In Geopolitics Today - Monday, June 6th
Lebanon Agrees to US as Mediator in Maritime Border Talks, Cooperation with Indonesia a Foreign Policy Priority of Australia, US to Allow European Energy Companies to Import Venezuelan Oil
Lebanon Agrees to US as Mediator in Maritime Border Talks
Lebanon has called for US mediation on a maritime border issue with Israel after the arrival of a vessel which intended to start producing gas for Israel. The ship arrived in the Karish gas field, — parts of which are claimed by Lebanon — and is expected to immediately commence energy exploration operations. The passage of the ship into the disputed territory between Lebanon and Israel has heightened tensions.
The Lebanese government has said that the involvement of US mediator Amos Hochstein is an important step in resolving the disputed maritime area with Israel. Israel and Lebanon have previously held negotiations over their maritime border, yet today these efforts have stalled. Israel and Lebanon continue to disagree on the exact angle at which their land borders extend into the Mediterranean Sea, and these disagreement have impacted energy exploration efforts in the disputed maritime territory. Now both countries have two agreed to invite US envoy Amos Hochstein to talks as a way to restart negotiations to demarcate the maritime border.
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Cooperation with Indonesia a Foreign Policy Priority of Australia
Australia’s new Prime Minister, Anthony Albanese, has sought to bring Indonesia into a new Indo-Pacific security arrangement during a trip to Jakarta. Signalling Australia’s increased focus on the region, Albanese pledged to support Southeast Asia with a package of 670 million Australian dollars in investments. The Australian leader also pledged to make Indonesia as a foreign policy priority, even while Indonesia has insisted on maintaining a neutral position toward China.
As China makes inroads into the Pacific, Australia is increasingly taking a more active role in the region. Deepening engagement with Southeast Asia is a stated priority for Albanese’s government, and Indonesia plays a key role in this approach as Southeast Asia's largest economy. Albanese has promised a grant of A$200 million for Indonesia to build infrastructure and climate resilience, and has pledged an additional A$470 million to the 10 members of the Association of Southeast Asian Nations (ASEAN) through various development assistance programs. To ensure the success of these investments Albanese said his government will work with Australian investors and business leaders to explore investment opportunities in Indonesia and ASEAN countries.
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US to Allow European Energy Companies to Import Venezuelan Oil
According to reports, the United States has authorized Italy's Eni and Spain's Repsol to resume oil shipments from Venezuela. Washington is reportedly in the process of facilitating the flow of Venezuelan oil to European markets via debt-for-oil schemes, thereby promising to begin shipping Venezuelan oil to Europe as soon as next month to make up for the loss of Russian crude in European energy markets.
The volumes Eni and Repsol will receive is expected to be small, and will likely have a minimal impact on oil prices around the world. Washington has sought to adjust its policy toward Venezuela while also securing alternative sources of crude for its European allies. US officials increasingly signal an openness to work with the Venezuelan government, and have offered to ease sanctions in exchange for political concessions. However, negotiations are unlikely to yield a drastic realignment of Washington’s current policy toward Venezuela in the medium or long term. In addition, the impact of this new flow of oil to Europe may still prove negligent on the prices of oil globally.
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