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Biden to announce ‘largest release’ of oil reserves in history: White House

The White House said Thursday that US President Joe Biden would announce the “largest release” of oil reserves in history in an effort to bring down gas prices across the country and the globe.“After consultation with allies and partners, the President will announce the largest release of oil reserves in history, putting one million additional barrels on the market per day on average – every day – for the next six months,” a statement from the White House said.For the latest headlines, follow our Google News channel online or via the app.“The scale of this release is unprecedented: the world has never had a release of oil reserves at this one million per day rate for this length of time. This record release will provide a historic amount of supply to serve as a bridge until the end of the year when domestic production ramps up.”The White House blamed the rising gas prices in the US on Russian President Vladimir Putin. “Since Putin accelerated his military build-up around Ukraine, gas prices have increased by nearly a dollar per gallon,” the statement read.“Because of Putin’s war of choice, less oil is getting to market, and the reduction in supply is raising prices at the pump for Americans,” the statement said referring to the invasion of Ukraine, which has entered its second month.But a senior IMF official and experts have said that the issue of increased oil prices had nothing to do with supply.“There has not been a supply shock for the prices to increase in the way they have; this is a geopolitical issue,” the IMF official previously told Al Arabiya English, adding that there had been underinvestment in oil production over the last five years or so.The US has also failed to convince OPEC+ member states to increase their output.It is worth noting that prices being paid at the pump are not reflective of the cost of oil that day. One factor in determining oil prices is supply and demand. In today’s market, there is no shortage of supply.Another factor is speculation and what the price of oil will be in the future.Read more: No. 2 US diplomat says it’s Putin’s fault that oil prices are going up
Source: Al Arabiya
Full Article: Biden to announce ‘largest release’ of oil reserves in history: White House

Saudi Arabia blacklists 25 individuals, entities for easing financing of Houthis

Saudi Arabia’s Presidency of State Security blacklisted 25 individuals and entities for facilitating the financing operations of Yemen’s Iran-backed Houthi militia, the official Saudi Press Agency (SPA) reported on Thursday.The decision, which comes in line with the Kingdom’s strategy to target “terrorist” organizations and their financers, was coordinated with the US, specifically with the US Treasury Department and the Office of Foreign Assets Control.Ten individuals and 15 entities were blacklisted for facilitating the financing operations of the “terrorist” Houthi militia with the support of Iran’s Islamic Revolutionary Guards Corps-Quds Force, the Presidency of State Security said.For the latest headlines, follow our Google News channel online or via the app.It added that these individuals and entities work as “an international network that aims to destabilize Yemen.”Based on the Kingdom’s system on combating terror crimes and on the executive mechanisms of UN Security Council resolutions which pertain to combating terrorism and the financing of terrorism, the assets and funds of all blacklisted individuals and entities must be frozen.“Dealing with [these individuals and entities] directly or indirectly or on their behalf or in their favor is prohibited,” the Presidency of State Security said.Blacklisted individualsChiranjeev Kumar Singh, Indian citizenManoj Sabharwal, Indian citizenAbdo Abdullah Dael Ahmed, Yemeni citizenSa’id Ahmad Muhammad al-Jamal, Yemeni citizenHani Abd al-Majif Muhammad As’ad, Yemeni citizenTalib Ali Husayn al-Ahmed al-Rawi, Syrian citizenAbdul Jalil Mallah, Syrian citizenKonstantinos Stavridis, Greek citizenJami Ali Muhammed, Somali citizenAbdi Nasir Ali Mahamud, British citizenBlacklisted entitiesAurum Ship Management FZCPeridot Shipping and Trading LLCJJO General Trading Gida Sanayi Ve Ticaret Anonim SirketiGaranti Ihracat Ithalat Kuyumculuk Dis Ticaret Limited SirketiAlfoulk Trading Co. LLCAl Alamiyah Express Company for Exchange & RemittanceAl Hadha Exchange CompanyAdoon General Trading Gida Sanayi Ve Ticaret AnonimSwaid and Sons for Exchange COAdoon General Trading LLCMoaz Abdalla Dael for Import and ExportFani Oil Trading FZEAdoon General Trading Company FZETriple Success vessel (IMO 9167148)Light Moon vessel (IMO 9109550)Read more:Arab Coalition announces halt to military operations in Yemen as peace talks beginTalks for stability in Yemen commence at GCC headquarters in Saudi ArabiaSaudi Arabia to localize jobs at theme parks, entertainment centers
Source: Al Arabiya
Full Article: Saudi Arabia blacklists 25 individuals, entities for easing financing of Houthis

Syria: New anti-torture law “whitewashes” decades of human rights violations

Amnesty International calls on the Syrian authorities to urgently allow independent monitors to access the country’s notorious detention centres – where torture leading to death has been taking place at a mass scale for years – as a first step to signalling any genuine intent to curtail the practice of torture by state agents..
Source: Albawaba
Full Article: Syria: New anti-torture law “whitewashes” decades of human rights violations