International
IEA agrees to release record 400 million barrels of oil to address Iran war supply disruptions
The IEA did not set out a timeline for when the stocks would hit the market
Merchant ship on fire hits by Iran in Strait of Hormuz.
The International Energy Agency on Wednesday agreed to release 400 million barrels of oil to address the supply disruption triggered by the Iran war, the largest such action in the organization’s history.
The IEA did not set out a timeline for when the stocks would hit the market.
It said that the reserves would be released over a time frame that is appropriate to the circumstances of each of its 32 member countries.
IEA members are primarily advanced economies in Europe, North America and northeast Asia. The organization is tasked with maintaining global energy security.
It was founded in 1974 in response to the oil embargo imposed by Arab producers over U.S. support for Israel during the 1973 Arab-Israeli war.
(CNBC)
International
Zimbabwe Wins UN Security Council Seat for 2027-2028
The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.
Zimbabwe has been elected to a non-permanent, two-year term on the United Nations Security Council, the third time the country will be represented on the body mandated to maintain international peace and security.
Voice of Nigeria reports that the other countries that secured seats around the iconic horseshoe table are Austria, Portugal, Trinidad and Tobago, and Kyrgyzstan.
The five countries were elected by the 193-member General Assembly to serve as non-permanent members of the Security Council for two-year terms beginning on January 1, 2027.
Austria and Portugal won the two seats allocated to the Western European and other States (WEOG) Group, while Trinidad and Tobago and Zimbabwe were elected from the Latin American and Caribbean Group and the African Group, respectively.
Kyrgyzstan secured the Asia-Pacific seat after defeating the Philippines in four rounds of voting.
International
Finland’s president says EU should expand to 40 states — including Canada
His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.
• Finland’s president Alexander Stubb
Finnish President Alexander Stubb has stressed the need for a much larger European Union, saying the 27-nation bloc should increase its membership to 40 states and named the U.K., Canada, Turkey, Norway and Iceland as potential candidates to join.
Stubb made the call at an energy conference in the Finnish capital on Wednesday.
His comments come as the Trump administration’s actions, alongside Russia’s war with Ukraine, prompt some countries to reconsider the benefits of EU membership.
Stubb told the Eurelectric Power Summit that “the window of opportunity” for EU enlargement “is quite short because when the war in Ukraine ends and perhaps when the U.S. administration changes, I don’t know, then people are going to take their foot off the gas pedal and start heckling about unnecessary stuff again.”
Stubb added that “European strategic autonomy or European geopolitical power” is “often based on size and scale and I think the best European policy ever has been European enlargement.”
“In this moment, we need to think big and geographically, we need to enlarge or at least create memberships which are flexible enough to bring in a sum total of 40 European states — or even non-European,” Stubb said.
Finland’s president said the EU should look to its western flank and bring the U.K., which left the bloc in 2020, back into the fold, or at least “as close as possible
.”Canada should be considered as another option, Stubb said. “Wouldn’t it be lovely if Canada was the 28th state of the European Union rather than the 51st state of the United States?”
International
Iran Kuwait’s airport attack injures 63
Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.
Today Wednesday June 3: Kuwait International Airport was hit by Iranian drones.
An Iranian attack on Kuwait’s airport wounded at least 63 people on Wednesday, the health ministry said, with authorities earlier reporting one person killed.
Health ministry spokesman Abdullah al-Sanad said 25 ambulances were dispatched at Kuwait International Airport, adding that “63 injured individuals were received and distributed among hospitals.
This includes serious injuries… including head wounds, cerebral hemorrhages, amputations and injuries resulting from explosions.”
An airport source told AFP that the death in Kuwait was an Indian national at the airport.
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