emergency oil stockpiles coming soon to Iran's devastated markets
The International Energy Agency said that more than 400 million barrels?of oil from its emergency reserves would begin to 'flow soon. The agency announced on Sunday that stocks of goods from Asia, Oceania, and North America will be available as soon as possible, and those from Europe and South America will be ready by the end March. The statement stated that the governments have committed to making 271.7 million barrels available from government stock, 116.6 millions barrels from industry stocks and 23.6million barrels from other sources. IEA?said that the majority of pledged reserves – 195.8 millions barrels – are from member nations in?the Americas. 172.2 million of those barrels come from government stock. Asia Oceania members countries have committed to contributing 108.6 millions barrels. 66.8 of those barrels will come from government stock. Europe has pledged 107.5million barrels including 32.7million barrels from government stock. According to the IEA, 72% of planned releases will be crude oil, and 28% oil?products. The IEA was created in 1974, after the oil crises. The IEA has released six coordinated stockpiles since its creation. According to the IEA, the release was made to 'combat a spike in oil price caused by disruptions of around a fifth of the global oil and natural gas supply along the Strait of Hormuz after the war started on February 28. Iran warned on Wednesday that the world must be prepared for oil prices of $200 per barrel, as its forces continue to attack merchant ships in the strait. IEA member countries hold more than 1.2billion barrels in emergency stocks, and another 600m are held by industry under government obligations. Reporting by Layli foroudi, Editing by Joe Bavier & Andrew Heavens
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The economy of Peru grew by 3.54% in January
Data from the nation's INEI statistical agency revealed that Peru's economy grew 3.54% on an annual basis in January. This was driven by growth across most economic sectors, including construction, commerce and mining. The Central Bank's Chief?economist estimated that the figure would be around 3.5%. The National Institute of Statistics and Informatics (INEI), in a report released on January 15, said that the mining sector grew by 3.08% compared to the previous year after?two consecutive declines. The increase in January was due to a rise in production of copper, zinc, and gold. Peru is the third largest copper producer in the world. The statistics office reported that the construction industry also showed a notable increase in January. It grew by 15.63% year-on-year, largely due to domestic cement consumption. In January, the?fishing industry fell by 9.56% on an annual basis. This was its third consecutive month of decline. The Ministry of Economy and Finance of the Andean country estimates an economic growth of 3.2% by 2026, as opposed to the projected 3.44% for '2025. Peru has had eight presidents in the past year, causing political instability. On April 12th, elections will be held and a new president will take office at the end July. (Reporting and editing by Bill Berkrot, Will Dunham and Alexander Villegas)
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Sources say that Fujairah in the UAE resumes oil loading after an attack
Four sources confirmed that oil loading operations at the United Arab Emirates Fujairah, a major 'bunkering hub' and crude export terminal, had re-commenced despite a Saturday drone attack and fire. However, it is unclear whether the operations are back to normal. The U.S. - Iran war has already reduced Middle Eastern oil supply by more than?7m barrels a day, or 7% of the global supply. The disruptions?at Fujairah could force OPEC’s third largest crude producer to cut more?production, after already cutting production at its offshore oil fields. According to Kpler, Fujairah outside the Strait of Hormuz exported on average?more? than 1.7million barrels of crude oil and refined fuels?per day last year. This volume is equal to around 1.7% of world daily demand. The Middle East's biggest commercial storage facility for refined products is also located in Fujairah. Iran warned of new attacks against UAE ports on Saturday, after U.S. strike on Kharg Island facilities. Iranian news agencies reported that Iran had warned residents to evacuate areas near the?Jebel Al port in Dubai, Khalifa Port in Abu Dhabi and Fujairah. ADNOC (Abu Dhabi State Oil Company), which is based in the emirate of Abu Dhabi, has not responded to a request for comment. ADNOC closed its Ruwais refining plant on Tuesday. Bloomberg News reported earlier that?oil loading operations? had resumed in the emirate. Reporting by Sarah El Safty in Dubai and Youssef Sabah in Bengaluru, Seher Dareen and Shri Navaratnam in London, and Jamie Freed, Gareth Jones and Gareth Jones in London.
