Mediterranean powers are drawing new maritime maps and divvying up the oil + gas
Israel and Lebanon have agreed on a “historic” maritime border demarcation agreement, which will have implications for natural gas reserves, AP reports US President Joe Biden as saying yesterday. The US-brokered agreement is expected to pave the way for both countries to exploit natural gas resources in a previously disputed area of the Mediterranean, potentially helping alleviate Lebanon’s economic woes. The final form of the agreement needs official sign-off from both countries’ governments.
Turkey is planning oil and natural gas exploration in Libyan waters, President Recep Tayyip Erdogan said, after Ankara inked a controversial maritime borders agreement with the Libyan national unity government, Bloomberg reports. Egypt, Greece, the EU, and Libya’s rival administration last week rejected the pact, saying it violated existing international law and that the Tripoli government doesn’t have the authority to enter such agreements after Libya’s election process stalled in December.
Also worth knowing this morning:
- The UAE can help pave the way for a resolution in the Russia-Ukraine war, President Vladimir Putin said yesterday during his meeting with UAE President Sheikh Mohammed bin Zayed Al Nahyan in Moscow. (Bloomberg)
- The Biden administration said it plans to punish Saudi Arabia after OPEC+ made its biggest production cut since 2020 in efforts to support dropping oil prices. (Bloomberg)