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Egyptian Minister of Cooperation: Govt Proposals are Open to All, Including China

Egyptian Minister of International Cooperation Rania al-Mashat speaks at a panel discussion at the 10th Arab-China Business Conference in Riyadh. (Asharq Al-Awsat)
Egyptian Minister of International Cooperation Rania al-Mashat speaks at a panel discussion at the 10th Arab-China Business Conference in Riyadh. (Asharq Al-Awsat)
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Egyptian Minister of Cooperation: Govt Proposals are Open to All, Including China

Egyptian Minister of International Cooperation Rania al-Mashat speaks at a panel discussion at the 10th Arab-China Business Conference in Riyadh. (Asharq Al-Awsat)
Egyptian Minister of International Cooperation Rania al-Mashat speaks at a panel discussion at the 10th Arab-China Business Conference in Riyadh. (Asharq Al-Awsat)

Egyptian Minister of International Cooperation Rania al-Mashat said on Sunday government proposals are open to all countries, including China.  

Speaking at the “Investment and Financing Along the Belt and Road Initiative (BRI)” panel discussion at the two-day 10th Arab-China Business Conference in Riyadh, Mashat lauded the strong ties between Egypt and China, noting that the Suez Canal Corridor attracts Chinese companies in various fields.  

The Minister stressed that green transformation is one of the essential sectors, saying that it provides opportunities for cooperation between companies in the Arab world and international companies.  

Participants discussed the role of the Belt and Road initiative in promoting economic growth and development in China and the Arab countries and reviewed successful examples of existing partnerships.  

She explained that the Belt and Road Initiative began in 2013 and is a long-term strategy to enhance cooperation and integration between Asia, Europe, the Middle East, and Africa.  

According to the Minister, every country has a strategic vision and seeks to achieve sustainable development goals.  

She explained that the Suez Canal attracted Chinese companies, including TEDA, an industrial developer in the economic zone of Ain Sokhna.  

The Minister pointed out that China was keen to provide funds to the countries of the Belt and Road Initiative to establish development infrastructure projects, stressing the importance of the role of the Asian Infrastructure Investment Bank (AIIB) in increasing Chinese investments in Egypt.  

She explained that development funds are long-term that serve development in general, whether roads, ports, or railways, citing the role of Arab funds in financing the electrical interconnection project between Egypt and Saudi Arabia.  

The 10th Arab-China Business Conference, the largest ever cooperation between the two parties, aims to explore inter-investment opportunities in various sectors. 

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Oil Prices Rise on Optimism Over Solid US Fuel Demand

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
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Oil Prices Rise on Optimism Over Solid US Fuel Demand

FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo
FILE PHOTO: A pump jack drills oil crude from the Yates Oilfield in West Texas’s Permian Basin, as a 1.5MW GE wind turbine from the Desert Sky Wind Farm is seen in the distance, near Iraan, Texas, US, March 17, 2023. REUTERS/Bing Guan/File Photo

Oil prices edged up on Thursday, extending the previous day's rally, driven by optimism over US fuel demand following an unexpected drop in crude and gasoline inventories, while reports that OPEC+ may delay a planned output increase offered support.
Brent crude futures gained 11 cents, or 0.15%, to $72.66 a barrel by 0805 GMT. US West Texas Intermediate crude futures climbed 13 cents, or 0.19%, to $68.74 per barrel.
Both contracts rose more than 2% on Wednesday, after falling more than 6% earlier in the week on the reduced risk of a wider Middle East conflict. US gasoline stockpiles fell unexpectedly in the week ending Oct. 25 to a two-year low on strengthened demand, the Energy Information Administration said, while crude inventories also posted a surprise drawdown as imports slipped. Nine analysts polled by Reuters had expected an increase in gasoline and crude inventories.
"The surprise decline in US gasoline stockpiles provided a buying opportunity as demand appeared stronger than anticipated," said Toshitaka Tazawa, an analyst at Fujitomi Securities.
"Expectations of a potential delay in the OPEC+ production increase were also supportive... If they do delay, WTI could recover to the $70 level," he said. Reuters reported OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies such as Russia, could delay a planned oil production increase in December by a month or more because of concern over soft oil demand and rising supply. The group is scheduled to raise output by 180,000 barrels per day (bpd) in December. It had already delayed the increase from October because of falling prices.
A decision to postpone the increase could come as early as next week, two OPEC+ sources told Reuters.
OPEC+ is scheduled to meet on Dec. 1 to decide its next policy steps.
Manufacturing activity in China, the world's biggest oil importer, expanded in October for the first time in six months, suggesting that stimulus measures are having an effect. Markets are awaiting the results of the US presidential election on Nov. 5 as well as further details of China's economic stimulus. Reuters reported that China could approve the issuance of over 10 trillion yuan ($1.4 trillion) in debt over the next few years on the last day of its Nov. 4-8 parliamentary meeting. In the Middle East, Lebanon's prime minister expressed hope on Wednesday that a ceasefire deal with Israel would be announced within days as Israel's public broadcaster published what it said was a draft agreement providing for an initial 60-day truce. The push for a ceasefire for Lebanon is taking place alongside a similar diplomatic drive to end hostilities in Gaza.
But the market impact is likely to be muted.
"Most of the Middle East geopolitical risk was stripped out of the oil price after Israel's response to Iran over the weekend," IG market analyst Tony Sycamore said.
Iran said that Israeli strikes on Saturday, in retaliation for Iran's Oct. 1 attack on Israel, caused only limited damage.