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Bahrain's Alba closes 19% aluminium production as Hormuz continues to disrupt the supply chain
Aluminium Bahrain (also known as Alba) announced on Sunday that it had halted 'three aluminium melting lines,' which accounted for '19% of its total capacity, in order to maintain business continuity amid the ongoing disruptions along the Strait of Hormuz. Force majeure was declared by the company on 'March 4, as it could not ship metal to customers due to the U.S. and Israeli war against Iran. Alba, which describes itself as the "world's largest?smelter of aluminium on one site," announced in a press release that it had begun a "controlled safe shutdown" for reduction lines 1, 2, and 3. The company added: "This targeted action is designed to optimize the utilisation of Alba's current raw materials inventory, and to prioritise the operational stability across?"Reduction Lines 4, 5, and 6." Middle East smelters - which account for 9% of global supply - have also been unable to import vessels containing their main raw material, Alumina. (Reporting and editing by Joe Bavier; Tom Daly)
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Japan releases oil stocks after US orders to buy American
Japan will begin releasing oil on Monday to ease the shock of?the U.S. and Israeli war on Iran. This is a stark reminder of the oil shortage that occurred half a century earlier, which prompted Tokyo's creation reserves. Tokyo announced that it would release 80 million barrels of crude oil to Japan, which is enough to last the nation for 45 days. The war in the Gulf has disrupted supplies through the Strait of Hormuz. The Japanese government has instructed refiners to use the crude oil released, which will reduce Japan's national reserves by 17 percent, to ensure domestic supplies. The amount of oil that will be released by the International Energy Agency for a global supply release of 400,000,000 barrels to combat the war's price volatility and supply shock is unknown. RESERVES STABILISE SUPPLY, BUT "MAINLY BUILD TIME" Yuriy?Humber, CEO of Tokyo-based consultancy Yuri Group, says that Japan's release demonstrates how seriously Tokyo views disruption. The reserves are mainly there to buy time, but can help stabilize supplies and prices on a short-term basis. He said that they couldn't "fully offset" a disruption of the Strait of Hormuz. The Ministry of Economy, Trade and Industry states that any potential release of 12 million barrels held jointly by Saudi Arabia, United Arab Emirates and Kuwait in Japan would be additional to the 80 million barrels announced. Japan began its national oil reserves system in 1978, several decades after the Arab oil embargo. The Group of Seven nation is reliant on Middle East oil for 90% of its consumption. It now stockspiles enough to last 254 days. METI reports that the government will begin releasing oil from its reserves to cover 15 days of consumption by the private sector on Monday. METI Minister Ryosei Acazawa stated that private companies are preparing to?tap Japan's stockpiles?, but they also want supplies from Central Asia, South America, and Gulf countries, which can bypass the Strait of Hormuz. Japan buys around 4% its oil from the U.S., after ceasing to purchase it from Russia in 2022 following Moscow's invasion of Ukraine. Lee Zeldin, the U.S. Environmental Protection Agency's Administrator, said: "When you consider the conflict in the Middle East.....you are reminded that all the crude oil..that went from Alaska to Japan..was never..targeted by a successful terrorist.attack." This conflict is a reminder to other nations that the United States has the resources they need. (Reporting and editing by William Mallard; Yuka Obayashi, Katya Golubkova)
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Palestinian Health Authorities say that Israeli forces killed four Palestinians in West Bank.
Palestinian health officials said that Israeli forces killed four Palestinians on Sunday. They included a mother, a father, and two children, while they were driving in the occupied West Bank. Palestinian health officials report that a mother and father aged 35 and 37 and two of their children ages?5 or 7 were shot in the head in the village Tammun. Two of their other children also sustained injuries. The Israeli military said that it would be examining the reports. According to the Palestinian Health Ministry, a Palestinian also died in an overnight attack by settlers. Rights groups and medics claim that Israeli settlers are using the restrictions on movement imposed by the U.S./Israeli war against?Iran as an excuse to attack Palestinians. Military 'roadblocks' prevent ambulances from reaching the victims quickly. According to the Palestinian Health Ministry, settlers have killed at least five 'Palestinians' in the West Bank ever since the Iran War began on February 28. Reporting by Ali Sawafta and Emily Rose, Editing by Shri Navaratnam, Editing By William Mallard
IEA is ready to tap into emergency oil reserves, but OPEC does not see the need
The West's energy watchdog announced on Friday that it is ready to release its oil reserves if the market experiences shortages as a result of Israel's attack against Iran. This statement was criticized by OPEC, which claimed the statement only created fear on the market.
In recent years, the Organization of Petroleum Exporting Countries (OPEC), which represents some of the top oil producers in the world, and the International Energy Agency (IEA), representing oil consumers, have clashed over global oil demand trajectory and the pace of the transition to a clean energy economy.
Fatih Birol, the IEA head, said that although the oil market is well-supplied, the agency will be ready to respond if necessary. He added that the agency’s oil security system holds 1.2 billion barrels in strategic and emergency oil reserves.
OPEC Secretary-General Haitham Al Ghais criticized Birol's statements, saying that they "raise false alarms and project a sense fear on the market by repeating the need to possibly use oil emergency stock".
He claimed that there was no change in the dynamics of the market or supply to "require unnecessary measures".
The oil prices rose sharply on Friday after Israel launched a series of attacks across Iran, claiming it had destroyed nuclear facilities and missile factories as well as killed a number of military commanders. This could be the beginning of a long-term operation to stop Tehran from building an atomic bomb.
The oil prices rose 7%, the biggest daily increase since 2022, when Russia invaded Ukraine.
After the Russian invasion of Ukraine in early 2022, the United States and its allies in coordination with IEA tapped the last emergency oil reserves. This decision was heavily criticized by OPEC at the time.
Market participants are concerned that the situation could escalate, resulting in damage to Iran's or its neighbours' energy infrastructure, and a possible blockade of Strait of Hormuz.
In September 2019, Iran supported Houthi militias launched a drone strike on Saudi Aramco’s Abqaiq Oil Processing Plant, knocking out 5.7 million barrels per day of Saudi oil production and sending the market into frenzy.
The diplomatic ties between Iran and its Gulf neighbours, Saudi Arabia and the United Arab Emirates, have significantly improved since the Abqaiq attack. However there are still concerns about a possible repeat.
Helima Croft, an analyst at RBC Capital Markets, said that following the Israeli attack, "oil prices have already spiked...and its ultimate landing will depend on whether Iran revives their 2019 playbook by targeting tankers, pipes, and other key energy facilities in the region."
(source: Reuters)