Israel and Lebanon announced earlier this month that they had come to an agreement over their maritime border, a historic step in diplomacy that should help boost the natural gas output of both countries. As the world battles gas shortages going into the winter months, this deal provides a ray of hope for global energy markets in the future.
The most recent negotiations, led by the U.S., had been taking place over several months, with the impetus for a deal beginning in 2020. The final agreement is expected to “strengthen Israel’s security, inject billions into Israel’s economy, and ensure the stability of our northern border”, according to Israeli Prime Minister Yair Lapid. Meanwhile, Lebanon’s president, Michel Aoun, stated that the deal “satisfies Lebanon, meets its demands, and preserves its rights to its natural resources.”
It appeared last minute as if the deal might not pass as Israel was prepared to reject Lebanon’s final draft of the agreement. However, due to moun...