Gulf and Red Sea Regions

The group of oil producing countries, OPEC+, has pledged oil output cuts amid flagging global oil prices. Following the announcement made on Sunday (4 June) after a meeting of OPEC+ in Vienna, Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel in Asia trading on Monday. In accordance with the agreement struck, Saudi Arabia announced that they would cut daily barrel production from 10 million barrels per day (bpd) to 9 million bpd in July, as well as extending their volunatary cut in oil production of 500,000 bpd until December 2024. Russia's 2023 quota currently stands at around 10.5 million bpd, but in 2024 will reduce to approximately 9.3 million bpd, consisting of a reduction of 650,000 barrels per day as well as the voluntary cut of 500,000 bpd. Brent crude oil rose by as much as 2.4% before settling at around $77 a barrel. Global oil prices spiked following Russia's full-scale invasion of Ukraine in February 2022. Since then, however, prices have fallen to pre-February 2022 levels. In an attempt to shore up global oil markets, OPEC+ have announced a couple of rounds of cuts in oil production. In October 2022, OPEC+ agreed to cut production by two million bpd, about 2% of global demand.

Georgia and Qatar are to sign an agreement on innovation and technology cooperation, the Georgian Economy Minister Levan Davitashvili announced on Tuesday (23 May). The announcement came after the Georgian Prime Minister Irakli Garibashvili and the Emir of Qatar Sheikh Tamim bin Hamad bin Khalifa Al Thani met in Doha on the sidelines of the Qatar Economic Forum that is running from 23-25 May. Davitashvili said that the Georgian delegation had meetings with a number of sectoral ministries in which they discussed opportunities for cooperation between Georgia and Qatar. Transport, logistics, and Georgia's key role in the Middle Corridor facilitating east-west trade were emphasised in the meetings, according to Davitashvili, who said that there is an increased interest in the country from "many states of the world, including Qatari investors", amid geopolitical challenges. The meetings also touched on trade and economic issues, as well as the the agreements on Mutual Support and Protection of Investments and on Economic, Trade and Technical Cooperation, signed last year between Georgia and Qatar.

Following last week's Arab League summit in Jeddah, "it is expected that Saudi Arabia will continue to use its year-long chairmanship of the Arab League to reshape the institution, and more broadly to reconfigure pan Arab-affairs, of course with Saudi Arabia at the helm," writes commonspace.eu in this editorial. "For it is this new ambition of the Kingdom to become a leading regional and global player that has defined the summit, and will define its chairmanship of the Arab League over the next year." The summit formally healed some of the divisions of the last decade. Syria’s President Bashar al Assad attended, marking the full return of Syria into the Arab fold. There was a lot of talk of a new era of peace in the Middle East, and even Iran was now perceived as more of a partner rather than an enemy. Yet the summit gathered whilst a few miles away, across the waters of the Red Sea from Jeddah, a bloody civil war raged on in Sudan.

Syrian President Bashar al-Assad is attending his first Arab League summit in Jeddah, Saudi Arabia, on Friday (19 May) since his country was suspended from the group over the government's violent crackdown of pro-democracy protests in 2011 that led to the outbreak of the Syrian Civil War. In the latest of a number of regional rapprochements, Syria was formally readmitted to the Arab League on 7 May after member states' foreign ministers voted to "resume the participation of the delegations of the government of the Syrian Arab Republic in the meetings of the Council of the League of Arab States", according to a statement. The 32nd Arab League summit in the Saudi port city of Jeddah comes amid a renewed sense of purpose and unity across the Arab world. In an interview with Asharq Al-Awsat newspaper, the President of Djibouti Ismail Omar Guelleh said that he hoped the summit in Saudi Arabia "will lead to recommendations and decisions that contribute to resolving critical situations and difficult conditions faced by the Arab world, while preserving unity and solidarity among Arab brothers."

The Sudanese capital of Khartoum has been hit with air strikes despite a ceasefire that was supposed to allow civilians to flee. Fighting between the Sudanese army the a rival paramilitary group, the Rapid Support Forces (RSF), broke out on Sunday (15 April) as talks over a transition to a civilian government broke down, and a power struggle between the army and the RSF erupted into violence. The army has said that the purpose of the air strikes was to flush out the RSF from the capital, Khartoum, reports the BBC. More than 500 people are confirmed to have been killed in the fighting, with the true number likely much higher. Over the past week, there have been reports of increasing food and water shortages in Khartoum as residents were unable to go outside having been warned against doing so. Despite attempts at enabling civilians to evacuate, millions are believed to still be stuck inside the capital. Last week, many countries evacuated diplomats and civilians from Sudan, including the US, European countries, and many GCC countries. The BBC also reports that aid has begun to arrive in the country, with an International Red Cross flight arriving in the country yesterday, on Sunday (30 April), in the Red Sea city of Port Sudan.